What to Consider When Buying Your First Home | Lamudi
                     FIVE KEY STEPS TO
CONSIDER WHEN BUYING 
YOUR FIRST HOME
FIVE KEY STEPS TO CONSIDER WHEN BUYING YOUR FIRST HOME
✔STEP #1
Choose a house that 
matches your needs.
With the diverse choices in size, style and structure 
that houses nowadays offer, it is important to 
figure out what type of property you really need. 
Are tranquility and spaciousness your main 
concern, or are you the type of person who would 
rather have a compact home conveniently situated 
in the heart of the city?
FIVE KEY STEPS TO CONSIDER WHEN BUYING YOUR FIRST HOME
✔STEP #2
Study the real estate market.
Figure out which property is close to convenient 
public transport stops. Research the property’s 
neighboring commercial, financial, and medical 
facilities. Study the area’s architectural design and 
determine whether the home will be safe from fire, 
earthquake, flood, or other natural disasters. Know 
which developers have credible reputations, and 
carefully select which one deserves your trust the 
most.
FIVE KEY STEPS TO CONSIDER WHEN BUYING YOUR FIRST HOME
✔STEP #3
Be guided by the experts.
Make sure you listen to the advice you receive from 
real estate professionals. For the first-time home 
buyer, it is important to seek the help of brokers 
and agents as they will steer your way into meeting 
your preferences, weighing how reasonable and 
fair the offer is, and negotiating its financial terms 
and conditions.
FIVE KEY STEPS TO CONSIDER WHEN BUYING YOUR FIRST HOME
✔STEP #4
Determine your budget and 
stick to it.
Understanding your own financial situation will 
be key to setting a budget for a major purchase. 
Consider your income and how much you can 
afford to shell out for setting up your new home. 
Experts suggest that home buyers should limit their 
expenses on principal, interest, insurance, and taxes 
to 30% of their gross monthly income. Home buyers 
should also allocate approximately 1% of this budget 
for maintenance and association dues.
FIVE KEY STEPS TO CONSIDER WHEN BUYING YOUR FIRST HOME
✔STEP #5
Close the deal and stabilize 
your finances.
Financial stability would always involve constant 
asset and liability monitoring as well as saving. First 
things first, make sure that all the settlement and 
mortgage costs are finalized without a glitch. You 
wouldn’t want to encounter problems with your 
new home afterwards, so make sure you get all the 
necessary documents, payments, and inspections 
done.
FIVE KEY STEPS TO
CONSIDER WHEN BUYING 
YOUR FIRST HOME
For more information, you may read the article at
Five Key Steps to Consider when Buying your First Home
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