The ongoing Covid-19 pandemic has changed the workplace along with peoples’ lifestyles. In 2020 and 2021, many companies implemented work-from-home setups. In 2022, many of those employers have been encouraging their workforce to get into a hybrid workplace setup—which still requires mostly working from the comfort of home.
Thus, numerous young professionals and middle-aged adults are now considering buying their own homes for the first time. According to a Wall Street Journal report, people under 35 years old now account for about 53% of the real estate market during an ongoing pandemic. Real estate analysts agree with the figure, saying that it also holds true in the local and global markets.
This is the age when staying at home is more preferred so we can all have our share in making sure the spread of the Covid-19 virus is contained. It is not surprising that many of us now realize the importance of buying and owning a home. And while most analysts agree that the change in lifestyle could be here to stay for a long time, it is inevitable for many young professionals to consider making that major investment (buying a home) for the first time.
Are you considering buying your own home for the first time? Here are some helpful tips.
Look for a smart home.
The work-from-home setup could be here to stay for a long time. This is why it is advisable to look for a smart house—one that is well-designed to maximize space utilization. Homes that have tall and wide windows earn plus points as those facilitate the inflow of fresh air. The interior must feature smart plug points that are compatible with all productivity gadgets or devices. The home’s insides must have ample space not just for proper ventilation but also for greater movement of people and for the accommodation of appliances and furniture. Modern features like controlled and remote access, smart lights, and the likes would be awesome.
Consider a well-planned development.
Fortunately, the local real estate industry has been prioritizing well-planned developments not just in the metro but across the country. It is time to carefully look into those properties to find out which ones fit your preferences and lifestyles. A good property is one that features ample spaces with amenities like walking/running tracks, landscaped gardens, a spacious clubhouse, sports courts, gym, and other features that promote leisure and physical activities without leaving home. It is also best if the property is within proximity to everything you’ll need like banks, groceries, restaurants, clinics or hospitals, church, or schools. Never forget about physical distancing.
Get pre-approved for a home loan.
Purchasing a home could be the biggest investment you’ll have so far. That is why it is advisable to consider getting a home loan to finance the major purchase. In the Philippines, just like in the rest of the world, homebuyers could easily opt to obtain a mortgage even for first-time buyers. Mortgages are available from private lenders or even from the state-controlled lender (Pag-IBIG).
You could even assess available home loans and mortgages on your own before or while you approach home loan providers for pre-approvals. Estimate payments you could be required to make as monthly amortization so you could determine if your personal financial standing could comfortably accommodate the major investment. Estimating affordability of a smart home you are targeting is now fast and convenient.
Is your current income more than enough to cover the possible amortization? Carry on and make that first major purchase while the buyers’ market is on and interest rates are still reasonable. Good luck and have a happy home!
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