How to Own an Affordable House and Lot in Your Late 20s

June 21, 2019
How To Own An Affordable House And Lot In Your Late 20s

How can you own an affordable house and lot in your late 20s?

  1. Assess your finances
  2. Choose a good location
  3. Save aggressively
  4. Find the right real estate developer


At what age do you envision yourself living in your own home? Where do you envision yourself living? Is it in a house and lot for sale in Laguna or elsewhere? And finally, what kind of life can you imagine yourself living in that dream home? If you imagined yourself having your own house in your mid-30s, read on to learn about how to afford your dream house at an even earlier age.

With some dedicated preparations, you can learn how to own a house by 25. Take note that in order to do so, you will need to adjust your current lifestyle and expenses. You will also need to do detailed research in order to make the most out of your money.

Here are tips on how to own an affordable house and lot for sale in your late-20s.


Assess Your Finances

Assess Your Finances

First and foremost, you must assess if you can afford a house and lot for sale. If you currently have a stable job that allows you to purchase your necessities while still having extra for your savings, then you may be a prime candidate to become a homeowner of an affordable house and lot. Keep in mind that besides the payment of the house, there are a number of other payments that come with being a homeowner.


Down Payment

While looking for homes that you are interested in through your broker or a real estate professional, take note of the down payment needed for each property. Inquire on the terms of installment as it can vary per home. Calculate how much you would need to save up on in order to pay for the down payment and if you can realistically do so in the next few months. Besides the down payment, make sure to have prepared three months of your monthly payment before you finish paying for the property.


House Loan

House loans vary from company to company. The percentage of the cost of your home that the loaner will pay for will depend on the appraised value of the property as well as your own monthly income. You will also need to save up for Mortgage Redemption Insurance (MRI) if you avail of a housing loan from a bank. This type of life insurance is paid yearly and names your bank as the beneficiary.


Real Property Tax

Real property tax is a required payment for every homeowner. Every year, you will need to pay a certain amount to your Local Government Unit (LGU). Some LGUs give discounts if you pay your taxes early. Choosing a good location can help you purchase an affordable house and lot for sale.


Choose A Good Location

One of the first things you need to understand when learning how to own a house by 25 is that different properties have different prices depending on their location. Besides the price range, it is also important to take note of the community around the property you are interested in. Are there easily accessible markets, restaurants, and grocery stores in your area? The cost of travel to and from these places of necessity can greatly affect your daily spending.

When saving up for the house you want to purchase, take note of the other costs you need to spend on for your daily life. How much is your commute to and from work every day, how much do you spend on food, and where do you buy your food? These are important factors to consider as they can help you save more aggressively.


Save Aggressively

Save Aggressively

Having savings is key to affording your own house and lot. You must have the financial stability to afford this huge investment. Start saving up months in advance while searching for the right property. Try to limit unnecessary spending in order to save up the most amount for your future home. To help you find the property best suited to your savings, contact a professional real estate broker.


Find The Right Real Estate Developer

With a multitude of factors to put into account, learning how to own a house by 25 can be incredibly challenging. The right broker will be able to find you the property with all the qualities you are looking for all while staying within your budget. Their number one priority should be fitting you with the most ideal house in the most ideal location. Do thorough research on the broker’s company and their previous deals in order to get a grasp of homeowners’ different experiences with them. A professional real estate company will help you own the most ideal house and lot for sale in your late 20s.


Key Takeaway

Imagine this: you are in your late 20s, living in your own home, surrounded by the beauty of nature in a safe and welcoming community. All of this is possible if you start saving up as early as today.

The important part of becoming a homeowner is being financially stable enough to pay your payments as well as any sudden financial obligations you will have that come with owning your own home. You can prepare for these by doing thorough research on what exactly you need to pay for and when you will need to pay. Be smart with your finances in order to call yourself a proud homeowner in your late 20s.

Register Now

Register now to learn more about our affordable housing plans!