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  • SIX TIPS FOR FIRST TIME HOME BUYERS!

    SIX TIPS FOR FIRST TIME HOME BUYERS!

    One of the biggest and perhaps most important decisions in life is buying your own place. Home ownership is a huge step up from renting or staying with parents or in-laws.  It’s exciting but also overwhelming to go through the process of finding the right property, inspecting it, securing financing, and closing on the purchase.  Here are some tips to ease your home buying experience and make your first home a blessing, not a financial burden.

    1. Check your finances

    Before you go house-hunting, do a serious audit of your finances. Real estate transactions always involve more than just the price tag. Even if you plan to apply for a housing loan, you have to be ready with the down payment (or equity). Apart from this, there are other upfront costs like transfer fees and taxes, or even payment of move-in fees that should be considered.

    Likewise, set enough leeway in your monthly budget to cover the regular monthly amortization, insurance premium, condominium or association dues, and annual real estate property taxes.

    Evaluating your current financial capacity or condition will be of great help to see whether you can afford a mortgage or not. Ideally, your monthly housing costs should be no more than 30% of your monthly take-home pay.

    2. Get pre-qualified for a home loan

    To kick start your plan of acquiring a home, get pre-qualified for a housing loan. Do a research of the loan offerings of banks and apply for mortgage pre-qualification. While it’s not yet the final loan agreement, a pre-qualification process confirms that your finances have been reviewed by the lender and that you are deemed qualified for a specific amount and term of home loan. This way, you don’t waste time looking for properties that are beyond what you can afford.

    3. Research / search properties for best fit

    There are several options for a residential property—a house and lot, a duplex, a townhouse, a condominium—each has its pros and cons, so you need to decide which type of property best suits your needs and budget. Explore the available options on the market by looking at online listings and property ads, or checking with a real estate agent who can show you various properties, help narrow down your choices, and provide general guidance throughout the process.

    If you’re on a budget, look for homes that may need sprucing up but has the potential to increase in value over time.   Don’t let minor physical imperfections turn you away as long as the property meets your needs in terms of the things that really matter: the location, price, and general condition.

    4.  Check the location and neighborhood

    Location is key in home buying. The closer a property is to urban centers and conveniences such as malls, schools, and transport hubs, the more expensive it is.  But don’t buy a home based on just the location and price. Make sure you factor neighborhood quality into your decision.  Is the area safe? Is it prone to flooding? Are home prices in the area rising or declining? Try to visit the neighborhood at different times and days to check for traffic conditions and to feel the vibe. Calculate the commute times to see if they seem manageable. Choose a home in a place where you and your family will be happy and feel safe.

    5.  Consider real estate developers with good track records

    If you’re not in a rush to move in to your first home, consider purchasing an affordable pre-selling real estate property which is yet to be constructed or still being constructed.  Pre-selling properties are cheaper than finished ones or ready for occupancy.  If you’re going this route, deal only with reputable developers with good track records of completing quality projects.  \

    6.  Be patient and think long-term

    It may take longer to find a first home that will suit your needs and be a good investment in the long run. Be patient. Once you have narrowed down your choices, inspect each property.  Check if it is structurally sound.  If the property needs work, don't buy a fixer-upper that's more than you can handle in terms of time, money, or your ability. Also verify if the title is clean and if the annual real-estate taxes are paid.

    The agent or seller might tempt you to make an offer quick enough to beat another interested buyer.  Balance the need to make a quick decision with the need to ensure the home will be right for you. When you’ve thought it through and finally come to a decision, apply for a housing loan and close the deal.

    Buying a house is a major decision.  Many factors need to be considered to not only ensure that you find the right home for you, but to avoid incurring unsustainable debt or financial obligation.  Successfully navigate the journey to home ownership by considering these pointers. Then reach your goal of owning your first home through China Bank Home Plus.  Enjoy competitive rates, flexible payment terms, and fast loan processing.  Apply now at any China Bank branch or Consumer Loans Center near you, or click here for more information.

    TO KNOW MORE ABOUT THIS KINDLY CONTACT

    Maica Castillo

    iamdrivenmaica@gmail.com

    09760077327 (viber)

    SOURCE: https://www.chinabank.ph/loans-homeplus-first-time-homebuyers?fbclid=IwAR3TX6CRAbBCiL9RIfneoGb7TMlhbfdwyafUS86WGBzImTBu_wMU1GU0EvE

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