Getting things planned and smoothed out is vital before purchasing your first home. Among other things, your finances and capability to shoulder the ongoing costs and monthly expenses is the most crucial part. On top of that, you need to understand the underlying risks, consider the property’s location, whether it offers incentives, and if it will add financial perks to you.
Buying a home or a property can be challenging for first-timers. It takes a lot of patience and willingness to go through steps, tasks, and requirements. Add the anxiety of making a mistake as a cherry on top. But that won’t be the case if you take the time to plan to prevent mistakes from happening in the future. Evaluating your finances is the first step.
To help you figure out ways on how you can successfully finance your very first home, here are helpful tips you might want to consider:
Save up for the down payment
To save money in the long run, it’s better to be prepared to purchase your home by settling the down payment upfront. Doing so will make your upcoming dues lighter with more flexible terms.
The Philippines has a wide range of banks to choose from when availing of a home loan, making interest rates low and payment terms flexible. Choose a financing method according to your credit history and financial capacity.
Look for an Investment Partner
If you’re off to start a rental business, it may be preferable to invest with a partner that will help you shoulder the costs. A real estate partnership is suitable for those who may have some gaps in their real estate knowledge or experience.
Start an Emergency Fund
If you go through a bank loan, you'll want to ensure that you have enough cash stashed away for unexpected emergencies. For an Emergency Fund, it is mainly recommended to have six months of cash reserves available to cover payments.
Purchasing your first home could be pretty stressful if you’re not prepared for the expenses, risks, and potential problems associated with homeownership. The most helpful thing you can do before you venture out is to make concrete plans, build your financial roadmap, and establish your finances first.
Suppose you’re looking for a trusted developer that could help you out with your homebuying journey. In that case, Empire East has credible and knowledgeable salespeople who are willing to share their expertise with you regarding your inquiries about homeownership.
Besides personal assistance, Empire East also offers BIG discounts under its ongoing SUPER OKS Promo, where you can save as much as 15% on your first home purchase!
Homebuying is made easy with Empire East-- discounts, promo offers, flexible payment terms, and personal assistance from expert sales professionals are what await you in your homebuying journey with Empire East.
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