Top 6 home-buying mistakes Filipinos make

Mark Villanueva Mark Villanueva
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Buying a new house, whether it’s just for you or your family is a huge investment that demands your utmost attention. That’s why for this ideabook, we gathered some of the most common mistakes Filipino home buyers make when they are in the market, so you can keep an eye out for them and practice some sound strategies before you make one of the most important purchases of your life. This can mean the difference between finding your dream home or living in a nightmare, so let’s get started.

1. Forgetting about additional costs

Always keep in mind that your budget should always have room for additional costs for renovation and repairs even if everything about the house seems perfect. This is because the house you’ve decided to purchase might have some issues that you failed to spot during the walkthroughs. Whether it’s hidden structural damage or maybe you didn’t foresee an addition to your family and now your home lacks a bedroom, these issues will be best solved when you leave some room in your budget.

2. Focusing too much on the aesthetics

Of course we all want to live in a beautiful house, but buying a house purely for that reason is crazy. A home's aesthetics should never come before its quality and its ability to meet you and your family's needs. Always keep in mind that the look of your home can be renovated once your budget allows, but a poor quality home could end up costing you much more than money.

3. Neglecting to compare market prices

This one's easy to forget, especially once the emotion sets in. It feels like it can really be your dream home and you just give up on looking at other properties in the market. The problem is, you should really view those other properties before making that decision. A house is a massive investment, and buying one deserves due diligence. So, don't make hasty decisions or you might just miss your true dream home that could be worth a bargain.

4. Failing to do a thorough inspection

Walkthroughs are fun. But, most of the time we tend to forget what they're really for. It's your chance to do a thorough inspection of every aspect of what you're buying so maximize your walkthroughs and use it wisely. Try to check every nook and cranny, do your research, learn how to find hidden damage like water or mold damage, etc. Because while you might be thinking you're getting a great deal on your new house, you might actually be getting a great deal of headaches instead in costly repairs and renovations.

5. Going over budget

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We all know that some level of flexibility is necessary in planning a budget for a new home. You have to be open to sudden price fluctuations. The problem is, most of the time we're going over budget because we choose something we want over something we need. An example would be home features that you just adore but your family will rarely use, like a balcony or a pool. These are things that you should refrain adjusting your budget for, if you are unsure it's better to err on the practical side and not move your budget an inch.

6. Not being thorough with the contract

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Now this is pretty self-explanatory. For any investment, especially one as big as buying a house you should make sure that any and all agreements are put to paper. Be thorough and extra careful when dealing with contracts that way you don’t leave you and your family vulnerable to nasty legal issues that can take you by surprise.

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