Home buying journey is not an easy feat. Trying to decide between different property options is one thing and knowing your budget limitations is another. We are here to make your condo buying experience much easier so if you’re planning on purchasing your very own condominium unit soon, we’ve listed some tips for you on How to save up for a condominium unit.
In a time where liberty and independence is a trait that most people value, moving out and living separately from parents have been a common occurrence throughout the recent years.
Millennials, specifically, have been eager to move out of their parent homes and rent out or purchase their own residence to fulfill their moral and lifestyle needs. Although real estate developers that offer affordable house and lot made it extremely possible for people to acquire their own property, a good percentage of the population still desires to buy a condominium unit of their own.
Condominium living generally offers convenience, accessibility, and luxury given the fact that it is often situated in a strategic location which makes it one of the best housing and investment choices for millennials. It also offers amenities exclusive to condominium residents other property developments can’t. If you are one of these people and have been wanting to save up money for that lifelong dream of yours, stick around and follow this guide on how to save up for a condominium unit.
Guide of how to save up for a condominium unit:
1. Organize and See the Bigger Picture
It is important to have a good grasp on how much you earn and spend regularly. Tally up your net monthly income and subtract your grocery and rent/transportation bills. The difference is what we can consider as lifestyle expenses. Where exactly is this money going? It’s easy to overlook our unnecessary spending when it comes to little values if we don’t keep track on them. When viewed as a whole, these little things adds up and you would be surprise on how much you actually spend. When you have your monthly budget monitoring, you get a better look at how it really adds up to too much.
3. Skim off the Vices
This may seem pretty difficult especially during the early stages, but reducing the amount of money you spend on vices e.g. cigarettes and liquor is a big help in your quest to save up. Same with the “lifestyle expenses” mentioned above, when all these add up, you would be looking at an impressive amount that you wish you could have just saved the money up for a condominium already.
If you don’t have any vices that take up a hefty amount in your pocket, look for some errant spending that you can live without. The dinner parties or bar nights may sound exciting but you certainly can trade it for a more inexpensive and healthy cooked meal at home. You can also invite friends and bring simple dishes for a potluck and alas, you have yourself a decent dinner gathering. The internet is filled with cost-conscious ideas that can help.
4. Find Frugal Food
Doing your own grocery shopping and cooking your own meals is such an underrated idea. Cooking your work lunch and dinner saves you a lot of money. Yes, you’ll have to trade up a couple of minutes of your sleep as you will have to cook and prepare your own meal, but the overall impact it brings in your tight budget is too significant to ignore. You can even cook a big serving of food for dinner and save the left-overs for tomorrow. Moreover, cooked meals are much healthier than the food you buy for your lunch. The “make your own food” diet is way cheaper and healthier that a store bought food. Find some great recipes online and make your meals drop-dead delicious; you won’t feel like you’re missing out if you look forward to your lunch every day.
5. Reconsider your Rent
If you are renting and would want to save up for your condominium unit purchase, you might want to rethink your rent expense. Rent expense is arguably the biggest monthly expense for a lot of people. Cutting or reducing this might be a huge win and would enable one to save more. You can consider cohabitation or renting with a friend or a partner. Some changes will inevitably arise when you cohabitate so you should ask yourself if you are willing to undergo such changes in exchange for more savings. If you rent and live alone, you might want to look for a more budget-friendly package in a smaller yet accommodating space. Lastly, moving back with your family in the meantime is also a solid option. Doing so helps you save thousands of peso and would enable you to establish and grow your savings. Plus, you also get to spend time with your family.
Affordable Condominium
Saving for a condominium unit definitely isn’t easy. It will require discipline, organization, dedication, and a fundamental shift in your lifestyle. Condominium buying comes with a lot of perks. Aside from being your primary residence, its investment component is also another major reason why a lot of people decide to purchase and invest in one. It offers not only a place to live but is also a great investment with amazing returns.
If you’ve been looking for that perfect condominium unit for you, check out Bria’s affordable and elegant condominiums in prime locations of Cebu, Cagayan De Oro, Cavite, and Laguna. Specially made and planned to cater to millennials’ housing needs in terms of convenience and work from home set-ups, Bria Condominiums are strategically situated in key locations nationwide. Pre-selling and Ready-For-Occupancy (RFO) units are available in Bria Condominiums as well. Start today in saving for your condominium unit and follow the tips mentioned above to help you save up for that perfect condominium unit you’ve been eyeing for.
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