Which is The Right Home for You between Starter Home and Dream Home?
Many first-time homebuyers face a tough decision: buying a starter home or waiting until they have enough saved up to buy their dream home. Newlyweds in particular are forced to make a decision on which homebuying route they must take. The decision is rarely easy.
That’s because many couples already have an idea of where they want to live and do not want to settle for less. It’s understandable, but not willing to sacrifice can also end up costing more money and time in the long the run. A starter home may not be what you’ve always imagined for yourself and your family, but it could be the place that helps gets you into your dream home faster.
Starter home basics
A starter home is usually an affordable property, such as studio unit, that first-time homebuyers have the means to buy or acquire a mortgage on with a low down payment. These properties are usually situated in suburban locations.
Why buy a starter home?
There are four main reasons someone would buy a starter home:
Lower mortgage – Starter homes are far more affordable thanregular homes meaning monthly mortgage payments are less. For young families, this provides a chance to save money while still owing a property.
Your own space – The alternatives to buying a starter home are either renting a property or living at home with the parents. The former is fine if you don’t mind not being able to recoup your money in the long run. The latter is also acceptable, but if you’re like many young families, it might be nice to move out on your own.
Investment – When you’re finally prepared to purchase that home of your dreams, you can sell the starter home to help with the down payment. This is something not possible when renting.
Training – A starter home is a low-pressure way to prepare for buying that dream home. While many young people are reluctant to wait, it may take a few years for your family to be fully settled. Career and kids tend to be the biggest factors and just because you can afford a larger mortgage now doesn’t mean it you’ll be able pay it three years down the line.
How long should I stay in a starter home?
It all depends on your financial situation. You could win the lottery tomorrow making all of this moot. That being said, many people have the right combination life and financial stability after five years. Just be sure to create a financial plan that keeps you on the road to buying your dream home. Eventually you’ll reach your destination.
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Visit our website at www.lancasternewcitycavite.com
FB Page: Lancaster New City Cavite
Contact/Viber us: 0917 512 5475
Lancaster New City Cavite
LANCASTER NEW CITY is one of the biggest township developments in Cavite that spans to more than 1,400 hectares covering Imus, Kawit and General Trias Cavite. A few minutes drive from Metro Manila, Lancaster New City Cavite is designed to give the family a room to grow at home and outdoors in a complete community that has everything you'll need so you may spend more quality time with you and your family.
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Contact Us
For inquires, sample computation or to schedule an exclusive property viewing, please contact:
LANCASTER NEW CITY CAVITE
SALES TEAM
Mobile / Viber Number:
(+63) 917 512 5475
(+63) 977 182 4135
(+63) 997 965 5046
(+63) 939 589 6263
Head Office
55 Tinio St., Brgy Addition Hills
Mandaluyong City, Philippines
Email Us
lancasternewcity08@gmail.com
About the Developer

PROPERTY COMPANY OF FRIENDS, INC., more popularly known as Pro-Friends, is a property development company that started operations in February 1999.
To date, Property Company of Friends, Inc. has completed 52 successful communities so far and 36 ongoing projects, including Bellefort Estates, Lancaster New City, Carmona Estates, etc.
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Easy Steps in Home Buying
1 |
Schedule Property ViewingSchedule an exclusive property viewing with our property consultant to your desired house model. To schedule an appointment, you may contact (+63) 917 512 5475. For overseas-based clients, you may request for your family or representative to have the viewing on your behalf. |
2 |
Unit ReservationDuring property viewing, you'll be presented with the best available units within latest inventory. You may reserve your desired unit by filling out the Buyer Information Sheet, Reservation Forms and paying the reservation fee. Requirements to bring: Two (2) valid ID (both spouses if married). |
3 |
Submit Required DocumentsPersonal and documentary requirements must be submitted within 30-60 days from the date of reservation. A checklist of requirements can be downloaded here. Bank financing is developer-assisted (see list of accredited banks). |
4 |
Pay DownpaymentPayment of required downpayment is made through post-dated cheques (PDCs) payable to Property Company of Friends Inc.. Downpayment can be paid on lump sum or monthly installment at zero interest. |
5 |
Unit TurnoverAfter downpayment, wait for the unit construction to finish and for home loan application to be approved (if bank financing) before we can schedule a unit inspection. After inspection and repair of unit (should there be any), buyer may now accept the unit and move-in. |
List of Requirements
- 2 pcs. Philippine-issued Valid ID
- Accomplished Customer Information Sheet
- Accomplished Reservation Agreement Form
- Reservation Fee
If married, both spouses shall submit the following:
- 3 pcs. 1x1 picture
- 2 Philippine-issued Valid ID
- Birth Certificate (if single)
- Marriage Certificate (if married)
- Proof of Billing Address or Barangay Certificate
- Tax Identification Number
- Post Dated Cheques
- Certificate of Employment with Compensation
- Payslips (latest 3 months)
- Latest Income Tax Return (ITR)
- Bank Statements (latest 6 months)
- Vouchers latest 6 months (for commission-based employee)
- Photocopy of Passport
- Job Contract (photocopy)
- Passport stamp entries
OFW/Immigrants buyers must assign a family/relative as their Attorney-in-fact (AIF) in their home purchase. AIF must likewise submit the following requirements:
- 3 pcs. 1x1 picture
- 2 pcs. Philippine-issued valid ID
- Proof of Billing Address
- Special Power of Attorney Form (Notarized/Consularized)
Additional requirements for business owners (self-employed) with minimum 3 years of operation:
- Business Permit
- Latest 3 years ITR with Financial Statement
- Photo of Business Establishment
- Bank Statements latest 1 year
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