Let’s admit the fact that buying your first home is more than a little overwhelming, in fact, it is one of the most difficult decisions you have to make. Your dream home is your asset,but it is also a major responsibility. To help you on your dilemma, we have put together a buyer’s guide to ease the process.
As you prepare to buy your first home, allow us to explain some factors you are likely to come across.
First and foremost, even before you deal with accredited real estate agents, you will need to work out your budget, which means spending some time studying your finances. Once that is all ironed out and you have an idea of how much you are willing to spend, we can begin weighing in on what to consider in buying a property.
1. Location
A top priority in buying a property is finding the right location. Whether you are purchasing your home as an investment, a lifestyle upgrade or both, one of the most important decisions you will make is where you want to live. Your home’s location will help determine not only the future value of your investment (if you’re planning to sell in the future), but also many aspects of your everyday life. Here are some factors you should also consider carefully when selecting a location according to Amy Fontinelle in Buying a Home: Choose Your Location.
- Security
Safety is a top concern. You’ll often pay less to live in an area with higher crime rate, but if you’ll have to live in fear or if you one day become a victim, no price discount will be worth it. It may also be harder to resell your home or get a good price for it if you decide to sell.
- Work proximity
The length of your daily commute can have a significant impact on your disposable income, quality of life and how much time you get to spend at home with your family. How long of a commute can you endure? Are you planning to stay at your current job long-term or do you expect to switch jobs in the near future? If you plan to stay at your current job, how close to work do you want to live? If you plan to switch jobs, what are the job prospects in or near the area where you’d like to live?
- City vs. Suburb vs. Rural
The setting you choose within the city or town you select will affect the amount of peace and quiet you have, lot size (if you’re buying a house), primary and secondary education options for your children, proximity to shopping, entertainment, medical services and anything else you might want or need, and more.
2. Developer’s Track Record
Before buying your first home, it’s important to research the building’s developer and have a good understanding of their past projects. Work with real estate professionals to find out if the building is sound or not. When you add your findings of the building’s structural integrity to the developer’s track record, you will know if the building is a quality product or not. Do they hand over house keys on schedule? What are the qualities of the units or houses they have sold so far? To find out about a particular developer’s track record, consult the Internet or ask for an opinion from a property consultant.
3 . Management
In buying a property, make sure there is a property management body that would help you go through the proper process in assisting you about your property plans.
Consider safety, maintenance, proper billing process, it is best to say that when buying your first property, there should be that feeling of security that your home and your family is in safe hands.
Property management is the operation, control, and oversight of real estate as used in its most broad terms.
You should also consider a property management body that will take better care of your property. A management body that has been in business for a number of years will have seen it all and will be able to confidently handle any problems that arise with your property quickly and efficiently.
Primavera Residences is the perfect example of what you totally need in buying your first property. May it be an investment or a home, rest assured that all of these considerations are prioritized.
Primavera Residences, a multi-awarded sustainable development, is located in uptown Cagayan de Oro, basically in the prime spot of Pueblo de Oro Business Park.
The developer, Italpinas Euroasian Design and Eco-development Corporation, is an Italian-Filipino property developer known for its advocacy for, and practice of, sustainable architecture and development which is known of their multi-disciplinary approach (power and real estate) as well as their professional and cultural connections.
