Millennials sometimes regret buying homes. If you’re getting cold feet because you fear getting the same feeling, don’t back out. Rather, watch out for the triggers.
It’s no secret that millennials aren’t the most eager generation when it comes to home ownership. Not only are they shying away from getting their own property, but they feel regretful when they do secure one. A recent study in the U.S. shows that 63% of millennial homebuyers experience remorse for their purchase.
The feeling of Filipino millennials is perhaps no different. While some of them are jumping into houses and lots, others still prefer smaller living spaces such as condos. They want to avoid remorse for such a big purchase as much as they can. But you can get the home of your dreams in your preferred subdivision without regret. You just have to address the following remorse triggers before they pop up later on:
High maintenance costs
Maintenance takes a relatively big chunk of a household budget. But only a few millennials can prepare for this. Most people are more fixated on the down payment and the monthly loan payments. Also, if you’ve lived in a condo for a very long time, maintenance isn’t so much of a problem. It’s the property manager’s concern.
Once you face the costs and labor of tidying up your own house’s backyard, swimming pool, roofs, gutters, and many more, the remorse hits you like a ton of bricks. What do you then to avoid this? One, don’t get a house bigger than what you need. If you don’t need a big backyard, stick to one that has only a small patio. Two, don’t max out your mortgage budget. Remember that you’re not paying only the property. You will also pay for its upkeep and repair later on.
Small living space
While some buyers are guilty of buying huge homes that require costly maintenance, there are also others who regret getting properties that are a little too small for them. Usually, this is a case of not being able to foresee future needs. When you’ve been in a condo by yourself for years, it’s hard to imagine how much space you’ll need when you move into a house with a growing family.
The key to this is plotting the milestones you’re planning to achieve in the next five years. Do you see yourself having kids in five years? How many? When you hit this certain age, do you envision engaging in a hobby such as fishing or gardening? As you map out these milestones, take into consideration the space you’ll need by then. You might want to check out a house and lot for sale in Cavite, Philippines as you run through your options.
Most millennials start their research about properties and neighborhoods online. With crazy, hectic work schedule, it’s natural for them to rely on the information from the web so that they won’t have to pay multiple visits to their target house. Why would they bother? If the majority of people online say good things about a certain subdivision, that’s a good sign that the location is good. Well, not quite. Not all that you see online is real. What you get from the web might be a lot different from how it is in real life. What about the negative reviews? They may be a minority, but what if these are your non-negotiables?
Visiting your target house many times a day is still important. You want to see how the neighborhood is during the night — if there are frequent midnight parties or early morning karaoke sessions. You want to know whether there are construction projects done on weekends and whether you can deal with the noise. The bottom line is that you can’t inspect a location accurately if you’re just behind your screen all the time.
Millennials are prone to buyer’s remorse. But you can avoid it by preparing yourself. Take note of these regret triggers, and don’t let them give you cold feet in buying your next home.
This is a contributed/sponsored post.