A car and a house are both big purchases, and it’s not recommended to buy them at the same time. It can be a big financial burden, as you’re likely to pay them in installments over a certain period. So if you have to choose only one: which should you buy first?
While a lot of financial advisors may tell you to buy a house over a car, it’s actually a case-to-case basis for many. It’s not one-size-fits-all advice as some people may actually need a car more than a house.
Here are some important questions to know which one you should buy first.
How do you get to work?
Most Pinoys buy a car because of a lack and poor transportation infrastructure in the country. If there’s a direct train line or bus route that’s easily accessible to your home, then a car isn’t a wise option. If the opposite is true, then a car is a great option.
But for many who have fully transitioned to remote work, a house is a non-negotiable choice. You can get by just fine using public transportation or ride-hailing services.
Where do you want to settle down?
If you want to settle down and start a family in your home in the province, it can be difficult to go to places because establishments can be a bit too far from each other. Plus, living in the province often means long drives, which can be difficult without a car.
On the other hand, living in the city presents you with a lot of different transportation systems. Crucial establishments like hospitals, schools, and malls are also near each other. Just a short walk or jeepney ride away and you’re already at your destination.
Do you have a business?
A business often means frequent trips to suppliers, stakeholders, and other third-party businesses. If you have a business, a car is a critical part of your operations. As much as you can, save up and prioritize a car.
If you don’t operate a business, then a house purchase should be your priority. You can actually utilize it more as it keeps a roof under your head—unlike a car which you only use when you go out with friends or family.
All in all, both are important purchases in the Philippines as they both serve important purposes in each one’s daily life. If you’re planning to purchase an affordable home but still offer world-class amenities that the community can enjoy, choose Elanvital Enclaves.
For more information, visit Elanvital Enclaves or contact its sales at +63 9271440196.
