A condo is both a home and an investment, so let these questions guide you in the process of getting your own!
For many young professionals, buying their first home is a major milestone. The lower costs upfront and flexibility of your lifestyle make an apartment or condo for sale a tempting choice. Condo living has also been the new norm nowadays, as more and more people transition from traditional horizontal living towards a more hip and fast-tracked lifestyle that a vertical lifestyle offers.
photo of condominium complex
Before taking on the responsibility of owning your own condo, you will want to be sure that it’s the best time to take the leap and settle into your own place. Try to answer these questions—in as much detail as you can—to help decide whether now is the right time to make one of your first big investments. Purchasing a new property like a condo for sale in the Philippines is a huge move and is something that should not be taken lightly.
Once you’ve decided to purchase your first home, it’s just as important to find the right financier (e.g., banks) to get the best payment scheme and interest rates. Now, speaking of payments…
- How will I pay for it?
This is an important first step, and one you are probably already thinking about. You need to be able to see clearly if your desired condo for sale unit fits within your budget for property. Your monthly mortgage should be about a third of your total income or less.
a hand holding a dollar
Remember that you needn’t rush to buy your first property; what matters most is that you’re in the best place financially and that your career and lifestyle all align with your ideal condo for sale unit. You do not want this purchase to permanently scar your financing and purchasing power so knowing how to pay and where to get the payment should always be the number one point of importance.
- How do I spend my time?
Take a moment to reflect on your lifestyle. If you enjoy sitting poolside or going to the gym, consider finding a condo unit with access to these amenities. On the other hand, you may not need these at all and therefore you shouldn’t be paying the relatively higher association fees that come with these perks.
Also, think about where your newly purchased condo for sale will be. You may find it very convenient to live a few blocks from where you work, or closeby to some of your inner-city haunts. This is also a matter of the "where" in your condo for sale hunt. Your chosen location must fit your lifestyle and habits as well to make your stay in your new property stress-free and an overall great experience.
- When do I plan to move in?
A couple painting their home
Check with your developers to see if the condo you want will be available by the time you need it. Some sellers have their units available immediately, while others ask you to pay in advance for a soon-to-be-completed project.