5 Things To Consider In Buying Your First House

Having a house is probably one of the biggest investments anyone can have. While renting a space is always an option, the feeling of having your own space is priceless. 

I bought my first house and lot during the most unstable time of the year. It was during a pandemic where the entire globe became uncertain, where businesses were shutting down and people were being laid off here and there. At the age of 38, I never thought I will be able to unlock a milestone and that is buying my own house.

People might wonder if it’s a good decision to invest in properties during a pandemic or if it’s better to save your extra cash in case of emergency. In an article from the Manila Times, they said that there was an increase in terms of property investment last year after the entire country was placed under a lockdown. Investing in real estate is a safe haven during a crisis and this is probably the reason why people decided to invest despite the global economic and health crisis. 

Properties will increase their value over time which is a win-win situation for the investor. That means that if the owner decides to sell his property, he can always sell it at a higher price. It can also serve as collateral that he can use in making future loans.

The decision to purchase a house did not happen overnight. Years before, I was already thinking of having my own space even if I can freely live in my mom's house. The main reason why I wanted to own a house is to have an investment that I can pass to my kids later on. Before I finally decided to buy my first house and lot, there are many things that I put into consideration. Let me share with you 5 things you need to think of when buying your first house. 

Type of property 
Do you want a typical house and lot where you can have your own grounds or would you rather settle in a cozy condominium? If it’s a typical house and lot, how big do you want? How many rooms? How many stories? And if it’s a condominium how big would it be? What amenities do you want?

Location
Another major consideration is the location. Whether it’s a house and lot or a condominium, you need to check if the location is near the places you frequent like supermarkets, malls, and schools (if you have kids) and your workplace. Consider the safety of the surroundings and the availability of major transportation to save you from the hassle of everyday commute.

Income
Now that you have decided the type of property and the perfect location for you, the next question is if it’s within your budget. I’m no mathematician and I’m glad that everything can be done online including home loan calculations. Save time and effort and get the details in seconds with the help of this online loan calculator. It was created to cater to the UK markets but can be used practically by anyone. This online payment calculator gives all the useful information that you need which makes it easier to see the total interest, payment terms, total interest, and total cost. 

This online loan calculator is also helpful for loan overpayments remortgage calculation. It also offers printable amortization schedules to remind you of your upcoming payments.

Loan Terms
Another thing to consider is the loan terms. It can be as short as 10 years and as long as 30 years. And the longer the loan term is, the higher the interest and the lower monthly amortization is. 

Loan Provider
It's easy to purchase properties if you have money on hand but for those who don't have cash doesn't mean they can no longer secure their own house. This is where housing and mortgage loan programs become useful. Aside from making a loan from the government through Pag-IBIG, you can also check different banks for the housing loans that are available. Weigh all the pros and cons before choosing your home loan provider.

I hope you find these tips useful in purchasing your first house and I'm hoping that soon, you'll also be able to share your experiences regarding property investment.