Things to consider when getting your first property: Owning It

It’s a different sense of fulfillment when you are about to buy your first property.

Many have developed a heightened appreciation for personal space and home investments. Young professionals are now entering the property market, with condominiums being a popular choice for those seeking modern, convenient living spaces that match their lifestyles.

Here are some tips and things to consider when buying your first property.

Accessibility. When choosing a property, consider its proximity to your workplace and public transportation. A property near major transport hubs like the LRT or MRT can save you time and money on your daily commute.

Amenities and lifestyle fit. Your lifestyle should guide your property choice. Many modern developments cater to young professionals and couples with features such as co-working spaces and fitness centers. Consider these factors, as they can greatly enhance your living experience and convenience.

Unit size and future needs. Think about your long-term plans when choosing a unit size. If you’re single or a couple, a smaller space might suit your needs. However, if you foresee starting a family, consider how much space you’ll need in the future to accommodate this lifestyle change.

Value. Property prices can vary based on several factors including the type and size of the unit. Pre-selling units tend to be more affordable, making them a popular choice for first-time buyers, while ready-for-occupancy properties are typically priced higher due to their immediate availability.

Do a home inspection. This way, you can spot potential problems and address issues before closing any deal.

Start saving early. For many young Filipinos, especially those in the early stages of their careers, property 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.

Stick to the budget. It can get overwhelming but the key is to not go over budget to avoid problems. Keep an eye out for any other expenses i.e. electricity, water bill and maintenance.

Be patient. Finding the right house takes time. It’s part of the process.