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How should millennials buy a home?
(philstar.com) - January 10, 2016 - 7:29pm

MANILA, Philippines – Making your first major investment can be one of the most exciting moments of your life, especially if you belong to the 18-34 age group, or what is called the millennial generation.

And if you’re considering home ownership this year, you’re probably thrilled by the entire idea. It can be a place where you can live more comfortably and even luxuriously. It is also one of the best forms of investment, they say.

In any case, buying a home while you’re young actually makes sense. But you still need to be careful and be sure to take wise steps as you make the big-ticket purchase. Better take note of the following:

Make sure you can really afford a home.

One of the first things you should think about when considering a home purchase is whether you can really afford one already. In answering the question, you should factor in not just your net income but also all the fees, taxes, and costs involved. There’s also the often hefty down payment you need to be prepared for. Read on.

Save early for the down payment.

As soon as you have made the decision to purchase a home, create a game plan on how you can get your finances in order and save enough for the down payment, which doesn’t really come cheap. While a lot of real estate developers today are advertising attractively low down payment for really nice properties, you still need to be prepared.

Moreover, this might mean cutting back on some expenses and even temporarily letting go of leisure to beef up the fund you’re building up for your own home.

Get some advice from the elders.

If this is your first time to buy a home, it’s just wise to approach someone who has had enough experience in home purchase. You need to understand that the process is not as easy as you think and gaining knowledge and pieces of sound advice is important to avoid mishaps in the process.

Choose a great location.

What actually defines a great location for your first home? A breathtaking view? Accessibility to public transport and business districts? Flood-free? Whatever it is, location is one of the key factors you need to consider before buying a home. You can then narrow down your options after picking a location, making it easier for you to make a decision.

Don’t rush.

Never leave room for haste when it comes to major investment decisions like a home purchase. Otherwise, you might make big mistakes that can be really costly. It’s best to take your time, thinking small decisions through and making sure you’re not missing any important detail. It’s not also a waste of time to compare various developers, properties, and deals. Moreover, you should make time for research so you won’t get lost in your property investment journey.

In essence, you need to understand the ins and outs of home ownership first before you actually take the first step toward it. The elders in your family who care about you and real estate agents are also around to guide you every step of the way. Take advantage of the free resources online to educate yourself and look up different developers and home options.

Also, always be on the lookout for great developments arising this year.

For the past 21 years, renowned property developer Empire East Land Holdings Inc. has played a big part on every Filipino who dreamt of owning a home. Empowered with a goal of not just building more homes but creating the best residential communities for the untapped middle income sector, Empire East has successfully brought luxury living at an affordable price.

Get to know Empire East and start your home purchase journey by checking out their properties. Contact 810-3333 or like facebook.com/empireeast. You may also follow twitter.com/empireeast and instagram.com/lifeisatempireeast.

READ MORE:

5 ways you can add life to your weekend staycations

When is buying or renting a home right for you?

Give a loving gift of home to those who matter most

 

 

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