Almost everyone has a dream home, and one of the most momentous events in any person’s life is when they are able to finally get to buy this dream home.
As an architect and leader of an organization that is into property development, I would like to offer some practical advice about this matter. For sure there is much excitement around an important event such as buying property, but I do think our rational mind must always take precedence in this regard.
For example, one of the usual mistakes that home buyers make is failing to prioritize the location and accessibility of the property. Consider the home’s proximity to the workplace, school, and other places that the residents will be visiting on a regular basis. Check the traffic on the roads leading to and from these places. Otherwise, one may end up spending more money on gas and car maintenance, not to mention losing a lot of time in traffic and going through unnecessary stress on a daily basis.
Secondly, buyers need to understand that the acquisition price of any property is just part of the total cost. Some people tend to underestimate the impact of the added expenses on their financial capability and budgets. A good rule of thumb is to buy property at a cost that is about 10 to 15% lower than the total budget. The extra cash can be allotted for things like various taxes, notary costs, costs of applying for utilities subscriptions (power, internet, cable, etc.), moving expenses, furniture, and other mobilization expenses.
Another mistake that home buyers–particularly condominium buyers–sometimes make is failing to give enough attention to the quality of construction and the maintenance of the building. In this sense buildings are like people: as they get older, they need more care. It is very important to make sure the building was constructed to a good standard, otherwise the property can depreciate faster. This is not to say that it’s not a good investment to buy property in a development that is not so new–just be sure that the property is well maintained before signing the sale contract.
As an advocate of green and sustainable design, I would also advise buyers to direct their attention to buildings that provide terrace space and/or windows that can be opened to allow natural ventilation and light to come into the room. Aside from being beneficial for the health and wellbeing of the residents, it’s also more economical than heavy reliance on air conditioning.
Overwhelmed by the idea of finding their dream home, some people may forget that it’s the practical aspects that should drive their choices and decisions. Making the right choice when buying a home–in consideration of location, energy efficiency, and cutting edge design–is a great investment not just financially, but also as far as our quality of life is concerned.
About Architect Romolo Nati
Romolo Valentino Benedetto Nati known as Romolo Nati or RVN, is a multi-awarded Italian architect and businessman with interest in sustainable development (energy and real estate). He is the current Executive Chairman and CEO of Italpinas Development Corporation (IDC), an Italian-Filipino real estate development firm that specializes in the design and development of sustainable buildings. He is also the Vice Chairman of the Philippine renewable energy company Constellation Energy Corporation (CEC) that focuses in acquiring, financing and developing small to medium-scale renewable energy projects across the Philippines. Follow Architect Nati on Facebook, Twitter and LinkedIn.