For newlyweds on a strict home buying budget, finding a first home is a challenge, but it’s not impossible. This guide will get you over the threshold of an affordable property in no time.
June’s here, which means you’ve probably got wedding bells in the head right now. And with the thought of getting married also comes buying a house where you and your better half can build a new life together. If you have the financial means to buy your dream home off the bat, that’s great. Unfortunately, not all newlyweds are lucky enough to have a sky’s-the-limit budget for home buying.
Don’t fret, because there are ways to score an affordable property while still getting the home you want and need. Aside from planning your finances well and putting together a down payment, think about doing these:
Look into foreclosures
Foreclosed properties are often priced lower than they’re worth because the bank who provided the housing loan is basically just trying to get back what the homeowner owes them. Foreclosed homes are what banks call “non-performing assets” since they’re not earning money from it anymore, and this is what motivates them to sell the property below market value. Be warned, though; a lot of foreclosures are sold in need of repairs, so you have to be prepared to shoulder these costs. On the bright side, it gives you a chance to remodel the home the way you want.
Consider living outside Metro Manila
There’s no doubt places like Makati, Taguig, Pasig and Quezon City are considered prime real estate locations, but that doesn’t mean areas beyond Metro Manila don’t deserve your attention too. Provinces like Cavite, Batangas, and Laguna are seeing a lot of activity from real estate developers, as evidenced by the continuous construction of condos, housing, and even townships. But because of their distance from Metro Manila, many homes in these places are priced lower than what their counterpart might be in a prime location. For instance, a 47sqm, two-bedroom house in Quezon City can be listed for about Php 3 million, while a house in Tanza, Cavite with similar specs can go for around Php 1.3 million. Granted these provincial cities are quite far from Metro Manila, but the good news is their economic landscapes are also experiencing a boom, which means you won’t have a hard time finding a job when you relocate.
Take your search online
Searching online for a home to buy is great for a lot of reasons, the leading one being its convenience, but did you know that these real estate classifieds websites also have filters that allow you to search for properties based on price? Once you’ve selected a location and a type of property, you can then narrow down the search results even further by indicating a maximum price either for the whole property or by square meter. Using this filter, you won’t have to waste time looking at homes outside your budget.
Be a great negotiator
If you’re used to shopping at wet markets and tiangges, you know it’s common practice to haggle to get the price you want. In real estate, you may not be dealing with clothes or food, but negotiating’s still part of the game. Make an offer that’s below the asking price, low enough for you to be comfortable to pay if they counter your offer, but not so much that you come off as a lowballer. If the seller doesn’t budge and you still want their house, not to worry. You can haggle for other things, such as the closing costs or the inclusion of some appliances or furniture.
Ready to move on from wedding bells to doorbells? Start your search at MyProperty.ph.