Getting Started – Scouting For Your Dream House

photo credit : istockphoto.com

Owning a home is probably on every family’s dreams.  Whether you wanted a mansion, a villa, a condominium, a bungalow or a modest house in the middle of a farm, it’s always good to have one which you could call “your own”.

I think getting one is not that easy, you have to go through a lot of planning, brainstorming, researching, looking around the area and of course…saving. To get started we have to identify first, what we really want.  This involves a lot of planning, of course and some deep thinking.  By this, you have to identify what are the needs of the family.  So many factors have to be considered like: location, accessibility, area, environment, etc.  Of course, it’s just important to identify what type of house we actually want.  Does the family require a house and lot, a condominium or a townhouse? I guess this is a very important consideration.  For instance, some people prefer to stay in an apartment type house or a condominium as they find it more suitable for their fast-paced life.  Some people opted to own a house and lot with a plenty of space to move on, like myself.  I’ve mentioned many times in my other blog that I am a “garden lover”.  I love to tend a garden in my yard.  I really love plants and I find a sense of fulfillment watching them grow.  Sitting on my garden set in the terrace in full view of my plants, for instance, is enough to give me an instant relief for a hard day’s work.  So your hobbies, your needs and your wants are very important consideration in deciding what type of house you really want.

Next is the budget.  How much can we afford?  Do we have enough cash to make an outright purchase or we just only have enough money for the down payment?  There again, if we opted to purchase through financing institutions, we still have to decide how much we can afford for the monthly amortization.  We have to carefully examine our monthly budget  and decide if we have a spare money enough to cover the monthly fees.  Also, we shall not forget to ask ourselves if we are eligible to apply for any housing loan.

After we have decided on the first two, the next step is to survey the areas.  In Philippines, it’s much easy coz there are a lot of options available.  There are various numbers of real state developers who offer different kind of packages to suit your needs, your budget and your lifestyle.  Read the classified ads, ask referral from friends or better yet, inquire from banks for any possibility of buying a foreclosed property which I believed can be taken for a cheaper price.  Make a list of real state developers and check on their backgrounds.  Better yet, inquire and get more information from their previous buyers.  Only then, you can assure yourself that you made the right choice.

After having considered all of the above, you are now ready to choose from all the available options. Take your pick!  Compare prices… taking into consideration the location, accessibility, size of the house, and lastly, the payment terms in case you have decided to settle for a financing scheme. The story is different if you are buying in cash, of course.  There will be more options and you could also take advantage of the huge discounts you could get from paying cash.