April 19, 2022

Few Things to Consider Before Buying or Owning a House

finance, home,home and living, tips in buying house, house buying
Our house before we transfer and live here 14 years ago

I remember 14 years ago before we got married, we already have our house which is payable for ten (10) years. This is one of the biggest decisions we made because we need to consider several factors before closing the deal with the developer.

What are the things to consider before owning a house?

Location of the House

Before we decide to get the house we look for a place that is halfway to both of us since we are working in different locations. With this, there will be some savings on transportation and fuel consumption.

Aside from the distance from work, you should pick a place that is more elevated and flood free.

Schools, markets, convenience stores, and hospitals in the neighborhood can be also a consideration in picking the location.

Size of the House

If you already have kids and planning to have individual rooms for them as they grow must be considered in getting the right size of the house. This also applies to newly-weds or getting married, the size of the family you want to build must take into account.

Monthly Amortization

Once you picked the house of your choice, you should estimate your monthly payment. This will determine if your saving will be enough or if you still need more time to save. 

Your developer will discuss the monthly amortization before signing the contract though.

Have Enough Savings

Even having a stable job, having enough savings is still a must. Although you must have a stable job before buying a house, you should consider your savings. As a rule of thumb, your savings must let you survive when you become jobless for six (6) months. 

The savings will be used as payment for monthly amortization and other bills in case you become jobless for six months.

Furthermore, your savings will also shoulder the expenses if there will be some house modifications or renovations before transferring to your new house.

Hopefully, these tips will help you decide on buying your new house.

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