In the era of where digital age has rewired young adults and trying their best effort to perceive and acknowledge in catching up and bracing themselves on these fast-paced timelines of life. Reality check. Are you living in the present or for the future?
Undeniably, technology plays a major factor in everyday lives to time. Making a spot in between is a must for everyone. Admit it or not, the online world has been part of your life. Nevertheless, the always and forever dream would be your own place and that will never get odd and old on the list. It is on your disposition on how to make it happen. Maybe it may sound really hard as it, but it’s gonna be a now or never thing.
Let’s list down the ingredients in crafting your dream house:
Design, make it your own. Have it on fleek and lit. You do not need to be an artist or designer at all. It should look like the one that you will never get tired of looking at every time you wake up and before you go to bed.
Advice, from your family and friends, would also help you to visualize what you really want. You have all the resources that you need to be able to decide. Just a click on your smartphone you will have all the information that you might be needing.
Practicality, the cost should be of quality because every peso has its value. Never settle with ten choices make it a hundred. Remember, home buying is a lifetime investment.
Timeline, you are the captain of your journey. Do not pressure yourself, control your life and make a timeline. Also, have the good attitude, mindset, and be financially ready.
After which, let’s proceed with the procedures for building your dream house:
- Make a list of all possible locations that you might want. It could be near your workplace, family, or you prefer to live in the city than a town. After which, have the pros and cons of each location. It could be the environment, accessibility, lifestyle, security, and your preferences.
- Pick your price range. Money is the crucial part of planning for an investment. Try to weigh down some of your preferences. Like for instance lifestyle, it is really a need to stay near 5-star restaurants or fast food chains would do? Or accessibility, it is really better to live in the city or to stay between in between. Take note that prices vary from one place to another, and there are some who offers discounts and freebies. Have a smart and wise plan, and have your Plan B ready.
- The last phase of making your dream house happen is budgeting. The toughest part. Housing loans are being offered by financing institutions like banks, HDMF, and SSS.
On banking loan, they qualify a certain borrower based on the income documents such as Certificate of Employment, Payslips and Income Tax Return. Also, they conduct credit investigation and background checking for all your information disclosed and provided. Mainly, it will circle around your credit standing how you handle your accounts with other banks whether it is a loan, credit card, or checking account. Once cleared, you are all good. You check online for sample computation of bank loans.
Home Development Mutual Fund (HMDF) or popularly known as PagIBIG, is the Philippines’ government-owned and controlled body that administer savings program for Filipinos locally or overseas employed, voluntary and self-employed members, which offer from short-term loans to housing programs. The requirements are of the same with banks, but the credit investigation and background checking are focused on their membership and account status alone. To be qualified for a housing loan, borrowers must have twenty-four (24) months of contribution or if not yet, they can pay the difference in a lump sum. To note that they can have a worth 6M housing loan.
Social Security System (SSS) is a social insurance program and a government agency that provides retirement and health benefits for workers. To qualify for a 2M housing loan, the member should have thirty-six (36) months’ premium contributions. The requirements may vary depending on the nature and source of income.
Wrapping things up, it may seem hard with all these information but it will definitely be worth it when you hit the finish line. With today’s limitless resources, make a stand to have your own house. A dream will always be a dream unless you make it happen.