Millennials Guide: Where to Buy Your First Property and More

Some people think that millennials are too relaxed, or that we don’t think about our future. While that can be true for some, it isn’t always the case. In fact, we know a lot of millennials who would sacrifice small rewards to invest in bigger things like properties. And since you are reading this, chances are, you are one of these ‘responsible’ millennials wanting to buy their first home.

Congratulations!

But before you pay for the reservation, let’s try to understand if you are ready to purchase your very own home. This is a self-assessment so we need you to answer the questions as truthfully as you can.

Are you ready to make sacrifices?

Buying a new home is not as simple as getting a postpaid plan. For one, it is obviously more expensive. Two, it’s an investment. So, if you are planning to buy one for yourself, you need to ask if you are ready to make a lot of ‘NOs’. For example, can you say NO to regular travels with friends? Can you say NO to shopping? Can you say NO to regular night outs with officemates? Can you say NO to movies?

Simply put, you sometimes need to say NO to instant gratification. You might feel that this is sort of depriving yourself but looking at it, you are teaching yourself to prolong your patience for something even greater.

Are you ready for more responsibilities?

Renting and Owning are totally different concepts. If you are renting now, you might think that it is similar when you have your own place. Well, let us be brutally frank. It isn’t just about buying groceries or cleaning your own space. It takes more than that! When you buy your own property, it calls for bigger responsibilities. Some of it includes paying annual taxes or having spare cash for repairs.

Can you really afford it?

Of course, the most important question when you are about to make the big leap is, can you really afford it? And this is where you have to be objective. This is the part that you need your pen and paper to do the math. Don’t worry, this isn’t rocket science. It’s actually simple to assess if you can afford to buy a house. Write down your income, subtract your expenses, and see if the remaining amount should cover the cost of the property.

Just a friendly tip: When you are about to apply for a loan, generally your salary should be three times (3x) more than the monthly amortization. So if the monthly amortization is around 15k, you should be earning at least 45k to get approved.

What are you looking for a home?

Budget is not the only thing you need to consider when buying a home. Remember, it is a huge investment and most likely, you are going to live there, right? Thus, it has to meet your standards. Once again we will be throwing a number of questions so you can filter the best projects for your needs.

• Do you want a condominium unit, or are you more comfortable with a townhouse or house and lot?

• Do you need a parking space or are you looking for something accessible to public transportation?

• What level of security do you prefer?

• How huge would you like your property to be?

• Do you need a place where they allow pets?

• What amenities would you like to enjoy?

• Does it have to be within the business district, or are you looking for a suburban type of property?

Unfortunately, some of us buy specific properties because our families and friends did, or they suggested it. There’s nothing wrong about listening to their opinion, but make sure that what you get fits your personal criteria and needs.

Where to buy your first property: Urban, Suburban, or Countryside?

Let’s now dig deeper and discuss the last question above.

Where do you want to buy your first property?

Are you a person for the urban kind of living, or someone who would rather stay in the suburbs or even the countryside? Read on and get enlightened.

Proximity to Different Establishments

Without a doubt, living in the city has its own advantages. Everything you need is practically just a stone throw away. You have hospitals, schools, and shopping malls nearby. If you are the type of person who lives a fast-paced life, then getting a space in the city isn’t a bad idea. The property might be a bit costly than the ones in suburbs and rural areas, but at least you don’t have to spend so much on transportation cost – and let’s not forget the effort and energy to go to work – assuming that you work in the city.

Cost of Living

Apparently, living in the city is not cheap. In fact, it is more than double the cost when you are living in the countryside. So you have to check which one is more practical. Are you willing to travel more to save on other costs? Or do you think it’s ok to spend more to save time and energy? It’s really up to you.

Space

Minimalist lifestyle is taking the world by storm, and we understand that many millennials are gearing towards such. If you are one of them, living in the city should be good even if the properties are considered smaller. But if you want larger properties and you are working on a budget, get a townhouse or a house and lot in the countryside, or at least in the suburbs.

Peace and Quiet

If you value serenity, of course, we would recommend properties away from urban life. However, there are a number of projects in the city where they found ways to minimize noise and air pollution.

What we are trying to say is that you decide what matters most to you.

Is it your time?

Is it your space?

Is it your peace of mind?

There are no right or wrong answers here. We have different preferences and we want you to choose a property you can eventually and genuinely call your HOME.

Take time to look at different projects whether in the city or in the countryside or perhaps somewhere in the middle like the suburbs. At the end of the day, as silly as this may sound, you will actually feel the connection and you’d know if the specific property is for you. While you’re here, scan the properties available on OnePropertee, you might see something you like.