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Buying a House? Here Are Some Signs that Show You Are Ready For It

BUYING A HOUSE – Are you planning to buy a house but you want to make sure first if you are really ready for it?

One of the biggest dreams that many people share is getting a residential property. It may be a housing unit, a bungalow house and lot, a townhouse, an apartment, or a condo unit. What do you plan to buy?

While it is a common dream, not everyone reached it at an early age due to one fact – a residential property purchase requires a huge amount of money and readiness. While it can be very easy for some people, a regular wage earner may think twice about pushing through with a residential property purchase.

The challenge in buying a house is not simply on the decision-making phase nor the starting phase. It is a long-term goal and as well as a long-term debt should you wish to do it in installment. Meanwhile, there is one certain fact – purchasing a residential property when you can is an excellent decision for you and your family.

Buying a House
Photo: Futura by Filinvest

If you are thinking of buying a house but you want to make sure if you are really ready for it, there are some aspects that you must consider. Based on Moneymax, here is a list of what you must think about:

  • Your savings. It is important to have enough savings even if you will be applying for a housing loan to a bank or through Pag-IBIG as not all of the expenses will be covered. In buying a house, expenses such as the reservation fee, down payment, and equity will come from the buyer’s pockets. Also, it is an edge to have the extra money for renovation as you own a house.
  • Stable source of income. It is important to have a stable source of income in applying for a bank housing loan. You will be required to submit income documents and it will be assessed to check your capacity for a loan.
  • Planning to settle down somewhere. Based on the list, it is also a major consideration that you already have a plan in mind on where to settle. It has a big chance of being your residence for a lifetime thus you must be comfortable in the place.
  • You can live comfortably with a mortgage. If you acquired a house through a loan, it is going to be a long-term debt that will take a slice of your monthly budget. It is better if you can live well with it without negative effects on your comfort or lifestyle.

You may also visit – Pag-IBIG Housing Loan: How Much Minimum-Wage Earners May Borrow

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