Acquiring property such as a house or a condo is an exciting feeling especially if you've been working hard and is ready to invest in your future. With the rise of property developments, now could be the perfect time to buy your first property.
With more people working from home now, the desire for homeownership has accelerated especially amongst the Millennials and Gen Z professionals. And with many young professionals now entering the housing market (and condo), you might also be tempted to join the bandwagon.
Here are some tips to consider before you buy your first property:
Accessibility is very important. You need to factor in the distance to your workplace, and public transportation. A condo near transport hubs like LRT or MRT can save you time and money on your daily commute. If leaning towards a house & lot, the place should be in a nice gated and safe community and nearby public transportation hubs also.
Amenities and Lifestyle Fit should be your guide when choosing a condo or a house. Many modern developments now cater to the lifestyle of young professionals or couples and have amenities like co-working spaces, fitness center, function rooms, and even coffee shops!
"I always wanted to have my own place, but with my salary of around P44,000 a month, I wasn't sure if it's possible," said Kyla, a 30-year old marketing professional. "But after researching different options, I realized that condos were a great fit for me. It is secured, near my work area, and has amenities that I can enjoy."
"Finding home loan options that suit my budget is a win. It feels great and fulfilling that I get to realize one of my bucket lists of owning my own space," added Kyla.
Unit Size and Future Needs should also be taken into consideration. This is possible especially if you foresee starting a family in the near future. You also need to think about the space you will need for your growing family.
For Marj (32) and Ken (33), this newly-wed couple is keen on getting their own space. "After months of searching and planning, we finally found the ideal unit that we could call our own. We really saved up for our down payment and searched for a bank that could give us reasonable loan options. We get to enjoy our own space without the need to stretch our budget. Our combined salaries really made a difference on this journey."
Pricing is a crucial factor when buying a property. Pre-selling units tend to be more affordable, thus making them a popular choice. Those ready-for-occupancy are typically priced higher due to their immediate availability. Size of the unit needs to be considered also as bigger sqm translate to higher price.
"I've been sharing a rented condo with a friend for a few years already so I thought that maybe it's time to get my own space," said Sarah, a 28-year old graphic designer with a salary of P38,000 per month. "With my studio unit, it provided the perfect balance of affordability and privacy. Not only that, I get to be more creative with having my own space."
Financing Your Dream Condo. For those in the early stages of their careers, condo ownership might seem out of reach. However, with proper financial planning and the right home loan, you'll be surprised at how simply attainable it is.
PSBank offers a range of home loan products with faster approvals, flexible terms and attractive benefits. Their streamlines process, which provides credit decisions in as little as one day, ensures that buying your first condo can be hassle-free. Whether you're purchasing from pre-selling developments or ready-for-occupancy units, PSBank home loans make condo ownership accessible and convenient for young professionals.
Know more about it on: PSBank Loans. You can also check monthly amortization here: PSBank Loan Calculator.
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