Buying your first home is a significant milestone, but it can seem over-whelming. Here’s what you need to know to start your journey to home ownership. Before starting your home search, consider these key factors:
What you really, really want
First, decide what you’re looking for. Do you want a house and lot com-plete with space for a yard? Condominiums, on the other hand, offer more affordable and convenient city living often with added (though shared) amenities. Townhouses offer a middle ground between the two, offering privacy though you will still share walls with neighbors. If you’re looking for more affordable options, government-supported socialized housing projects provide budget-friendly homes for Filipino families.
Location, location, location
Your daily needs will dictate just where you want your home to be. Look for a place close to your work or your children’s schools. Check if there are markets, hospitals, and other essential services nearby. You will also want to make sure public transportation is easily available. Most im-portantly, check security to find out if the neighborhood is safe for your family.
Can you afford it?
How much you earn and spend each month will determine what you can afford. Not only do you need to make sure you have enough savings for a down payment and that your monthly home payments should fit com-fortably within your budget, but you will also need to plan for extra costs like taxes, repairs, and insurance.
Making Housing Affordable
The National Home Mortgage Finance Corporation (NHMFC) offers sev-eral programs to help make your first home more affordable. The SHeL-TeR program, for instance, works with various institutions to provide af-fordable housing loans, while the Community Mortgage Program offers group housing solutions. For families earning less than PHP 5,000 monthly,
The NHMFC also has
The Abot Kaya Pabahay Fund.
The NHMFC helps Filipinos access more affordable financing options, and get help with loan applications. They also provide borrower counsel-ing and have online services for easier loan management.
Remember, home ownership is a journey. With proper planning and support from institutions like NHMFC, you can make your dream of own-ing a home a reality.