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Finally becoming a homeowner would be a dream come true for most—if not all—Filipinos. Even if you’re well on your way to success, you may encounter some hiccups here and there. There are many things to consider when buying a home, but don’t let the pressure discourage you.

Among the most valuable tips for first-time homeowners is to never settle for shortcuts when buying a house—that is, if you don’t want to regret your decisions later on. In this article, we’ve compiled the top considerations you should never skip.

In the Market for Real Estate? Here are the Things to Consider When Buying a Home

This post will provide homebuyers with the most crucial factors to consider when looking at a house and lot for sale. Aside from making sure you deal only with the best real estate developer like Johndorf Ventures, always take time to understand the whole process.

Writing a list of your priorities will help you make informed and well-thought-of decisions when buying a house. Make sure you review these four things to consider when buying a home:

1. Job security.



Buying a house is a good investment, but can you afford it? Do not just decide to buy a house because of the life you have today. It might be your dream house in the present, but will it still figure in your future plans? Specifically, are you sure that you have a secure job that will provide you with continuous income for the next few years until such time you are able to pay for your house in full?

Job insecurity has been cited as one of the most common barriers to buying a house. True enough, uncertainty can ruin the prospects of any purchase plans. Nothing can be worse than closing a house and lot for sale, only to find out after a few months that you have been retrenched. To avoid this, make sure that your present employment is secure.

2. Debt-to-income ratio.



Among the things to consider when buying a home is its affordability. Don’t be swayed by real estate agents when they say you can afford to buy a specific house. There is a world of difference between what your agent sees on paper, and what you believe you can afford. One way to determine the affordability of a property is to review your debt-to-income ratio. You know your finances, so you alone would know if you are buying a house beyond your capacity to pay. To get your debt-to-income ratio, subtract your monthly debt payments from your gross monthly income. When you buy a home, make sure it does not over-extend to that ratio.

In general, the highest debt-to-income ratio before you can qualify for a mortgage is 43%. However, most lenders prefer a ratio of 36% or lower. Chances are, you will most likely fall behind on your monthly housing dues if you have more debt.

3. Your emotional state



This factor is critical when making a decision, and it should be one of the main things to consider when buying a home. You shouldn’t buy a new home simply for the reason that you are so frustrated with your current living space, or because your peers are already on that track. Without considering your finances, this would not be a good move. Homeownership is a big responsibility, and it comes with liabilities.

Make sure that you are emotionally ready to commit to owning a property by yourself, or with a partner or family member. The same should apply to your relationships with other aspects of your life, specifically whether you are ready to commit to your to-be co-owners and housemates.

4. Local indicators



You may not have control over the local real estate market, but you can make an intelligent decision by considering local indicators. These include interest rates, the market value of the property, affordability, housing inventory, as well as supply and demand. If there is a low inventory then it might negatively affect your purchasing power.

Find Your New Home at Johndorf Ventures



Buying a home is more complicated than you think. You may have found your dream house, but other factors should be taken into account before you seal the deal. Johndorf Ventures have residential properties in strategic locations in Visayas and Mindanao—perfect for first-time homeowners and families looking to settle down someplace peaceful, safe, and secure.

To make sure you are in good hands and your property investment does not go to waste, consult with the best real estate developer around. Check out our properties at Johndorf Ventures and make a reservation today!

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