One of the major life decisions anyone could make is to get a new home. Coming up to such a decision requires rigorous preparation, from necessary documents needed when purchasing a property to looking for your preferred location, and other things you need to invest time and money in to get the home you’ve always wanted to have.
While the amount of time and money varies depending on your preferences and economic status, here are some things that you might want to prepare beforehand if you are planning to get a new home.
Checking your credit score record
One vital factor when looking into real estate is your credit score, especially if you are planning to apply for a home loan. The credit score is the figure that mortgage lenders will take into consideration to know if you are credit-worthy. To check your credit score, you can request a CIC credit report via the Credit Information Corporation (CIC) website and know if you have a clean payment record.
To get your CIC credit report in the Philippines, visit the website (https://www.creditinfo.gov.ph/) and follow these steps:
- Click on “Services.”
- Select “Get a CIC Credit Report.”
- Read the Terms and Conditions and click the “I agree” button.
- Select the Date of Appointment you prefer.
- Provide the needed information.
- Download and print your Application Form.
Once finished, you need to personally appear at the CIC office located in Legaspi Village, Makati City, to know your credit score through the credit report. A Know-Your-Customer (KYC) process will also be done by the CIC to ensure your credit data’s safety.
While checking your credit score from CIC is not a requirement when applying for a home loan, it is good to know your status for a more hassle-free home acquisition process.
Documents needed for home acquisition
Important documents such as proof of income, employment, and assets, among others, are needed in the home-buying process, depending on the type of real estate property you want to get. Apart from your existing documents, some banks might also ask for other documents for legal purposes that will add to your overall costs.
Before planning to start preparing the necessary documents, make sure you have allotted part of your savings for these important paperwork.
The location and the type of home you are looking for
If you are getting a condo unit for the purpose of living near your workplace, or a townhouse for your family to visit during a vacation, deciding on the perfect location where you want your dream property to be is one step you wouldn’t want to skip.
Property developers now offer different locations based on your preferences. There are plenty of options to choose from whether you like to own a property away from the city, or a home accessible to both urban and rural areas.
What you need to do is to first identify which location and what property types are most convenient for you and fits your preferences, then you can start looking into developers and the type of properties they offer.
Your financial capability
Getting a new home is a huge investment, so it is important to assess your capability when it comes to your finances. There is no doubt that you would need a pretty big amount of money to be able to get your dream home, so seeking help from financial advisors is one thing to consider. To help you spend your money wisely when it comes to your real estate expenses, another tip is to really allot enough period of time to look for the best offers and choose the ones that do not compromise the quality of your dream home.
With this, you have to seriously consider your monthly income, existing debts, and savings. You wouldn’t want to decide on getting a new home if you have other important things to pay for or if it means wiping out your bank account.
Furnishing your new home
Having mentioned wiping out your bank account, your expenses don’t end after getting your hands on the key to your kingdom. Apart from spending money on acquiring your new home, you wouldn’t want to leave it looking plain and empty, so you also need to shop for furniture, appliances, and decorations to complete the whole home-y vibe.
Allot a part of your savings for furnishing your new home and for some home improvements you wish to do. If you have a tighter budget though, you can opt to hop in the minimalist trend which would make your new home look more spacious and aesthetically pleasing.
Maintenance and property dues
Of course, you have to maintain your property physically and legally, and pay for your dues. Paying your property bills on time not only reflects your commitment but also your credibility as a property owner. Make it a habit to set reminders when to pay your dues and allot the needed amount to settle your payments.
Look for the best platform where you can pay your property dues such as online payments companies that offer hassle-free transactions if you have very little time to go out to settle your bills.
Looking for assistance to get your dream home? Get pre-qualified for a loan now!