First-Time Homebuyers: What You Need To Know
New entrants in the Philippine residential real estate market currently face a unique set of challenges caused by the pandemic. With limited mobility under quarantine restrictions, home hunting is more demanding for first-time homebuyers who would prefer a more hands-on and personal approach to finding their dream property.
However, the global health crisis also led to a few conveniences and concessions for residential property hunters. Home financing offered by banks and financial institutions has become more flexible and accessible, an initiative to expedite the real estate market recovery by enticing more buyers with flexible payment terms.
Securing the right residential property requires every new buyer’s due diligence and patience. Browsing through countless listings of houses and lots in the Philippines online is only the first step of an elaborate process. Leading real estate brokerage and consultancy firm KMC simplifies the complex process of homeownership with this short practical guide, ensuring homebuyers acquire the maximum value for their investment.
Audit Personal Finances
Financial health is a critical factor in homeownership. While often disregarded to be a supplementary factor, home hunters in the Philippines should start their journey by assessing their financial capabilities. The current savings of the homebuyer must be able to support upfront costs of buying a house, such as a downpayment and closing costs. Move-in expenses and additional maintenance costs should also be taken into account.
Qualifying for a home loan will require a good, if not outstanding, credit score. Additionally, buyers can check their financial capacity of acquiring property through a home loan and mortgage calculator. These are available online on numerous local banks’ websites.
Be Objective on What’s Affordable
Several factors influence housing prices including property size, location, market demand, and structural features. Homebuyers can remain objective with what they can afford by setting a property price range based on their financial standing, including current income, credit score, and debts.
Finding the Right Property
Once the price range is finalized and the budget is fixed, the next step is listing down the property specifications and requirements. Centralized locations and in-demand neighborhoods within Metro Manila are initial considerations of first-time homebuyers due to their accessibility and proximity to commercial buildings, business districts, and leisure destinations in the metro.
Furthermore, prospective buyers must clearly understand the type of home and property features that best suit their requirements and preferences. Condominiums are ideal for single professionals or starting families that prefer to locate in the middle of the bustling city. Small to mid-sized families need ample space for movement and growth, making a single-family home or a spacious townhouse an excellent option.
Backed by in-depth market data and expert insight into the Philippine property market, KMC provides an extensive listing for its diverse clientele, streamlining the property search with full consideration of differing price ranges and specifications.
Acquisition Opportunities During The Pandemic
Amid the disruptions of the pandemic, there are favorable opportunities for first-time homebuyers. Declining residential real estate prices and subdued property demand in Metro Manila expand and increase the availability of viable property investments.
KMC aims to redefine convenience in navigating the residential real estate market for money-wise homebuyers, concluding the process with the buyers obtaining the most suitable property, catered to their specific needs and requirements. Discover KMC’s countless listings on houses and lots and condominiums for sale in the Philippines.
