15 Types of Home Buyers in the Philippines
“What kind of home are you looking for?” If you’re a real estate broker, you’ve probably asked this question numerous times to home buyers. It is a broker’s duty to assist and help home buyers to be confident in making informed decisions and take into consideration their specific needs. Speaking of needs, you very well know that they differ from one home buyer to the next. Fortunately, we’ve come up with a list of the types of home buyers in the Philippines to guide you with your transactions and help you seal the deal.
Here is the list of the types of Home Buyers in the Philippines:
The Greenhorn (First Time Home Buyer)
A lot of first-time home buyers now begin their house hunting through the internet. Even if they are new to the experience, they are the type with defined goals and have a pretty good idea of the kind of home and neighborhood they want. By the time they reach their real estate agent’s office, they’re already halfway to home ownership.
The Bachelor (Single Male Home Buyer)
There’s a delicate balance to be found in the most ultimate of bachelor pads. Bachelor’s usually look for an optimal setup for both a guy’s night watching the game and for when they are nestling in for a quiet date night. If that sounds impossible, it’s because it is. More importantly, the place should be spacious enough to fit in a home theater system for entertainment, a La-z-boy for relaxing, a refrigerator to cool their beers and a gaming room to hang out to.
The Bachelorette (Single Female Home Buyer)
What’s essential to a bachelorette when buying a home is the overall feel or mood of the place. Needless to say, they find endless ways they can customize it to fit their lifestyle, taste and most of all comfort. They often like to fill the house with soft colors, feminine textures, smart furnishings and maybe even a few frivolous home decor accessories. They have the luxury of creating a space that wholly reflects their personality. Whether it’s fun and flirty or rich and refined, they have the perfect idea.
The Newlyweds ( Sweet Couple Home Buyer)
One of the dreams of a newly married couple is to buy a home together. Often, this will be a first-time experience for the both of them and the most expensive purchase that they will ever make. As a result, they are cautious in making all the right moves when preparing, searching and buying a home. In doing so they will be more likely to make wise decisions and hopefully avoid purchasing a house that is wrong for them or more than they can afford.
The Ideal Family (Married and with kids Home Buyer)
The ideal family home buyer falls along those who are married, with two or more kids and maybe with a pet as well, most likely a dog. They often look for a bigger place since additions have been made to the family to avoid being all cramped up. It’s amazing how a bigger space can make life easier when children and pets eventually come into the picture. The downside is, there are all sorts of expenses that creep up in moving into a bigger home besides what they’ve listed and they better be prepared financially.
In a Relationship (Boyfriend – Girlfriend Home Buyer)
Unmarried couples that have decided to take the leap and move in together belong to this type of home buyer. But they often neglect the fact that that there’s a lot more to it than just moving their stuff to a new place – like finding the ideal home, deciding what stuff stays and what goes, talking about money and how much rent they both can afford, and more importantly, getting mentally and emotionally prepared to share a space with each other 24/7.
The Wise Investor (Repeat Homebuyer)
Always looking for the best option, wise investors are the type of home buyers who are kept up to date with the changing mortgage marketplace in order to make a decision that is tailored to their current situation. In other words, they take the time to ensure that they are getting the best possible deal. They’re actually less discouraged by rising prices because the home they already own has also risen in value.
Ready to Compromise (Tight Budget Home Buyer)
The goal of home ownership may seem hopeless for this type of home buyer mainly because they’re on a tight budget, but there are ways to make that dream come true. They might not be able to get precisely what they want, when they want it, but they can still afford a home even with limited resources. Being on a tight budget simply means making some compromises. They must learn to separate their wish list from their must-haves, and they’ll discover that by giving up a spare bedroom, deck or garage, they can find a property that fits perfectly into their budget.
The Balikbayan ( Reaping the Benefits Home Buyer)
So few Filipino families own a home and perhaps it’s because of affordability. Houses, condos, and townhouses may be beyond the reach of average Filipinos but for this type of home buyer, they have saved enough for their years of hard labor and can now afford to buy a home for their family. For them, nothing is more satisfying than coming back home to re-establish their roots by buying a house.
10. The Expats ( A New Home in a New Land Home Buyer)
Since the Philippines has become one of the most viable investment vehicles due to its improved economy and with low priced prime real estate options, it’s no wonder a lot of foreigners are planning to buy a residence here. They often prefer locations close to business and leisure establishments, even though traffic is terrible especially within the central business district of a city because they offer better opportunities and a vibrant overall quality of life.
11. The Undecided (Up in the Air Home Buyer)
This type of home buyer is unsure of purchasing a home because it either doesn’t completely match what they’re looking for or if it’s really worth the price. They doubt if the home will appreciate in value and what’s worse is even if they got every single question answered by the seller, they are still hesitant to purchase. Somebody else could beat them to the draw and steal it out from under their nose while they’re busy weighing the pros and cons.
12. The Opportunistic ( Foreclosure Home Buyer)
This type of home buyer instinctively agrees that foreclosures present good opportunities to acquire homes on the cheap. However, the potential financial rewards of buying foreclosures don’t come without their share of hard work and headaches. The bottom line is there is money to be made in foreclosures, but they should know what they are getting into ahead of time and choose the property carefully. They shouldn’t overlook the basics of what makes a property desirable just because the purchase price is a bargain.
13. Land Surveyors ( Just Checking Home Buyer)
For this type of home buyer, they give importance on surveying the real estate market and hopefully finding a home that’s worth it. They usually ask questions regarding the price of the property, terms of payment, condition of the property and if the location is perfect to suit their needs. For them, it’s better to be aware of any issues before buying a house so they can make an informed decision.
14. Nouveau Riche (Big Time Winner Home Buyer)
The sky’s the limit for this type of home buyer. They have a whole different way of thinking than people who were born rich, for them, money has a whole different value. So spend it they will, on new extravagant homes and cars and whatever else they felt they lacked in their old penny-pinching days. While some nouveau riche people have realized this wasn’t an appropriate way of living, others learned it the hard way.
15. Eager Beaver (Overly Excited Home Buyer)
This type of home buyer often ends up getting stressed after buying a home instead of what should have been one of their proudest moments because they got too worked up in purchasing a home. They often commit home buying mistakes like not knowing what they can really afford, failing to consider additional expenses, neglecting to inspect the property and not asking the right questions.
Purchasing a home may seem stressful and overwhelming for home buyers, and it isn’t without its share of drawbacks. No matter what type of home buyer you encounter, it is important to protect them from making wrong decisions and ensuring that they’re aware of important issues beforehand. Remember that a trusted real estate developer is the key in making the right purchase.
Do you see yourself on our type of home buyers list? Share your thoughts and comments below.
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