Buying a house could be anybody’s dream. Whether you’re single or starting a family, this is probably one of the most significant milestones. While it may seem challenging, it’s not impossible to buy your own house. Here are few pointers to help you focus on your goals, and prepare financially and mentally:
Layout your Goals
Outline your goals, and be specific. You can start looking for affordable homes in Cavite, a condo unit, or an apartment. Be specific with what you want and write the important details. Consider your financial status including your monthly expenses, income, and other assets you have.
You should also be exploring your options. Can you settle for a second-hand home requiring few renovations? Have you tried pre-applying for housing loans? Make a time frame to your goal so you can have a sense of urgency and keep you on track.
Organize a Budget Calendar
Knowing the budget for the whole year is important. Review your expenses from last year, and list down the “unnecessary” expenses you made. Try to compute everything, and you will see how much you could have saved for the year. This legwork should somehow motivate with your goal.
You should also list down your financial obligations for the year. Be realistic with your monthly income and savings. Budget for extra costs. This is where the “small” sacrifices come in. You might want to cut off your Netflix account and other entertainment subscriptions.
Pay your Debts on Time
Now that you have a budget calendar, make sure to pay your debts on time. This is crucial especially if you’re applying for a housing loan. Keep in mind that financial agencies will evaluate your credit rating. Check with your bank to see if there are any discrepancies with your account.
Delinquencies or late payments often reflect on your credit score. This may cause a delay—or even worse, they can reject your housing loan application.
Look for Other Source of Income
Even if you have a steady job, you should explore another source of income. There’s no need to stress yourself for bigger projects. The key here is to use your passion or hobby that could eventually make some money. Be creative and resourceful. It doesn’t have to be that big, but any peso that comes to your savings can be good.
There are also online jobs you can try. Look for freelance projects requiring the same set of skills you have. Take advantage of this opportunity in your free time.
Learn from Financial Advisors
Consulting a financial expert can be a big help. Ask your family or colleagues for recommendations. There are also videos you can watch online that can give you some pointers—from making small investments, budgeting, and other financial decisions.
Take Personal Visits on your Prospect Homes
Seeing your prospect homes personally is a big boost in motivation. This should help you stay focused on your goals.
Start making big changes as early as now! With perseverance and willingness to make some sacrifices, you can get the keys to your dream home.