1. If you're not going to stay for the long term, then don't buy yet.
There are many transaction costs involved in buying a house, so if you're not sure that you're going to stay for at least several years in the area, then maybe it's not such a good idea buying now. You might only lose a lot of your hard-earned money in the process. You also have to consider if the prices of the houses in that area are fluctuating, because you might end up selling with a low price.
2. Only buy a house that is within your means.
Don't set your sights too high, be realistic. It's better to have a smaller sized home and make it as cozy as you can possibly make it, than have a big home but end up losing it because you can't pay the mortgage. A good rule of thumb is to buy a home that costs two-and-one-half your annual salary. Also look into the downpayment you have to pay, since that will really cut into your savings as well. When it comes to monthly payments, they should not exceed one-third of your monthly income. Finally, think about unexpected crises like suddenly losing your job. Will you be able to survive for several months in that event without incurring serious debt?
3. Buy a home near good schools.
This rule will apply even if you don't have children of your own. It's a good investment because when you do decide to sell your house, this will be one of the main things that buyers will be looking for. And of course, if you have children, this will be very convenient, and save you on gas and other hassles in sending your children to school. Usually an area near a school will also have all the other important venues such as parks, groceries, etc. So make the school a key item.
That's it, just some simple and basic advice before looking for your dream home! Wishing you the best success!
There are many transaction costs involved in buying a house, so if you're not sure that you're going to stay for at least several years in the area, then maybe it's not such a good idea buying now. You might only lose a lot of your hard-earned money in the process. You also have to consider if the prices of the houses in that area are fluctuating, because you might end up selling with a low price.
2. Only buy a house that is within your means.
Don't set your sights too high, be realistic. It's better to have a smaller sized home and make it as cozy as you can possibly make it, than have a big home but end up losing it because you can't pay the mortgage. A good rule of thumb is to buy a home that costs two-and-one-half your annual salary. Also look into the downpayment you have to pay, since that will really cut into your savings as well. When it comes to monthly payments, they should not exceed one-third of your monthly income. Finally, think about unexpected crises like suddenly losing your job. Will you be able to survive for several months in that event without incurring serious debt?
3. Buy a home near good schools.
This rule will apply even if you don't have children of your own. It's a good investment because when you do decide to sell your house, this will be one of the main things that buyers will be looking for. And of course, if you have children, this will be very convenient, and save you on gas and other hassles in sending your children to school. Usually an area near a school will also have all the other important venues such as parks, groceries, etc. So make the school a key item.
That's it, just some simple and basic advice before looking for your dream home! Wishing you the best success!
About the Author:
Of most of the residences offered currently in the Philippines, Timberland Heights seems to indeed be the most ideal purchase. People could find a spectacular house and lot from here, I'm certain.
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