People between the ages of 18 and 35 are sometimes referred to as millennials or impulsive consumers. However, they, like earlier generations, aspire to become first-time homeowners and secure their financial future.
The issue however is that many of them are effortlessly overpowered with the imposing undertaking of putting resources into the land area. Most of them feel that they do not have adequate reserve funds. Late investigations have tracked down that financial element like more tight home loan credit, high joblessness, understudy loan obligations all influence their buying choices. In any case, because of the prospering skyscraper townhouses in the country, homeownership was made more adaptable and open for twenty- to thirty-year-old. There are many affordable condominiums inside and outside Manila like the affordable condo in Butuan by Camella Manors.
The Philippines’ real estate market was transformed by rapid population expansion and urbanization. Filipinos’ preference for homes and flats has shifted throughout time. Condominiums are becoming increasingly appealing to international investors as more Filipinos contemplate purchasing and living in them. As a result, while constructing property in highly urbanized and living areas, they can give the finest service possible. However, if you are thinking about purchasing a condo in the Philippines, you should be aware that there are tips for Millennials before buying a condo for the first time.
1. Seek professional help
You may believe you are mature enough just because, unlike many of your classmates, you have seriously contemplated purchasing a property. If you are still in your twenties, though, your knowledge of real estate investment is likely limited. To get the greatest results, it is always a good idea to choose a reliable real estate agent. Choose someone well-versed in the area, its demographics, and educational systems. He or she should also have a network of people who can help you find the right condo.
If you have decided to buy a condo, you’ll want to work with a real estate agent who will look out for your best interests. You should look for someone who has experience with condominiums so that they can answer any issues you may have and assist you through important stages like examining the condo association documents. Your realtor should be familiar with the condo projects in your neighborhood and any potential concerns. Community financial difficulties and construction or infrastructure problems within the community’s building or buildings are examples of things that might negatively influence your living in a condo. A competent realtor will be able to tell you if there has been any community strife, and which developments have performed well in terms of resale value.
2. Get your priorities in order
You can still purchase a property one or two years from now, whether you are currently in debt or have little funds. To get your priorities straight, all you need is strong willpower. If buying a house is at the top of your priority list, like getting insurance, for example, you may need to skip certain vacations this year, cut back on Friday night festivities, or attend fewer concerts. Determine your top priority and make it a point to stick to it regardless of what happens.
Early-career buyers are more established in their careers. Make a list of what you think is require vs what you desire in their future house. We refer to this list frequently throughout the buying process, and after seeing a few houses, we may adjust it. Finally, knowing that they have discovered the “ideal” house before making an offer offers them peace of mind.
3. Stop making excuses and start coming up with creative solutions
Complaining about the expense of the property, the difficulty of saving, and the fact that you are alone will not assist you. Making extra money may be done in a variety of ways. All you must do is tap into your creative side to produce a slew of income-generating ideas. Who knows, maybe you will discover your life’s calling. You may even team up with your closest friends and family to buy your first property. It not only saves you money, but it also provides a great opportunity for a group of people to profit.
4. Pick the right location and neighborhood
First-time condo purchasers should be aware that the property’s location and neighborhood have an impact on its value as well as the ease with which it may be sold in the future if you decide to do so. Do not be swayed by the property’s qualities and attributes. The existence (or lack thereof) of major conveniences nearby, the crime rate, and the education system are all factors to consider.
Consider the security of the neighborhood, local traffic, and the property’s closeness to your employment, school, friends, and family, especially if you are thinking about making a long-term investment. Although living in a top location may appear to be perfect, it is vital to know why you’re purchasing, because the location of your condo will impact not just many parts of your daily routine, but also the property’s future worth.
5. Get to know all the costs involved
Before purchasing a condo apartment, this is the most vital factor to consider. If the property of interest is within your budget, it should be your first consideration while looking at homes. We frequently underestimate the market worth of a home and the area in which we are interested. You must be aware of any expenses that might easily contribute to the entire cost of your house, whether they are immediate or long-term costs. Mortgage application, mortgage insurance, house inspections, and attorney’s professional fees for contract review are some of the expenses that may be charged. Knowing how much you can afford can help you choose which houses to inquire about, how to narrow down your possibilities, and whether you require a home loan. You must budget for fees, acquiring a parking spot, and other expenditures in addition to the condo purchase.
Camella Manors Soleia is a very affordable condo for young professionals, start-up families, and even overseas Filipino workers who want to start their new life with their new so-called “home”. Its value appreciation also keeps on growing in the market over the years. You can have online reservations anytime and anywhere by Peso Pay.
