Friday, April 15, 2016

Take it From the Expert: Condo Buying Advice on Living Solo

As we all know purchasing a condo unit is one of the long-term investments you can make. Considering that the increase of real estate development is rapidly increasing, more and more homebuyers are also into real estate investments. And you can be one of those people who might be planning to invest a condo unit in Bonifacio Global City. Who don't want to invest one? Right? However, investing in a condo can also be daunting and frustrating especially when you plan to live solo.

Basically, living in a condo is not just about living your life to the fullest. As a homeowner, you also have to know that there are certain policies you need to abide in order for you to have a peaceful and satisfying living in the said community. Following the guidelines you have can prevent you from experiencing unwanted situations in the long run.

But if you are one of those people who are planning to live their lives solo, then there are also certain things that you need to know when it comes to condo buying. And to give you some ideas, below are some condo buying advice from the experts you can apply to your own situation.

Remember the 20% Rule

A lot of us here don't know what 20% rule is. Agree? Generally, most real estate developers require a 20% down payment, to secure that you are going to purchase that particular condo unit. For instance, if you are planning to buy a Php2.5 million, then you need to shell out Php500,000 upfront. But fret not! There are also real estate developers who implement a staggered payment scheme where you can settle the deposit in two years -time.

Look for a unit you can comfortably pay for with  single income

This is one of the things you should not miss considering – whether you can afford to pay that particular condo unit. Although a lot of us here are single and want to invest in a condo, there are also certain expenses that you need to pay. That is why, if you are living solo and you don't have anyone who can help you when it comes to financial matters, then you might as well look for a unit that you can afford to pay. And yes, there are actually a lot of affordable condo units that you can afford without compromising its quality.

Expect for more expenses

When it comes to investing in a condo, you also have to know that there will also be a lot of monetary situations that you need to face. Of course, you also have to expect that there will be additional fees for HOA projects and other utility bills that you need to pay. Moreover, you need to have an assurance that you have some money to spare when it comes to emergencies.

Clean up your credit history

Cleaning up your credit history is one of the things you need to make sure. Of course, when you have a clean history, lenders are willing to let your borrow money again and again since they know you can afford to pay them back. Moreover, your credit history will also reflect on what kind of borrower are you. That is why, if you want to make a good impression to the lenders, you need to clean up your credit history through paying your previous debts.

Don't be afraid to start small

Just because you want to invest in a condo unit, that doesn't mean you are going to have a bigger space immediately. Remember, you are going to live solo, and if you want to invest in a condo unit that is big enough for you, then you might as well make sure that it will also suit your lifestyle. However, you must also be practical when it comes to choosing the right condo unit for you. Yes, there are units that are just too big or too small for you. That is why you need to make sure that you personally inspect the place before you decide to purchase one.

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