Buying Your First Condo Unit? Get Some Helpful Tips from These Experts!
You’ve already fattened your piggy bank.
Now it’s time to crack it open and enjoy your hard-earned money. While you
might find it hard to actually spend your savings, the decision to do so may
become easier especially if you’ll be investing it in something worthwhile such
as your first new condominium unit.
But
with an overwhelming number of new and existing residential developments being
offered in the market, how do you know which is the best and wisest option for
you?
SMDC
recently held a Facebook webinar called The
Real Deal: Condo Buying for Beginners where industry and finance experts
discussed the importance of investing early in real estate for Millennials and
younger generations and things to consider when buying your first condo unit.
The webinar was hosted by Nikko Ramos and featured motivational speaker,
photographer and digital creator Nate Punzalan, content creator, financial
coach and founder & CEO of Peridot Consulting Yani Moya, and Associate Director for Research Division
of Colliers Philippines,
Joey Bondoc.
Since it’s that time of the year for 13th
month salary and performance bonuses, now might be the best time to put your
hard-earned money into real estate. It
can be a bit overwhelming, so let these experts share some tips that can help
you get started on unlocking your achievement of owning your dream home:
Get your finances in order
Sure, you’re familiar with your own
spending habits. You know how much you make and how much of your cash flow goes
toward your needs and wants. But how intimately do you really know your
finances?
Before
buying a unit, you’ll need to know a lot more than your net worth. In fact, to
determine what sort of property you can actually afford—and how you ought to
start saving—you’ll need to take serious stock of your personal finances.
“My
advice is to have a financial freedom fund. It’s the money you allocate for
investments,” said Moya. “Regular employees can start setting aside 10 to 20
percent of their monthly income.” In short, you’ll need to know how much you’re
truly capable of setting aside on a monthly basis before you can start shopping
around.
“While
it’s good to treat yourself, you should always remember the concept of delayed
gratification…If we make the difficult decisions now, we could end up with a
much easier future,” Punzalan added.
Do your research
It pays to fully understand what you’re getting
into. Make sure to do a thorough research on what kind of development you’re
eyeing, whether it suits your desired lifestyle and if you can use it in the
long-term.
“Filipinos
spend about 11 hours every day surfing the internet. 11 hours is enough for you
to do your own research,” said Bondoc. “Don’t be afraid to ask a broker or your
friends. They’ll be able to give a tip or two on how to make that major
investment.”
Bondoc also advised buyers must see to it their future
home is in a location that affords them proximity to business establishments,
emphasizing these are the things that will give more value to one’s property
especially when they want to sell or rent it out “The Philippines has one of
the highest yields in terms of investing, meaning if you buy a unit now, you
will be able to make a good yield or return,” he said.
Among the projects you should consider would be those by
trusted property developer SMDC, which has long been in the business of
creating communities that prioritize value for money, security, convenience and
sustainability.
Wide open spaces and corners where one can take a breather
make SMDC a suitable home for professionals and growing families. Their
developments are integrated with a commercial establishment, and are right
beside or close to an SM Mall, schools, offices, hospitals, and transport hubs.
Amenities such as swimming pools, children’s playground, gardens, jogging paths
and basketball courts are all located within their properties.
Explore flexible payment
schemes
Scout for the best, most flexible payment
schemes that will fit your budget. “A lot of
developers offer attractive, extended payment terms so they’re making sure
millennials or young investors are able to afford the monthly installment
payments,” Bondoc said. “Take advantage of these payment plans because before
the pandemic, many companies didn't give these out.”
And
of course, you’ll be able to take advantage of higher capital values or prices
in the future and if you want to earn passive income, you’ll be able to rent it
out.
Indeed,
buying a home need not be such a daunting experience. Even during a pandemic, with
careful research and determination, the keys to that dream home can be yours.
Didn't
get to watch the webinar? Watch it here: The Real Deal: Condo Buying
for Beginners. For more information about SMDC and its
developments, log on to https://smdc.com/
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