How would you know you’re ready to finally be a homeowner? Shopping for a new home, especially for first-timers, requires ample preparation and serious decision-making. It is, after all, a huge investment.
According to Singaporean proptech (property technology) solutions provider Ohmyhome, the first step in looking for a house to purchase is having the knowledge of property investment.
“More than closing deals and selling properties, Ohmyhome prioritizes the housing experience of the customer,” said company co-founders Race and Rhonda Wong. “Before any purchase, we ensure that our clients are equipped with all the details they need to make an informed decision.”
Launched in the Philippines in September 2020, the property solutions provider enables simple, fast, and affordable property transactions through its do-it-yourself (DIY) platform, agent services, mortgage advisory, and more.
“Our DIY platform and services are able to relay technical information that potential homeowners will readily absorb and understand. Ohmyhome also gives its users a chance to look at properties for sale within their price range and preferred location, the potential appraisal of each property, and even the necessary renovations or hidden fees, if any,” added the co-founders.
Since the company’s inception, it has recorded 175,000 monthly active users. More than 5,300 homes have transacted through the platform, which represents a combined value of over $1 billion.
Once equipped with essential information, next is ensuring there’s enough funds to finance it. Having a stable and reliable source of income is vital to purchasing a home and fulfilling a steady monetary obligation for months or years.
Insurer Axa Philippines recommends starting saving early and as much as possible for this big-ticket investment.
“Initial expenses you have to consider are the reservation fee, down payment, and processing fees,” it says. “After you have made the purchase, other expenses may include monthly amortization (when you apply for a home loan), electricity and water connection fees, real estate tax, fire insurance, and a list of other one-time and recurring expenses.”
When putting down initial payment, Axa says 20 percent or more will increase a buyer’s chance of getting approved of a mortgage, “should you need it.”
Next step is deciding the type of home to buy. Ohmyhome says priorities should be the would-be residents’ lifestyles and preferences.
“Location, property type, price range, number of rooms, parking space—these factors are either deal makers or deal-breakers. If you have sorted these out, you are one step closer to attaining your dream house.”
Axa seconds, saying “be clear on your non-negotiables such as the best location for you, square footage of the house, number of rooms you need, and the amenities you require.”
Finally, take advantage of tools and services available to streamline the process. For instance, the Ohmyhome website and app has an intuitive user interface that helps buyers find the right property without too much hassle.
Race and Rhonda say that “prospective home buyers must be able to access all pertinent details regarding their purchases and other essential information on the real estate market.”
Getting a real estate agent who will help in negotiating and closing the deal, Axa says, is beneficial for first-time buyers. Also, having a property insurance to help protect home in the event of natural and unexpected disasters, the insurer adds, must be considered.
