So you need a house, and you need it now. For whatever reason, it might take months or even years for you to even shell out the downpayment.
But do you know it only takes smarts to buy your next home even without a huge bank account? and these don’t necessarily involve having cold cash to make a full payment. Here’s how:
1. Own real estate you don’t need? Sell your old home as soon as you can.
Selling your home or any real estate property that you don’t see using (or earning) in the next few years before you begin your search will boost your financial liquidity. As you approach your closing date for this sale, this will then give you flexibility come the time you already eyed on a home you’d like to buy, setting you apart from other interested homeseekers.
2. Get a reliable team of people ready.
As they say, preparation is half the battle. You can start looking for an experienced and trustworthy real estate broker, a reliable bank loan officer, and an attorney on your side to guide you stage after homebuying stage.
3. Befriend your real estate broker.
A real estate professional has a wide network of connections that you (or your broker) can tap during the homebuying process. Befriending a broker can get you great, legit deals that are rarely advertised or you might have missed during the home search.
4. Work on your home loan application.
Getting your home loan application approved before doing a home search is actually a better strategy than looking for homes based on your budget. This makes you more attractive during negotiations, knowing that you already have the financial backing to go through the home purchase. This shows that you’re a serious and well-prepared home buyer.
To show that you’re a serious and well-prepared home buyer, it pays a lot to explore all possible financing options, work on all the required documentation, and get your home loan application pre-approved.
5. Don’t flip-flop on your home negotiables just because you saw one that’s pretty or appears mura (cheap).
Many prospective homebuyers waste a lot of time looking at and inquiring about houses they don’t love or are just puwede na.
Know what you want and don’t want in a home, and keep these criteria in mind when you zone on your home choices during the search. This will help you focus your time and energy on properties that actually meet your needs.
6. Start looking for homes in high inventory areas.
Research has shown that shopping for a home in an area with fewer available units up for sale will slow down the buying process. This makes perfect sense, as there are more buyers vying for a limited number of properties.
Have you considered looking checking out homes in areas where the supply of homes exceeds demand? Checking out condos for sale, for example, in an area with high inventory means looking at your potential dream home at a great price.
7. Got the offer you like? Don’t rejoice yet.
As much as this calls for a celebration, it’s still not done until you’ve moved in (or just after the turnover).
Be accessible 24/7 to respond to any questions that would arise from your broker. Being unavailable to submit last-minute requirements just because you missed the call or email will most likely jeopardize the deal.
Can’t wait to own a home in the EDSA-Ortigas area? This condo for sale is perfect for you here.
