After working hard for years and saving some of your earnings, you’re now looking forward to buying your own condominium unit. Being a condo owner is a lifestyle change that comes with certain responsibilities, such as mortgage obligations.
If you’re a first-time buyer, make your condo buying experience less stressful by following tips.
Set a Budget
Use a mortgage calculator and determine the amount you can afford. The rule of thumb is to choose a home that costs approximately two-and-a-half times of your gross income. You might also want to set your sights lower if you have other financial obligations, such as credit card payments.
Figuring out the amount you can pay for will help you set the size of your down payment. You should also be prepared to shoulder other related costs such as association dues and realty taxes.
Find the Ideal Location
Looking for a condo to settle in is a major life decision, whether you are living alone or starting a family. This decision often hinges on what a prospective location has to offer you in terms of safety, conveniences, and amenities. To make your search a bit easier, find a reputable developer with an extensive portfolio.
If you’re considering a condo in the eastern part of Metro Manila, for example, check out some local developers that can help you find the best neighborhoods in the area. Whether you want a place near Estancia Mall in Pasig City or in the Eastwood City Business Center in Quezon City, there’s a developer that can work with you.
While choosing a prime location is the most ideal, be sure to determine first what your actual purpose is for buying a condo. That’s because the location will not only have an impact on your daily routine but also on the property’s future value.
Decide on the Best Type of Condo for You
You might want to know that there are different types of condos in the Philippines. The most common are the low-rise and high-rise condominiums. Low-rise condo buildings provide more privacy since there are fewer units. Meanwhile, high-rise towers are not only home to more residents, but they also have plenty of amenities.
You should also determine which one between a pre-selling or ready for occupancy (RFO) unit is right for you. Pre-selling condo units are those sold during construction or before completion. They are also often priced lower. On the other hand, RFOs are built to be sold and used immediately. Since each has its own pros and cons, the key is to understand what your needs are, so you’ll know which type is best for you.
Buying a condominium unit is a long-term financial commitment. So, even if you feel that you are prepared now, things may not be the same, say, five or ten years from now.
As much as possible, do not rush yourself into making a decision. Buying a condo is a risk, but one that’s worth taking. Just be sure to do some research first and learn everything you need to know about financing, interest rates, and other related matters.
