The affordable schemes from various developments and real estate properties make it ideal to own a unit or a house and lot. Still, renting remains a viable option for some. It offers less commitment than owning a property. It also keeps you from committing irreversible investment mistakes.
A condo in metro manila doesn’t have to remain an ideal if you can rent it out. If you’re at lost as to which kind of home suits your lifestyle, you can ask yourself these questions to gain clarity.
- Can you manage the monthly fees?
It can be a problem when you’re flying solo. You’re running on a single paycheck. But if you play your cards right, you can stay afloat despite the expenses. If most of your day is in the office, your utility bills won’t amount to households with a large family.
Consequently, growing families must consider their expenses before betting on a rental. The monthly dues can be a burden if their outflow is almost on its limit. Moreover, they must think of the long-term vision. Having children means that the line of their family will continue. Hence, they need to settle on a property that stays with them for a long time.
- Can you sacrifice night-outs?
Going out for drinks after hours can become a weekly habit where you blow all of your money. Allowing your balances to reach negative or your wallet to stay empty until the next paycheck places you at risk. Your expenses become off-balance, meaning you need to sacrifice an area in your life. Whether its food, clothing or the payment of your rent, overspending can cripple you for a long time.
Therefore, reassess your lifestyle. Can you give up Friday or Saturday night parties? You can do them once a month or trade them for something less costly. Organizing a sleepover with your friends or inviting colleagues over for a home-cooked meal is a cheaper alternative to being hammered on overpriced shots.
- Does your day job cover your expenses?
There’s one thing to remember about rentals – the monthly fees and terms of the agreement. Who will shoulder the repairs? What other costs do you have to pay when an unfortunate situation arises?
It’s best to be sure that your compensation is enough to pay your dues and other living expenses. You can do this by adjusting any of the items on your expense list. A cheap rental and frugal lifestyle can make it all work.
It becomes a different story when you undertake a passion project. Often, these projects exist to break off your daily routine. They don’t have any return besides the happiness and skills you forge into it.
Besides the personal expense of your endeavors, the cost of going to and fro your office may be taking most of the budget. When that happens, it’s necessary to consider moving closer to your workplace.
Another thing to consider is the nature of your job. Does it entail constant travel? If it does, it’s much better to get a rental as you won’t be at home most of the time. However, it isn’t sustainable in the long run. You are placing your money in other’s pocket instead of putting them in your basket.
- Do your friends spend a lot of time at your place?
Renting a place within a condominium unit can be a problem if you have rowdy friends. The noise you produce when you get together can disturb next door neighbors.
Other than the noise, close peers who constantly crash over without permission can inflate your monthly expenses. As the host, you are responsible for keeping them well-fed. It becomes a painstaking task when they overstay as you would be feeding two mouths instead of one.
- Do you like taking out-of-town trips?
Travelling for leisure is a conscious decision. If you tend to be out of your home for extended periods, then a serviced rental with a 24-hour security is the best option for you. You can also opt for an apartment, but you have to inform your landlord if you plan to leave the area.
You can also go for a home in a gated community. Ensure the property is within social services or areas with tight security, so your home remains safe.
These five questions will help you determine the facets of your life you need to sacrifice or improve find the right home for you.