Saving your money in the bank is good. The thing here however is that it has the possibility of being spent. If it gets spent, then you have to start over again!
Most Young Urban Professionals, famously known as "Yuppies", don't even get to think about investing in something like a property or business. I know because I was one of them! We were young of course and we thought about gadgets, trips, gimmicks, movies, our daily allowances and other personal stuff. We wanted to earn more so that we can spend more.
© Getty Images / Dimitri Vervitsiotis
I advice you to think this way -- You are just in your first 25 years on earth, you have a lot more years to live after that! Why not work hard while you're young to prepare for the rest of your life that's still ahead of you (which is let's say around 50 years or more)? That's more than the 20++ years you have lived, which means that you will have more decades to live the life you truly deserve. And by "working hard" I don't just mean "working" but also managing your finances in a way that can ultimately benefit you in the future. Why not create a business or perhaps, invest in a property?
One of the most practical investments that young professionals can take advantage of is buying condominiums. Not only are condos affordable, they also offer flexible payment schemes. Our project in Muntinlupa City for example -- Escalades South Metro, which is still in its pre-selling stage, offers a 36-month spread for the 20% Downpayment. If you reserve as early as now, your monthly amortization for the down payment will be much more affordable, like as low as 7-10 K a month for a studio unit. After a few months or more, the number of DP months will be lessened to 20 -- making your monthly payments much higher, not to mention of course the possibility of a price increase. And of course, we advise you not to frown upon the price increase because it's simply an indication that the value of the property has an increasing potential. This is especially true in condominium developments built in important or key cities in Metro Manila.
More and more people are dwelling in the cities. If you have a condo unit, you have an option to rent it out at a price that can benefit you. Or you can of course live in it if it gives you the best advantage over traveling from your house to your office.Some Tips in Buying a Condo
- Check out various options and take note of the price range of the property. What will fit your budget?
- Get pre-qualified for a mortgage. Robinsons Communities wants to prevent hassles from happening to clients that's why we strongly encourage that buyers scout for a bank or other financial institutions for a home loan as soon as they reserve a unit.
- Inspect the building complex and the actual unit (if ready for occupancy) or the location (if it's still in pre-selling stage). Contact the broker for a site trip. He / she will give you details about the location, the condo unit deliverables, the building features and amenities and of course the payment scheme.
- If you are buying a condominium unit for investment, it's better to get from a pre-selling tower because it offers the lowest price! After a few months, as it nears completion and delivery, the condo unit will increase in price -- at this stage, you are already gaining!
Buying a condo is an important decision simply because it involves money. And since it involves money, you have to make the right decision. Increase your net worth and consider investing in a property now. Don't just let your hard-earned money pass you by. Invest it and purchase a property.Golden Key Photo Credit: Getty Images
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