Buying a home, whether it’s a townhouse, high-rise condo unit or a detached dwelling, is a major life move with plenty of traps or mistakes to avoid. As decisions taken on residential purchases are potential game-changers which can dictate an individual or household’s future, consider these five steps helpful in crafting a systematic approach to the home buying process.
1. Choose the Residential Type and its Location Right for You
Familiarize yourself with the various types and sub-types of residential choices available on the market and their specific locations. Create a checklist to match any of these choices as closely as possible to your budget, needs, taste, preferences, and lifestyle. Matching your lifestyle and workplace or career path, of course, would be critical in your decision-making with regards to location.
Such matching could be further refined in terms of selections of developers and their industry stature. Your initial search could conveniently be a one-stop shop. Major real estate developers like Avida have various projects in different locations nationwide with a wide variety of residential types ranging from detached single family homes to high-rise condos.
2. Scrutinize site development map, construction details, and floor plan layout
Examine closely every detail a developer provides, including the site development map, home or condo unit floor plan, and construction details. Necessarily, your pick should match the checklist on what you’re looking for in a residence.
Note that choosing from pre-construction residences, especially high-rise condo units, could be pretty tricky with regards to density and unit sizes viz-a-viz such amenities as elevator capacity and access. Be aware of the industry parameters for these features which are all well rendered in the condominium towers of Avida, if you are to look for the leading standards among developers.
3. Be smart with your financing
Go for the home financing best suited to your budget and expected future income. Conduct a thorough research on the home loan market and compare the interest rates of various banks and other financial institutions.
As important, consider the various payment schemes of property developers which typically vary on a per-project basis. Besides cash or near-cash, these payment plans include in-house/deferred (interest-bearing for a maximum of 10 years) and deferred (2 years interest-free).
4. Uncover hidden costs
Finalize the financing side of your home-buying roadmap with an accounting of the hidden costs of buying a residence. These items typically include the transfer tax, real property tax, registration fee, and documentary stamp tax.
5. Check the home construction
Stay in touch with your developer or builder during the construction of your residence. Builders of detached single family homes typically would allow you to inspect your residence’s construction at certain stages to allow for adjustments or corrections. In condos, there is a final inspection wherein you need to prepare a punch list for items that have to be completed, require repairs or are unacceptable as per earlier agreed-upon specifications. The same punch list applies for the final inspection of newly built single-family homes or multifamily dwellings.
Ready to be a homeowner? Visit avidaland.com to find what you’re looking for.