Every year, the prices of real estate properties for sale in the Philippines increase. The Global Property Guide reported in April 2019 that residential property prices in Makati City alone have risen by almost 132% from 2010 to 2018. However, this ever-growing inflation did not stop Filipinos from continuously buying homes. In fact, more and more Filipinos from ages 25 to 36 are buying homes every year, according to Business Mirror, as an attempt to secure a residential property before the prices increased even more.
Are you one of the many Filipinos thinking of buying a house and lot for sale? Well, before you purchase a property, here are the things you need to consider.
It goes without saying that whether you are going to avail a housing loan or not, you must be sure that your income can cover your mortgage without negatively affecting your other bills and expenses. Remember, some real estate companies do not offer refunds when you decided to cancel your purchase after you realized that you will not be able to pay for the house regularly.
Where do you plan to buy a property? It is important that you not only consider if you can afford price or if you like the design of a house. You must consider your and your housemates’ ease of access to public transportation, work, school, healthcare, and shopping centers. Owning a car does not guarantee ease of transportation everyday as all vehicles are subject to coding schedule and car troubles.
Considering your lifestyle needs is essential in home buying. Are you a fitness buff, a family man or woman, or an outgoing person? If you are planning to start a family soon with a certain number of children, you must keep in mind that the larger the household, the more you need to consider buying a bigger house. If you are a fitness buff, there are communities that offer fitness centers and jogging paths to residents. On the other hand, there are communities located near bars, nightclubs, and entertainment centers for homebuyers who prefer a more socially outgoing lifestyle. Buying a house that does not and cannot cater to your lifestyle will only make you unsatisfied and full of regret.
Buying a house or any real estate property is not always easy. Aside from the given factors above, there are other things to consider like your physical health, your children’s education, your desired cost of living, and more. If you need help in deciding which Filinvest property is most suitable to your finances, needs, and lifestyle, feel free to contact us!