{"id":3047,"date":"2020-02-01T15:40:31","date_gmt":"2020-02-01T20:40:31","guid":{"rendered":"http:\/\/thecareerintrovert.com\/?p=3047"},"modified":"2020-02-06T22:05:36","modified_gmt":"2020-02-07T03:05:36","slug":"what-every-filipino-should-know-about-buying-a-house","status":"publish","type":"post","link":"https:\/\/thecareerintrovert.com\/index.php\/2020\/02\/01\/what-every-filipino-should-know-about-buying-a-house\/","title":{"rendered":"What You Should Know About Buying a House in the Philippines"},"content":{"rendered":"\n<p>Many working-class Filipinos believe that buying a home is only for the wealthy. While it&#8217;s true that acquiring any type of property can be expensive, it doesn&#8217;t mean that an average Filipino cannot achieve the dream of being a homeowner.<\/p>\n<p>\u00a0<\/p>\n<p>If you want to start the process of buying your own home, here are the most important things you need to know:<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Building your finances<\/strong><\/h2>\n<p>\u00a0<\/p>\n<p>Saving money is the most challenging part of buying a house, especially for Filipinos who barely earn enough for their everyday expenses. However, it is not an impossible feat.<\/p>\n<p>\u00a0<\/p>\n<p>Whether you are saving up for a downpayment or aiming to buy a house in cash, here are some financial strategies that you can consider:<\/p>\n<p>\u00a0<\/p>\n<ul>\n<li><strong>Find more streams of income.<\/strong>You can get another job, start a sideline, sell your assets, or apply for a higher-paying job.<\/li>\n<\/ul>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul>\n<li><strong>Stick to your budget.<\/strong>Following a reasonable budget every month frees up more money for your house fund.<\/li>\n<\/ul>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul>\n<li><strong>Avoid new liabilities.<\/strong>While saving up for a home, you don&#8217;t want to take on more liabilities e.g. new cars, new gadgets, new loans, etc.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<h2><strong>Knowing what you can afford<\/strong><\/h2>\n<p>\u00a0<\/p>\n<p>Before you start looking for potential property, such as a<a href=\"https:\/\/lancasternewcity.com.ph\/public\/glenbrook-at-lancaster-new-city\">single attached house for sale in Cavite<\/a>, find out how much you can afford. This way, you can set your sights on an affordable home and manage you and your family&#8217;s expectations.<\/p>\n<p>\u00a0<\/p>\n<p>So, how do you know how much you can afford?<\/p>\n<p>\u00a0<\/p>\n<ul>\n<li><strong>The 2.5 rule<\/strong><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>With<a href=\"https:\/\/money.com\/collection-post\/how-much-should-i-spend-on-a-house\/\">the 2.5 rule<\/a>, you must multiply your yearly income by 2.5 to determine how much you can realistically afford.<\/p>\n<p>\u00a0<\/p>\n<p>For example, if your family&#8217;s net monthly income is 45,000 per month, that should fall around Php585,000 per year (including 13th-month pay). When you multiply this value by 2.5, you will arrive at roughly Php1.5m, which you can use as a basis for finding properties that you can afford.<\/p>\n<p>\u00a0<\/p>\n<ul>\n<li><strong>The 28% Rule<\/strong><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>This rule states that your housing expenses (amortization, rent) should<a href=\"https:\/\/www.interest.com\/mortgage\/how-much-house-can-you-afford\/\">not exceed 28%<\/a>of your monthly disposable income. So if you have a monthly income of Php 45,000, your housing expenses should not go over Php12,600.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Factors to consider when choosing a house<\/strong><\/h2>\n<p>\u00a0<\/p>\n<p>Here are some factors that you should consider before you start looking at properties:<\/p>\n<p>\u00a0<\/p>\n<ul>\n<li><strong>Location.<\/strong>Think about the perfect place for you and your family. Are you going to live in the city or the province? Is the property near your work, your kids&#8217; schools, and the necessities? Is the area safe and in a non-flood prone area?<\/li>\n<\/ul>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul>\n<li><strong>Price.<\/strong>Using the rules stated above, can you afford the house? Don&#8217;t forget to consider other expenses, such as taxes, fees, and repairs.<\/li>\n<\/ul>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul>\n<li><strong>Features.<\/strong>Does the house cater to your needs and preferences? Is there enough space for you and your family? Is the house easily customizable?<\/li>\n<\/ul>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul>\n<li><strong>Timing.<\/strong>Don&#8217;t rush into decisions that you are not ready for. If the timing feels off, suspend your house-buying plans for now.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>With this guide, buying a house never seemed so achievable before. You can be one step closer to achieving your dream of becoming a homeowner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many working-class Filipinos believe that buying a home is only for the wealthy. While it&#8217;s true that acquiring any type of property can be expensive, it doesn&#8217;t mean that an average Filipino cannot achieve the dream of being a homeowner. \u00a0 If you want to start the process of buying your own home, here are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[3],"tags":[],"class_list":["post-3047","post","type-post","status-publish","format-gallery","hentry","category-business","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What You Should Know About Buying a House in the Philippines - The Career Introvert<\/title>\n<meta name=\"description\" content=\"How do you know if you&#039;re ready to buy a house? 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