Homebuying is traditionally a long and meticulous journey because, more often than not, the property becomes your forever home. You want to ensure that your future home perfectly aligns with your needs and aspirations—making it a lasting abode.
However, time is of the essence in some situations, and the need to buy a home fast becomes imperative. In such instances, you must adopt practical tips and strategies, including planning for extra costs, negotiating, and knowing your priorities to expedite the homebuying process without sacrificing your preferences.
3 Options for Fast Homebuying
Knowing various homebuying options can make all the difference. Since traditional home purchases can be thorough and time-consuming, you need alternative approaches to buy a property fast without compromising on your goals like quality, cost-effectiveness, security, etc.
1. Ready-for-occupancy (RFO) property
RFO properties, whether condominiums or non-condo units, offer a swift path to homeownership. You don’t have to worry about waiting since the construction is already complete, so you can move in immediately after you finalize the sale and payment.
With ready-to-move-in RFO condos, you can bypass the lengthy wait times typical of pre-selling units. Other convenient advantages include flexible payment terms, discounted offers, and access to utilities.
2. Condo unit
The condo versus house dilemma has always been a long-standing debate. Houses provide the space growing families need, but condos are more accessible to young homeowners because they offer a fast route to property ownership. Compared to houses, condos have fewer document requirements and lower costs. They also boast a higher inventory, providing you with more options.
Condominiums are also the go-to properties for foreigners and expats as Philippine laws allow them to purchase units, so long as the property is 60% Filipino-owned.
3. Foreclosed property
Foreclosure lets you access properties at more affordable prices and expedites closing processes, so it’s perfect as a fast homebuying process. Generally, the price of foreclosed properties is below market value, allowing you to negotiate with sellers for budget-friendly options.
Depending on the seller or bank, you can acquire a foreclosed house or condo in a month or less. And while sold “as-is,” foreclosures allow upgrades and remodeling, promising high real estate return on investment.
5 Tips for a Fast Homebuying Process
Time is of the essence whether you’re a seasoned investor or a first-time homebuyer. For this reason, you must equip yourself with practical tips to help speed up the homebuying process.
From setting your priorities right to mastering the art of negotiation, here are pointers to help you secure your dream property swiftly while ensuring you make a sound investment.
1. Pick your developer carefully
Choosing a reputable and trusted developer is the first step to getting your ideal property. Properties from developers with excellent reputations are more likely to meet high construction standards, reducing the risk of post-buying issues. You can move into your new home or property with confidence, knowing the structure will last.
Trusted developers also provide excellent customer service, guiding you through the buying process and addressing your concerns to minimize delays and complications.
2. Have your paperwork ready
To expedite the homebuying process, prepare your financial records, identification documents, home loan pre-approval letters, and any other paperwork required for the purchase.
Having identification documents and pre-approval letters ready shows your seriousness to sellers and agents, making you a more attractive buyer. This advantage hastens the overall buying process.
3. Prepare a large down payment
A substantial down payment significantly increases the likelihood of loan approval, as it represents your financial capacity to meet payment deadlines. You might also need a larger down payment to qualify for a higher loan for more expensive properties.
Another advantage of paying a large down is it can lead to lower interest rates on your mortgage. When that happens, you can enjoy reduced monthly fees and other savings. A pro tip when aiming for a large down payment is to start as early as possible, budget effectively, and adjust your spending and saving habits.
4. Identify your must-haves and nice-to-haves
When you know what features you need in your future home, you can easily skip the properties lacking your must-haves.
Must-haves are non-negotiable elements that meet your fundamental requirements, such as location, the number of bedrooms, or budget constraints. On the other hand, nice-to-haves, such as a balcony or walk-in closet, are desirable but not crucial. This distinction helps you focus on properties that suit your needs and avoid getting sidetracked by attractive but unnecessary amenities.
5. Get pre-approved for a home loan
A home loan pre-approval provides a clear picture of the maximum loan amount you can borrow to narrow your property search. It also enhances your credibility as a buyer and allows you to make quicker offers, increasing your chances of securing the property.
Pre-approval takes a lot of strategy. To improve your chances of pre-approval, focus on increasing your income, maintaining a stable job, reducing debt, and keeping a good credit score.
Your Fast Track to Home Ownership
Although homebuying can be long-winded, it’s possible to land your future home fast. Employing the tips mentioned can help expedite your journey to becoming a homeowner. Then again, even if you’re in a hurry to purchase a home, you must be critical of the properties you’re eyeing to ensure a good buy.
You could also partner with Federal Land for your homebuying journey. The multi-awarded developer offers a wide selection of RFO condos in strategic locations throughout key cities in the Philippines. Properties like The Grand Midori Ortigas simplify homeownership by providing convenient, quality, and diverse options for specific investment goals and preferences.
Your dream home is within reach. Contact Federal Land today!
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