Analysis paralysis is real among first-time homebuyers. Of course, nobody wants to screw up the biggest purchase in their life. Moreover, there are just too many choices — good, viable choices — in the market that people are afraid they’re going to miss out on the best when they settle fast. While analysis paralysis is understandable, that doesn’t make it all right.
Obviously, you’re not moving a step closer to getting your home if you’re stuck deciding. The best way to overcome this is to lay down and break down options so you won’t get overwhelmed. Here are the things you should consider:
Starter home or forever home?
Are you buying a property to get a feel first of what it means to own a home or do you envision yourself staying at it for a long period? What you should be considering here is your lifestyle. This will dictate what your life will be in the next years, and helping you decide which to choose now.
If you’re anticipating major changes in the near future, let’s say switching jobs or getting married, that would most likely entail moving to different locations. It may be best to get a starter home first, like a condo. If you’ve already experienced big life milestones, like having kids or deciding to stop having children already, then go for the stability a forever home offers.
The principle is to consider where you are now, where you want to be, and how these can affect your living arrangements. If you’re not 100% sure yet where life would take you (of course, life crisis hits from time to time), consider a small starter home first.
Vertical or horizontal home?
Before, homeownership for Filipinos means getting a house and lot in a subdivision. Today, the definition has become broader, including condominiums and townhouses, as viable options for residence. One crucial aspect you need to consider when deciding between the two is the space. Typical bungalow homes have a bigger space than the conventional condo. You can also extend the floor area if you want. A huge space also means more maintenance, meaning more costs and time spent on doing chores. This is the advantage of condo residents. They get to have just the right amount of living space, not worrying about cleaning the yard or the pool, but enjoy it all the same since they have the property management team to do the maintenance. If you want to go vertical living, there are affordable condos for sale in Cebu, Philippines that you can check out.
Move-in ready or fixer-upper?
Some homebuyers want to keep it simple: move in, clean up, and settle down. Others, however, want the challenge of renovating a home. As early as now, you have to know which type you are, so you can narrow down your options before you even do an online search of homes or visit one. In deciding, the first consideration is time.
Remodeling a house obviously would take time, and if you and your spouse are juggling two jobs at a time, while caring for your three kids, you most likely will have no time (and energy) for a laborious project. A move-in ready home is what you need. Another consideration is the budget. Of course, a fixer-upper home would cost less than an RFO, but you have to know if the savings you would earn would be enough to fund a full house renovation.
Don’t get stuck overthinking your options when buying a home. Break them down so you could easily decide. Break the cycle of analysis paralysis and get the home of your dreams today.