In the 16 years that we have been married, we have been renting our homes. When we were younger, the thought of buying our own home did not cross our minds as much. We were busy with having our first baby and making ends meet. I’m sure the other main reason why we have not made purchasing our own home is because our own families have not given it a priority, too.
Now that we are 16 years married, we see the importance of owning our home. There are times that I regret not having given it a priority when we were younger, but I don’t dwell on that so much. It is time to look ahead and hope for a better future. And that better future includes owning our own home.
First thing I did is to do research about real estate online. Doing this is quite an overwhelming task because you are presented with so many options. Do we buy a newly built home or an old house that is less costly? Do we try our hand at purchasing an ‘as is where is’ home and renovating it? What location should we look at? In doing my research, I learned that it is important to know your parameters or family requirements first before going out to look at houses.
Next consideration is do I try to purchase a home by myself or do it with the help of an agent? When I searched online for a list of realtors, again I am inundated with a wide selection. Therefore, as with any other major buying decisions, I decided that I will look for an agent from personal recommendations of friends and family.
Of course, the most important consideration is our family budget. How much can we afford in downpayment and monthly amortizations? Will we be approved for a loan? The first action we did regarding this is to go to our government housing loan program and inquire about a loan application. There we learned that we will have to be armed with the actual property in order for them to discuss our loan application with us.
For our family, it is exciting to look around and try to find a home for us. Our young children don’t understand for now why we want to transfer homes. They don’t know why it is of utmost importance for their Dad and myself. But when they grow up, I’m sure they will see the importance of it. I will also make sure that we encourage them to prioritize the purchase of their own homes when they start earning their own incomes.