Finances Check: Are You Ready to Make Your First Investment?

Buying a home is a serious commitment. It is best to sit down and do some calculations to see if you can commit to this endeavor.

Determining if you are ready to invest in your first real estate property involves asking and answering questions honestly.

To verify if you are financially ready to be a home buyer, here are some questions to guide you:

How much am I earning monthly?

Your earnings from work and business will dictate your financial capability in buying your first real estate investment. For example, if you earn at least Php 50,000 monthly, you can invest in Arthaland’s first-ever mid-market property, Una Apartments, at Sevina Park in Biñan, Laguna. Because this is a project by Arthaland, you can expect to own a high-quality and value-for-money home.

How much will I save or pay for the down payment and monthly home amortization?

Aside from having enough income to purchase a brand-new home, saving enough for the down payment of your ideal first investment is a smart move. To determine how much you must save, you can assume that the down payment is 20% of the property’s overall value. A unit at Una Apartment can retail for around Php 5.6 to Php 8 million. You can assume that the down payment for a unit here may range from Php 1.1 to Php 1.6 million.

What financing options are available to help me pay for my first home investment?

Of course, aside from paying in cash, you can purchase your first home through different financing options, such as an in-house loan or bank loan.

Una Apartments is more accessible to first-time home buyers because it is part of the government’s BALAI BERDE program, which stands for Building Eligible Resilient Dwelling for Everyone by the National Home Mortgage Financing Corporation. This housing finance program is designed to increase capital allocations exclusively for green-certified projects. What does this mean for you? It means you can loan up to 90% of the appraised value not exceeding Php 6 million with fixed interest rates for as low as 4% and loan terms of up to 30 years!

Will I qualify for a housing loan?

As mentioned above, you can finance your dream home via a housing loan. Regardless of who your lender is, expect that they will evaluate your application and ability to pay off your loan based on the following factors:

• Income
• Age
• Spouse’s income (if married)
• Dependents
• Stability and continuity of occupation
• Credit history

Credit history affects your eligibility for a housing loan as this will serve as a record of your repayment of debts. This is created by collating data from banks, credit cards, collection agencies, and government agencies. If you don’t have a credit history yet, you can start by applying for a credit card from the bank you intend to get a housing loan from. Be responsible for paying all your bills on time whenever you use your credit card to build good credit.

Can I still live comfortably while paying the mortgage?

It is not enough that you have money to pay for your monthly mortgage payments when buying a house for the first time. You should also ensure you have enough to spend on necessities such as food, rent, electricity, water, other bills, and savings.

Should I contact a bank before I go house hunting?

It is recommended that you do so. This process will help you set your maximum budget when buying a home, especially if this is your first time. Banks can also offer first-time buyer assistance programs, which can help you make informed decisions when buying your first home.

Do I need to consult a real estate agent to help me buy my first home?

You should get help from licensed real estate agents or trusted developers like Arthaland to get the best deals available in the market. Getting professional help will also ensure your home-buying experience is enjoyable and stress-free.

Una Apartments at Sevina Park: The Place to Get Your Best First Investment

Arthaland’s Una Apartments at Sevina Park is one of the best investment options for first-time home buyers. Units for sale at Una Apartments are well-made and designed with the best quality materials. Each unit at Una Apartments comes with select IKEA products, which will lessen the work in furnishing your brand-new home.

Aside from living in your chosen unit, you can also turn your studio or one-bedroom unit at Una Apartments into an income-generating property.

The possibilities are endless when you buy a home in this condo project. Be one step above other home buyers by becoming a unit owner at Una Apartments!

This article was published in partnership with Lamudi: https://www.lamudi.com.ph/journal/finances-check-first-investment/