Often we are told to invest as soon as we entered in our early 20s, and some of us may have immediately thought about buying a car. Not that we blame our millennial mentality, thinking that purchasing a car is way cheaper and easier than buying a house, but did you know that you can get higher and long-term value when you a buy your own home?
Buying a home doesn’t necessarily mean you should have a family, to qualify for it. You can buy as early as now even though you’re still living at the comforts of your parent’s home which is also a wise decision as you still have the chance to save up because you won’t be worrying about paying for rent.
Need more push? Here are five reasons that can help you with your decision making.
You are YOUNG
In a study dubbed as “The Next Normal: An Unprecedented Look at Millenials Worldwide,” conducted by media giant Viacom International Media Networks (VIMAN), it said that Filipino millennials have a happiness level of 83 ‘% making them the happiest and least stressed in the world, followed by India with 81% and China 80%.
It has also proven that Filipino millennials have always been on the brighter side, always believing that anything is possible and is willing to take any opportunity such as getting a minimum-wage job rather than not have any job at all.
Sense of RESPONSIBILITY
Buying a home is a personal decision that one should think about long and hard. The process itself from ticking off your criteria one by one to your final decision has already helped you become more responsible and independent than you already are.
It can help you learn how to manage your money effectively that instead of spending it to your “You Only Live Once” while making your landlord richer every due date, you can invest your money for your future.
Emotional benefits of HOMEOWNERSHIP
We buy and spend our money mostly because we look for that sense of pride in our stuff knowing that we bought it with our money. For most people, purchasing a home can be the most frightening decision they ever had to make but come with both financial and emotional benefits.
Getting your own place will give you that sense of ownership because you know from yourself that you worked hard to earn this and that it can also give you and your family a sense of stability and security knowing at the end of the day you have a place where you can just be yourself. You can make your own rules, decorate the way you wanted it to be and just only call it your own.
Consider the RESALE value
It is widely known that houses primarily condo units sold near transportation, and commercial areas have a higher appreciation value. As reported previously in CNN Philippines, prices of condominium units increased the most, jumping to 12.9% in the first quarter compared to a rough estimate of 7-8% annual increase last year. Buying now can save you a lot of money. It would be wise to buy now and wait for your money’s worth to go up than wait for your money and buy where prices have already gone up.
You’ll have another INCOME SOURCE
After considering its resale value, you can use this investment as a way to increase your income source. Rental income is a good way to help you with your monthly expenses. You can invest in a property in areas near places of work, commercial centers, malls, good schools and churches as these are the location that has a higher rent value and bigger chance that people will live there. We call these areas, prime locations. One of the country’s real estate top developers, Empire East Land Holdings, Inc. has built its developments in prime locations where everything is within your reach. Two of which are its transit-oriented developments, the Pioneer Woodlands and San Lorenzo Place where both are directly connected to the Boni Avenue and Magallanes MRT station respectively. Having a home equipped with a vacation-like amenities but putting you at the center where everything can be accessed with just a blink of an eye is now made possible.