Financial Considerations

Maintenance and Flexibility

Long-Term Considerations

Emotional Fulfillment

Deciding between renting and owning your dream home involves a careful evaluation of your financial situation, lifestyle preferences, and long-term goals. Renting offers flexibility and reduced maintenance responsibilities, while homeownership provides the potential for equity building and a stronger connection to your living space. Whichever path you choose, remember that your dream home is ultimately a place where you can find comfort, create lasting memories, and build the life you’ve always envisioned.

1. Plan Ahead: Start Early, Stay Organized

One of the most crucial aspects of a smooth move is proper planning. Begin preparing well in advance by creating a detailed checklist of tasks to accomplish before, during, and after the move. Organize your tasks by priority and deadline, ensuring that you don’t leave everything to the last minute. This could include notifying utility companies, packing, hiring movers, and arranging transportation.

2. Declutter and Downsize

Moving is the perfect opportunity to declutter your belongings. Go through each room and decide what items you want to keep, donate, or discard. Less stuff means less to pack and unpack, which will save you time, money, and effort. Plus, it’s a chance to start fresh in your new home without unnecessary clutter.

3. Pack Strategically

Packing efficiently can greatly reduce the stress of moving. Invest in quality packing materials such as sturdy boxes, bubble wrap, packing tape, and markers. Pack items from the same room together and clearly label each box. Consider creating an inventory list to keep track of your belongings. Pack essential items separately and label those boxes as “Open First” to ensure you have immediate access to necessities upon arrival.

4. Hire Professionals

Enlisting the help of professional movers can significantly ease the burden of moving. Research and book reputable moving companies well in advance. Read reviews, compare quotes, and ensure they are licensed and insured. Professional movers have the experience and equipment to handle your belongings with care, saving you time and potential physical strain.

5. Notify Important Parties

Don’t forget to update your address with relevant parties. Notify your post office, banks, employers, subscriptions, and any other essential contacts about your change of address. This will help ensure that important mail and packages are directed to your new home from the get-go.

6. Set Up Utilities and Services Ahead of Time

There’s nothing worse than moving into a new home only to find that essential services like electricity, water, and internet aren’t set up yet. Contact utility companies well in advance to schedule service installations or transfers to coincide with your move-in date.

7. Create a Moving Day Essentials Kit

Pack a box with essentials you’ll need on moving day and the first few days in your new home. This could include toiletries, basic kitchen supplies, a change of clothes, chargers, important documents, and any medications you might need.

8. Take Care of Your New Home’s Basics

Before moving in, ensure that your new home is clean and any necessary repairs have been taken care of. Changing the locks is also a good idea for added security.

9. Unpack Methodically

Unpacking can be overwhelming, but take it one step at a time. Start with the essentials and focus on one room at a time. Refer to your labeling system to locate items quickly, and try to establish an organized layout for each room.

10. Take Breaks and Stay Positive

Moving can be physically and emotionally draining, so remember to take breaks and stay positive throughout the process. Celebrate your achievements, no matter how small, and keep in mind that this transition marks the beginning of an exciting new phase in your life.

By following these tips, you can turn what might seem like a daunting task into a manageable, smooth experience. With careful planning, organization, and a positive mindset, your move into your new home can be a joyful and memorable journey.

1. Assessing Your Financial Readiness:

Before diving into the home buying process, it’s crucial to assess your financial situation and determine how much you can afford. Start by reviewing your income, savings, and expenses. Consider factors such as down payment, miscellaneous fees, monthly amortization payments, property taxes, and homeowners insurance. Use online calculators to estimate your affordability and if the monthly payments will match to your gross monthly income as required by the bank.

2. Defining Your Home Buying Criteria:

Clearly define your preferences and priorities for your future home. Consider factors such as location, size, layout, number of bedrooms and bathrooms, amenities, proximity to schools and workplaces, and potential for growth. Having a clear vision of your ideal home will make your search more focused and efficient.

3. Engaging a Licensed Real Estate Broker :

Partnering with an experienced Real Estate Broker who specializes in working with first-time home buyers can greatly simplify the process. They have in-depth knowledge of the local market, best developers with great projects, and negotiation skills. Your Broker will guide you through the entire journey, from searching for properties to making offers, and help you navigate potential pitfalls.

4. Researching the Real Estate Market:

Educate yourself about the real estate market in your desired area. Analyze recent prices, trends, and inventory levels to understand if it’s a buyer’s or seller’s market. Researching the market will help you make informed decisions and enable you to negotiate effectively.

