Are you ready to buy a house of your own?

By Mike Aquino for Yahoo! Southeast Asia

It’s one of our modern rites of passage, buying your own home. Stepping over the threshold of your new condo, you feel like you’ve stepped over from one phase of your life to another. So it’s natural that you’re anxious to get to that stage, or do what you can to hurry the process along.

How do you know if you’re ready to own your own home? First, you’ll need to have a few pieces of your life firmly in place.

A good, stable job.
Having a steady source of income is absolutely essential to getting and maintaining a home. Being a homeowner isn’t cheap, after all: utilities and maintenance can be expensive, and cannot simply be postponed or ignored. If your income fluctuates too badly, you might not have enough income to meet the monthly costs of owning a home.

Your job should also be the kind of employment that keeps you rooted in one place—sure, you might have a high income, but what if you’re likely to be reassigned to another city for several years?

Steady employment also comes in handy in case you need to make a home loan to buy that dream house. To get the banks to help you with making the payments, you’ll need to show that you have been working continuously for the past two years, making a minimum family income that varies from bank to bank. If you’re an employee, you should demonstrate employment at the same place for the past two years; if you’re an entrepreneur, you’ll need to show continuous operation for the same period.

A sense of responsibility.
Remember those good old days when your Dad footed the bill for repairing the termite-infested wall, or when you had to wait for the landlord to address the dripping faucet in the kitchen? When it’s your name on the title, you call the contractor and you pay for repairs.

Being a home owner means that the buck stops with you: you should fix the problem yourself, or pay a repairman to do the repairs for you. For larger repairs, you may need to take out a personal loan from a bank to get it done—but ultimately, having your own home also means taking responsibility for keeping it in tip-top shape.

A family on the way, or already there.
If you and your loved ones plan to have kids, you’re likely planning a good home for the kids too. Having your own home increases the sense of stability so conducive to a happy family, and within the scope of your budget, you can give your growing family plenty of room that your in-law’s place simply can’t provide.

When kids are involved, you’re not just buying real estate—you’re buying a template for their future memories, too. Think back to your own happy childhood years at home, preparing for school, arguing around the dinner table, and making telebabad with your barkada from your room. Finding the right kind of home ensures your kids will have happy memories of their own to build over the next few years.

As the architect Le Corbusier put it, “The home should be the treasure chest of living.” We couldn’t agree more.

Savvy Living asks: Are you ready to buy a house of your own? What are your concerns when it comes to finding and purchasing your own property?


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

Latest News

  • Russian superhighway could connect London to New York AFP Relax - Fri, Mar 27, 2015 1:24 AM PHT
    Russian superhighway could connect London to New York

    Russia has unveiled ambitious plans to build a superhighway that, in theory, could make it possible to drive from London on one end to New York on the other. According to a report by The Siberian Times, the head of Russian Railways is asking the government to seriously consider his project dubbed the Trans-Eurasian Belt Development, the first modern transportation corridor that would link up the Pacific to the Atlantic Ocean. Plans call for the construction of a new high-speed railway and the …

  • 8 Signs the Girl You’re Dating is Not the One 8list - Tue, Mar 24, 2015 8:25 AM PHT
    8 Signs the Girl You’re Dating is Not the One

    Neeext! …

  • Trim the fat for happiness, says latest diet research AFP Relax - Thu, Mar 26, 2015 11:12 PM PHT
    Trim the fat for happiness, says latest diet research

    Diets high in fat can lead to not only weight gain and heart disease, but depression and behavior changes, according to a new study at Louisiana State University in the US. These changes come about due to the high-fat diet's affect on the gut microbiome, according to the study. They transferred the gut microbiota from mice that had been fed either a high-fat diet or a control diet into adult mice of normal weight that had been kept on a normal diet. Those who had received microbiota shaped …

  • Kids eat more veggies when tasty: study AFP Relax - Tue, Mar 24, 2015 5:22 PM PHT
    Kids eat more veggies when tasty: study

    Children just hate all vegetables, no matter how tasty you make them, right? Wrong, says an influential study out Monday that found US children in Massachusetts ate up to 30 percent more vegetables when school dinners were made more palatable with the help of a professional chef. The research, published by the Journal of the American Medical Association's website, provided an encouraging sign in the battle to fight childhood obesity. "The results highlight the importance of focusing on the …

  • Sierra Leoneans to stay home in final push to stop Ebola Associated Press - 29 minutes ago
    Sierra Leoneans to stay home in final push to stop Ebola

    FREETOWN, Sierra Leone (AP) — Sierra Leone's 6 million people were told to stay home for three days beginning Friday, except for religious services, as the West African nation attempted a final push to rid itself of Ebola. …

  • 6 Foolproof Fitness Apps To Get You Into Shape Realbuzz - Wed, Mar 25, 2015 5:00 PM PHT
    6 Foolproof Fitness Apps To Get You Into Shape

    Imagine a world without your smartphone… it would be your worst nightmare, right? If you hate the thought of exercising without your phone, don’t panic – it can be a pretty nifty fitness tool! If you’re new to the apping world, you’ve got lots to catch up on. In an increasingly digital world, everything can be tracked, taught and shared at the touch of a button; enhancing your fitness plan more than you ever thought possible. If you’re curious to find out which apps could really make a …

  • Thai junta leader to fight forced labor in fish industry Associated Press - 20 hours ago
    Thai junta leader to fight forced labor in fish industry

    BANGKOK (AP) — Thailand's junta leader has vowed to take legal action against companies using forced labor, after an Associated Press investigation revealed that fish caught by enslaved migrant workers was being exported from Thai ports to global markets. …

  • What Everyone Gets Wrong At The Gym Realbuzz - Mon, Mar 23, 2015 5:00 PM PHT
    What Everyone Gets Wrong At The Gym

    Not seeing results for all your hard work at the gym? It could be down to these common pitfalls …


My New Year's resolution is to:

Poll Choice Options