Everyone dreams of having their own home. To most young Filipinos, however, this is a dream that’s far off from being realized, probably due to their financial situation or the fact that it’s just too adult to do.
The fact is there are people in their 20s or 30s who were able to make their dream a reality. More importantly, your reasons for not getting your own place may have just come from misconceptions about home buying.
Beware of these myths that could be keeping you from achieving your dream home:
“I don’t have enough money”
Of course, the biggest hesitation of young people comes from money issues. That’s a valid reason, but did you know that there are many affordable housing options in the market now?
Before, people are only tied to bungalow houses in subdivisions. Now, you can get an apartment, a condominium, or a townhouse. These are much cheaper than the traditional homes, so getting a condo in Quezon City might just be right for you. Take note that you have a lot of financing options, too.
Most condos, for instance, offer low or even zero down payment. You won’t have to cash in all your bank savings just to get your own place. Consider making the most of your PAG-IBIG contributions as well and go apply for a loan. Of course, there’s also the option of exploring bank mortgage rates. Still, it’s important to save up. Put away at least 10% of your income for condo fund. In a year or so, you would more likely have enough to get the unit you want.
“I don’t want to be tied down”
Most young people hold back in buying homes because it feels permanent. With most of them wanting to travel and explore the world, a house does seem like a burden, financially speaking and maintenance-wise. But, in truth, you really don’t have to be tied down to a house. In fact, if you have that traveler kind of lifestyle, then a home is just exactly what you need.
Treat your condo unit as your cash cow. On days when you’re out there on some exotic island in Palawan, rent out your unit to Airbnb. This can help fund your travels or pay for your house expenses and at the same time, ensure that you’re getting the most out of your property.
Of course, you have to check the rules with your condo management or homeowner’s association. You don’t want to be slapped with penalties later. Most property developers, however, allow short-term rentals. They only require a move in and out form for guests. If that’s the case, then comply with the rules and do your best promoting your unit online.
“I can’t live independently”
Having your own place at a young age, of course, means being independent. Paying the bills on your own, doing the house chores by yourself, and just living alone. If that’s what’s holding you back, then it’s a pretty easy roadblock to address. You need two things: a proper warm-up and the realization that living alone is beneficial for a young person like you.
The former entails learning as much as you can in terms of running errands and doing house chores now that you’re at your family home. The latter is about counting ways on how living on your own means so much for self-growth, discovering more of yourself and learning what it means to be out of your comfort zone.
You’re not too young to have your own place. In fact, buying your home may be the best decision you’ll make in your 20s. Don’t delay. Go get it.