Why It's the Right Time to Buy a Home in Your 30s

Gone are the days when Filipinos chose to stay with their parents even though they could afford to own a house and lot Philippines. Although living with parents and extended families has been part of Filipino culture, it can be a different situation if you reach the age of 30. In fact, many young individuals today prefer to invest early to enjoy their benefits more. 

But what if you’re already in your 30s? Is it still possible to make your homeownership dreams come true? With the right mindset and financial planning, you can buy a property even when you’re 30.

4 Reasons Why Buying a Home in Your 30s is the Best Time

Most financial experts say that investing in real estate property has no age limit. As long as you’re financially ready, getting your first real estate investment can be so easy. But statistically, people in their 30s indicate maturity, responsible, ambitious, and calculative in terms of risks and financial security.

Here are the key reasons why buying a home in this life stage is the right time.

You're more financially stable. 

By your 30s, you've likely had a few years to establish your career and build up your bank accounts or savings. This means you're more likely to be able to afford monthly mortgage payments or even a down payment.

You have a better credit score. 

Your credit standing is an essential factor in getting approved for a mortgage. By your 30s, you've had more time to build up your credit history, which can give you a better chance of getting approved for a loan with a favorable interest rate.

You're more settled in your life. 

In your 30s, you're more likely to be settled in your career or have a stable job, relationships, and location. This means you're more likely to be able to stay in your home for a long period of time, which can help you build equity and save money on interest payments.

You're eligible for more mortgage programs. 

There are a number of mortgage programs that are specifically designed for first-time homebuyers or people who are buying a home in their 30s. These programs offer lower interest rates or down payment requirements, which can make it easier to afford a home.

10 Home-buying Tips When You're in Your 30s

Of course, there are also some potential drawbacks to buying a home in your 30s. For example, the housing market can be volatile, so you may not get the best deal if you buy at the wrong time. Additionally, you may have to deal with unexpected repairs or maintenance costs. 

But, overall, the benefits of buying a home in your 30s outweigh the risks. So, if you're considering buying a home, here are some tips when you’re in your 30s.

Assess your financial capacity

Determine your budget by evaluating your regular income, savings, and investments. You must consider factors like stable employment, future plans, and retirement goals. Thus, calculate your debt-to-income ratio to gauge your ability to handle a home loan.

Save for a down payment

It would be ideal to start saving early for a down payment, which is typically required when purchasing a home. You can explore options like mutual funds or other investment vehicles that can align with your risk tolerance and help you grow your savings over time.

Explore affordable housing projects

Look for affordable house and lot projects or developments that offer homes at reasonable prices within your budget. These projects often provide opportunities for homeownership at a more affordable price range.

Consider foreclosed properties 

You can also consider foreclosed properties, which are homes repossessed by banks due to non-payment, and can sometimes be purchased at a lower cost. However, be sure to conduct thorough research, inspections, and due diligence before buying a foreclosed property.

Research real estate developers 

When buying a home, choose reputable real estate developers known for their quality construction and timely delivery of projects. Take the time to research their track record, customer reviews, and market reputation to ensure a reliable investment.

Evaluate rental income potential 

If you have the financial capacity or more money to invest, consider properties that offer potential rental income besides capital appreciation of the property in the future. This additional income can help offset your mortgage payments or serve as a long-term investment.

Maintain an emergency fund

Note that owning a home also comes with unexpected expenses. Therefore, you must establish an emergency fund to cover any unforeseen repairs, maintenance, or financial setbacks that may arise after purchasing the property.

Assess the neighborhood

Consider the property's location, particularly if you plan to live in Metro Manila. Look for areas with good access to amenities like commercial establishments, schools, hospitals, and transportation options.

Research home loan options

Understand different home loan products offered by banks or financial institutions. Compare interest rates, terms, and eligibility criteria to find the most suitable option for your financial situation.

Seek professional advice

Consult with a financial expert, real estate agent, or lawyer specializing in real estate transactions. They can provide valuable guidance throughout the home-buying process, ensuring you make the right decisions.

Buying a home is a huge commitment and a long-term investment. Regardless of your life stage, you must have discipline and accountability for all your actions when investing. With that in mind, you can always count on Lumina Homes for a safe investment.

With over a decade of providing affordable house and lot for sale units throughout the country, we can guarantee that these are quality homes at the most reasonable prices. In addition, most of our Lumina communities are located near the country’s best tourist spots, road and infrastructure projects, and all your essential needs. From basic amenities to luxurious facilities, Lumina Homes ensure sustainable living for all ages.

So, are you ready to own a home even in your 30s? Find the nearest Lumina community in your area today; we have over 50 locations across the Philippines.