Tuesday, August 23, 2022

Getting a Home You Always Dreamed Of

I reckon that most families thought that owning a house can really be a dream come true. I remember in the late 80’s when my dad told us that we’ll finally build our new house. What a joy to hear and know that my parents’ wish will finally become a reality in no time. Though there are some hiccups along the way in the construction, my late dad who is an engineer was able to pull it through. We’re all very much ecstatic to see our new house and moving there was exciting and pure bliss. 

Construction of a house can be finished in just few months as long as you have a competent builder/contractor and of course the money budget. However, not all families are capable of building their own house from scratch like what my parents had done. I know families would love to have one but since not all are financially stable or prepared. Some just resort in renting a house or an apartment/flat and just settle paying monthly dues. Regular income wage earners that solely get their payments and family expenses on their salaries mostly can’t afford to build or buy a house to settle. 

The COVID-19 pandemic that crippled every business including the real estate market and displaced a lot of workers added a major blow in everyone’s finances. It’s hard to even think how we all have managed to survived on those trying times. Also, how can anyone think of buying / constructing a new house or even getting a housing loan when your business is down and you are out of job during the pandemic. Ahhh.. what a burden. 

Now, that the world is slowing moving on and accepting covid-19 situation as part of our lives, we can breathe a little and the light at the end of the tunnel is becoming bright. A lot of businesses are back on its toes and workers are generally happy and excited to be back at work as well. The economy are gradually flourishing back again for many countries and workers can now save some money for their rentals or future house mortgage payments. 

Getting a housing loan can be an option but it should be considered a major financial decision on your part as a borrower. Different banks and or financial institutions have their own interest rates. Usually loans can be from 15-to 20 years payments and as a borrower, you need to calculate your monthly income and finances to be able to know if you have the means to pay the loans. You can figure your loan and start from there. 

Calculating loan payments and managing your finances are your best tools in getting a home that you are dreaming. Reading about some tips on getting mortgage rates can also help you on your decisions. Homebuyers also need to know that rushing in getting a home loan without proper thinking and financial capability can be a bad decision and can result in a great debt. So deep thinking should be considered. 

Lately, I have been thinking of renovating or extending part of our kitchen in our home. Since cooking and preparing food in our kitchen has become busy each, the small space is not conducive anymore in working around the area. That situation has led me into thinking that a renovation is much needed soon. However, I also need to consider my financial status right now in that way I can have a better decision if ever I’ll apply for a loan. Poor decision and planning on my part are not good options. 

So, let’s plan, research and aim for our home vision.

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