Home Buying Guide

Preparing for Home Ownership

A Quick Guide for Prospective Buyers

Choosing a home is a big step! Read this guide to learn how you can plan for this life-changing move. If you’re planning into buying a house, Lancaster New City Cavite has come up with a guide to help you get ready for home ownership.

1. Determine How Much is the House you can Afford

Make sure your monthly dues are not more than 30% of your gross household income per month so your basic needs are covered. To ensure continued payments in case or emergencies, save at least three months of your salary.

2. Consider your Family’s Needs alongside your Budget

• Minimum Number of Bedrooms and Must-Have House Features – These will depend on the age, gender, and the family members moving into the new home.
• Move-in Period – Find out if you need a “Ready for Occupancy” unit or want a turnover period that matches your goals.
• Location and Transportation Options – The location of your new home should be clean, green, and flood-free. Check if it’s easy to drive or commute from your future home to current and potential workplaces, schools, hospitals, churches, sports and recreational activities. Evaluate if the transportation options can support your lifestyle.
• Amenities – Identify what your family can use: basketball court, swimming pool, clubhouse, and other exclusive amenities
• Security – Staying safe is important. Make sure that the residential community has security features like 24-hour CCTV, roving guards, and gates
• Community – Check if there are activities that will improve the quality of life of each family member.
• Property Management – Figure out if there are staff in charge of collecting the garbage, maintaining the surroundings, and keeping the community clean, safe, and orderly.
• Village Administration – The community admin should be systematic, responsive, and reachable. Getting in touch with them will be easy for you, especially if you have any questions or concerns.
• Retail and Services – Find out if your neighborhood has malls or a place that can serve as a venue for sports and other recreational activities.

3. Make Sure You Have the Money to Buy a House

If you are not paying for the property in cash, below are a few of the options you can consider in buying a house:

1. Apply for bank financing
2. Apply for in-house financing
3. Apply for Pag-Ibig financing – note that this is only applicable to Pag-Ibig accredited projects.
4. Secure a co-borrower – only relatives up to 2nd degree of consanguinity or affinity are allowed (those within the red section below)

_{Note: Contribute more to your down payment to decrease both the principal and the monthly amortization. If applicable, set aside the required amount for the downpayment.}

4. Prepare the Basic Documents Required

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