6. Educate yourself as much as possible
This is not the end of the road. Continue to learn more about real estate investment and the condominium project you have chosen. Learn more about your market, the community, the area, and the sort of condo you are considering purchasing. Remember to do your research before arranging condo tours and open house inspections. Make certain to examine the property developer’s background. Read through the portfolio, current projects, and client testimonials to gain a better understanding of the property developer’s work. Investing in a firm with a solid track record and a good reputation is a good investment. Continue to patiently educate oneself. The internet is a tremendous treasure trove of information on almost anything you want to know. It is simply a matter of slowing down and taking the time to learn more about important topics.
7. Align Career and Life Goals with Investment
Without considering the future, it is difficult to make a sound investment. You must look beyond five years if you are a supervisor at a BPO business and have enough money to pay the 30% down payment on a condo inside a five-year preselling framework. Will you be a manager and able to take out a Php2-million bank loan then? While you may not have complete control over this, it makes sense to align your professional and financial objectives. Consider starting your own family on a personal level. Your priorities and money will be affected because of this. If your desire for a large backyard surpasses the time commitment required to maintain it, a townhouse or single-family home may be a better fit. Similarly, if sharing walls, ceilings, or floors with a neighbor does not appeal to you, a condo might not be the best option. Condos are best suited to people who are used to living in apartments.
8. Get a home inspection
Even if you are buying a brand-new home, you should have it inspected. The home inspection will be useful even if the house is in good shape. It is like a crash course in house ownership. As the inspector walks around the house, they might provide you advice on how to maintain the property and keep it in good condition. They will probably suggest a maintenance schedule and provide you tips on how to care for your new house. It is not always worth it to pass up a house just because you don’t like one of its features. Some aspects of a house are simple to modify, especially while it is still being built. Color schemes, bathroom fixtures, and flooring choices are all quite simple to change.
If they find anything worrisome or disturbing, you may typically approach the seller and try to reach an agreement. You might persuade the seller to pay for repairs or reduce the price, or you could decide that the additional upkeep or expenditures are not worth it and pull out of the transaction.
9. Decide what type of amenities you want
Condominiums can come with a wide range of features. Make sure to discuss the sorts of facilities you desire with your realtor, as well as other variables such as location and price, so you can locate the ideal home. When you purchase a unit, you are purchasing access to these facilities, so do not be afraid to include them on your wish list. Keep in mind that facilities you will not utilize — like a pool — may still be worthwhile to have because a condo that lacks the amenities of others in the neighborhood may fetch a lower sale price when it comes time to resale.
10. Review Association Dues
Because you want the condo you buy to be well-maintained, you need to know who will oversee conducting the upkeep. Paying association dues only to have the facilities fall into disrepair may be aggravating, and bad management can harm the value of your home or increase your HOA dues. Ask who oversees the day-to-day operations while visiting condos. You may ask the property management firm directly about things like who handles resident requests and community regulations. Consider conducting your investigation on the company’s history.
As a result, it is critical to inquire about how the association fees are distributed and how they are spent with the condo management. For example, a well-run condominium would often set aside a significant amount of money for future major repairs or renovations, such as a roof replacement or the construction of a new parking structure.
11. Look out for restrictions
A condominium is a shared property, and as such, it is regulated by a deed of restrictions. It is critical to know the regulations of your potential condominium to ensure that your lifestyle fits in with the rest of the neighborhood. This includes understanding if pets are permitted, as well as the guest policy. When it comes to remodeling, most condominiums have rules. Pets are not permitted in many apartment buildings. Before choosing a condo with a pleasant environment, make sure you understand what you can and cannot do.
12. Determine the Condo’s Resale Value
You should check the resale value of a condo before purchasing it. However, keep in mind that the location has an impact on this element. For example, a property in Makati’s commercial area would have a high resale value due to its closeness to corporate facilities, restaurants, schools, and other amenities. However, this does not rule out the possibility of a condominium in Butuan lagging. This area is gradually becoming one of the greatest places to invest in real estate.
13. The Fine Print
All your research and considerations lead to one last step: signing a contract to sell or deed of sale. Now, before you sign any paperwork related to your condo purchase, make sure you read everything, even the fine print. It would be a shame to sign off on a home that turns out to be a problem rather than an investment because you did not learn everything about it.
The arduous job of property investing, however, intimidates millennials. They believe they have not put enough money aside yet. Thankfully, the Philippines’ high-rise property boom has made house ownership for millennials more accessible and flexible. Condo living is also contemporary and fast-paced, which makes it great for them.
Looking for a condo apartment to call your own? Do not let your leisure vision be swayed by financial constraints. Camella Manors can guide you through the process of making a real estate investment. You may be able to discover precisely what you’re searching for in a condo apartment in a desirable area like Butuan, with condominiums to choose from.