House selection is one of the most important decisions of your life. This will be your home in the future, the location and quality will determine your overall convenience and lifestyle. So the question is…Are you ready for a new home?
If yes, then it’s best to consider a lot of factors today.
The location will be your No.1 priority today, more than price cause it’s one factor you can’t change once you select your new home. Consider asking yourself the following
- How long to go to my workplace?
- Is it near malls, churches, and recreations?
- Is it near the airport? (for jet-setters especially)
- Is it accessible for commuting?
- What is the culture of the current condominium? (More into Millenials? More into Gen Y?)
- What’s the security in the building? (Dedicated guards? How many?)
Once you have weighed these factors, it’s now time to check if you can fit it in your budget.
According to famous financial consultants, your home should not cost more than 30% of what you earn. This is a good measurement in terms of paying, so you can still have a balanced lifestyle and good everyday spending for food, funds, etc.
But still, ask yourself the following questions
- What’s the tax rate in the city?
- What’s the payment terms?
- How much is the assoc dues?
- Will you have added payments in the next 2-5 years?
- Are there hidden charges?
- Anything you can do to lower overall cost?
These are just some of the questions you need to ask yourself before putting that downpayment, cause every peso counts.
Especially for townhouses and condominium units, the developer plays a HUGE role in your everyday thinking. So better get one that is reputable, good in feedback both online and offline. Also, ask yourself this
- Have you googled the ratings of the developer?
- Is the developer known in the city?
- Does the developer have a lot of projects?
- Does the project have a lot of occupants?
- What’s the security in the building?
- Do they take care of the building? (If the building is 3 years or more, look for signs of repatching / repainting)
One more factor to consider in getting a home is the payment scheme. Usually, getting a home loan can be troublesome as the processing of paper gets to a lot of processes and even taking days or weeks to get the decision.
Also, ask yourself these
- Is your bank flexible in your payment terms?
- Is your bank willing to adjust to your needs?
- Is your bank reputable like the top developers in the Philippines?
While some banks will get you processed in loans, some will just let you fill out the application form and let you be. Trust me, I’ve been to 3 banks and my recent car-loan was annoying since they weren’t helpful especially if you’re not a depositor of the bank.
Of course, you need to ask yourself if you are ready right? Aside from that, also ask these questions
- How long will you stay there? – 10-15 years? by then will you still have enough space?
- Are you ready for the monthly payments? – Not yet sure? Make sure you are
- Is it for investment? – will you transfer after 5 years? why not consider making it an investment and choose a better location.
Regardless of your selection, it’s best to have a bank partner that can give you flexibility and even save you from the headache of waiting for a home loan decision. That’s why PSBank’s Home Loan with Prime rebate now comes with a 1-day decision process.
So if you choose a home at the following developers like Federal Land, SM Development, DMCI, Eton Properties, Megaworld, Rockwell, Ayala Land Premier, Avida Land, Alveo, Amaia, among others. You can get a decision in just 1 day, as compared to the standard 5 business days.
The loan even comes with Prime Rebate, that can give you savings/deductions when you pay early or in advance of your monthly due. So, it’s now easier to get a home and finally less of a hassle like getting a car.