5. House Hunting:

Utilize various resources to search for properties that align with your criteria. Online real estate platforms, local listings, and open houses are valuable tools to explore potential options. Take notes, pictures, and ask questions during property visits to compare later. Remember to consider both the pros and cons of each property to make an informed decision

6. Due Diligence:

Once you find a property that catches your interest, conduct thorough due diligence especially the reputation of the Real Estate Developer and their past projects if they have completed it and delivered on time. If you are buying property from an individual, hire a qualified home inspector to evaluate the property’s condition, including structural integrity, electrical and plumbing systems, and potential issues. Review any property disclosures and consult with professionals, such as lawyers or contractors, if necessary.

7. Financing and Closing:

Make sure to build and maintain a good credit standing to to ensure a smooth closing process and finalizing all necessary paperwork. Familiarize yourself with your new neighborhood, connect with neighbors, and explore local amenities.

Purchasing your first home can be a complex process, but with proper preparation and guidance, it can be a rewarding experience. By following this comprehensive guide for first-time home buyers, you’ll be well-equipped to make informed decisions and embark on the journey towards homeownership confidently. Remember to rely on the expertise of professionals and trust your instincts to find the perfect place to call home.

Here are the checklists of requirements for home loan process that would be helpful for an easier application.

Basic Information of the Borrower:

• Borrower’s age should be at least 21 years of age but not more than 65 years old upon maturity of the loan.
• Eligible borrowers must be Filipino citizens. Foreign nationals are allowed to purchase a condominium, however, for a house and lot and lot only, foreign nationals are allowed to purchase if married to a Filipino citizen. An Affidavit of Support and Waiver of Rights over the collateral property must be executed by the foreigner.
• Principal borrowers must have an stable source of income either as a regular employee or with at least two (2) years profitable business.
• Borrower’s allowed bank to lend depends on the capacity to pay and based on the appraised amount/value of the property.
• The interest rate of the loanable amount will be based on the prevailing bank rates at the time of loan.

Standard Requirements:

• Photocopy of 2 Gov’t Valid I’Ds ( Passport, Driver’s License, SSS, PRC among others) with 3 specimen signature
• Marriage Contract
• Birth Certificate for Single
• Latest Proof of Billing
• ID Picture ( either 1×1 or 2×2 )

SUPPORTING DOCUMENTS

In the event that the declared proof of income such as ITR and Job Contract, the borrower should provide the following:

• Bank Statement for the past six (6) months
• Lease contracts of income generating properties ( if there’s any)
• Stock Certificates ( if there’s any )

REQUIRED AT ALL TIMES

• Bank Loan Application Form (duly accomplished)
• Appraisal Fee of P3,500 – non-refundable ( waived if the developer is accredited with the particular bank you are applying for )
• If with co-maker/co-borrower/attorney-in-fact, separate application form is needed

IF EMPLOYED:

INCOME DOCUMENTS

• Photocopy of the latest Income Tax Return (ITR)
• Certificate of Employment and Compensation
• Alien Certificate of Registration (ACR) and Official Receipt (if resident alien)

Overseas Filipino Worker

• Photocopy of Passport
• Contract / Certificate of Employment (COE) approved by the POEA, if applicable, authenticated by the Philippine Consulate (if direct hired)
• Proof of inward remittance thru PNB or other banks
• Crew Contract and Exit Pass from POEA (for seafarers only)
• PNB-prescribed Special Power of Attorney (SPA), if applicable
• If SPA was executed and notarized abroad, such has to be authenticated by the Philippine Consulate

FOR OTHER COUNTRIES / SEA – BASED:

• Certificate of Employment & Salary authenticated by the Phil. Consulate
• Proof of inward remittance thru PNB or other banks
• Crew Contract and Exit Pass from POEA (for seamen only)

IF SELF-EMPLOYED:

• SSS / GSIS / Driver’s License / PRC License
• Business Name (DTI) or SEC Registration
• Articles of Incorporation, By-Laws with SEC Registration Certificate and latest General Information Sheet if applicable
• General Information Sheet
• Financial Statements / Income Statement for the last 3 years
• Photocopy of the Income Tax Return (ITR) for the last 3 years
• List of Trade References (Suppliers / Customers)

PRACTICE OF PROFESSION:

• Clinic Address/es, schedules and contact numbers (for doctors)
• Bank Statements for the last six (6) months

IF FROM COMMISSION:

• Vouchers or Bank Statements for the last six (6) months reflecting commission income

IF FROM RENTAL OF PROPERTIES:

• Submit photocopy of Lease Contracts / TCT’s of Earning Properties
• Bank Statement for the last six (6) months

IF FROM TRANSPORT BUSINESS:

• OR / CR
• LTFRB Franchise
• Business paper / registration
• ITR for the last two (2) years
• Bank Statement for the last six (6) months

COLLATERAL DOCUMENTS

Intended to those borrowers who purchased a property to an individual and not to the developer except for the copy Deed of Absolute Sale or Contract to Sell which is a standard that needs to be provided.

