Many young adult Filipinos find it hard to move out of their parents’ house, even though they already finished college and have steady jobs. The family-centric Filipino culture puts less pressure for young individuals to move out. Filipinos usually move out of their parents’ place when they’re already married and about to start their own family.
But more and more young Filipinos are breaking away from tradition. Financially stable millennials are now braving to move out and their own place. The decision of moving out and being fully independent from your parents can be scary but it’s not impossible when you’re truly prepared. Here are some tips on how you can make moving out easier.
Find a steady source of income
Be sure first that you are financially stable. This means that you have a steady source of income that won’t go anywhere. It also wouldn’t hurt to have a stellar credit score so that applying for mortgage, when you opt to buy, can be easier.
Create a budget
Do a thorough financial health check. Ask the following questions: how much do you earn every month? How much are your daily expenses? Knowing your financial health will help you determine if you should buy or rent. If you still have a small amount of savings then maybe renting an apartment and sharing it with a roommate will be the best idea.
Do your research
The next step is to find a quality property. There are tons of apartments and condominiums available online. Find a reliable source where you can instantly connect with sellers and take a look at your future home.
Assess financing options
Shop around for good financing options. Government and private bankers offer affordable housing loans that may fit you budget. Use a mortgage calculator to find out which type of mortgage will be best for your situation.