Friday, March 10, 2017

When is the Best Time to Buy a Home? You Will Be Surprised by Our Answer

Wazzup Pilipinas!
Lamudi Philippines lists down some tips and advices you should start doing now so you can get that first home investment

Home-buying is definitely one of the biggest purchases one can make in their lifetime, and it really pays to be ready and fully equipped before sealing that dream home deal. But the big question remains: when is the best time to buy a home?

As observed, people often look at the current market standing, the trends in real estate, or the prevailing interest rates set by the Bangko Sentral ng Pilipinas (BSP) before deciding to buy. But in this case, Lamudi Philippines, the country’s leader in online real estate, says otherwise. It is indeed wise to study the market and research for the best real estate deals, but it is definitely way smarter to evaluate yourself and your financial standing first before signing the much-awaited deed of sale.

To prepare homebuyers toward an exciting journey of acquiring a home, here are some useful personal finance guide and checklist you can follow.

1. Track Your Net Worth

The capacity to buy a house really depends on an individual’s circumstance and goals, and the best way to begin is by identifying your financial capability. First step is to track your net worth. Simply defined, your net worth is the difference between your assets and debts. The bigger the difference, the nearer you are to your monetary goals. Furthermore, it is imperative to regularly monitor your financial standing to ensure that you are on the right track.

2. Settle Your Debts

There is a systematic way to one by one reconcile your debts. If you have a mountain of loans, try settling all the smaller amounts as quickly as possible. Alternatively, it might also be best to cover first the loans with the highest interest rates to make sure that they won’t keep earning interests, which can be quite hefty if you add them together.

3. Make a Personal Fiscal Calendar

To veer away from late-payment penalty fees and big interest rates, keeping a journal or a calendar that lists all your money-related matters will help a great deal. This will help you not miss any upcoming payment or expense and smoothly plan your finances ahead.

4. Refrain from Using Credit Cards

Impulsive buying and unplanned purchases are empowered by that mighty plastic card inside your wallet, so better leave it at home. If you can try going all cash with your daily necessities and expenses, this will prevent you from making more unnecessary overspending.

5. Set a Budget and Strictly Follow Its

To successfully abide by this rule, discipline is key. Working within a predetermined budget will not just let you optimized your spending, but will also enable you to save more. After receiving your paycheck, quickly set aside a portion for savings and bills. Afterwards, you make use of what will remain and divide it for the next couple of days until the next payday.

6. Save and Splurge

Allot a certain amount of your funds to lifestyle spending and firmly abide by it. This includes movies, restaurants, spas, expensive coffee, and all other non-basic necessities. This way you will not feel deprived as you can still do everything that you love but only in a regimented manner.

7. Be Contented

This is the mantra that you should say to yourself every time you dreamily eye a new gadget or an expensive pair of shoes that you don’t really need. If you learn to savor and appreciate the things that you now have rather than long for things that you don’t, it will surely be a big step toward  managing your money well and eventual financial freedom.

8. Own a Home—Vision Board

Eyes on the prize. This will greatly arm you in your adventure toward financial freedom and being ready to finally get your dream home. A good motivation will better drive you to follow good money habits. Even if buying a home is your ultimate goal, you can also set smaller targets or short-term goals like taking a trip abroad or a good-quality timepiece for your upcoming birthday. Once you obtained these mini goals, you will have a daily reminder that all your dreams can be achieved, including your ultimate goal of finally purchasing your own home.

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