House Hunting Tips for Newly Weds
Weddings! And I’ve come of age where people of my age get married and build a family of their own. I often get their request helping them find a home before their big day or after the wedding. House hunting is a serious business. I experienced it myself. I mean during my Cebu working days with my friends, and its one of the tasks that I can say, is stressful. Checking online portals, browsing the newspaper classified ads and checking them out and visiting the units in person is just too much. But whether we like it or not, we go through this process of searching for a house. How much more if you are starting a family of your own. Looking for a place with your wife or husband to be, other than exhausting, is you are confronted with a reality that it’s only the two of you who will be sharing for the rent or paying out mortgage.
I have listed some tips to help you out with your House hunting task most specially for newly weds. This are the things that I greatly consider when looking for a place to stay. Some people call me picky when it comes to a place to stay, but my point is, I have to choose a property that I can rest on and where I can be safe, right? I mean it’s important.
So here it is;
When searching for a house to live in (whether buying or renting), always consider security. Security for you, for your family or whoever will be living with you, in the newly weds case, your better half. Is it safe to go home late at night? If you have a car, is it safe to park outside or what? Does the baranggay have CCTV? Do you have subdivision guards? Is it near the police station? Safety and security should be top on your list. For security cameras, you can also install one where you can monitor through your mobile phone. Click here to know more about the WIFI SMART CAMERA.
New subdivisions and condominiums are sprouting from anywhere, developments like shopping malls and new attractions in Cagayan de Oro, Cebu, Davao, Manila and Iligan City. Prices are very affordable and inviting. But before you decide to buy or where to stay you need to consider the accessibility of the property. It would be too difficult for you and your better half if you pick a house in Cagayan de Oro yet you are working in Davao or Cebu? You have to consider proximity to the places you frequently visit. Like school, office, hospitals and the likes. Most specially that traffic consumes so much of our time if we live too far away. And traffic is everywhere, not only in Manila or Cebu. Cagayan de Oro and even other cities in the Philippines are already experiencing traffic. Like literally everywhere.
Check out the neighborhood. How was the community? What kind of people or culture do they have? You need to consider this other than the physical structures or appearance of the house. Remember you will be living with them. They will be your neighbors throughout your stay. They’ll be your future support system, if ever you’ll need help in the future. They will become your social circle, your future friends and your families friends. Most specially if you are buying a home, you need to consider who your neighbors will be, because you will be dealing with them for the rest of your stay or even for the rest of your life. As a real estate agent, I always tell my friends and clients to choose their neighbor. Always consider the community. The kind of community your like your kids to grow up with.
ALLOWANCE FOR UPGRADES
If you’re buying a house as a newly wed, most of the time, you’ll think of it as the “now”, a temporary set-up. For the meantime, a one bedroom property is enough for the two of you. But in the long run, it won’t be enough, most specially if you have kids one your own. Unless you purchase a 2 bedroom or 3 bedroom house to start with, you need to consider future upgrades. Is it possible for you to install a new bedroom or expand the house in the future? Will you be needing more lot area or not. Things like that, that you don’t actually need at the very moment but should consider during the house hunting phase.
Buy a home within your means. What’s the use of having a 3 bedroom house that you can’t afford to pay. When doing a budget or when you’re already considering to buy, always remember this formula. Financing institutions will only consider 30-40% of your salary be allotted for housing/mortgage. And since you are already married, household income is considered instead of individual income. So talk with your partner and both of you should be very honest about the funds and source of funds of the family. Your combined income multiplied by 30% is what your allowable monthly mortgage amount. Which means, that’s what you and your family can afford base on your monthly income. So during your house hunting phase, only look for properties within that range. Don’t go overboard.
Even if you are expecting or anticipating increase in the near future, set aside that percentage for your future plans instead. Remember only 30-40% of your monthly income is allotted for housing loans.
This list is not arranged in order or according to its importance. Some may consider budget first before going through other factors. It is also a good technique. It allows you to visualize what you can do and where you should look for. Sometimes during the course of planning you figure out you still cannot afford to buy a house according to your preference. Renting a home is an option. But always remember that renting is only good for people who plans to stay in one location for a year or less. If you are staying longer, do consider getting a house of your own instead.
In big cities like Manila or Cebu City or even Cagayan de Oro city, subdivisions are located quiet far from the city proper or office locations. It is because it’s already highly urbanized. Condominiums are great options for the working class, however, whether we like it or not, it costs more than the subdivisions houses that is located 15-30 minutes away from the city. In that case, you can get condo units as your second home or weekdays home, and your subdivision or province home as your permanent home or weekend home. Either way, as a couple you need to talk about it seriously putting all this 5 into consideration.