5 tips that first-time home buyers must consider

A property insurance will help protect your residence

in the event of natural and unexpected disasters.

Finding your forever home can be quite overwhelming, especially with so many options to choose from and so many factors to consider. It takes careful deliberation before making the big purchase. AXA Philippines, one of the country’s leading insurance providers, is ready to guide you through the whole process with these tips to consider:

 

Start saving early. Once you have decided you want your own home, start saving as early and as much as possible to have enough cash to pay for all the costs that come with it. Initial expenses you have to consider are the reservation fee, down payment, and processing fees. Down the road, after you have made the purchase, other expenses may include monthly amortization (when you apply for a home loan), electricity and water connection fees, real estate tax, fire insurance, and a list of other one-time and recurring expenses.  

 

Determine your budget and stick to it. It’s easy to get attached to a beautiful home, especially when you’re scouting. But before this happens, consider if it’s within your budget. It should be enough to cover at least the down payment. Typically, putting down at least 20 percent or more on a home will increase your chances of getting approved of a mortgage, should you need it.

 

Decide on the type of home you want.  Before checking out different properties on sale, be sure to have a checklist of the things you want in your future home. This streamlines your options and makes the job easier for you. Be clear on your non-negotiables such as the best location for you, square footage of the house, number of rooms you need, and the amenities your require. Constantly re-evaluate your checklist as you gain a better sense of what you want and what is out there.

 

Consider getting a real estate agent. Having a good real estate agent will eliminate the stress of scouring the market for homes that meet your needs. This is especially important if this is your first time buying a house. They will be there to guide you through the entire process -- from negotiating to closing the deal. When speaking with a potential agent, be sure to ask about their experience and how they plan to help you look for your ideal home.  

  

Once you have your dream home, don’t forget to also have property insurance to help protect your residence in the event of natural and unexpected disasters, such as fire, flood, earthquake, storms, and volcanic eruptions. Look up AXA’s Home Security or Condo Security plans.

 

Ease the stress of first-time home-hunting with these tips from AXA Philippines. To know more about AXA insurance products, visit www.axa.com.phor talk to a financial partner via the landline +632 8 5815-292.