Tuesday, November 03, 2015

10 Surefire Signs You're Ready To Buy A Condo

Think you’re ready to finally buy a condo unit? See if you can confidently say “yes” to these 10 questions. 

-  Dreaming about owning a condo someday is one thing, but

have your musings become a bit more specific (which city you want to live in, what kind of unit

you want to get, what color theme to use in the living room, etc.) than before? And do you find

yourself constantly calculating your expenses and thinking, “I can actually save up for a property

now”? Real estate website MyProperty.ph has formulated these 10 questions you should ask

yourself to be certain that now’s the time to upgrade from renting to owning a condo.

1. Do you have a stable source of income?

Buying a property through a home loan means taking on the responsibility of making monthly

amortizations. This means you need to have a job that not just earns you enough to make

regular payments on time, but also one you’re confident you’ll keep for a long time. If you’re in a

career or industry that’s known to be unstable, or if you just started working for a new company,

there’s a pretty high risk you might lose your source of income and miss monthly loan payments.

2. Have you saved up for a down payment…

The down payment for a property doesn’t come easy for everyone. In most cases, it’s 20%—an

amount that can either be small or large depending on the price of the property and your

monthly income. If your income allows you to comfortably set aside a certain amount, then good

for you. If not, there’s nothing wrong with waiting a little longer to save; what’s important is that

you’re able to put together the amount without it making a sudden huge dent in your current budget.

3. …and still have enough left over?

You don’t want every single centavo going to condo payments. What if someone ends up in the

hospital and you have no other resources to tap? You also need to think about the other costs

involved in keeping your new home up and running (utilities, maintenance fees, and association

dues). Remember that you have to eat, too. You can only truly say you’re financially prepared

when you’ve factored in all of these and the payments toward the condo, and you still have

some money for a nice emergency fund (worth at least six months).

4. Do you have your priorities straight?

Being realistic about your wants and needs for your dream home helps you narrow down your

options, so budgeting your finances should be easier, too. You may want a spacious condo, but

a few months down the road, can you spare the time, money, and effort to maintain it? Your

smile might be fading at the idea right now, but it’s better to consider these factors now than feel

stuck later.

5. Do you have a firm grip on your debts?

We all incur some sort of debt, but not everyone does a good job of keeping them from blowing

up. Ideally, you will have been able to eliminate all your consumer debt, but as long as you’re

able to stay on top of your credit cards, car loan, and any other things you need to pay regularly,

then you’re doing OK.

6. Can you think like an investor?

Your priority might be having a unit to live in now, but should things change a few years down

the road, it would be nice to know that the unit you’ve purchased has the potential to earn you a

sizeable profit should you lease it out or put it up for sale.

7. Have you suppressed your inner Martha Stewart long enough?

Renting a home means giving up a lot of things, such as your absolute freedom to decorate.

Sure, you can probably talk your landlord into drilling a few holes in the wall for your precious

photos, but what if your desire to be creative can’t be limited to that? Having your own condo

means you can personalize it as much as you want without worrying about security deposits.

8. Do you know how to fix a leaky faucet?

… or unclog a drain, or repair a door lock? When you were just leasing a unit, you were

comforted by the fact that you could count on the landlord to take care of things should anything

need repairing. Once you’ve made the switch from renter to owner, you’ve only got yourself to

rely on. How ready are you to fix signs of wear and tear? Or are you willing to shell out money to

pay someone to do them for you?

9. Are you getting ready to settle down?

Did you and your significant other recently tie the knot? Or are you about to have your first

child? If you’re starting a family soon, chances are you’d want a stable form of residence,

something that a rental may not offer. Belonging to a two-income family means you’re even

more assured that you’ll be able to make your monthly payments should one lose their job. Also,

with a child on the way, you’re most likely thinking about leaving them with something (like a

property) when they’re older.

10. Do you relish living in the same place for a long time?

To those who find themselves jumping from one city to another, renting is the most sensible

option, but if you’ve been renting in the same neighborhood for quite some time, there’s a

reason for it. It could be that it’s close to everything that matters to you, it’s safe, or it’s generally

comfortable. In any case, it would be smarter to start putting your rent money toward your own

condo from here on out, especially if you see yourself living in the same place for another five years

or more.


Established in September 2010, MyProperty.ph is a leading Philippine real estate online and

print brand that brings property buyers and sellers together. The website’s main offerings are

listings of pre-selling properties and properties for sale and for rent. Both website and magazine

also provide relevant and updated industry news and information for its clients and consumers.

Visit MyProperty.ph on Facebook, Twitter, Google+ and Instagram


Jillian Cariola
Writer, MyProperty.ph
Email: jillian.cariola@myproperty.ph
Phone: +63 906 289 0025

Pia Lorraine Yater-Dalmazo
PR and Media Relations
Email: pia.dalmazo@lamudi.com.ph
Phone: +63 915 2020882

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