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10 first-time home-buying tips for newlyweds | MyProperty.ph
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10 first-time home-buying tips for newlyweds

by Jillian CariolaPublished: July 2, 2013Updated: September 25, 2017

Once all the wedding festivities have ended, it’s time to buckle down and get to one of the biggest moves you’ll make as husband and wife: buying a house.

One of the things that a couple dreams of when pondering their lives together is buying that big white house with a picket fence where you can have kids and grow old together. As wonderful as it may sound, making this fantasy a reality is harder that it looks. A lot of money and time is invested in the entire process, so you have to approach it with utmost care. Before you and your significant other decide to buy a home, there are a lot of things you need to consider.

Start saving for a down payment now

The earlier you begin putting away money for a down payment for a house, the easier it will be down the road financially, as this will help you determine what kind of property you can afford and how much you need to loan. Many experts believe a 20 percent down payment is a good amount, but feel free to add more; you never know what unexpected costs you will encounter, so it’s better to be prepared.

First time home buying tips for newlyweds MyProperty Philippines house saving jar
Saving now will help you to pay off your new home. Photo via Depositphotos

Know what you want

Buying the wrong house can cost you dearly, so it’s essential that you think carefully about what your priorities are when choosing a home. Do you want a house or a condo? Have you decided on a location? Also, make sure that you decide on everything together: if there are certain things that you consider a must-have (a garden for you and a two-car garage for him) that the other might not agree with, it’s necessary that you discuss it now before you start house-hunting so you’ll know if some compromises have to be done.

First time home buying tips for newlyweds MyProperty Philippines couple choosing house on tablet
Decide together the type of home you want to live in for a long time. Photo via Depositphotos

Plan ahead

You may not have kids right now, but should you decide down the road that you want to start a family, you want to make sure that your home will be spacious enough. It would also help to think of your house as an investment for if you ever opt to sell it in the future. Find out how prime the location is of your home and its special features so you have an idea of how much its value will increase, say, 10 years from now.

First time home buying tips for newlyweds MyProperty Philippines father daughter playing
If you are planning to have kids soon, your home should be suited for a family. Photo via Depositphotos

Get your finances in order

The first few years of marriage will be the hardest (financially and otherwise), so you really have your work cut out for you as far as budgeting for a new home is concerned. Take a good look at your finances and see if you can afford to purchase a home outright or if you need to take out a home loan. Also, don’t forget that homeownership comes with costs other than the monthly payments like basic needs and utilities, so don’t forget to factor these into your home buying budget.

First time home buying tips for newlyweds MyProperty Philippines couple household budget
Create a budget know what kind of home you can afford. Photo via Depositphotos

Know you loan options

If you’re going the housing loan route, be sure that you know all of the options of financing your property. The government has multiple home loan programs, specifically the Pag-IBIG Housing Loan, which can be availed by Pag-IBIG members for the purchase of a lot, house and lot, or condo; the construction of a house, the remodeling of an existing home, or mortgage or lot refinancing. On the private side, most banks offer a form of housing loan for the purposes mentioned above. If you have decided on going the bank route, don’t settle for the first one you read about. Compare several banks and see which one offers the best in terms of factors like interest rates and loan terms. Also, keep tabs on announcements by banks as they sometimes offer home loan promos that can save you even more money.

First time home buying tips for newlyweds MyProperty Philippines loan application
Compare home loans to find the best option for you. Photo via Depositphotos

Get a good real estate broker

If this is the first time you and your spouse will be purchasing a home, it’ll be good for you to hire a licensed real estate broker to show you the ropes. An experienced broker will be able to tell you what you need to know about real estate, such as the market conditions of a certain location and what a particular neighborhood is like. Make sure that you choose one that you’re comfortable communicating with and who has your best interests at heart. Instead of just relying on what you can find online, ask your family, friends, and coworkers to recommend a good broker they’ve worked with in the past.

First time home buying tips for newlyweds MyProperty Philippines real estate buy and sell
A real estate broker can help you if you are buying a home for the first time. Photo via Depositphotos

Do your research

The best part about looking for a house these days is that the Internet has a wealth of resources within your reach, which means you won’t have to pound the pavement looking for that perfect home. Search online for various real estate listing websites to find the property you need. In most cases, these websites allow you to narrow down your search according to factors like price, location, and type of residence to make your search easier.

First time home buying tips for newlyweds MyProperty Philippines online real estate research
Use the internet to start your home search. Photo via Depositphotos

Attend open houses

Online research only gets the ball rolling; when you find a home you like and decide to see it, inspect the whole property well to see if it’s actually worth buying. Make sure that you also size up the neighborhood itself to know if it’s an ideal location to raise a family. No question should be left unasked; otherwise, you will kick yourself for not making enough inquiries when you encounter problems later. It would also be helpful to go to an open house with someone who is not personally invested in the home-buying decision, such as a close friend. They can give you their honest opinion if there is an issue with the house that you might be overlooking because you’ve been swept away by the whole homeownership dream.

First time home buying tips for newlyweds MyProperty Philippines open house
Ask all your questions while viewing a property for sale. Photo via Depositphotos

Keep an open mind

Small things like a bad paint color or outdated kitchen cabinets might scare you off, but you are potentially missing out on an otherwise great buy. Instead of focusing on the little things, check out the home as a whole. See if the exterior possesses the aesthetics that you are looking for. If buying a pre-loved home, find out of the foundation is sturdy, if the electrical wiring is up to code, and if the water system is in good condition. If the home is in otherwise good condition and is in an ideal location, forget the superficial issues and just go for it. You can always redecorate later on.

First time home buying tips for newlyweds MyProperty Philippines yellow wall paint roller
A bad paint job can easily be remedied. Photo via Depositphotos

Get homeowners’ insurance

The Philippines is in the Typhoon Belt, which means it is prone to bad weather as well as the destruction it can incur. Some water damage may cost little to remedy or may even be fixed for free, but there are those that are too much for you to fund yourself. Then there’s the worry of accidental fires and break-ins, which can be just as devastating and, therefore, also need coverage. Standard home insurance will cover instances like fires and lightning strikes, but a more comprehensive option will also provide protection for instances such as flooding, typhoons, earthquake, falling aircraft, and robbery. Keep in mind that your premiums will be affected by certain factors like the location of your home, so just like getting a home loan, it is advisable to shop around to find the best insurance deal.

First time home buying tips for newlyweds MyProperty Philippines house flooding
Homeowners' insurance will bail you out of severe water damage caused by flooding. Photo via Depositphotos

Buying a home as a newly married couple can be daunting, but it’s also one of the best things that you’ll get to do together. Learn as much as you can and don’t make hasty decisions. It may take some time before you land the perfect one, but it’ll be worth it once you find the one where you know you can happily spend the rest of your lives.

 

Main photo via Depositphotos

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