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Undoubtedly, purchasing a condo unit is one of the long-term investments you can make. Not to mention the rapid increase of real estate development in the Philippines, more and more homebuyers are already into homebuying. Whether you plan to invest in a condo in BGC or any other residential buildings in Mega Manila, there will always be a profound feeling involved.
If you decide to invest in a condo, keep in mind that there are certain policies you need to abide for you to have a peaceful and satisfying lifestyle. To give you an idea, here are some condo buying advice from the experts that you can apply to your situation.
This is one of the things you should not miss to consider – 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 a lot of affordable condo units that you can afford without compromising its quality.
When it comes to investing in a condo, you also have to know that there will also be a lot of financial 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.
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, some units are just too big or too small for you. That is why you need to make sure that you inspect the place before you decide to purchase one.
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. If you want to make a good impression to the lenders, you need to clean up your credit history through paying your previous debts.
A lot of us here don't know what 20% rule is. Agree? 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.
If you decide to invest in a condo, keep in mind that there are certain policies you need to abide for you to have a peaceful and satisfying lifestyle. To give you an idea, here are some condo buying advice from the experts that you can apply to your situation.
Look for a unit you can comfortably pay for with single income
This is one of the things you should not miss to consider – 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 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 financial 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.
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, some units are just too big or too small for you. That is why you need to make sure that you inspect the place before you decide to purchase one.
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. If you want to make a good impression to the lenders, you need to clean up your credit history through paying your previous debts.
Remember the 20% rule
A lot of us here don't know what 20% rule is. Agree? 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.
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