It is far better to buy a wonderful property at a fair price than a fair property at a wonderful price. ~Warren Buffet
It has been said that an investment in knowledge pays the best interest. This wise adage was coined by none other than Benjamin Franklin himself, and it still rings true until today—especially when you are in the market for a real estate property.
Much of your decision would be attributed to the state of your pecuniary resources and financial capability, but knowing what you want and need in a home would undoubtedly make the search for a new home a lot less complicated. Searching for a new home would require you to contemplate over some various considerations, and it is imperative that you be incredibly precise with what these are.
Remember, identifying your particular wants and needs are paramount to finding the ideal residence. Ask yourself the five questions below before even commencing the hose-hunt to guarantee that when you do find your perfect home, it strikes the perfect balance between your wants and your needs.
1.) Will I buy or rent?
Before jumping the wagon and deciding to buy for yourself, take a minute if you see yourself staying in the same residence for quite a while (say some years). True enough, real estate investment may be one of the most consistent and lucrative investments there is, but you may not necessarily need a permanent home at the moment. If you are ready to establish roots with your family, then go ahead and search the market for your ideal home. Otherwise, consider the alternative and rent for the time-being.
2.) How much space do I need?
Do you have children? Are you living alone? Will it just be you and your wife? Do you have a big family or a small one? These are just some of the questions to ask yourself to help you determine the space you need for you and your family. Additionally, it would be wise to consider if you see your family expanding so that you can adequately prepare for that with square footage. Take note, regardless of the type of property you choose, square footage is going to cost you money so determine how much space you need and how much you can afford. The amount of space may also determine whether you should get a house and lot in Cavite, in Bacoor specifically or a 2BR condo in Quezon City.
3.) What kind of neighborhood do I prefer?
Looking for a new home is not only constrained to two aspects that being your budget and space you need. You would also need to consider what kind of neighborhood you would like to reside in and can see yourself living in. It is a matter of preference and knowing whether you want a community in proximity to entertainment and commercial centers or do you want to live in a neighborhood that may be a bit far-flung, but is laid back and more family friendly? Knowing what these would help you narrow down your property selection and choose appropriately.
4.) What amenities am I looking for?
Contrary to the mistaken belief that major facilities are limited to condominium owners, most real estate developments and properties nowadays already come with an array of amenities. These would certainly help properties sell faster and would sweeten the deal for buyers. Determine what amenities you are looking for and see if those are available in your prospective neighborhood as this can be a determining or deciding factor of which property to buy.
5.) What are the aspects I am willing to compromise on?
Remember that, unless you have a sizable budget to accommodate all your wants and needs in a home, you are going to have to compromise on some aspects. Ask yourself how much you want to invest in a home beyond the purchase price, whether in sweat equity or monetary terms, if you cannot find what you exactly want. Take note that your needs should take precedence over your wants and know when you can appropriately compromise. This would make the entire logistics of looking for a home much easier.