Why buy your own house? For many Filipinos, owning a home is the fulfillment of the dream. For others, it is their worst nightmare. Purchasing a home is one of the biggest financial decisions you will make in your life. So, before you decide to buy, carefully consider the pros and cons of homeownership.
Buying a home is a major financial move, so you’re wise to look carefully at the positive and negative aspects. Information in this will help you examine the pros and cons of owning a home.
1. You want independence
Many starting families face this kind of problem. Most Filipinos grew up in a system of extended family, where married daughters or sons and their spouses remain in their parents’ home, along with their unmarried adult siblings. And even after having their own baby, they’re still under the same roof as their parents.
This Filipino culture, of being so tightly-knit, like they don’t want to get away from their parents’ care, contributes to why some young adults stay in their comfort zones and are not focused on having the goal of saving to acquire their own house. But after some time, as your family grows, you will realize that you’ll need your personal space.
Can you imagine yourself still being scolded by your Mom for lying on your bed with your shoes on at the age of 30? Come on. Get yourself together!
2. Career Move
You’ve got promoted! But guess what? Your workplace didn’t move; it’s still way, way far from where your parents’ house where you are going home to every night. Why not buy your own house? As our favorite superhero would say, “Great power comes with great responsibility” and greater chances of you getting tired and no more energy to travel farther. According to a study conducted by ZipMatch in March 2015 regarding “5 Milestones That Encourage Filipinos Living at Home to Leave their Parents”, people tend to move out of the family home if their careers force them to move to another city. The core reason that could be derived from this is convenience. Rather than bear the long commute from your parent’s home to wherever your new job is located, you would rather just buy a home nearby.
3. Value of your Home
Homes typically increase in value, build equity and provide a nest egg for the future. If you are considering buying a home now, and the property increased in value, You got an increase in your investment without you doing anything. Our population is increasing each in every day, but our lands are not.
4. Financial Commitment
Homeownership is a long-term financial commitment. Planning is very essential before owning a house. It is a good idea to write it on paper. We provided a Due Diligence Checklist at the bottom of the page to help in decision making and considering things that may not have occurred to you before.
5. Responsibility
You’re responsible for all maintenance on your home. This can include inexpensive repairs like fixing a broken toilet and costly repairs like replacing tiles. Unlike renting and living with relatives you are on your own now and responsible.
DIAMOND HEIGHTS LIPA!
Diamond Heights Lipa is the flagship project of JJS Realty and Development Inc. located at Barangay Latag Lipa City. “Family and community are at the center of everything we do, we impart that sense of family and community to our homes.”
Diamond Heights feature Modern-Contemporary houses. Other than this, Diamond Heights is known for its vow to live closer to nature, to breathe fresh air and be away from urban areas to leap into Mother Nature’s open arms. Living in a quiet community enjoying Lipa’s cool climate is a perfect place to raise a family!
If you are ready to make the move to have your own home. Send us a message. We are happy to help.
