3 questions you should ask yourself before buying a new home

Finding the right home is a unique experience for everyone. Some start with a specific property in mind, while others start with a budget and perhaps a general location. Some make a decision in the first week, while others take months or even years to find “the one.”

No matter what your homeownership journey will be like, whether you’re a first-time buyer or are looking to upgrade or relocate, what’s crucial is the planning that comes before, during, and for the future. Here are the questions you need to ask yourself as you launch your search.

What are you looking for?

Create a house-hunting checklist that has your non-negotiables in a home. Are you looking for a house in the suburbs, a townhouse or a condo in bustling Makati, or a quiet villa in the province, like near the beach in La Union or Zambales?

Consider the location, size, community amenities, and other factors that align with your lifestyle and future needs. This will not only streamline your search but also help you focus on listings that meet your criteria, saving you valuable time.

For best results, house hunters suggest a wide-net approach that involves a combination of checking online listings, getting in touch with a trusted real estate broker, and going around the neighborhoods in your checklist in person. For your online search, check out online real estate sites and even Facebook Marketplace and Carousell.

How financially prepared are you?

Buying a home should be part of your long-term financial plan. Assess your budget, financing options such as a home loan, and other fiscal aspects of buying a home. You can also compute the monthly amortization that fits your budget via the home loan calculator. In your planning, don’t forget to factor in additional costs such as property taxes, homeowners insurance, and maintenance fees.

A solid financial plan will ensure that your home purchase strengthens your financial future, rather than becoming a burden.

Is it future-proof?

While it’s important to find a home that suits your immediate needs, considering its potential resale value is equally crucial. Look for properties in desirable neighborhoods, with good schools, and those that have maintained or are likely to increase in value over time. This foresight can significantly impact your investment’s future returns.

Moreover, ensure that you protect your home and your finances through a comprehensive insurance package. AXA Home Security protects your home from fire, robbery and burglary, covers you from liability, and provides rent and relocation expenses in case your home becomes uninhabitable due to a covered event, such as a fire or severe storm.

Turning your dream home into a reality is not just about the property itself, but about how it fits into your broader vision for a fulfilling and prosperous future.

Learn more about how you can plan and prepare for the future:

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