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Are you ready to buy your first house?
Most people would normally ask this question to themselves especially those who are gainfully employed and just about to start or just have started to have a family. But when would you say that you are ready to buy one?
Here are the hints:
If you have already made a thorough research in the market place and the current market price, have identified the location suitable for you and your family, then you are on your way there. Of course, if you already have an idea about the current market price, you will be in a better position to assess yourself if you are already capable to purchase one.
If you have enough savings to cover the cash price, the better your position would be. If you opted to purchase through any home financing institution, then you must make sure that you have at least some extra fund reserved to cover for at least 3 to 4 months of the monthly amortization. This is to secure you in case you get a sudden problem which will disrupt your monthly payments. Some financing institutions like SSS and PAG IBIG would normally foreclose your property if you failed to pay the monthly amortization for 3 consecutive months.
You should also have some extra funds to utilize for house maintenance especially if you have chosen a longer payment scheme.
You must have a stable employment history or a stable business so you would be free from any worries of not being able to remit your monthly payments.
Evaluate your credit standing. You must have at least 60% take home pay from your net income to sustain the family's monthly expenses.
If you have future plans of relocating to another country as a permanent resident there, then you may want to evaluate the necessity of buying a house at your current situation. Owning a house requires personal attention and care, so it wouldn't be practical to buy now unless you intend to leave your property in the hands of a person that you really trust.
Owning your dream house is a good thing to consider and will give you a sense of freedom and stability. It is basically everyone's dream to own one. However, it's just a matter of getting yourself prepared for that BIG DECISION.