When buying a home, you must take into account what your family really needs versus what your family desires to have. Here are the items for your consideration:

1. If you intend to take a bank loan, you have to budget for Monthly Amortization – the budget must not be over 30% of your gross household income. To ensure continued payments in case of emergencies, save at least six months’ worth of your salary.
2. Life Stage – Figure out your current (or move-in) stage in life (e.g., retired, married with older/younger kids, married with no kids, single, etc.). In relation to this, find out the following details of your housing requirements because those will influence the price of the property.
   • Minimum Number of Rooms – The actual figure depends on age, gender, and the number of family members moving into the new home. If you have boys and girls in the family, for instance, you will need separate bedrooms.
   • Minimum House Features Required – Determine the home features that your family cannot live without versus what you want in your dream home.
   • Move-in Period – Find out if you need a “Ready for Occupancy” unit or want a turnover period that matches your goals.
   • Location and Transportation Options – Find out if it is easy to drive or commute from your future home to current and potential workplaces, schools, business centers, hospitals, churches, sports and recreational activities. Additionally, check if there is a public transport hub near your target place of residence, sports and recreational activities.
   • Amenities – Check if your home’s residential community has a swimming pool, clubhouse, and other exclusive amenities you and your family can use.
3. Environment – The location of your home should be clean, green, and flood-free.
4. Community (Other Families) – Check if there are activities that will improve the quality of life of each family member.
5. Property Management – Figure out if there are staff in charge of collecting the garbage, maintaining the surroundings, and keeping the community safe.
6. Village Administration – The community admin should be systematic, responsive, and reachable. Getting in touch with them will be easy for you, especially if you have any questions or concerns.
7. Retail and Services – Find out if your neighborhood has malls or a place that can serve as a venue for sports and other recreational activities.

Here are the things you need to submit when you are buying a property:

• Three (3) pieces 1x1 photo
• Tax Identification Number (TIN) ID or card or one-time Taxpayer BIR Form 1904
• Photocopy of two government-issued IDs
• Latest proof of billing under the name of the buyer or lessor, or a Barangay Certificate
• (For OFWs) Photocopy of passport (with stamp indicating the date of arrival and departure)
• Additional documents based on civil status, such as marriage certificate (when married) If you are applying for bank or in-house financing, the following documents are also needed aside from the items mentioned above:
• Proof of Income (latest ITR, Job Contract/Certificate of Employment with compensation, 3-months payslip)
• Post-Dated Cheques (for Equity)
• Other additional documents required by Property Company of Friends Inc. (PCFI) or the accredited bank

If you are an Overseas Filipino Worker or residing abroad, you need an Attorney-In-Fact (AIF). An AIF is a legally-designated individual who transacts business on behalf of the buyer. The AIF must be 21 years of age and able to read and write.

He/she should be an immediate family member up to the second degree of affinity or consanguinity. This means that the only people eligible to become your AIF are the following:

• 1st Degree of Affinity – Your Spouse
• 1st Degree of Consanguinity – Your Parents and Son/Daughter
• 2nd Degree of Affinity – Your Parent-in-Law and Son/Daughter-in-Law
• 2nd Degree of Consanguinity – Your Grandparents, Brothers, Sisters, and Grandchildren, Any family member beyond the second degree, such as aunts, uncles, grandparents-in-law, nieces, nephews, and first cousins, are not eligible to act as your AIF.

If you are not paying for the property in cash, below are a few of the options you can consider:

• Apply for bank financing
• Apply for Pag-Ibig financing- note that this is only applicable to Pag-Ibig accredited projects.
• Secure a co-borrower – only relatives up to 2nd degree of consanguinity or affinity are allowed (those within the red section below)

  Note: Contribute more to your down payment to decrease both the principal and the monthly amortization.