PSBank shares tips for owning a first home

Philippine Savings Bank (PSBank) offers advice for first-time homebuyers.

For many, owning a home seems like a distant dream. However, with the rise of new property developments, many Filipinos have successfully achieved homeownership. If you've been working for a few years and are looking to invest in your future, now could be the perfect time to buy your first property.

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

Considerations before buying your first property:

Accessibility: Consider how close the property is to your workplace and public transportation. A condo near major transportation hubs like the LRT or MRT can save you time and money on your daily commute.

Amenities and Lifestyle Fit: Choose a condo that suits your lifestyle. Many modern developments cater to young professionals and couples with features like co-working spaces and fitness centers. These amenities can enhance your living experience and convenience.

"I always wanted my own place, but with my salary of around %u20B144,000 a month, I wasn't sure if it was possible," said Kyla, a 30-year-old marketing professional. "But after researching different options, I realized that condos were a great fit for me. It's secure, 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 to realize one of my dreams of owning my own space."

Unit Size and Future Needs: Think about your long-term plans when choosing a unit size. A smaller space might suit your needs if you're single or a couple. However, if you plan to start a family, consider how much space you'll need in the future.

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

Pricing: Condo prices 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. 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 that maybe it's time to get my own space," said Sarah, a 28-year-old graphic designer with a salary of %u20B138,000 per month. "With my studio unit, it provided the perfect balance of affordability and privacy. Not only that, I get to be more creative with having my own space."

For many young Filipinos, especially those starting their careers, condo ownership might seem out of reach. However, with proper financial planning and the right home loan, it can be more attainable than you think.

PSBank offers a variety 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* for qualified applicants, ensures a hassle-free experience for first-time condo buyers. Whether you're purchasing a pre-selling development or a ready-for-occupancy unit, PSBank home loans make condo ownership accessible and convenient for young professionals.