Last Updated on March 4, 2019 by Lamudi
In your 20s and planning to get a property soon? Read this latest post from Lamudi’s Q&A series to guide your decision.
Q: What Is the Best Property for Me if I’m a Professional in My 20s?
A: Young Filipinos have been brought up in an environment where home ownership is regarded with high esteem. Filipinos belonging to the millennial generation are currently in their 20s, have stable incomes, plan to settle down soon, and aspire to eventually become homeowners.
If you are one of them, most often you are confronted with the fact that your purchase decision now may lead to a buyer’s remorse later. To avoid this, Lamudi lists down a few tips.
1. Evaluate Your Lifestyle
Are you a young urban professional who works hard and plays harder? If so, then an in-city condo unit may be the better option for you, since you need a place to crash after an all-nighter at the office. However, if you plan to settle down and have kids in the future, then a suburban house may be more sensible, as this property type will afford you with a bigger space to accommodate your growing family.
2. Review Your Finances
Real estate’s second most important adage “Drive and drive until you qualify” holds true here. It is important to take a long, hard look at your finances and be honest about what you can truly afford. If you are making enough money to afford a condo in Makati or Bonifacio Global City, then that won’t be a problem. These condos may even prove to be wise investment when you need equity for an upgrade in future.
However, if your income can get you a modest suburban house, then there’s nothing wrong with that. In fact, plenty of residential developments in Metro Manila’s fringe cities offer a wide variety of properties for all income brackets. Just make sure to choose one that’s served by good transport links so commuting won’t be a hassle.
3. Learn as Much as You Can
Get yourself informed about the real estate market to help you understand what types of property and financing options available for you. Study the market carefully. A property is an investment, so good one will prove valuable in the long term.
4. Finally, Buy Only if You Plan to Stay Put
If you see yourself relocating in the within the next five years, then renting may be the better option. You may have difficulty disposing the property when the time for relocation comes.
Do you have question about property to buy or to rent? Send us an email or tweet Lamudi Philippines using the hashtag #AskLamudi