By: Judy Ann Casas
Most of us see owning a house or a condo unit as an ideal investment but most of us are also aware that it is not an easy venture. This is why the majority of people who are just starting in their profession or with their families either stay in their ancestral homes or become tenants. While couples might see real estate as a milestone investment, it is often viewed as a heavy outflow on money for single people, considering the boundaries of their individual earnings.
If you think about it, it may seem challenging but it is not impossible. Here are some words from different people on why getting real estate when you’re single can actually be good:
- “Single” is a flexible status. Just because you’re single right now doesn’t mean you will be in one year or even five. If you don’t plan on getting married for another 10–15 years and you know that you will be living where you are right now, buying a house might be a really good idea, particularly if it’s located in an area where home values appreciate. So from a financial standpoint, it could make good sense if you are young (20–30).” —Melissa Myer
- “I think home ownership really has nothing to do with marital or familial status. It’s all about you and your goals coupled with your preferred lifestyle. Home ownership has proven to be the number one way to build wealth in the United States. However, not everyone wants to be responsible for the maintenance. Not everyone will be living in the same area long enough to build equity. Not everyone wants to have tenants.” —Leid York
- “I’m buying a house because why on Earth would I waste money paying rent? This is MY house. I make the rules, I decide who can and cannot be here. I can have my two pit bulls (and maybe a few more, once I get settled). I can paint the interior purple, if it amuses me to do so. Can’t do those things while living in someone else’s house, which is what a rental is.” —Eileen Wood, Self employed 2006- present
What these statements tell us is that owning a house isn’t dependent on your marital status. The right question is to ask whether you are financially stable enough to buy your first piece of real estate for yourself. If you are considering owning one, here is a shortlist of things you should
1. Erase all debts or improve your credit score.
Getting a house or a condominium is a big project. Buying one while you are still paying for your car loan, business loan, or any personal loan will make finances heavy for you. While you may have goals, it is always better to listen to your nearest and best financial advisors–your bank account–before you take the next step.
2. Visualize and plan your dream home.
Before you buy a house, think of all points of consideration that would help in choosing the perfect property for you. Think of the location, the type of house you want, the number of rooms you want, and even future additions that you see as possible. Do you prefer the city or a much peaceful suburban community that is still easily accessible from the city like Camella? Whatever you decide on, it is always good to have your checklist prepared and it is always a good idea to seek advice from experts.
3. Cut costs, learn to set aside, and earn things well.
Once you’ve set your mind to your dream home, it’s time to set your budget for it. This is separate from your established savings routine. The savings allocated for investment is usually around 20%, at the least. Learn how to clearly separate savings from investment. It is always wise to leave your emergency money be and not cut chunks of it for your extra finances. Reduce your unnecessary spendings, minimize vacation spendings, avoid eating out, and other little things that ultimately build the habit of thriftiness in you. Earn it and earn it well and once you have what you’re dreaming of, earn more and create a larger purpose.
4. Strike when there is famine.
Learn the law of demand and supply. Do not acquire a house or condo when they are way too costly than they are supposed to be from demand. Learn to wait, and research for that land you are interested in. Know more about its history and assess whether it’s good to acquire that property at a specific point in time.
1. Know your what ifs.
Real estate is a long term investment so it is imperative that we also think of all the possibilities we might encounter in the long run. It is not uncommon to ask questions like from to put your guests when you have them over, to what to do to your house when you decide to get married and move to the other side of the city. There are, of course, solutions to each of those situations that you should be considering as early as now.
For more information on the best real estate property suited for you, you may reach Camella through their official pages at @CamellaOfficial on Facebook and Instagram. You may also contact them at 0917 541 3280 or 0999 223 1975 through mobile and 3226 3552 for landline. You may also visit their official website at camella.com.ph.