Do you want a house? But your mind is debating whether to buy or build. Buying and building your own home is not something you just want. You have a lot to consider just like budget, it’s like thinking about what you’re eating, whether it’s home-cooked or ready to eat. Aren't you confused all of a sudden? It is important to plan for the house to be built. Just not because you want to build a house, you can't just make a decision immediately.
Apart from the fact that you want to build a house, you also need to make a plan without making it difficult for the contractor. In planning, here will enter how big the house you will build, types of materials that will be needed, how many rooms will be made, where will the kitchen, living room, CR and so on. Buying your own house it is not all about the down payment, monthly income and monthly amortization (if it is through loans). You must also consider the maintenance cost, utilities, property tax, home insurance and then you can evaluate whether you can afford the house at the present moment or do you need to wait for it. Here is the list of factors to consider when you buy or build your own house. Cost or Budget Buying a new house or ready for occupancy, you don't need a big amount but usually need to prepare a down payment and reservation fee as one of the requirements in most housing development models. There are also various bills payment options that suit your monthly budget like rent to own which is from 5 to 30 years to pay. While building your own house you need to prepare your budget through personal savings or loans. It will be more expensive at first, you should also hire an architect for the design and a contractor to build a house. You must be liable to buy some finishing materials on your own but it depends on the agreement between your contractor, so it is better if you will buy the materials because it can save your cost from the construction. Financing Options Most of the real estate development financing options are through bank loans and Pag-Ibig Financing. Usually the developer has a possible in-house installment available as well. So you have more options for buying newly constructed property or RFO (Ready for Occupancy) and Pre-selling property method will be on your payment capacity. Building your own house also has options through Pag-Ibig, bank loans and SSS financing, sometimes it is a limited loan amount depending on the qualifications. You may negotiate with your bank or their loan officers for the verification, generally it requires a full set of architectural drawings, documentation and plans that should be done by your architect to apply for a loan. Architectural Designs For the housing developer you must keep in your mind "what you see is what you get". Sometimes alteration and renovation works are allowed but limited options. Especially, if your house is located inside a well controlled subdivision or under a real estate developer which is amenable implementing rules and guidelines. In general there are limited options on designs and alteration, mostly only the interior you can move or adjust. If there is an over-all motive theme design, there is a big chance that you can't interfere with the exterior. So, it is important to check out the rules that are provided by the developer's when buying a unit from them because they will orient you on what alterations you can or cannot do if you are planning to get a unit from them. One good thing about building your own house is you can customize your own preference according to your "wish list". That includes how many rooms, floors, and toilets there are available for recreation of area and amenities, that's the best thing when you build your own house. The space and room options are unlimited depending on your budget, but still the chosen design for you is a dream come true for many. Location and Proximity If you bought a house from a reputable developer like Bria Homes, the housing development is usually located near the schools, commercial area, establishment, and major roads that could make life comfortable for your family. It is better to check with your real estate broker or agent what exactly the developments near the area of the house you are buying. Building your own house, you get to choose where you want to build depend to the availability of the property. Most of the buyers chose to buy a property depending on the available developments in the area like schools, hospitals and government offices. Stress Level (Construction and Set-Up) Buying a new house, it is not as stressful as building your own house because everything has been built already. More or less all you have to do is to check the quality of the house you bought. One of the advantages of buying a new constructed house is that the developer will make sure to repair the imperfection of the house before turning it over to the buyer. Building your own house is accompanied by a lot of decision making from the room requirements up to the materials and finishes that you like to install and apply to your dream home. Your architect will be your guide, so it is important to hire them when it comes to designing because an architect is well trained to handle this kind of situation. Reselling Value If the time comes when you can no longer afford to pay for your house, you can pass it on to others and they just pay for what you have already spent on the house (Pre-selling). It can be transferable if it is still under the installment plans, price may depend on you as the seller (condition may apply). When you build your own house there is a possibility that you can resell higher than the construction value/cost, but it will depend on the market value during the time of selling. Comments are closed.
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November 2021
CategoriesAddressLowerGround Floor, Starmall, Corner Edsa-Shaw, Shaw Blvd, Mandaluyong, Metro Manila
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