Buying a home in the Philippines is a huge commitment, and we’re not gonna lie, a really daunting one too, especially for the first-time homebuyer! You don’t know what you don’t know, and you probably don’t want to only find things out the hard way when we’re talking about a million-peso purchase.
5 important factors you must consider when buying a home:
1. Know the right price within your budget
This is an obvious concern – buying a house will be a huuuge purchase! For perspective, just a 1% difference in price of a Php 3,000,000 condominium unit, is already Php30,000.
If you haven’t thoroughly worked out how much house you can afford, now’s the time to figure it out. Here are a few useful resources to do your research related to all things money and property-buying:
- Calculate your home buying budget
- Costs to take note of when buying a home
- Financial questions to ask yourself before buying a home
- How to apply for an SSS Housing Loan
And when filtering for properties in your house-hunt, it doesn’t hurt to set the maximum price a little higher – for instance, Php 2,300,000 if your budget is Php2,000,000. This way, you’ll get a glimpse of what’s just beyond the horizon so you’ve got a better gauge of what’s in the market. For all you know, you’ll be able to negotiate that asking price down to your preferred budget!
2. Find a location that’s accessible
Perhaps you want to stay as close to Makati CBD as possible so it’s easy to get to work. Or perhaps you’ve sworn yourself in as South person 4ever. Good location is definitely one of the major factors you must check before buying any home.
Investment-wise, properties within a city’s business district or in provinces near Manila appreciates in value faster due to high demand. If you want the house you’ll buy to serve as a future asset, you may want to consider the location tips we’ve mentioned above!
On a personal level, what’s equally important is accessibility. If the 2-hour commute from your place causes you stress everyday, maybe it’s better to consider expanding your radius for that peace of mind. For example, why not check out properties located slightly farther away, but nearer to an MRT station?
We all have preferences for where we’d like to stay, and for the most part, you can definitely find affordable resale options in any neighborhood if you know where to look. 😉
Tip: Wanna start buying a home? Find great deals at Carousell’s Online Property Expo this July 14-18.
If you want to start your property buying journey, good news! Carousell is set to launch an Online Property Expo, from July 14-18 2021. The event will serve as a one-stop shop where buyers can check over 1,500 listings and purchase from some of the Philippine’s top developers and brokers.
Through this expo, you’ll find every type of home for every type of person.
Here are some of the exciting perks you can look forward to:
- Exclusive promos on the best properties in the market from top developers like RLC Residences, AboitizLand and more.
- Take virtual tours of properties in an immersive 3D experience
- Get insider tips for property buying & selling in the “new normal” from experts through our webinars
- Chance to win a home makeover worth of PHP 330,000 if you reserve a property at the expo
If you’re interested in joining this FREE event, kindly sign-up through the button below.
3. Ensure that the place’s atmosphere and amenities fit your needs
Proud, independent young adult moves out of her family home into a new flat. 2 weeks in, she begins to think, “Hmm why is it still so hot nowadays?” Soon, she realizes that it’s because she had gotten so used to the natural breeze streaming into her family bungalow house.. and the ventilation was much poorer in her 3rd storey condo unit.
Yes, this proud, independent young adult is me. So take a page from my experience – the atmosphere of the home is something you need to intentionally look out for when house-viewing, or you might not realize that certain qualities of the place are less than ideal when it’s too late.
For example, take a loot at ventilation. Is the house/ room facing the West? If so, you’ll get lots of sun. You would ideally want the room to be facing East, so the sun brightens up your day and keeps your evenings cool.
If you’re the home MasterChef, pay extra attention to the kitchen, as poor ventilation can cause food odours to linger.
If you want to be extra sure, arrange for a second viewing in the day if the first viewing was in the evening, for instance, to observe the air flow and warmth levels for yourself at different times of day.
High rise units tend to be more cooling, but don’t immediately assume so – if the unit is surrounded by other high rise buildings, it might affect the smoothness of the air flow as well.
Monitor noise levels as well. Is the unit near a school or a busy road, for instance, that might be noisy at certain times of day? And can you live with the noise?
If you’re looking for a home to stay in for the long term, these are the seemingly little things that might end up frustrating you big time, so you’ll want to identify these no-nos so you can avoid them.
4. Ultimately, look for a house that feels like home.
At the end of the day, buying a house is as much an emotional process as it is a practical one, and the dream home is one that not only meets your functional needs but also simply, you know, feels like it.
As much as conventional wisdom tells you to prioritize your needs and not your wants, sometimes, it’s a very fine line between the two. For instance, is an extra study room really a need when you could technically just work at the dining table?
If your idea of home is a place where you’re functioning at your best, and having a study room means you’ll be twice as productive and more capable of increasing your earning capacity, you might note it down as a necessity rather than a nice-to-have.
If price is your biggest consideration and having an entire extra room will outrightly bust your budget, then think about how you can work around it: is there a space in the bedroom or living room that you can partition to create a productive workspace? Or how can you renovate the flat so that it’s optimized for working from home?
Once you’ve factored in these considerations, buying a home will be a lot easier
Happy house-hunting and can’t wait to see you soon!