Let’s be honest, not everyone can afford a home in this freakishly crazy economy; but, if you can, then we’re here to help you!
The Queen City of the South, Cebu, stands out as one of the wealthiest cities outside Metro Manila—an achievement that often prompts medium-wage earners to wonder about the “HOW’s” and “WHY’s” of affording a property here. Despite these challenges, the city’s economy continues to thrive, huge thanks to the booming BPO industry driving its growth.
In correlation to the growing BPO industry, we now get to see more and more condominiums popping up almost everywhere! But, while it’s easy to locate a condo, buying a property involves more than just covering the initial cost. Many choose a house and lot for raising a family, but this raises the question: how can a medium-wage earner in Cebu realistically afford a home?
We’ve scoured every guide, tip, and trick out there, and here’s the ultimate scoop on how to make home buying in Cebu a breeze:
Know Your Financial Situation
Prior to even looking at the house and lot that you’re planning to buy, always know your financial state! You must determine how much you can afford for the property’s downpayment and the succeeding mortgage payments if that’s what you’re after. In hindsight, the overall total of your housing payments must NEVER exceed 35% of your monthly salary. Not to mention, you should also be able to maintain an emergency fund, just in case something happens, then you won’t be missing your payment dues.
Layout & Understand Your Options
Whether you plan on financing your property via Pag-IBIG funding, home loans, or maybe a portion of it from other credit sources, you should research the loan options, interest rates, terms and conditions, and even the qualifications. Don’t just head over to the institution empty-handed while demanding a loan, it’ll just make the process longer. Also, once you have decided, make sure to secure your financing and keep all related documents, alongside copies of it for future reference.
Do Your Housing Research
That home with a white picket fence and a large tree in the yard may be your dream, BUT, will the 3-hour drive going to your workplace be worth it in the long run? How about its proximity from schools and hospitals? Even worse if you’re just commuting your way to work and you’d have to ride three different jeepneys and a tricycle to reach your destination! This is why it’s important to consider the location of your home as well as looking into the future developments or projects in the area; who knows, maybe your white picket fence house will be in-between a mall and a cemetery come 10 years time. In addition, if you’re someone with disabilities or will be living with someone who has special needs, you should also consider the design of the home to make your lives easier.
Find a Reliable Real Estate Agent
Real estate agents are the heroes in the housing industry, but there are many out there who are just looking to scam gullible and new buyers. So, it’s best to partner up with a real estate company who has the reputation of putting their customers first. Find and verify their credentials, as well as seek recommendations and look out for legit client reviews!
Visit the Property
Don’t be fooled by 3D mockups on the internet’ head over to the property and check every nook and cranny for any issue or repairs you may need to address. Even better is for you to consider hiring a professional inspector during your visit along with a legal team to make sure that everything will be set straight prior, during, and after the purchase.
Learn to Negotiate
You effortlessly negotiate when buying your ukay-ukay hauls at Molave Cebu, so why pause your negotiating tactics now that you’re buying your first home? Price negotiation is part of the process, therefore, you mustn’t hesitate to do so. You may even research and compare the prices of the properties that you are considering so that all’s fair and you’ll definitely get to have the right price for your perfect home.
Listen to the Neighborhood
Not necessarily asking for gossip and talks, but what you do need is for you to know the situation of the neighborhood. You may inquire questions such as facts related to flooding, landslide, and many calamities that may ensue within the area. Although, a little backstory about the home in question is also great, especially if you’re one who’s cautious about previous owners and used furniture; y’know what we mean.
So, Sugboanons, by following these best practices, you can make informed decisions and purchase a home that aligns with your financial situation and long-term goals. And if you have additional tips for your fellow potential homeowner, list them down in the comments below!
