Whether you have done it before or not, the challenge of purchasing your dream home can be an extremely daunting experience. It is almost tempting to just stay put, continue renting, or even buy the first place that you think is okay. After all, what’s the point of holding out for a dream home that may never come?
Picture this: After a hard day’s work, you drive down the quiet roads of your subdivision, giving you the opportunity to reflect on the day and have some quiet time for yourself. Once you get home, you are recharged and ready to spend time with your family – watch a movie, eat together or have a fun family game night. All this you can do, and more, in a home spacious enough for you and your family’s needs; a luxury home in the right neighborhood where you will finally get to realize your dream home.
In this guide, we will be going over the home buying process as well as give you some insights on the factors to consider in buying your family’s forever home. Be it a house and lot in Cavite or a house for sale in Laguna, these steps can help you take that leap in finally making your dream home a reality.
A 4 step home buying process for first time home buyers
Step 1: Figure out the type of home that best suits your needs
As you find your dream home, you will first have to conceptualize it. The best way to go about it is to assess what you have now and what you might need in the future. Are you planning to have kids soon? Are you looking to have extended family members live with you for some time? What is the time horizon for this house? Will it be something that you are looking to live in for the long term? These are just some of the many questions that you will have to answer when you are looking for a new home.
As this list of features will eventually determine one of the biggest purchases of your life, it is important to pick out a house that fits both your wants and needs as closely as possible. Of course, rational necessity dictates that this should include everything from basic desires like a good and safe neighborhood, all the way down to the minute and unique details like the bathroom layout and the appliances that you will place in your kitchen. You will also need to figure out how much you are actually willing to spend on your future home. Understanding your needs and wants will help you estimate the final price of your home. It is also important to remember here that just because you qualify for a large home does not mean that you have to take it. When taking out a loan for your home, you will want to consider the total cost, including utilities, property taxes, and any insurance policies that you might have to take.
When purchasing a premium residential property, it is important to take into consideration these factors especially when you will have access to several viable options: a traditional single-family home, a townhouse, a cooperative, or maybe even a multi-family building with two to four units you can look to rent. Whatever the case may be, each option does have its own pros and cons, depending heavily on your home goals.
Step 2: Get Someone to Help You Buy A Home
Admittedly, no matter how much research is done, you will still have more that you need to know about the process of buying a house. That is why most would advise getting an expert that you can trust to make your buying journey a breeze.
Now, there is no shame in doing this. It is simply admitting that there are people more knowledgeable in the field than you – and are therefore better equipped to guide you in life decisions as big as buying your forever home. This is where real estate agents come in – to help you not only understand what you really need in a home but also to provide a holistic approach to the home buying experience. These professionals will help you negotiate the entire purchase process, including picking a home, sending an offer, getting a loan, and explaining any paperwork that you might need to fill up and submit to the developer and bank. When done right, a good real estate agent, one who is experienced in the often choppy waters of home buying, will be able to protect you from any pitfalls that you might encounter during this process.
Step 3: Home Exploring
Now, this step is definitely what most people think of when they hear the word “home buying”. It is the bread and butter of home buying and is often the most enjoyable part as you will be able to explore and view many beautiful homes that you are looking to purchase. Many homebuyers get stuck on this stage because they are always searching for the perfect home – the one with the perfect number of baths, beautiful alcoves, a perfect kitchen, all at an affordable price. Now, this step becomes even harder with offers and counteroffers flying around furiously. To make sure that you can get through this process, listed below are additional steps to prepare you for this journey.
- Finding a Home
The question a lot of first-time homebuyers ask is “how do we find a home?”. There are a lot of ways to find a home. While the old-fashioned way would have been to drive around in search of for-sale house and lots, the advent of the internet has also allowed real estate tycoons and developers to sell their land online. A quick google search will lead you to many websites that show different property listings – from lots for sale, pre-selling houses and ready homes. Many developers also have their own websites where you can inquire about their properties and directly talk to their property consultants.
Crown Asia, the premium residential brand of Vista Land, has its luxury house and lots listed on its website. Here you can learn more about its properties, its neighborhood, and surrounding vicinity. You can also talk to its accredited property consultants through their website. In this way, you can ask them whatever question you have regarding your chosen property.
To inquire about a Crown Asia house and lot for sale in Cavite, for example, you can just visit the official website and a pop-up message will appear which will let you talk to its property consultants. These consultants are trained enough to help you with your property queries. Additionally, if you want to schedule a site visit, you can also do so through your assigned property consultant. Part of their task is to help make your site inspection go as smoothly as possible.
On your scheduled site visit, remember to inspect not just the home itself but also the community around it. Even if the home you plan to purchase appears to be flawless, it would not hurt to have a second opinion. After all, there is no substitute for having a trained professional inspecting your potential home for its overall condition.
- Settle on your final financial scheme
Now that you have decided on the house that you want, you have to now determine how you are going to pay for your investment. Will you pay it in spot cash in full? Or will you pay the minimum down payment required and settle the balance through bank loan? There are certain discounts depending on the type of financial scheme that you finally decide on, so it is best if you ask your agent about this.
It was pointed out in step one that you have to make sure that you can actually afford the home that you are looking at. You do not have to pay the full amount on the spot if you just have a specific budget that you can shell out in the beginning. Most homebuyers take out bank loans in purchasing a home. Generally speaking, in order to qualify for a home loan in credible banks, you will need to have a good credit score and of course a few financial documents to prove that you can eventually pay off this loan that you are looking to take.
Once you have settled on a bank, the bank will then verify all of the financial information provided and have you pre-approved for the certain amount loaned. The key here is to shop around the different reputable financial institutions to see which bank offers the lowest interest rate. You will be surprised to find that there is a wide assortment of interest rates out there, the first one you find is not always the best. As an added tip, make sure that you apply to reputable banks and institutions as these will generally offer the best rates at the best prices.
Crown Asia also has accredited banks that you can choose from. Moreover, Crown Asia offers services like helping you apply for a bank loan. You just have to provide all necessary financial documents. For more information, you can visit Crown Asia’s official website.
Step 4: Closing the deal
If you are able to work out a deal with the developer, you should already be looking to close. In real estate terms, “closing” simply refers to the process of completing a sale. Often, this involves a lot of paperwork and a lot of communication with your agent and the developer. This process includes signing a contract, which grants the owner legal rights to the property. This will then have to be registered within the city to protect the ownership rights of the new owner.
On the other hand, if any part of the deal fell through, then the only possible course of action here would be to continue on your search for a new house.
Do not worry if the first few homes you find are not your dream home as more often than not, that will be the case especially when you are looking for that premium dream home.
FAQs
How much money do you realistically need to buy a house?
A good rule of thumb that many real estate agents approve of is that you should be ready to put down at least 20% of the total value of the property as a down payment for your home.
What should I consider before buying real estate in the Philippines?
It is important to transact with a reputable housing developer should you decide to buy your first house. There are different developers in the Philippines offering low-cost housing to luxury houses. It is important to know the developer’s track record and reputation so you can be assured that they can deliver your house on time without any problem at all.
With over 25 years of experience, Crown Asia has proven itself time and time again as the premium real estate developer for upscale homes. It has already made a name for itself with the different properties it has in Cavite and Laguna.
How do you buy a house in the Philippines?
If you are looking to buy a luxury home here in the Philippines, you can contact one of Crown Asia’s direct marketing officer and they will help you find the perfect property for you. To get in contact with an agent, you can visit the official Crown Asia website.
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Related Blog: Factors To Consider When Buying A House And Lot in the Philippines
