Buying a property is a significant milestone in the lives of young couples. It represents a step towards financial stability, independence, and building a future together. However, before diving into the world of real estate, it is essential for young couples to carefully consider various factors to ensure a well-informed decision.
From defining your goals and budget to evaluating location, property type, and legal requirements, each aspect plays a crucial role in making a well-informed decision. By taking the time to thoroughly assess these considerations and seeking professional advice when necessary, young couples can embark on their homeownership journey with confidence and lay a strong foundation for a prosperous future together.
This blog aims to highlight key considerations that young couples should keep in mind before purchasing their first property.
1. Define Your Goals and Financial Situation:
Before embarking on the property hunt, it is crucial for young couples to establish their goals and evaluate their financial situation. Discuss your long-term plans, such as career aspirations, family goals, and lifestyle preferences. Consider factors like the desired location, property size, and amenities required. Assess your combined income, savings, and budget to determine how much you can comfortably afford.
2. Develop a Realistic Budget:
Buying a property involves financial commitments beyond the purchase price. Consider additional costs like down payment, closing costs, property taxes, homeowners insurance, and maintenance expenses. Create a comprehensive budget that includes all these aspects, ensuring that your monthly mortgage payments align with your income and other financial obligations.
3. Research Mortgage Options:
Understanding mortgage options is essential for young couples. Explore different types of mortgages, interest rates, down payment requirements, and loan terms. Consult with financial institutions or mortgage brokers to compare offers and choose the most suitable option. Consider the implications of fixed or variable interest rates, as well as the potential impact of changes in the housing market.
4. Location and Future Development:
The location of your property plays a vital role in its value and your lifestyle. Evaluate the neighborhood for its safety, proximity to amenities, schools, transportation, and future development plans. Research the area's property market trends and growth potential. Additionally, consider the commute to work and the availability of recreational activities and community facilities that align with your interests.
5. Property Type and Size:
Determine the type and size of property that suits your current and future needs. Discuss preferences regarding apartments, townhouses, or detached houses. Consider factors like the number of bedrooms and bathrooms, parking space, storage options, and the potential for expansion or modifications in the future.
6. Homeownership Responsibilities:
Owning a property comes with responsibilities and costs beyond the mortgage. Take into account maintenance, repairs, renovations, and utility expenses. Consider your lifestyle and whether you have the time, skills, and financial capacity to handle these responsibilities or if hiring professionals is more practical. Evaluating these factors will help you gauge the total cost of homeownership.
7. Engage Professionals:
Consider engaging professionals to help you throughout the process. A real estate agent can guide you in finding suitable properties, negotiating deals, and handling paperwork. Consult with a lawyer to review legal documents, contracts, and potential risks. Additionally, consider hiring a home inspector to assess the property's condition and identify any potential issues before making a final decision.
Buying a property as a young couple is an exciting step towards building a stable future together. By considering the factors mentioned above, you can make a well-informed decision that aligns with your goals and financial situation. Take the time to research, plan, and consult professionals to ensure a smooth and successful home buying journey. Remember, thorough preparation and careful consideration are key to finding the perfect property that meets both your current and future needs.
Here are our featured properties that’s preferable by young couples or first time buyers:
Urban Deca Ortigas- This is the latest residential mid-rise condominiums. A township development with 1.3 hectares allocation for open spaces. It provides larger units, more open spaces and wider roads at this prime location.
Maple at Verdant Towers- This condo is the epitome of class and elegance. Located in Ortigas East and is designed to welcome its residents after a long day spent in the city. It is composed of 42 storeys of residential and retail spaces.
BE residences- Be Residences wants you to "Be Near" to everything. Its first tower which is a residential condominium has 25 floors and the second one which is a city hotel has 15 floors. Both are nestled on only one base which is a 2-level commercial center called Uptown Mall. The property also offers a unique residential unit called Sky Villas that is a 2-storey townhouse-like on its rooftop.