The moment your workmate invites you to their house blessing, or when you see a video on Facebook of a ground breaking ceremony of a friend for her new house in the provide, you sometimes get lost in your thoughts asking yourself “When am I going to be ready to buy a home for myself?”
While there are a lot more options available especially for OFWs these days, it’s far better for you to assess your preparedness for this long term commitment. Property website ZipMatch has prepared three simple yet important questions for you to answer before deciding to buy a home:
How ready are you to buy a home? – Think of the challenges you’re currently facing and the commitments you have – will buying a home be a hindrance to your way of living? Do you have someone who can commit to being your representative in the Philippines to process papers while you’re working overseas?
Have you saved up to earn enough money or are you going to earn enough money for the monthly payment? – Since purchasing homes always begins with the downpayment, have you saved enough cash for this? While there are pocket-friendly payment terms, do you have a stable job that will keep this additional bill paid without having to sacrifice so much or worse, have to resort to loans?
How much can you afford based on your budget? – You might have seen your friend’s luxurious condo or your other friend’s huge home with three floors and a huge garden, but check with your wallet – is this something you can afford or will you compromise on having a smaller property for the time being?
An honest self-assessment can help you determine if buying a home now is really right for you. Can you afford it now, or can you set it back for a few more months or year so you won’t be in any danger of losing it? Are you planning to stay in your new home for at least five years or not? Will you be migrating to another country any time soon? The key is to evaluate your life plans and think ahead.
