Given the current state of the economy, you may be wondering why you should invest in real estate. Buying a new house is a big financial commitment, after all, but it’s one that should be well worth it, given the numerous advantages it can bring. Before you dive in headfirst, you should learn the different things to consider when buying a house.

Here are the 6 Things to Consider When Buying a House

If you’re interested in investing in real estate in the Philippines, you should make the necessary preparations. Finding the right place is vital because this expense will change your life dramatically. Before you go house hunting, you should mull over these things to consider when buying a house:

1. DEBT-TO-INCOME RATIO
   Unless you have a few million pesos at your disposal, then you will likely need to get a loan to afford a new home. While there’s nothing wrong with dreaming big, one of the things to consider when buying a house is your budget.

You should be honest with yourself and visualize how you will be making mortgage payments in the future. A mortgage lender can help you identify what kind of place you can afford. This helps set expectations and ensure you’re within budget.

2. PROXIMITY TO WORK AND SCHOOLS
   Convenience is valuable, and you and your family should be able to go to work and school quickly from your new place. Unless you’re willing to change jobs and schools, you should choose a house within a reasonable distance of these places.

When considering location proximity, you shouldn’t just rely on a map. Do check the traveling routes yourself to determine how hard it will be for your family to travel daily.

3. STATE OF THE NEIGHBORHOOD
   You’d want your family to feel safe at home, and one of the main things to consider when buying a house is the neighborhood. It’s better to live in a modest home in a secure community than to own a mansion in a crime-ridden barangay.

While your real estate agent may embellish the state of the neighborhood, you should check it out yourself. Taking the time will help you visualize what environment you’re placing your family in. For example, this house at Bonifacio Village, Quezon City, is in a safe neighborhood, giving its owners assurance that their family is secure.

4. THE SIZE OF THE HOME
   Bigger isn’t always better. You must consider the space you need to maintain, the utilities you need to pay, and the budget for when things go wrong. At the same time, you should consider how big your family is.

If you have a big family, you should choose a space that can fit you comfortably. This house in Cliff Side, Anvaya Cove, is large enough to accommodate several children and busy parents.

5. MONTHLY BUDGET
   Truth be told, you won’t just be paying your monthly mortgage when you buy a new place. You should be ready for unexpected expenses such as property taxes, routine maintenance, etc. While you want to live in a beautiful home, you should be mindful of your working budget.
6. LOCAL MARKET INDICATORS
   If you intend to sell your property in the future, one of the things to consider when buying a house is the market value. If you choose a good neighborhood with many business opportunities, the value of your home will rise in the long run.