5 Common Mistakes Millennials Make When Looking for a Home

Buying a home might be a rite of passage, a privilege, and also a huge responsibility. While property seekers have everything planned out even before searching for a home, mishaps could potentially happen unexpectedly.

Here are some of the most common mistakes homebuyers, especially millennials, make while looking for a property and how you can avoid them:

1. Choosing the wrong location and neighborhood

Finding the right and conducive environment for your lifestyle is significant, especially if you’re considering living in a place for a long time. Some people look for an affordable option even though it’s miles away from their workplace or the vital touchpoints in the metro. This happens a lot of times to first-time homebuyers. 

A better way to approach this is to list down your options and put them in a table where you can compare their prices and locations. This way, you can narrow down your choices and not end up in a place you’ll regret getting in the future.

Some locations are more expensive than others because of their neighboring communities, like those near Central Business Districts (CBDs). Luckily, some developers offer a prime location at a more affordable and negotiable price.

Empire East’s transit-oriented developments like the Pioneer Woodlands and The Paddington Place in Mandaluyong City are luxury condos in Metro Manila that offer proximity to the city’s major transit options and vital hubs without spending as much.

2. Not saving enough money

Unlike any other purchase, buying a home is something you must think about thoroughly. Unfortunately, millennials, especially if it’s their first time, tend to overlook the miscellaneous fees of owning a home. Some would save up just enough for a reservation fee or a down payment without planning the rest of the bills they have to pay, like the monthly amortizations and the condo maintenance fees.

To avoid situations like this, you first have to build your emergency fund. According to Investopedia, an emergency fund is the money people can use in times of financial distress. It serves as backup cash for unexpected expenses like illnesses and significant home repairs. 

Some financial advisors recommend saving at least three to six months’ worth of your monthly expenses to help you bounce back after an emergency or sudden unemployment. You can do the same before purchasing your home, so you’re confident that you have enough money to sustain and pay for your monthly fees.

3. Not talking to an accredited real estate agent

Doing everything on their own is a millennial trait. Having the freedom to do it their way and being responsible for the consequences is something millennials take pride in. However, it becomes risky when dealing with big purchases like a property; thus, consulting with a professional like an accredited sales agent is the best way to go.

In today’s age, everything is digital, and so is property search. More people depend on online listings. They come across their feed without knowing there are much better options available in the market if they only reached out to a credible broker or agent. To maximize your chances and help you make smarter decisions, don’t be afraid to talk to your real estate agent and discuss your preferences so they can help you find the right property.

4. Not thinking about the future or the potential of the property

Homebuyers tend to factor out the possibility of selling the property in the future, so they settle for a mediocre home that’s not as new and suitable as long as it’s liveable and affordable. While this is not wrong, it is also crucial that you consider property as a potential investment that you could rent out or sell.

Given this point, you must not settle for a “good” home, but rather try to look for one that would still be as sturdy and pleasing even after a few years. Another thing to note is to buy the LOCATION, not the PRICE, for the latter could be fixed but not the former. 

5. Overlooking small details because they can be “fixed”

While you haven’t sealed the deal yet, make it a habit to ask your broker or agent questions. Do not buy a home you’re hesitant about, as this usually leads to more significant problems in the long run. Make sure your concerns are settled before you sign a contract. Or best, find better options in the same price range.

How to do it the right way

Consulting with an agent is the safest and easiest way to find the right home for you. Empire East, the country’s top homebuilder and property developer, has a team of accredited sales agents ready to help you discover your home options.

Empire East’s sales agents are fully vaccinated and armed with the proper knowledge to assist with your home buying process. If you’re interested to know more about the luxury condos that Empire East offers, you may visit www.empire-east.com or follow @empireeast on social media.

Tour the property to get a feel of your future home

In this “new normal,” Empire East has quickly adapted to the times, hence the launch of its 3D walkthrough app that allows interested homeowners to tour the property without leaving the comforts of their home. 

Get a feel of your future home through a virtual property tour! Enjoy exclusive access to the never-before-seen details of Empire East Highland City, a condo for sale in Pasig-Cainta, and Empire East’s newest township in the making.

You, too, can do the same! Just send a message to Empire East’s Facebook Page, type “HOME TOUR,” and one of the agents will get in touch with you shortly.

For inquiries, you may also email inquiry@empire-east.com or call 0917-8EMPIRE.