• Two (2) sets of clear photocopy of TCT / OCT / CCT (all pages including blank pages with the book and page / volume number indicated on the front page)
• Lot Plan with Location / Vicinity Map certified by a licensed Geodetic Engineer
• Photocopy of the latest Tax Declaration / Realty Tax Receipts / Tax Clearance
• Master Deed of Declaration & Restrictions (for Condominium)
• For construction / renovation purposes:
• Building Plans (complete set) duly signed by a Civil Engineer / Architect
• Bill of Materials / Specifications / Cost Estimates duly certified by a Civil Engineer / Architect
• Scope of Work (for renovation)
• Building Permit
• Deed of Absolute Sale or Contract to Sell (purchase of lot / house and lot)

FOR REFINANCING

• Current Statement of Account
• Official Receipt or cleared checks on amortization payments made or Passbook / Bank Statement where the monthly amortization payment is debited (at least 6 months)

NOTE:

A one time Bank charges covers fee for the processing, registration, doc stamps and notarial, except for MRI ( Mortgage Redemption Insurance ) and Fire Insurance which is computed on a yearly basis. These are billed separately which is payable prior to loan take-out.

Las Pinas have earned the distinction of being Metro Manila’s  cleanest and most peaceful city ,a vibrant urban place and destination for continuing growth of businesses with several ongoing development ongoing especially the rise of midrise condo along Alabang-Zapote road just beside University of Perpetual Help and Hospital named Torre Sur, a wise choice of city dwellers for residents and investors.

To know more about Torre Sur project , kindly visit this link: Too

Find out more About Las Pinas City : Torre Sur

Source: LasPinascity.gov.ph

From its days as the salt center of Manila to its bright present as a rapidly urbanizing residential-commercial center, Las Piñas has indeed come a long way.

Known nationwide for its bamboo organ, salt beds, and jeepney factories, Las Piñas is distinguished as one of Metro Manila’s fastest-growing communities. Continued economic growth, coupled with effective local governance, have earned Las Piñas the distinction of being Metro Manila’s cleanest and most peaceful city for three years straight.

Although it became a city only in 1997, Las Piñas was one of the first settlements on the outskirts of Manila. In 1797, during Spain’s four-hundred-year rule, a Spanish missionary by the name of Fr. Diego Cera was brought to a barrio in Parañaque with a mere 1,200 inhabitants—what was to later become Las Piñas. This holy man’s hard work, persistence, and vision put the sleepy fishing village on the road to progress and development, leading to the establishment of the Las Piñas Church in 1819, the six-year construction of the bamboo organ, as well as the building of roads and bridges that spawned the industries of dye making, salt production, and handicrafts.

The years that followed were trying times for the barrio as it fell prey to roaming bandits, and then in 1880, they lost hundreds of residents from outbreaks of cholera and smallpox. More residents were lost sixteen years later when, during the Philippine revolution against Spain, Las Piñas became the battlefield of several bloody encounters between the forces of Gen. Emilio Aguinaldo and the Spanish troops. Some years after the Philippine-American war, on March 27, 1907, Las Piñas was spun off from Parañaque and was proclaimed an independent municipality.

With the construction of the South Super Highways in the 1960s, Las Piñas became a first-class municipality. For urbanites wanting to escape the congestion of Greater Manila’s inner cities, it became a welcome alternative, whether for residence or business.

The once quiet and rustic coastal town was transforming into a bustling urban center for residential subdivisions and large industries, its proximity to Manila and transportation and communication advantages drawing in real estate developers and other business investors. This economic growth was further boosted with the construction of the Coastal Road in the mid-80s which directly linked Metro Manila to Cavite. From the early ’90s to today, Las Piñas has served as the gateway to the CALABARZON (Cavite, Laguna, Batangas, Rizal, and Quezon), an industrial-growth corridor whose rapid expansion is led by the demands of a sophisticated suburban populace and high-technology industries.

