One of the best decisions that you will make in your 20s is buying a property. It makes sense in many aspects. It is a “training ground” for independence. It is preparation for raising a family or growing a career. It is a potential money-making machine. At the same time, it is the ultimate #adulting thing to do, calling for fiscal responsibility, negotiation skills, and an awareness of what to do. Nonetheless, the rewards of owning a property outweigh the troubles that you might have to go through. You just have to keep your eyes on the prize. Here are some tips to help you tackle this milestone:
Arrange your finances
Most of the potential roadblocks along the way will come from money matters. Thus, as early as now, prepare your finances. If you are planning to buy a condo, the average price range is 2 to 5 million for the studio type or one-bedroom unit. Now, you do not have to cash in all your savings for this: go to different banks and other financial institutions to apply for a home loan. Explore different products so that you can get the best deal within a decent period. Learn as much as you can about financial terms as well. While meeting with different lenders, save up. If possible, get a side hustle. There are many online jobs that you can take to expand your financial capability. Remember that you are not just paying for the space itself but also for the life that you will live in that space.
Find a good location
When it comes to real estate, the mantra is location, location, location. Where you live matters. For one, it determines how much the space is and how much future buyers are willing to hand you, in case you sell it later. More importantly, it will influence how you will be able to live your life. One of the things that you should be looking out for in a location is its accessibility or convenience. The best properties are near economic hubs, those close to malls, restaurants, supermarkets, offices. Of course, those in the heart of the city, like condos in Metro Manila, have increased accessibility. Being near everywhere will help you support your lifestyle, however active, laid-back, or familial that might be.
Know what you need in a home
Do this before scrolling through thousands of pictures of condos and houses online or visiting one. Otherwise, you will end up liking many properties and find it hard to settle on one. With that in mind, list your must-haves and nice-to-haves in a home. Be rerealistic about the items that you’ll write and stick to the essentials through and through. As you go on house visits, decide immediately if the property is worth considering or not. If it does not tick off your non-negotiables, it should go.
In the end, buying a house in your 20s is overwhelming, but it is one of the best decisions that you will make. Thus, do not let the jitters stop you from jumping into the property market. Make the ultimate #adulting move.