You probably have big dreams before you reach 30 — getting a big promotion, having investments, starting a family, or saving for an early retirement. But perhaps one of your biggest dreams is to have a house of your own.
There are actually plenty of reasons to buy a house before you reach 30. You won’t throw away money on rent anymore, you get to enjoy an increased financial freedom, rental terms will no longer stop you from renovating, changing the flooring, or getting a cat, and much, much more.
But because getting on the property ladder is a struggle for twenty-somethings, read on.
Scope the Right City
This is what most Filipinos do: they buy the house, not the location. If you get an amazing house in a bad neighborhood, what’s the point?
Real estate marketers from Proveneo Land, Inc recommends doing extensive research and scope the right city you want to live in. We tend to be more stressed in places like Metro Manila, so buy a house in a city with a slower pace of life, such as in Cavite. Moreover, because non-Metro Manila cities provide more affordable housing options, you could get a lot more of the features you want and spend less to get them.
Buy a House Based on Your Needs in the Future
You may think buying a small house with just enough space for yourself is okay. In the next three years, however, drastic changes can happen — you may get a promotion, get married, or have a baby. You will then need to upgrade to a bigger house, and a few years later, you decide to have another child or your parents decide to live with you. In this case, you will likely move to an even bigger house.
Moving into and moving out of a home is costly, so think for the long-term when buying a house.
Buying a house before your 30s is possible. The Millennial Generation is perfectly capable of buying a house if they try. In fact, with all the changes in the property market, buying a house makes more sense now than in the previous years. But of course, that’s up to you.