NEWS - 18 June 2020

Future Secured: First Time Home-Buying Guide

Buying a home is a crucial life decision for an adult. 


Homeseekers who aren't familiar with the process can make mistakes that could manifest in the latter part of the homebuying process. This could be avoided by considering some of the critical points that you need to remember when you buy a home for the first time. 


Here's a step-by-step guide to take note of before you venture into the homebuying journey:


Make sure you have separate savings account for your dream home

Owning a home is a huge decision, and payment terms should also be considered. It will be advantageous if the property developer offers flexible terms that allow the total price to be split into monthly payments - making your quality purchase more affordable. This is something you need to consider, especially when you are serious about acquiring a property. 


85% of young professionals expect to own a home at some point in their lifetime. So while you are still capable and young, it is ideal for saving up for your dream home by creating a separate account that is solely dedicated to the house dues and fees.



Talk to your trusted real estate agent

An agent knows the technical information about the property you wish to acquire, including its assessment fees and vicinities. They also know which types of documents you will need to prepare to facilitate your homebuying journey. Trust that your agent can walk you through these vital steps and tell you upfront about your purchase's pros and cons so that you can focus on making that big decision instead of the little things. They can even assist you with the payments and other concerns.




Be firm on the standards you look for in a home

If you are a single young professional, you may consider a studio unit or a one-bedroom unit that is fully equipped with recreational amenities. If you are a family man or are planning to buy a home for your future family, a two to a three-bedroom unit could be the ideal home for you. 


With the help of your agent, you can make a few scheduled visits to the showrooms or the site. You can even set a meeting online and experience a virtual walkthrough of the property. Having your checklist will help you decide much faster and better when presented with a lot of home options. 


Have your requirements ready

When you have already decided on which home to buy, you have to undergo a process with your agent first before you could actually reserve a unit. This may sound tedious, but as a buyer, you need to prepare your requirements like proof of identification & income, sign necessary papers, provide any requested post-dated cheques, then you're good to go.


Pay your reservation fee

Paying a minimal amount to reserve your choice unit helps protect it from being sold to another interested buyer. So once you are set on a location, make sure to comply with the reservation terms to facilitate your home buying process better. Reservation fees vary depending on the developer you are buying from, but it usually ranges from P15,000 to P25,000. Aside from check payments, reservation fees can also be paid through cash or credit cards in some cases.



Once you've settled all the requirements, payments, and other documents, you can move in right away (if you are buying a ready-for-occupancy unit) or wait for the move-in announcement (when purchasing a pre-selling unit).


More than anything else, it's best to choose a home that suits your preference and meets your needs. You can never go wrong with any of Empire East's projects that offer quality homes, packed with all the good stuff that you look for in an ideal pad.


If you are an Empire East homeowner, you can enjoy the perks of accessibility, convenience, and exquisite amenities for an exceptional city living experience!


Reserve your dream home today!


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