Age and Home Buying: When Is The Right Time to Buy A Condo?

Written by Posted On Wednesday, 17 October 2018 19:48

In truth, there is no right age or time to buy. The condition depends from person to person. You might afford a condo now but you might prefer a house and lot. Meanwhile, your peers are happy to have a condo but they don't have the means to purchase one. Moreover, buying property might not be best in the long run. If you consider your financial aspect, you'll find that renting can help you save more money than you would when you buy.

 

If you really want to have a property of your own, you first must check your living conditions. Ask yourself these questions:

 

1. Can you afford monthly payments and expenses that come with home ownership?

 

2. Can you settle down payment in cash? If not, will you be qualified for a loan?

 

3. Can you afford extra costs from maintenance fees and hidden charges from transactions?

 

4. Are you mentally prepared and ready to own and maintain a home?

 

These questions don't require you to be or to reach a certain age before you can own a condo in Parañaque. There is no right age to buy a property but acquiring property when you're young has its perks. If you have what it takes to purchase a condo as early as you can, below are some of the perks you get when you purchase a condo.

 

- You build equity. Over time, the price of your property can increase and help you earn a profit once you decide to sell it. You can also borrow against your equity in case you need the extra money.

 

- You have a place to call yours. Once you're done with mortgage payments, you don't have to shell out money for your home anymore. At the same time, you'll be in charge of how to customize the different parts of your home for it to suit your style.

 

Of course, you don't have to rush things. If you're not ready to get a property, you can always wait. Being in the middle years or older means that you have a steady income and a picture of where you want to settle down. At this age, you would know the career you would like to pursue and the office you wish to stay until you retire. When you wait, you can use your 20s and 30s to save for your down payment or doing things you love. That way, you'll get a great credit score that qualifies you to get the best mortgage rates.

 

Now that you have a picture of the perks of buying at a young age and waiting until you build credit, it's time you find out about the things to consider when deciding whether to buy early or to wait for the right time to purchase a condo.

 

- Local markets

Real estate conditions of the local market can influence your decision. If renting is expensive, it becomes reasonable to buy especially when prices are low. Besides the cost of properties, it also helps to watch out for interest rates. Borrowing is costly when interest rates are high.

 

- Down payment

The larger your down payment, the less you have to think about monthly fees and interest costs. Complete down payments reduces your chances of paying extra costs associated with purchasing a property.  Some banks offer loans that allow homebuyers to pay out small down payments. Thus, people can afford to have their own property at a young age.

 

- Career

Evaluate your income and location. Is there a chance it will change over time? If you think your career impacts your decision to buy a condo, then figure out if holding off or buying early is best for you and the rest of the household. Some careers pose no problem as they are stable.

 

- Risks

You must think about how you will repay your loan. Remember, you can have significant losses when you take on a property. You are taking on a huge amount of money that you must pay off within a specified time. Taking the risk might be easy when you're young because you have more time to recover from losses. Meanwhile, it becomes easier for you to recover your finances when you're older because you've already established your savings.

 

These are the things you have to remember if you're thinking about purchasing a home. Whether you're on your 20s, 30s, 40s, or beyond, it's best to survey your options first before you get a condo. You seek an expert if you want some insights into the real estate market and the conditions that surround it.

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Dominique Santos

Dominique is a blogger and also a big fan of anything about interior designing, writing home decor tips and guides specifically. He is currently blogging for Amaia Land, developer of estates and condo in Manila, Philippines.

https://63realestate.wordpress.com/

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