June 29, 2016

8 Home Buying Tips for 2016

Although choosing the right property can be thrilling and nerve-wracking, there is no secret in a successful investment that you wouldn't know. It is all about how you perceive your soon-to-be-home and having the right means to achieve your goal. It is a good news for homebuyers, especially for those who are planning to invest in a condominium for sale in Manila. Right? However, that is not always the case. If that's how easy it is, hundreds to thousands of homebuyers would have been able to have their own dream home. You can be one of them too! Yes, we all do know purchasing a property is a great investment for our future. But the real question is – HOW?
8 Home Buying Tips for 2016 
  1. Don't wait
It might be understandable why most homebuyers wait for the next few months or years in purchasing a property. Perhaps, they need to do something before they can decide to buy their own home. However, there are studies that show that most homeowners who tend to wait will most likely have a lot of competitors with the other homebuyers. Obviously, this will make property hunting even harder.
  1. Check your credit
Whether you like it or not, a credit card is needed when you purchase a property. That means you cannot have the property that you want when you have a bad credit score. Before you decide to invest, you have to make sure that you can impress the bank or the lender with your credit history. Usually, they will check whether you are a good and prompt buyer. When you do, it will be much easier for them to approve the loan you want to avail. 
  1. Evaluate assets and liabilities
Admittedly, evaluating assets and liabilities can sometimes be challenging and daunting. You think that owning a particular thing can be considered as your asset, then you better think again. You might be paying a liability. Of course, this can definitely hinder the chance for you to pay the down payment for the property of your choice. As a homebuyer, you should understand a little bit about your monthly cash flow. With that, you will be stable financially, especially when there is unexpected bill you need to pay. Additional tip: you have to keep and organize your documents, especially your receipts for every payment you make to make sure you know where you money go.

  1. Qualify yourself
when you are a first-time homebuyer, you have to know how much you can afford to spend before the mortgage lender tells you how much you qualify for.  Generally, you will have an idea of what you can afford when you calculate your debt-to-income ratio that particular lender requires you to have. Moreover, before you hunt a particular property, you have to also have to know what kind of property you can afford. With that, property hunting will be much easier and faster for you to do, since you already have your preferences in mind.
  1. Order a home inspection
There will always be an advantage when you inspect your soon-to-home. Obviously, homebuyers should make sure that the property has chosen is perfect enough for you to live in. You have to make sure there will be no damages, leaks, cracks, and other things that can be to your disadvantage.  Moreover, having a home inspection allows you to do some negotiation on the price, depending on the situation of the property. That also means home inspection can be a deciding factor between the buyer and the seller.
  1. Shop for homeowners insurance
If you think availing home insurance is not that important for you to consider, then you better think again. Home insurance will help you attain the maximum benefits without having to spend a lot of home insurance policy. Moreover, availing the right home insurance can give you an opportunity to get the lowest annual premium quotes on best of plans. With these advantages, it gives your home an assurance that it will be in good condition.
  1. Know your neighborhood
Knowing your neighbor before moving into your new home is not a bad thing at all. In fact, this will give you an opportunity to know your neighbors and what kind of people you will be dealing and meeting everyday. Obviously, you don't want to live in a neighborhood that is full of nosy and rude people, right? This might be one reason why you are not satisfied living in your new home. Moreover, knowing your neighborhood will give you an idea whether there are any schools or convenient stores near you. 
  1. Hire a realtor
Although some of you here already have an idea on the process of purchasing a property, it is necessary for you to hire a professional real estate agent. Realtors are not just there to guide you on what and what not to do when it comes to home investments, but they will also let you understand  on some technical things that might get confused. To have a successful investment, you have to know and understand what you are up to. Of course, that is for you to make sure that everything is in order.