Ask a typical millennial about his future goals and part of the list is to get a stable job, buy a car, own a condo, and eventually, build a family and a home. It seems like owning a condominium has been seen as a milestone to the typical millennial #adultinglife. But, before you could actually make that big move, check out the list and questions below, and see if condo living is for you.
Am I financially independent?
Living the condo life is a statement that you are already capable of sustaining yourself and covering for all your expenses. Before making the move, however, make sure that your resources will allow you to do so. Whether or not you do decide to get the entire amount from your savings or from loans, be sure that it will still leave you financially stable and healthy.
What is my credit history?
Getting a loan may be an option to finance your condominium purchase. Banks assess your capability to pay back your debt through your credit history as it is a reflection of your financial capacity. Check your credit history with your corresponding bank and have it available upon request.
Can I afford it?
Having your own place and being independent do not simply mean just paying for the downpayment and all the remaining balance for the next years. Paying for the condominium is just the first step. You have to make sure that all the other expenses—utilities, monthly amortization fees, association dues, daily expenses, etc. are all accounted for. Make sure that all these are included in your budget as you transition to the independent life.
What are the rates and fees?
Residential and commercial areas have different rates. Canvass and ask around before getting a condo deal. The rates and fees may differ depending on how valuable the location of the condominium is. Ask about the necessary rates you would need to pay and take the time to learn them all. If anything, condo life should be able to train you to becoming more diligent with your expenses.
What are the rules? How will I ensure my safety?
Each condominium will have its own set of rules and policies. Study them. All of these terms exist to ensure the safety and security of everyone in the building. Make sure that the building has a good security system and is accessible to the police station and fire department if needed.
How do I get the best possible location?
Lastly, scout for a condominium that will give you access to all the establishments you would need — markets, groceries, drugstores, church, convenience stores, hospitals, police stations and fire departments. A pad that is in the middle of all these places will surely come in handy for midnight snack emergencies or legit life‑threatening emergencies.
These are just some guidelines to help you assess and decide if condo living is for you. What’s important is that the condominium you do decide to live in will be a home fit to your personality, your budget and your lifestyle. It will, after all, be your future haven, so make that dream come true in the best possible way. Consider all factors and decide wisely. We’re pretty sure that with these in mind, you definitely condo it!