Simply own it: Things to consider when getting your first property

For many, acquiring their own home seems far-fetched, but with the influx of many property developments, many dared and succeeded in getting one. If you’ve been working for a few years and want to invest in your future, now could be the perfect time to buy your first property.

The pandemic has accelerated the desire for homeownership, especially among millennials and Gen Z professionals. People working remotely and spending more time at home have developed a heightened appreciation for personal space and home investments. Many young professionals are now entering the housing market, with condominiums being a popular choice for those seeking modern, convenient living spaces that match their modern lifestyles.

Things to consider before buying your first property

Accessibility – When choosing a property, consider its proximity to your workplace and public transportation. A condo near major transport hubs, like the LRT or MRT, can save you time and money on your daily commute.

Amenities and Lifestyle Fit – Your lifestyle should guide your condo choice. Many modern developments cater to young professionals and couples with features like co-working spaces and fitness centers. Consider these factors, as they can greatly enhance your living experience and convenience.

“I always wanted to have my own place, but with my salary of around ₱44,000 a month, I wasn’t sure if it was possible,” Kyla, a 30-year-old marketing professional, shared. “But after researching different options, I realized that condos were a great fit for me. It is secured, near my work area, and has amenities that I can enjoy.”

Kyla added, “Finding home loan options that suit my budget is a win. It feels great and fulfilling that I am realizing one of my bucket lists: owning my own space.”

Unit Size and Future Needs—When choosing a unit size, consider your long-term plans. A smaller space might suit your needs if you’re single or part of a couple. However, if you foresee starting a family, consider how much space you’ll need to accommodate this lifestyle change.

For Marj (32) and Ken (33), a newly-wed couple, getting their own space is a must. “After months of searching and planning, we finally found the ideal unit we could call our own. We really saved up for our down payment and searched for a bank that could give us reasonable loan options. We get to enjoy our own space without stretching our budget. Our combined salaries really made a difference on this journey,” the couple shared.

Pricing – Condo prices can vary based on several factors, including the type and size of the unit. Pre-selling units tend to be more affordable, making them a popular choice for first-time buyers, while ready-for-occupancy condos are typically priced higher due to their immediate availability.

“I’ve been sharing a rented condo unit with a friend for a few years already, so I thought maybe it’s time to get my own space.” Sarah shared, a 28-year-old graphic designer with a salary of ₱38,000 per month. “With my studio unit, it provided the perfect balance of affordability and privacy. Also, I get to be more creative with having my own space.”

Financing Your Dream Condo

For many young Filipinos, especially those in the early stages of their careers, condo ownership might seem out of reach. However, with proper financial planning and the right home loan, you’ll be surprised at how simply attainable it is.

PSBank offers a range of home loan products with faster approvals, flexible terms, and attractive benefits. Their streamlined process, which provides credit decisions in as little as one day*, ensures that buying your first condo can be hassle-free. Whether you’re purchasing from pre-selling developments or ready-for-occupancy units, PSBank home loans make condo ownership accessible and convenient for young professionals.