Simply Own It: Things to Consider When Getting Your First Property

by Kevyn Gohu
October 25, 2024

As you build a better life for your families, here are some things to consider before you invest in your first property.

While most young families start out renting, it’s not a favorable investment in the long run especially with kids in the dream. When the pandemic hit, becoming a homeowner was a much more plausible and attainable dream with lands getting cheaper. As you start looking around to find a place where you can finally settle down, here are some things to look out for when investing in your first property.

1. Accessibility

Especially if you’re working or have a busy lifestyle, accessibility to nearby commute stations, hospitals, malls, and supermarkets is a must for families. With the traffic growing more unbearable by the day, you may prefer properties nearer to the aforementioned spots to save on time, gas, and commute money. After all, you’ll want your kids to also enjoy walking around, just as much as or want to meet that daily quota of 6000 steps.

2. Amenities and Lifestyle Fit

While every city has amenities to offer, it depends on what your lifestyle is. Although the nature of your work will influence your lifestyle choices more heavily, other things such as family, friends, hobbies, and access to several malls can affect our choices too! Young families often prefer areas like San Juan if they can because it’s a school zone — there’s OB Montessori, Mulberry School, ICA, Keys, and Xavier. Young professionals prefer Makati because most offices are located there, and many restaurants stay open to accommodate those working the “graveyard shift.”

3. Invest for the future in terms of size and area

Owning a property doesn’t mean just looking 1 year or 5 years after. Try doing 10: can you see yourself living in the area for the next couple of years? Is your surrounding vicinity where you bought the property going to get any better? When you have kids, where can they go to school? Most of all, when you start paying real estate tax, are you willing to run back and forth to the city hall to pay for such once you finally own the land?

It’s why we often talk about how many kids we want, how busy we are, and how our daily lives go. A big space helps especially if you’re part of a family who’s more into cooking or building things.

4. Pricing

A property’s value can increase or decrease depending on how the city or the vicinity develops. The more malls, restaurants, schools, and hospitals nearby, the higher the price. When buying a condo unit, other things to consider include the association dues (the fees the condo administrators collect to maintain the building) and also the “view” which indirectly represents how much sun can enter the room.

While renting is a good way to experiment, not all landlords are open to having their place redesigned. Owning a property allows you to be more creative with your living spaces.

How does one get their own property nowadays?

Usually, there are two steps: one is where you pay for the amortization and then the next step is financing it via a loan to pay off the remaining amount. Those loans are usually bank loans. Depending on the property developer, each has its own affiliations and agreements which is why the agents usually recommend one bank over another.

PSBank, in partnership with leading property developers, offers a range of home loan products to suit your investment needs. With PSBank, you can get your home loan approved in just one day, making homeownership quicker and easier.

Whether it’s a pre-selling or ready-to-occupy property, finding a hassle-free loan plan from the bank makes the investment for our family’s future all the more worth it.

To know more about PSBank home loans, visit https://www.psbank.com.ph/loans/home/ or you may also compute the monthly amortization that matches your budget through PSBank’s Loan Calculator.