According to real estate experts, one is never too young to buy their own home. A lot of Pinoys are living proofs of this fact, achieving their dream home in their 20s, with some even purchasing their first condos fresh out of college.
Despite these inspiring stories though, a lot of young people still shy away from the idea of getting their own piece of property. In fact, the majority only entertains the idea of buying their own home when they’re ready to settle down. Not only because of the Filipino culture of staying with the parents before getting married, but due to fear as well. Imagine plunging into the property market as a young, single homebuyer. It’s the ultimate #adulting nightmare. Then again, you miss out on a financial advantage when you delay getting your own place.
The key to tackling your fears is to name them. Here are most common fears of young homebuyers and ways you can bust out of them:
‘I can’t afford this big purchase.’
Of course, you need to be financially stable when buying a home. So, yes, it’s valid to be concerned about not being able to have enough money for your own space. But also know that there are many homes you can get for only a million pesos.
Most young homebuyers go for condos, as these are relatively cheaper than the traditional homes, even though they’re located in prime locations. Do consider checking out the many condos for sale in Pasig and see if it fits your budget. Aside from affordable options, note that there are various ways to finance your purchase. You can apply for a Pag-IBIG loan. You would just need two years of contributions to qualify. As long as you have a steady income and stable savings, you’re good.
‘I can’t handle all the paperwork.’
Buying a house entails a lot of paperwork, from mortgage application, reservation agreement, and tax declaration to contracts and policies. All this is intimidating indeed, but the key to dispelling this fear is to work with experts who can help you through the process.
Ask questions from lending agents and property developers. Let them take you through the entire process so you understand what you have to do for each step. Ask advice from families and friends who have purchased a house or condo themselves. At the end of the day, take comfort in the fact that first-time homebuyers have struggled with the same paperwork you’re struggling with. It’s normal to feel overwhelmed by all of it.
‘I might end up regretting this decision.’
Buyer’s remorse is common among first-time homebuyers. Often, it stems from the anxiety of purchasing the wrong home and missing out on a better condo. Fortunately, you can address this by listing down what you need and want from a house. Your essentials should include the number of bedrooms, the size of the space, and location. With a list, you can easily sort through each home you see and find the one that’s right for you.
It’s perfectly okay to have anxieties when buying your first home. But don’t let it cripple you and keep you from gaining this financial advantage. Overcome those fears and take the plunge.