5 Questions to Ask Before Buying a Home

Ask yourselves these questions before you purchase a home - it's not a step to be taken lightly! By Mel Cabral

Hand of young man showing keys from new flat.
Hand of young man showing keys from new flat

Purchasing a home is not a financial decision to be taken lightly. After all, it’s something that you’ll be paying off and living in for years, so it’s essential to get it right.

Given this, you’ll want to pick the best property that your money can buy. To help you decide, here are a few questions you can ask yourself to determine the right home for you:

How much monthly amortization can I afford?

Given your current salary, and after accounting for all of your existing expenses, can you comfortably and regularly set aside enough money for your ideal home in the long term?

To be on the safe side, aim for a monthly amortization that’s between 25 to 40 percent of your income. Many real estate experts consider 30 percent to be the sweet spot.

How easy is it to get to and from the property?

When it comes to buying the home of your dreams, it’s crucial to take its location into account. It’s not exactly practical to drive long distances just to shop for your essentials, dine out with friends, or drop off and pick up your kids from school, among other things.

For those who prefer to get around the city by commuting, having easy access to public transportation is a must. When researching your options, check if there are any train stations or PUV terminals nearby.

How far, practically speaking, can I be from my place of work?

For many Filipinos, being stuck in traffic can eat up anywhere from four to six hours of each day. As such, it would be ideal to pick a home that’s close to your office.

However, most residential properties in central business districts command a higher asking price. If these don’t quite fit your budget, try determining how far you can afford to live from your place of work. You may just be able to find a home that strikes a balance between affordability and accessibility.

How safe are the property and its location?

Your home should be a space that you can feel safe and comfortable in. Hence, do your due diligence to assess the security of the property and its surrounding area.

If it’s located in a condominium building or a subdivision, learn more about the developer or administration’s security measures. Find out if the property is vulnerable to natural disasters, such as whether it’s located near a fault line or is susceptible to flooding. Also check if there are any nearby hospitals, police stations, or fire stations in case of any emergencies.

Close up of pantone color palette and brush.
Close up of pantone color palette and brush. Circle photo created by Racool_studio – www.freepik.com

Is it easy to remodel or renovate to meet my current and future needs?

Though there may be prospective homes that seem perfect for your needs now, you’ll want a property that can grow and evolve with you over the years. For instance, if you’re a young professional who’s currently prioritizing career growth, you may think that a small studio unit will be enough. But what if you also plan to eventually find a partner, get married, and eventually have kids in the future?

Given these possibilities, you’ll want to pick a house or condo unit that is easy to adapt according to changes in your lifestyle. You can do this by studying the existing configuration of the available space and thinking up ways you could potentially renovate or remodel it.

Solid reputation matters

By asking yourself these important questions, you’ll have a much better idea of what kind of property you should go for. For more peace of mind, you should also pick a premium developer with a solid reputation such as Avida Land. With their decades of experience in the industry as well as their focus on providing safe and peaceful communities, you’re sure to find the perfect place to call home.

So what are you waiting for? Visit the Avida Land website today and check out their completed and ongoing development projects across the country.