5 Habits to Prepare You for Condo Living

Owning your own condo and being free to do whatever you want, whenever you want—sounds like a dream, right? Condo living is one of the most rewarding goals you can achieve; it’s a giant leap that takes you to a whole new level of adulthood. But of course, like all good things in life, you have to put in the time and effort to make it happen. While moving out of your parents’ home and into your own condo can be intimidating, here are steps you can take to hit your #condogoals.

1. Track your money. Familiarize yourself with your money flow by using free apps such as Wally, Dollarbird, and Goodbudget. If you’re wary of linking your bank accounts, choose an app that lets you manually input your expenses and earnings (like the apps mentioned above)—or use good ol’ MS Excel. By tracking your money, you can figure out where you tend to overspend (overpriced coffee runs?) and what you can do as a cheaper alternative (coffee made at home just the way you like it). This is good practice for when you need to allot money for rent, utilities (water, electricity, broadband internet, cable, etc.), and other expenses every month.

2. Save, save, save. Now that you know where your money goes, you can start consciously saving for your dream condo. Instead of saving whatever’s left at the end of the month, set aside a fixed amount every payday. Instead of dipping into your emergency savings account for the latest gadget, think of how your future self will thank you when it’s time to use the money for an actual emergency. Instead of blowing your bonus on a spontaneous weekend trip, save a big chunk and leave just enough for a nice meal out or a massage—a treat for all your hard work that won’t derail your condo living goals.

3. Build good credit. Contrary to popular opinion, credit cards are not the enemy—but the devil is in the details a.k.a. how you settle what you swiped for. This matters significantly if you’re looking to rent or purchase a condo unit. Once you’ve established good credit standing, it’s much easier for you to apply for a home loan in the future. Just remember to spend less than what you earn. When the bill comes, pay the full amount on time every month. If not, you will end up paying a higher interest rate if you just settle the minimum amount on your card. At the same time, creditors and lenders will check the timeliness of your payments because this shows how capable you are of paying your bills. Also, be on the lookout for add-on rates. Lastly, hang on to your credit card because it’s easier to build good credit when you’ve had an account for a long time.

4. Pick up some #adulting skills. As silly as it sounds, you need to learn simple life hacks, such as how to keep yourself fed and clothed. Learn how to cook your favorite meals, how to spot quality produce, and where to find the best grocery deals. It’s cheaper and healthier to cook your own meals. Practice doing your laundry, or compute if it would be cheaper and more space-efficient to have your clothes washed at the neighborhood laundry shop than to purchase your own washing machine and ironing equipment. (Spoiler alert: It usually is, especially if you’ll be living alone.)

5. Do your research. 

a) Buying a condo entails more than just paying the TCP or total contract price. It also comes with add-on expenses such as annual real property tax, fire insurance, mortgage redemption insurance, building maintenance, and homeowner’s association dues. Factor in these expenses while you plan to purchase your own condo.

b) Condo living can entail a lot of expenses, but also has the perks and privileges which make it worth it. If you live in a condo near your workplace, you won’t need a car because you can walk or bike to work (and save money on gas!). When you live in a hyper-amenitized condo, you can save up on separate gym memberships, clubhouse or sports club memberships, and other additional expenses that come with those built-in facilities.

c) When it comes to furnishing, make a list of what you can take with you, which hand-me-downs you can ask from relatives and friends, and which sales and discount stores you can check out.

With all the hard work you put into preparing for condo living, choosing the right condo is crucial. Century Properties has distinctive, high-quality, hyper-amenitized, and attainable real estate in the Philippines, including Commonwealth by Century in Quezon City, Acqua Private Residences in Mandaluyong, and Azure Urban Resort Residences in Parañaque. Ready to move in? Take advantage of Century’s MIN 2.5% offer, which allows you to move in for a minimum of 2.5% down payment.

Preparing for condo living may not be easy, but it will all be worth it once you achieve your #condogoals in a hyper-amenitized and strategically located property. Check out Century Properties to find the best real estate in the Philippines for you.

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