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Useful housing tips just for you

Sound Property Advice for Today’s “Fillennials”

They’re upbeat, self-expressive, tech-savvy, have Google for information (instead of newspapers) and Waze for directions. Meet the “Fillennials”, or the Filipino millennials, and they’re one of today’s largest group of property hunters. Like any other person searching for a house, purchasing a new home for the first time is exciting, but can also be daunting. If you’re ready to get in the game, here are a few tips for first-time Fillennial home buyers.

 

1. Assess your cash flow

The first step is to know how much you’re earning, how much you’re saving, or, if you’re not saving, how much you’re actually spending every month. You need to know where your money is going to put together any kind of plan to achieve your home ownership goal. Financial advisors suggest not spending more than 28% of your gross income on housing in any given month. Keep in mind that monthly payments encompass more than just the mortgage; they also include interest, property taxes and insurance on the house.

 

2. Get pre- approved for a housing loan.

Most realtors and sellers are not willing to provide you with assistance if you do not have some type of proof that you have qualified. The beautiful part of purchasing a real estate property while young is that most financial institutions and companies are willing to give more leeway. This is because it is assumed that young people still have many years ahead of them to pay off their debt. Fillennials should consider whether their current (and not their expected) income is capable of sustaining the monthly payments.

 

3. Create an emergency fund

Financially speaking, there are many costs involved in purchasing a new home. Down payments, furnishings, and unexpected costs can add up quickly. Take initiative and before investing in your new home by setting up an emergency fund. Determine how much you are able to set aside every month and continue saving up until you cover the costs of home ownership completely.

 

4. Build your credit

If you are planning to purchase a new home for the first time, a good credit rating shows banks and financial advisors that you are prepared to commit financially to purchasing a new home. Start and maintain your credit by using your credit card for small purchases, and ensuring your payments are on time.

 

5. Plan for surprises

Buying a new home comes with expenses such as down payments, property taxes, insurance, moving costs and maintenance. In terms of maintenance and repairs, keep tab on when appliances are purchased and installed so you’ll have a better idea of when they’ll need to be replaced. Also, keep in mind that the cost of repairs and maintenance can represent 10-to-20% of the price of the home each year. The expenses don’t end at closing. You should also budget for moving costs, which vary but can set you back a couple thousand pesos.

 

6. Choose your location wisely

Regardless of whether you are purchasing a starter home, or a permanent home, choosing the right location is an important factor to consider. The location of a home directly affects the resale value, and influences the potential for your investment to grow. Ensure your location reflects your lifestyle, but also take into consideration the potential for resale.

 

7. Get to know the neighborhood

While location is an important factor to consider in home purchase, exploring the area before making the purchase is equally crucial. It is advisable to walk around the neighborhood, both during the day and at night. Make sure you feel safe and good about it.

 

Laguna-based P.A. Properties, one of the country’s active developers of affordable yet durable housing, knows that one of the most important factors to consider when buying a house is the actual location of the property. You can buy a brand new condo in a great building, but if it’s in a terrible neighborhood with no amenities and you can’t have the lifestyle you want, you’re in the wrong place. Ultimately, you can always change the finishing of your home, but you can’t change the location.

P.A. Properties offers durable, stylish, yet affordable housing options to thousands of Filipinos who dream of having their own homes. Apart from Laguna, the company also has developments in Batangas, Cavite, Bulacan, Pampanga and Metro Manila — all located in highly-accessible and secured areas that are steadily growing in value. P.A. Properties’ location strategy allows the company to develop safe and comfortable communities that are within convenient distance from the hustle and bustle of big cities, at the same time close enough to grant residents access to commercial amenities, schools, hospitals, churches and lifestyle centers. Committed to providing excellent products and services, the company has been building comfortable, safe, and vibrant Filipino communities for the past 24 years that help the government’s national shelter program, while offering amenities that complement the diverse lifestyles of its market.

 

 

 

About P.A. Properties:
For 24 years, Laguna-based P.A. Alvarez Properties and Development Corporation (P.A. Properties) has established itself a name in the competitive Philippine real estate industry by enabling the public to have their dream homes at affordable rates and payment schemes.

The company, which has already built about 19,000 housing units in Laguna, Batangas, Bulacan, Cavite, Pampanga, and Metro Manila, continues to embark on strategic expansion efforts to further build 15,000 more housing units in the next five years, thereby creating comfortable, safe, and joyful Filipino communities.

P.A. Properties, which has a capitalization of PHP2.8 billion (as of October 2017) and sales of P3.08 billion (in 2016), acknowledges that partnering with Hankyu Hanshin Properties Corporation in developing ldesia would not only help the company grow its experience, expertise, and technology, but it will also help the company realize its advocacy of helping ease the more than 6 million housing backlog in the Philippines.