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New year, new home?

2019 may just be the right time for you to finally own your first home. With all the choices to make and so much at stake, it’s essential that you prepare. The right mindset will help you navigate this intimidating yet exciting process.

Here are the things you should consider before taking that big leap.

Check your budget

nlh 5 steps check your budgetBe financially ready for this large commitment

Know where you stand financially. Take a hard look at your spending habits and think about the kind of personal and financial sacrifices you’ll have to make. Owning a home is a long-term commitment, and you need to develop the discipline and ability to save for down payment and other costs. Do a full calculation of what you can comfortably afford and don’t be afraid to consult real estate experts.

Build your savings

nlh 5 steps build savingsSlowly save up for all the expenses that come with home ownership

You’ve made it over one big hurdle by saving enough for that down payment. But you’ll need more than that. Make sure you’ll have enough to cover costs of the transaction, closing, move, insurance, taxes, and association dues. You should also budget money and time for routine maintenance, furnishings, appliances, and other unexpected costs. Create a specific plan with a hard deadline and prepare to take on all responsibilities that come with ownership.

Research, research, research

nlh 5 steps researchNeeds vs. wants: set your priorities

Do your homework and research homes online to see what’s out there. Narrow down your “must have” features. What are your considerations in terms of space, location, number of rooms, travel time? Set realistic expectations and determine the estimated monthly payment to help you effectively plan your budget.

Check out the neighborhood

nlh 5 steps check neighborhoodLook for a progressive neighborhood and consult the residents living in the area

Location is everything, and it’s best to shop for a home in an up-and-coming area. Check out strategic, ideal places to raise children and families. Does the area provide easy access to the necessities of daily living? Is the neighborhood safe and secure? Check and map the nearest hospitals, schools, shopping centers, and other essential amenities. Talk to residents living in the community. Ask them the right questions to help you get a feel of the place.

Invest in properties that are in the vicinity of development and growth. Be on the lookout for upcoming infrastructure upgrades like new bypass roads or road widening projects that can improve the traffic flow in the area or provide better access to different parts of the city.

Get the most out of home inspections

nlh 5 steps open house eventsTake advantage of open house events

Show up early for open house events and thoroughly inspect the site and model units. It’s best to see for yourself if there are any possible issues with the home’s structure and overall condition.  Bring a friend or a family member along for additional pair of eyes. Take a closer look and ask questions if you find anything off.

When you do it right, buying a home can be a smart and exciting investment in your future. Keep these tips in mind to prepare well and achieve the stability of having a home of your own.

Learn more about Narra Park Residences, the maiden project of Nurtura Land & Home by Alsons Dev. To inquire about our high-quality homes and progressive neighborhood, call (082) 284-4382, 227-2152 loc 216 or visit www.nurtura.ph. For updates, you may also follow @NarraParkOfficial on Facebook.