There’s nothing you can be proud of than to
have your first condo.
No matter how compact it is, it is a space you can call your own. You can style
it however you would like, you can display whatever items interest you, and you
can do whatever you want.
There is no one to stop you if you just want to chill all day, eat every minute, or sleep late at night. You can choose which style you want, the furniture pieces you would use, and the color combination you would apply.
However, before you are able to own a condo of your own, you have to face the reality that you have to save for it. It might seem daunting at first but trust yourself, it is rewarding if you are able to get there. You have surely checked out the different ready for occupancy and preselling condominium projects in the market and compared their prices. You might have even felt as though you cannot afford any of them, but if you keep in mind the essential tips on how to save for a condo, you will be able to afford and invest in one someday. You will just need a bit of discipline and some patience and for sure, you will be rewarded with the financial stability that you deserve.
You want to save for a condo? Check out these 5 essential tips.
1. Set a specific goal
Setting a specific goal for yourself is the wisest thing to do especially if you planning to save money. Do not just save for the sake of saving. Determine the reason for saving. The more specific you are with yourself, the more likely you are to budget effectively.
First thing you should do is to determine how much you can afford in rent or amortization each month. According to financial experts, generally, your monthly rent or amortization should not be more than 30% of your monthly income. Set that as your starting goal but you have to keep in mind the other expenses such as the utility bills and condo dues as well as other items such as your condo furniture and moving fees
Aside from this, you also have to think long-term. It is not enough that you save up for a few months to cover the condo down payment or initial condo rent. Assess if your costs are too high for your income. Because if that is so, you will quickly begin eating into your savings.
2. Lessen your expenses
The best way to save money easier and faster? Lessen your expenses. Though this may involve making some tough choices about which things you should prioritize, what you are willing to give up to bring you closer to achieving your goal of saving for that dream condo.
Video on-demand and digital subscriptions like Netflix and Spotify are so popular nowadays. These services offer a more convenient way to access entertainment but they require a monthly subscription fee. If you are really after saving for your condo, you might have to look into these subscriptions and assess which ones you can give up.
It is also wise to lower your bills by not taking your currently monthly costs at face value. Research on how you can lower the rates of your insurance or how you can get better deals especially if you also want to purchase a car. The money that you can save from this tactic can help you build your funds for the condo.
You can also save a lot by limiting your dinners and get-togethers. Spending unnecessary money on food instead of eating at home can affect the way you save your money. Just think about it. Eat at home so you can save money and at the same time eat healthy.
3. Build an emergency fund
Paying your monthly amortization fee or rental fee should not leave you with zero amount in your bank. Aside from saving for your condo, make sure that you are able to build an emergency fund to cover any emergencies or unexpected costs that may arise when you started to move in.
Financial advisors say you allocate at least 20% of your earning into savings and about 10% of your salary for emergency fund so that you are covered in both aspects.
4. Identify what you can compromise
Owning or renting a condo will definitely involve some compromises. That would mean longer time to wait before you can even buy that brand-new furniture made from well-known designers. If you really want to save, you can be choosing to compromise by considering second-hand furniture that you can refurbish or fix up. There are a lot of good deals online that would not cost you much.
After all, you do not have to buy branded furniture pieces. It will all depend on your creativity and budgeting skills on how you can put all things together.
5. Be yourself
The most important tip to be able to save? Be realistic with yourself. Ask yourself if you are really ready to purchase a condo and how committed you are in saving for it. You have to give your 100% commitment to yourself that you will save for that dream condo and that you will do whatever it takes to be able to achieve that goal. Set reasonable goals and start building your savings.
There is no other time to save but now, not only for that dream condo, but for investments, and for your future.
If you are looking to invest in a condominium unit, Vista Residences, the condominium arm of Vista Land & Lifescapes, Inc. has ready for occupancy condo units and preselling condominium projects in Manila and Quezon City that are strategically located within inner city areas, in close proximity to developed business districts and prestigious schools.
For more information on Vista Residences, visitwww.vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
