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There are gifts that you give to others, and there are gifts you reward yourself. This Christmas season, why not combine the two recipients using one amazing gesture of kindness and generosity? We know you’d want to go all the way in giving yourself and your family the best Christmas gift ever. As such, we can’t think of a better gift to share between you and your loved ones than a sparkling new home. Think about it. A new home that provides your family with a fresh start. Having a new home allows your entire family to grow as a household. 

Owning a home is a major goal for most Filipinos. According to the National Economic Development Authority, eight out of ten Filipinos want a comfortable life. This entails having a stable career, a decent home, a vehicle, and enough income for daily needs and the occasional vacation. For many Filipino professionals, the country’s currently stable economy offers a good chance to accomplish the dream of owning property. At the same time, local developers are back in full force after laying low during the recent pandemic. This means that there are plenty of new properties available for viewing. 

Before You Start Looking for Your Christmas Gift…

Before deciding on your Christmas gift, it pays to cover your bases. Below is a short checklist to help you better assess your capacity to make real estate purchases. Unless you have enough cash up front, buying a home is a big investment decision that requires lots of time and money to pay off.

1. Check Your Finances

At this point, only you know if you can afford to buy a new home. More importantly, you know best how much you spend monthly and if you can comfortably insert a mortgage. Most financial firms suggest that paying for a new house shouldn’t take more than 28% of your monthly budget. In short, your mortgage shouldn’t exceed P28,000 if your net monthly income is around P100,000. Being realistic about your financial state is being prudent for the big spending ahead. This practice also assesses your confidence level in your long-term financial status. Do you foresee a long, stable professional career with occasional pay raises? If yes, then taking on a long-term mortgage might be a good deal.  

Another consideration is the down payment. Typically, developers will require a 20% down payment upon signing a purchase contract. This is especially true for brand-new, ready-for-occupancy units. Having this kind of money available can help expedite your purchase plans. Alternatively, many pre-selling developers offer in-house installment plans for the down payment. Buyers are given until turnover to complete the 20% dp, then it’s back to bank financing for the balance upon turnover. 

2. Determine Your Priority: Shelter or Investment? 

Buying new property should have a definite purpose. Are you buying a new one for your loved ones? Or, are you investing in property with the future in mind? You’ll be surprised at how different your purchases will be when you have different priorities. 

If you’re choosing a property for your family, you’d probably look for one that has space for the entire household. You’d also want to consider getting parking space for your car. Location can depend on basic family needs such as near schools, access to retail outlets, or within proximity of the office. In contrast, investing in property means getting one in high-traffic areas that aren’t necessarily where you work. Unit sizes are geared towards the typical working tenant such as studio or one-bedroom units. Parking space is also an option but not necessary.

3. Brace Yourself for Other Fees

Buying a house isn’t like going to the supermarket, picking an item, and paying for the sticker price. Lots of other factors come into play that you should be aware of. Once you sign a contract with a realtor, you’re on the hook for mandatory charges such as transfer tax (0.5% to 0.75% of the property’s selling price or fair market value, whichever is higher), the documentary stamp tax (1.5% of the selling price or fair market value), and the Title Registration Fee (P8,796.00 for properties worth below P1.7 million). Then, there’s the annual real estate property tax collected by your local government. 

Note that not all fees are for the buyer’s account. The capital gains tax is a tax levied on property owners who sell off property. It’s usually fixed at 6% of the selling price and is charged to the seller. However, that won’t stop some parties from incorporating the CGT into the selling price. Buyer Beware!

4. Check the Market For Your Dream Home 

While it’s tempting to visit homes for sale that lie along your daily routes, you might be missing out on some great property deals elsewhere. Expand your choices by going house hunting online! You’ll find lots of real estate choices that fit your preferred location and budget. 

Of course, visiting individual developer websites can be a hassle, especially when you’re dealing with for-sale properties. Jumping from one website to another can be an inefficient use of your time due to varying load times and completeness of information. Comparing property can also be more difficult if you have to deal with competing standards (square feet vs square yards) and vague pricing information. 

Find The Perfect Christmas Gift With Ohmyhome

Thankfully, you have other options when doing your property search online. Ohmyhome Philippines is a great starting point for your house-hunting adventures. Instead of going over different developer websites, all you need is to visit a single portal and search your heart’s content. As the premier property tech platform, Ohmyhome has thousands of properties available from over 200 of the country’s top real estate developers. Even better, Ohmyhome has a built-in property finder that allows you to narrow down your search based on your preferences for location, property type, turnover date, and budget. Instead of spending frustrating hours visiting ad-infested sites and dead links, have a great time looking at the properties you want. 

Once you see something that seems like the perfect Christmas gift, our team of real estate professionals will be on standby to take your call or answer your message. Our property experts will be happy to assist you by answering your questions about specific properties, securing the best deals, and discussing the many financing options available. We’ll also be happy to help with documentary and legal requirements if the need arises.

A New Home is the Christmas Gift That Keeps on Giving. 

If you’re giving love on Christmas day, put yourself on top of the list! You deserve a fabulous Christmas gift this time of the year! Let Ohmyhome help you find the dream home you’ve always been looking for. Sign up for a free account today/

Merry Christmas and a Happy New Year from all of us here at Ohmyhome!

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