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First-Time Homebuyers: Four (4) New Year’s Resolutions For Aspiring First-Time Homebuyers

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Creating New Year’s Resolutions is a popular Filipino tradition. It basically comprises of making a promise to oneself to start doing something good or stop doing something bad on the first day of the year.

How To Start The New Year As An Aspiring First-time Homebuyer




If you are one of those who aim to buy your first house in the year 2014, this guide will help you jumpstart your plans to do so. Read on and learn how to follow through each item so that your resolutions will be fulfilled before 2014 ends.

1.       Begin saving up. Purchasing a property requires money. Most of it you can get from loans and mortgages, true, but you still need cash for down payment, closing costs and monthly expenses. The down payment rate varies from as little as 5% to as high as 25% depending on the seller. Thus, it’s only practical to cut down unnecessary expenses. If you are used to going out of town every summer and spending thousands of pesos flying first-class, opt for somewhere near where you only have to drive for a couple of hours the most. Start saving 10 to 25% of your compensation every month. If your schedule permits, find an additional source of income.

2.       Research on the top alternatives where you can get housing loans. Does your bank offer such? What do they need from the applicants? How about government institutions? Have you made enough contributions to qualify for their loan requirements? Begin compiling info and work towards applying for the best avenue possible. Got credit card debts? Settle it ASAP. Make sure that they will not have a reason to reject your application when the right time comes. List down one goal for each month that passes by. This is a great way to align your goal with your vision.

3.       Search for realtors around your area. Who are the most reputable agencies in the Philippinereal estate industry? Check out their websites as well as the newspapers for latest news and updates. Know their standings and study testimonials from recent clients. Do they have recommendations and were they given awards lately? Set a target date to finalize your choices.

4.       Browse for your dream home. Look for PH properties for sale in your target city or province. Will you go for a family home, villa or condo? Get their listing prices so you’ll have an idea on the what-nots. Depending on your preference, ensure that you explore at least one house-type online, features and all, once a week.

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