How to Go From Being a Renter to a Condo Owner in Five Ways

Buying Vs Selling Two-Way Street Sign

“People who own property feel a sense of ownership in their future and their society. They study, save, work, strive and vote. And people trapped in a culture of tenancy do not.” ~Henry Louis Gates

In today’s world wherein people are constantly bombarded with materialistic ideations and are surrounded by many worldly possessions, it is a millennial’s penultimate pecuniary success to invest in a condominium that they can call their own.

Investing in a condo for sale in Makati City gives you a sense of pride and for any millennial born between the years 1980 to the early 2000s, this is a great accomplishment by itself.

However, in the Philippines, it is normal for an individual to stay in the family home until such time that he or she will get married. But through the evolution of modern culture and the cultivation of independent living, many millennials have chosen to live alone. But as it is, only a fraction of them are fortunate enough to own their very own property—largely because owning property (even condominium units) is expensive.

This does not mean it is impossible, with much determination and commitment, it can be done. Money does not come overnight, but with the right attitude and the patience to persevere, you may soon find yourself owning a condo unit anywhere in Mega Manila.

1.) Scout for potential condos you may like

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Your initial step before anything else is to look around and have a gander at the condos being offered. If you are committed to the dream of owning your own flat, accept those flyers handed out at the mall and peruse them when you have the time so that you would have an idea of what a condo project may offer you. List down the pros and cons of each condo project you have gone over (from the amenities to the payment terms). From there you can build your financial standing.

2.) Learn more about your dream condo

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If you are genuinely interested in a condo project, you would be asking a lot of questions to the one who handed you the flyer. But this barely scratches the surface about the condo project you are eyeing. To dig deeper, check the developer’s website and it would offer you a wealth of information you may have otherwise missed during your session with the one who handed the flyer out.

3.) Save and budget your money

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Once you have an idea how much your dream condo is going to cost you, it would be a lot easier to set money aside. Apart from knowing the value, you should also have an awareness of the payment terms so you that you can compute how much you would pay monthly. Make sure the amount it reflects is something you can truly afford.

4.) Check and lessen your expenses

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One way to save on costs is to cut out all of the unnecessary items and expenditures from your budget. Millenials are well known for their thirst in immediate gratification that saving for something that may take some time is just not appealing to them. However, if you are truly committed to having a condo for your own then maybe forgoing eating out on Fridays, branded clothes, movies on fancy cinemas, etc. and you would see the potential of how much money you could set aside.

5.) Add another source of income

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Boost your existing financial state by adding another source of revenue. This can be especially useful if you have little to no leverage over how you spend your money. Know what you are good at and get a part-time or freelance job that would be amiable to your existing schedule. In this way, you can do something productive on your free time and earn instead of clearing up your extra time which would give you an avenue to splurge your money.

 

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