May 28, 2020
Shopping is one of the best ways to de-stress, improve your mood, and be happier. Sometimes, it really feels like you can buy happiness, right? Especially when you’re buying a new house! Unlike basic retail therapy, buying a house comes with a certain amount of pressure and responsibility. You’re not buying something you can return within seven days just by showing the receipt. When you buy a new house, you’re buying your comfort, lifestyle, and future – and the idea can be daunting for anyone.
According to Lamudi, The Philippine real estate market has seen tremendous growth in recent years, particularly in the residential space, as the demand for a dwelling continues to grow, particularly in rapidly urbanizing areas. But as the pandemic began spreading in mid-March last year, the number of homes for sale reduced as sellers delisted their homes to avoid strangers entering their homes and prevent the risk of getting the virus. At the same time, homebuyers were reluctant to visit prospective homes due to stay-at-home orders.
Indeed, the COVID-19 crisis significantly impacted the residential real estate market. But the secret to keep the excitement and ignore the worry is to have the right attitude and take things one at a time. First off, you have all the resources to succeed in this endeavor. The Internet is available to help you do ample research. You can explore all available options, and gather enough ideas on what you want for a house. For sure, someone in your network can give you professional advice or can introduce you to someone who can.
Here are 10 factors to consider when buying a house at this age:
Where is it located? The location stands as the most factor above all because it’s about accessibility and proximity. As I mentioned, when you’re buying a house, you’re buying your comfort, lifestyle, and future. All these three are highly dependent on the location of the house. Also, location is permanent – something you can’t change when your mood changes after some months.
What about the site? The next thing to consider after the location is the site of the house. Does it offer an excellent view or built on a hill? Is there space for gardening, for your pets or kids (in the future if you’re still single) to play around? These things are worth checking on.
How’s the neighborhood? Hate how your neighbors would sing in the karaoke past midnight, or you waking up to loud baby cries at 6 AM every Sunday? Now is your chance to choose the neighborhood that you want. Visit the property location on different days at random times and observe.
How nice is the design? You’ll find more satisfaction if the house you buy reflects your lifestyle. You’ll feel it’s really yours, you worked for it, and it’s genuinely worth your money. Check the exterior features – if you’re busy, you may want to go for a brick home for easy maintenance. Choose the landscape that you want.
Size and floor plan? Be practical. Your dream house may be a big one, but you wouldn’t really need 4-bedrooms with four baths if you live alone, right? However, you may need extra rooms to serve as your office or the workout area. Think long-term in the future.
How many bedrooms and baths? By the time you get here, you have shortlisted the houses that you like. An extra bedroom will always be a plus. If you feel you may want to add an extra room later, consult an architect regarding lot usage, city regulations, and space planning.
What about the kitchen? The kitchen is the heart of the home, really. Make sure that you like what’s in that house you’re buying, as the remodeling is costly. Are the cabinet places replaceable with countertops? Would you have a budget for an inexpensive makeover late on? It should also make room for the appliances you want to have.
Do you like closets and storage? Of course, you’d want to go for spacious closets and storage space, especially if you have a hobby that comes with large equipment, supplies, and decorations. You’d likely find these in newer homes. Adding a storage room in the future is possible, but again, this would be costlier.
Is it bright enough? Some go for bright, sunny rooms, while others yearn for privacy. You may want fewer windows if you find yourself in the latter. Also, take time to check if the locations of electrical outlets would accommodate your lighting requirements. Can the dining room house your dream chandelier?
What is your budget? When buying a house, most people focus on the house’s price and what interest rate they can get on their mortgage loan. While knowing these costs is very important, they aren’t the only expenses you’ll encounter on your journey toward homeownership. Before finalizing your home purchase, it’s essential to talk to your real estate agent, lender, or closing attorney. Ask for an updated loan estimate or preliminary closing disclosure. You can also use a Mortgage Calculator to help you better understand and plan for your home purchase’s expected costs.
Taking into consideration all these guidelines when buying a house can be overwhelming. The pressure is real, as they say, to pick the best one out there. You’re literally choosing where you’d want to settle. However, with the right attitude, patience, and people around you to give professional advice, it can be a smooth and fun process. Be grateful that you can afford to invest in a property as you take things one at a time, do your research, and think smart.