Are You Ready to Own a Home? 4 Questions to Ask Yourself

Believe it or not, the toughest part of home buying isn’t actually hunting houses or paying the downpayment. It starts way before all these things happen: knowing whether or not you’re ready for home ownership. If you’ve been renting for years, it will be hard to know if you indeed can take on this uncharted territory. 

Home ownership is totally different from renting. There are far more financial and ‘logistical’ responsibilities (aka property maintenance and repairs) when you assume the role of a homeowner. 

With that, ask yourself these questions to know if you’re indeed ready to have your own place:

Am I Prepared to Settle Down?

Buying a home would mean staying in one place permanently — or at least for a long period. If your job requires you to move places or your small family likes to travel a lot, it may be wise to postpone home buying plans to avoid being tied to a particular location. But if you’re already set on settling down, and in fact, have eyed a neighborhood you want to move into, then this is one good sign that you’re ready to own a home yourself.

At present, many aspiring homeowners are interested to settle down in provincial cities outside Metro Manila, such as Davao City. They get the best of both worlds: modern, urban living with the peace and quiet of the rural area. 

One increasingly popular community in the King City of the South is Urban Hive Palms by Datem Homes. Strategically located, this mid-rise condo is a short drive away from malls, such as Gaisano Mall, Abreeza Mall and SM Lanang, as well as hospitals, including Davao Doctors Hospital. Settling down here, you can experience the convenience of the city and the tranquility of the province. Should you decide to make your home a rental property in the future, you’ll be able to lease it at a good price because of its promising location.

What Are My Home Must-Haves?

A lot of people jump into home buying without having a clear picture of what they need in their home. They know the pretty stuff they want, the color scheme of rooms, the finish of the kitchen counter, and the look of the furniture, but they tend to overlook details such as the right size of the unit or the number of rooms they would need years down the road.

Don’t make the same mistake. Otherwise, you’ll get a condo that’s too cramped for your growing family or your changing lifestyle interests. Write down your home must-haves. You and your spouse should make a list separately, so you’ll be able to confirm which ones really are the needs and discuss the wants better.

In Datem Homes’ Urban Hive Palms, you have a range of unit options to choose from. The one-bedroom unit comes with a 32.80 to 35.45 square-meter (sqm) floor area, while the two-bedroom has 45.42 sqm. The three-bedroom unit, which is perfect for a growing family, features 71.95 sqm. Equipped with various amenities, such as swimming pools, basketball court, clubhouse, jogging paths, function room, and a gym, this mid-rise condo can support your changing lifestyle interests.

Can I Afford the Home?

Since being a homeowner is largely a financial duty, it’s important to weigh if you’re ready to tackle the costs involved in it. One of the upfront expenses you should have cash for is the downpayment. How much exactly should you have? Well, there’s no definite answer, but the principle is, the more money you put down, the easier it will be to keep up with monthly mortgage payments later. 

Some financial experts recommend that you aim for at least 20 percent downpayment. If you’re getting a million-peso home, ideally, you must have P200,000 ready in your bank account. It’s worth checking your chosen property developer’s assistance programs so you can make payments a lot less burdensome. For instance, Datem Homes has rent-to-own and in-house financing schemes in Urban Hive Palms. They encourage home buyers to go for what works best for their unique financial situation.

Can I Take on Other Housing Expenses?

When you’re buying a home, you’re not only thinking about the upfront costs, such as the downpayment mentioned above. There are recurring expenses once you move in: taxes, utilities, repairs and maintenance, condo association fees, parking fees, and more. 

Take these into consideration even in the home buying stage. Ideally, if you’re taking out a home loan, your monthly payments shouldn’t exceed 25 percent of your take-home pay. Otherwise, you won’t have enough money for other expenses. If you check out the home deals available in Urban Hive Palms, you’ll find one that fits your budget.

While a privilege, being a homeowner is a huge responsibility. Before you hit the market, ask yourself: am I really ready for this duty? If you are, go ahead and start shopping. 

#realestateblogph | #realestateblogphpropertynews | #REBPH

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Article and Photo originally posted by Lamudi last September 2, 2020.

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