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| What's next after marriage aside from starting a family? |
Do we stay at home with our parents or in-laws and face the
stigma of never branching out on our own? Or do we move out and enter the
financially daunting world of the unaffordable housing market? These are two
equally difficult choices each adult is about to take once he or she decides to
get married.
Imagine being newly married and ready to start a new chapter
with your spouse. You must've lived at your home all your life and you're
excited by the prospect of having to move out of your parents' house (the holy
bible teaches us to leave and cleave), be on our own, and say hello to your
newfound independence.
But before you collect your things, pack your boxes, prepare
your luggage and say adieu to your family, have you ever asked yourself,
"How sure are you that you're financially ready to move out?"
"Are you ready to buy your first house?" Of course, buying your first
house is a joint venture with your spouse shortly before or after your wedding
day. It is an exciting time for most people and we're pretty sure you are eager
to start new lives together as a couple.
I would sometimes blame the Filipinos' closely-knit families
and the country's housing unaffordability because it has kept me and my mom in
her parents' rent-free shelter for years. But now that I'm married, life has
taught me that moving out is a measure of maturity and adulthood. Before
deciding to move out, you should carefully review your income and financial
situation to determine if you can afford to do so. Moving out means having to
locate and pay for a suitable house. This could be a major issue for you and
your spouse if you have not talked about this ideally before your wedding.
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Purple Plum Fairy with husband Jason during their wedding in December 2020
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When I got married last December of 2020, this issue has
been playing in my head constantly. At the time, I had just gotten married but
I can't help but feel conflicted over the idea of being married yet having to
move out of the house I've lived in and considered my only home since I was
born. That's when I soon realized that being married indeed comes with extra
challenges you had to deal with together. You had to juggle two people's credit
history and all the paperwork multiplies. If marriage and a new dream home are
on the horizon, it's important to do your research, study well, and ask the
right mortgage questions before your planning. Whether you're currently
planning your wedding or you've already exchanged "I do's" like me,
I've come up with helpful tips for house-hunting newlyweds.
It's completely normal to be cautious when you're shopping
for a home. A house is a good property investment and you need to make sure
that you're making the best decision possible. How will you know that you've
found the right one? I suppose it's like finding the right guy. It varies on a
case-to-case basis. Some people know they've found the right property by their
gut instincts. Others may need a little more time convincing. But some
indicators will tell you that you've found the right property for you. Check out this list I've made to somehow help you out:
You envision yourself
happily living there with your family
You need to ask yourself if you truly see yourself living at the said property with your family. The property might not necessarily have every amenity that you desire
but for as long as it meets the basic requirements, it's alright. It has the
number of rooms and space you need. It may not have a garage but then you
realize it could be more flexible if you want to expand for an extra room, a
garden, or your future kids' play area.
Check with your bank or with Pag-ibig fund if you and your
spouse do qualify to successfully get a loan. You may choose a fairly low
house. But if you want a better deal or a nicer house, then only trust
well-known companies like Lumina Homes where you could get exactly what you're
paying for in terms of quality, service, and standards. You also have to make sure
that bills are paid on time to lower your debt utilization ratio, double-check
and report if there are mistakes on it.
Pay off all your
debts before buying a house
Banks might get apprehensive about approving your housing
loans for people who are already deep in debt because it seems less likely that
they'd be delinquent when it comes to payment. When you apply for a mortgage,
they will look at your total debt compared to your income and you might not
qualify. Take into account your personal loans, car loans, and anything else
that you owe money on. The less debt you
have, the better mortgage you qualify for.
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Part of starting a family is building a place you could call home.
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Save up for your dream house
Most of the time, people buy on impulse even under budget
when they buy their first home. Little did they know they are up for a dilemma
of financial issues later. considering
all the expenses. Down payments and reservation fees, moving-in fees aren't
obvious enough. But in reality, there is a myriad of other expenses that come
out to play when you buy your first house.
Budget Effectively
There's nothing wrong with knowing the difference between
needs and wants. There is a thin line that separates the two and if you aren't
careful, you might not be ready yet to settle down. It's one thing to save
money and it's another to do so in an effective manner. Saving money for the
new house may take some time under the best circumstances. Please try your best
to live within your means to be able to budget efficiently.
Clichรฉ as it may sound but buying a house also entails some
sacrifice especially if you're used to indulging yourself. But remember, it is
better to budget hard for a shorter period than to slack and you lose the
opportunity to buy yourself some property—a house you could call your own—from
your sweat, blood, and tears.
Bear in mind that when saving money, it is equally important
to set a goal, separating your savings account from checking, logging in your
progress, and identifying what to do away and cut among unnecessary expenses.
Find the right agent
Your real estate agent should be able to answer all your
queries and explain to you even the smallest detail. He or she has to be
someone you're comfortable being with. Your real estate agent has to be able to
guide you and assist you well. Don't be shy about asking questions. This is the
person who's going to make your dream house a reality so you can be as picky as
you need to be. Most agents know some promos where you can get discounts or
freebies. They won't advertise it, so just ask! They'll be happy to negotiate
in rebate or promo for you if they can.
Know exactly what it
is that you're looking for
House hunting can be pretty overwhelming. Don't let it
become even more intimidating by rushing in blind. I know exactly how it feels
as I've been to several tripping before. I even had a friend who after seeing a
model house, she decided to buy a unit right away without studying first if it
was right for her. Later she realized she bought the house on impulse and
complained she bought a bare-type of unit rather than the one exactly like
the model house that she fell in love with.
I suggest you sit down with your spouse and make a list of
what you're looking for in a house. It's best to indicate which ones are your
"must-haves" from your "desires." Then you can start
comparing what you want in a house against each other and determine which
neighborhoods to look in. Tell them to your real estate agent so that they can
better direct you with your search.
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| The 360-degree virtual tour of Lumina Homes |
One perfect example where you can discover and explore
affordable yet high-quality properties is the ones made by Lumina Homes. They
are available in various key locations across the country and their prices vary
depending on their location. The best part? You can go on a virtual tour and
see the units through their Lumina Showcase Area 360-degree virtual tour or
model unit house tour right where you are, and in your own free time. While you’re
at it, you may want to check out their property listings.
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| Lumina Townhouse in Tanza, Cavite |
Lumina Homes is a
prime real estate developer in the Philippines taking pride in its legacy
projects of building affordable homes for every Filipino household. You can
even make a reservation from any device and conveniently pay your premiums via
cashless payment online. Their reservation e-vouchers can also be availed via
Shopee and Lazada. You can be assured that you're safe and in good hands with Lumina
Homes because it’s recognized as Pag-IBIG Fund’s Top developer in 2019 for nothing.
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| Lumina Bacolod Rowhouses |
I'm saying it again, don't rush. It's okay to take your time.
There might be a sense of urgency that usually surrounds couples during their wedding year. You may feel pressured to have a house immediately after the wedding, but do not stress yourselves. Picking the wrong house is not a mistake easily remedied. Take your own sweet time and make sure you're getting a house in the neighborhood that you want to live in.
You may start by renting a house as you save up for your dream house. And don't let anyone tell you that you should have a home by a certain date. You'll know you have found the right place, so just be patient and persistent. I hope the above-given tips may help you prepare for your
newlywed house hunting! Good luck & best wishes!
