The Financial Checklist For First-Time Condo Buyers

Posted March 25, 2021

a person writing on a notebook

No amount of excitement can equal to that point when you’re about to buy a condo unit. It’s going to be your own place, your own safe haven, your own center of privacy. You’re already eyeing a location and condo spot, which means that you’re definitely determined to buy the unit at all costs. However, there are still other important factors to consider before making your purchase. These are the financial-related factors that you should not ignore, as they are critical when it comes to your down payments and requirements before making the purchase. Things to consider are:

Consider Getting a Co-Borrower.

If you aim to get a home loan in order to avail the said condo unit, then don’t make it hard on you. Get a friend or close associate to be your co-borrower. You may even share the actual responsibility of paying for the house or condo. It will ease the debt-burden for you. However, remember that your co-borrower would also get a share of the profits in case you sell the property in the future. Usually, banks allow spouses, parents, and siblings as co-borrowers. There are also institutions that allow for more than one co-borrower, so keep this in mind.

Know Your Financial Standing.

The following questions should be answered before you make your purchase:

1. Where is your monthly salary coming from and where does it go every month?

2. Do you have any debt/s that you’re still paying off right now?

3. How much savings do you have in the bank?

4. Do you have enough to cover the down payment for a house or condo?

If you are able to answer those questions positively, then you have nothing to worry about. Consider it as smooth-sailing from that point on. But remember, the condo buying checklist isn’t over yet.

Consider Getting a Housing Loan.

We had already mentioned the term “housing loan” in the first factor to consider. You may ask, what is a housing loan? Simply put, it is a loan provided to an individual with the intention of purchasing a house or condominium. This is one of the easiest ways to finance a house or a condo without shelling out all the money upfront. Typically, banks and lending houses would grant as much as 90% of the price depending on their evaluation of your application. Take note, however, that this may also vary, so make sure to ask for further details when applying for this.

Assert Realistic Goals.

The thing about buying a condo unit is being able to customize the place according to your liking. However, you may have to be realistic, as setting additional furniture may be too costly. Remember, it’s not just the content of the condo that you would have to consider paying for, but also the condo unit, itself. Be wise in spending your money to avoid any big debt in the future.

Consider Getting a Property Consultant.

Knowing your options may help in saving a lot of money, while at the same time, still allows you to afford your dream condo. Not only can a consultant assist you in finding a condo that will suit your budget and needs, he/she may also facilitate and help you out on the documentations needed for your loan arrangements and even secure a sweet deal to your advantage.

So, you’re ready to settle down at your own condo unit. If you are looking to experience only the best when it comes to quality condos look no further than Torre Lorenzo. Feel free to contact us via 86-TORRE (86773) or visit our website at https://www.torrelorenzo.com for more information.