It’s easy to understand why most first-time homebuyers get the jitters. It’s a big purchase. It’s a huge responsibility. But here’s a consolation: it’s okay that your first home isn’t your forever home.
In fact, a lot of Filipinos are ditching the idea of bungalow homes in gated subdivisions as their first property. Instead, they’re going vertical living, moving to condominiums. Here’s what makes condo units ideal.
You have everything within reach
Condos are often located in the metro or near the city’s busiest business hubs, so you’re only a few minutes away from offices, restaurants, malls, hospitals and other commercial establishments. This is an advantage for newlyweds working hard in their careers and businesses, trying to save up for the family they’re building.
This is also a huge benefit for first-time parents who are on the lookout for schools, leisure centers and medical institutions accessible for their child’s well-being. So, consider going vertical living yourself as well. Check out condos in Ortigas, including The Grove by Rockwell, which is conveniently located near key establishments and transportation systems. You may find the place a right fit for your young family.
You can rent it out in the future
When your family gets bigger and there’s no other choice but to move into a bigger home, you can make your condo a cash cow by renting it out. If your unit is near universities or central business districts, you can expect to have a lot of potential tenants vying for your space.
Your condo will turn into an income property when you move out of it. It’s not as taxing as selling a house and lot. It will also give you greater flexibility, allowing you to choose between long-term or short-term rentals, depending on your income needs.
The thing you should just keep in mind here is location. Right from the beginning, look at condos near commercial business districts. Or at least the ones near them, the up-and-coming neighborhoods.
You can afford it
Condo units are relatively more inexpensive than house and lots. You can afford one with a million pesos with no down payment. Plus, you have lots of loan options in the market. This is a huge advantage for young families since they most likely have a minimal budget for home buying.
Note though that even if you’re getting a huge financial benefit in condos, understand the costs of home ownership. Apart from your actual home, you’d be paying for utilities, including gas, water, electricity, cable and Internet. Not to mention repairs and condo association fees along the way. Before you take the plunge, you should have enough savings to cover at least the first six months of condo ownership.
Buying your first home is indeed overwhelming. But you can be on the less risky side of things when you go the usual route that many modern, first-time home buyers are now taking: moving to condos. Consider vertical living and find your home sweet home in this ideal starter home.