Millennials, or those in the 18-to-35-year-old age bracket, are often described as impulsive buyers. The truth, however, is that they too like other past generations, want to become first-time homeowners and secure their future.
The problem though is that most of them are easily overwhelmed with the formidable task of investing in the real estate sector. Most of them feel that they do not have sufficient savings. Recent studies have found that economic factors like tighter mortgage credit, high unemployment, student loan debts all affect their purchasing decisions.
However, thanks to the flourishing high-rise condominiums in the country, homeownership was made more flexible and accessible for millennials. This group of buyers also finds condo living as contemporary and fast-paced, which best suit their lifestyle.
If you are one of the millennials who want to own a home but is intimidated to buy your first condo property, here are a few tips for you:
Seek professional help
You probably think that you are already matured enough just because you have considered buying a home seriously, unlike many of your peers. Yet, if you are still in your 20s, chances are, your understanding of investing in the property sector remains limited. It is always advisable to hire a trusted real estate agent to obtain the best results. Pick someone who is knowledgeable and has years of experience about the locality, the demographics, and school systems in the area you are considering. He or she must also have a network which could assist you in finding the property that best fits you.
Get your priorities in order
Whether you are currently in debt or has limited savings, you can still buy a house one or two years from now. You only need a strong will to get your priorities straight. If buying a home is on the top of your list, then you may need to forego some of your trips this year, lessen your Friday night events or see fewer concerts. Know your priority and discipline yourself to stick to it no matter what.
Stop making excuses and start coming up with creative solutions
Complaining about the property cost, the difficulty to save, and the fact that you are on your own will not help you out. There are many ways to make more money. All you need is to unleash that creative side of you to come up with many ideas to generate income. Who knows, you may find your life’s passion in the process. You may also try purchasing your first condo with your best pals and family members. It does not only reduce the cost for you but is also an excellent way for several individuals to make a profit.
Pick the right location and neighborhood
First time home buyers need to understand that the location of the property and its neighborhood do not only affect its value but also the ease of selling it in the future just in case you decide so. Don’t get quickly fall prey to the property’s attributes and characteristics. Factors you need to consider are the presence (or absence) of major conveniences nearby, crime rate and school system.
Get to know all the costs involved
Whether its immediate or long-term cost, you need to understand all the fees that could easily add up to the total cost of your property. These fees may include mortgage application, mortgage insurance, home inspections, and attorney’s professional fees for contract review.
Educate yourself as much as possible
Don’t make this post your last stop. Keep learning about property investing and know more about your chosen condominium project. Find out more about your market, the community, the neighborhood, and the type of condo you are buying. Keep teaching yourself too with patience. The internet is a vast oasis on just about anything you need to know. You just need to slow down and take time to learn more about essential information.
Empire East Highland City Township: Why It’s ideal for Millennials
One significant township development that combines the benefits of luxury living with the convenience of being close to recreational spots and commercial centers that most millennials will surely enjoy is Empire East Highland City.
The 24-hectare township project will rise within the boundary of Pasig and Cainta. Aside from 38 residential towers, it will feature the Highland Mall spanning a 58,000 square meter commercial space. There is also an 8,000 square meter open and green park to be known as Highland Park and a church with a 500-seating capacity. A six-lane road will be placed on both sides of Highland Park to serve as the main street entrance of the township.
With everything just a short distance away, one benefit of living in a township is that it makes walking conducive. There is also plenty of open spaces encouraging residents to run, bike, and perform other outdoor activities to keep themselves on the move. The township project also comes with swimming pools and gym facilities that provide more reasons for you to stay healthy and fit.
With Empire East Highland City, the idea of working close to home is not far-fetched as companies are expected to set up offices in this mixed-use development. The best part of it is that residents will not have to worry about traffic jams as traveling to the township will be even more convenient with the LRT-2 East extension project expected to be completed within the year. They also don’t need to go out of the community and waste hours on the road during weekends as entertainment and lifestyle options will be within their means.
Contrary to the most common notions that millennials are a lazy generation, recent research from Project Time off with GFK have found that this generation regards themselves more as “work martyrs” than their parents, and are less likely to use all their vacation leaves. The Empire East Highland City will thus serve its purpose of helping millennials achieve work-life balance by bringing all they need in one location.
It’s time to live in the best neighborhood for you. For inquiries, you may call Empire East at (02) 810333 or visit their website.