A nice car and a lovely home. That’s arguably the dream of every Filipino. But wait, shouldn’t reliable emergency funds and good enough savings be part of the lifelong plan? The truth is, having it all isn’t as easy as pinning your life goals on Pinterest. It takes a lot of hard work, time, and adequate knowledge to know what’s best for your future.
Nonetheless, instead of racking your brain on how to save enough for a home, realize that times have changed and it is now actually possible to save money and have a home at the same time. Sounds too good to be true? We’re answering some of your burning questions to help you better understand and strategize on how to build your savings by building your home.
Should You Rent or Buy?
This is a common head-scratcher among those who plan to buy their very first home. For many, ownership trumps renting. However, it often feels like it’s much easier to rent because the monthly payments are likely lower and you don’t need a big chunk of cash at once to secure a place to rent.
Here’s the reality. The biggest disadvantage that comes with renting is that regardless of how many months or years your contract is. So if your dream really is to become a homeowner, then it’s much smarter to invest in a property like buying a condominium in Cebu, where the economy has been steadily booming.
When you purchase a unit at Bloq Residences, you have an option to take one that is still at its pre-selling stage, which offers a much lower rate than ready-for-occupancy units. The downside is, you have to wait a bit before you can move in. On the other hand, you can also opt for an RFO unit so you can essentially step inside your new abode almost instantly! Having to pay a monthly mortgage for a property that is truly yours makes a lot more sense than cashing out almost the same amount of money—even higher sometimes—for a unit that you can never technically own.
With your own place, you can freely decorate or personalize according to your needs and style. Furthermore, buying a condominium in Cebu gives you the entrepreneurial opportunity to rent out the place and earn a passive income that could help compensate for a portion of the buying price.
Why Choose a Condo for a Home?
If you’re still daydreaming about a white-picket-fence house with a big yard, then you might be a little out of date. Today, condominiums are deemed as one of the best investments anyone can make, even here in the Philippines! Most condominiums are located in the best places in the city. They’re close to hospitals, schools, malls, and supermarkets, practically anything you need is within an arm’s reach. This makes it not only fit for your fast-paced lifestyle but also extremely attractive to both long-term tenants looking for a convenient place in the city center or for short-term travelers who prefer homestay accommodation at the heart of the city. Loft condominiums, like what Bloq Residences could offer, add a unique, chic twist to condo living.
Additionally, condominiums have a great community. You have enough privacy and security, but you are also closer to your neighbors.
How Can Owning a Condo Help You Save?
We’ve already established that renting instead of buying your own place could have more disadvantages than advantages. With the right budget planning, you could be a proud homeowner of a money-generating condo unit. Thus, all things considered, seriously look into the benefits of buying a condominium in Cebu instead of renting a house or an apartment.
If you have saved enough money, it’s even better to buy the place in cash. You’d skip the interest rate and without the monthly payments, you set aside money to build up your savings yet again. All you need to think about is the monthly utility bills and some renovations here and there.
Buying a condo is one of the best investment decisions you can make. You can do whatever you want when you have your own unit while saving money. But of course, consider your financial capacity. And, if you can buy a unit, do check out where you can buy and who can legitimately help you build your home and realize your dreams!