______1. Properly accomplished Buyer’s Information Sheet

______2. Signed Reservation Agreement / Application

______3. Photocopy of Valid ID ( Driver’s License, passport, TIN ID, SSS etc. )

______4. Special Power of Attorney ( SPA ) ( if working abroad )

______5. For Attorney-In-Fact, photocopy of Valid ID Card

Bank Financing:

______1. Properly accomplished Bank Home Loan Application Form

______2. Certificate of Employment with Compensation

2.a. Job Contract ( working abroad )

2.b. Self Employed ( Business Permit, DTI/SEC, 2 Years Audited Financial Statement, 6 months Bank Statement )

______3. Latest Payslip ( 3 months )

______4. Photocopy of ID and Residence Certificate

______5. Income Tax Return ( ITR ) for the last 2 years ( for locally employed or self employed )

In-House Financing

______1. Contract To Sell

______2. Proof of Income

______3. Initial of Twelve ( 12 ) Post Dated Checks

______4.  Properly accomplished MRI application form

Before Move-in

_____1. Move-in fee ______ ( includes Electricity, Water, one-time Homeownner’s Membership and 1 year

advance monthly dues )

_____2. Signed Authority to Move-in/ House Turn-over

_____3.  Twelve ( 12 ) Post Dated Checks for In-House Financing

_____4. Proof of payment for the required downpayment

1. Location Matters

•  The right location can significantly impact your quality of life and property value. Research neighborhoods that match your preferences and lifestyle. Consider factors like proximity to work, schools, amenities, safety, and future development prospects.

2. Define Your Dream: Clarify Your Vision

Begin by defining what your dream home looks like. Consider factors like location, size, style, amenities, and layout. List your must-haves and nice-to-haves, as well as any deal-breakers. This clear vision will help you narrow down your options and focus your search.

3. Assess Your Finances: Budget Wisely

Determine your budget by evaluating your financial situation. Consider your savings, income, and expenses. Factor in additional costs such as property taxes, maintenance, and potential renovations. A realistic budget will guide your search and prevent you from overextending financially.

• Once you have a good idea about your needs, think about the budget and planning. How much money are you willing to shell out? If you’re looking at listings online, compare prices. Once you fix a budget, try to stay within it as you’ll have extra expenses – furniture, decoration, and maintenance costs – to consider.
• Once you have come up about your needs, it’s now time think carefully regarding the budget and planning and stay within it as there are other things to consider such as home decorations, furnitures, appliances, and costs of the maintenance.

4. Price and Size

• After determining exactly what you are after, it’s now time to review the facts, if the size of your home good enough not only at present but also for the future like having a children or elderly in the family.
• Check the price, make comparisons by searching online and contact your Trusted Licensed Real Estate Broker to guide you.

5. Set A Deadline

• By setting a deadline, you can work towards it every day, and you are on your way to achieve your goal of owning your dream home.

6. Study and Compare Home Loan Options

• The most number one consideration is where you figure out your finances. Assess your salary or business income including your monthly cash flow. Take time to research which banks offers the most flexible terms and lowest interest rates.

Step By Step Guide On How To Own Your Dream Home:

1. Site Viewing / Tripping : Set an appointment with a Real Estate Broker to visit the project/ subdivision  you are interested in purchasing a property.

2. Check availability :

The Real Estate Broker will confirm the price of your chosen home and advise whether it is available for sale.

3. Prequalify:

 The Real Estate Broker will then ask you a few questions to ensure you are in a position to reserve a property.

4. Reservation Fee : 

Your reservation fee reserves your new home. During your reservation period your new home/ unit will be withdrawn from sale and it will not be subject to any price increases. This reservation fee and deposit are then deducted from Contract Price.

5. Downpayment / Equity : We will then ask you to sign contracts and schedule payment of downpayment / equity(usually 30 days after reservation). Usually, downpayment can be stretched from 12, 18 & 24 months ( depends on project ) at 0% interest.

6. Submission of Documents :

Necessary requirements should be submitted within 30 days from date of reservation.

7. Monthly Amortization :

You have the option to pay the Loanable amount thru Cash Payment, Pagibig, Bank or In-House Financing.

8. Punch listing :

Upon completion of the house / unit,  inspection will be conducted to ensure that the property you purchase is in good condition.

9.Turn-over of House / Unit :

Signing of Acceptance Letter is needed to formally accept your unit in good condition.

10. Celebrate Your Achievement : 

Congratulations, you are now a happy home owner.

Investing on your dream home requires a combination of vision, financial preparation, research, and expert guidance. By following these steps and remaining patient and diligent, you’ll be well on your way to making your homeownership dreams a reality. Remember, your dream home is not just a physical space; it’s a reflection of your aspirations and a place where memories are created.