Are you contemplating buying a condo unit of your own, but you have college loans to pay on the one hand and an entry-level income on the other hand? Your concerns are valid, but if you are looking for that one final push to decide to buy a Pasig condo unit—probably your very first home—you are in the right place.
Here are some of the advantages of owning a condo unit in your 20s.
1) You will have more freedom and flexibility.
This is the biggest perk of owning a condo—having it all to yourself. However, sharing your space with a cousin or friend means that you should consider their needs, wants, and preferences when it comes to arranging the place where you both live.
Of course, you cannot just buy whatever furniture you want because of the limited space. The same applies if you are renting. Renovating may be demanding as you still have to ask permission from the landlord. That’s quite a hassle. The landlord may not always give you the approval, more so for permanent structures.
But if you buy your own condo, you can do whatever you want without getting others’ approvals: your space, your rules.
2) You may pay off your loan faster.
Since you will shoulder all the expenses by yourself, you will be getting a 10- to a 25-year mortgage. By the time you finish paying it off, you will only be 30 or 45 years old. That is better than paying your housing debts before or even after retirement.
Retirement should be aimed at relaxing at home, going on vacations, and enjoying leisure time with your spouse or grandchildren.
3) You’ll experience the “adulting” vibe firsthand.
Once you decide to buy that condo for sale in Quezon City, you will be bombarded with all those #adulting feels. It can overwhelm you, but that is fine because that’s a natural part of growing up and being wiser. Further, it implies being responsible for your decisions and actions.
Not all youngsters are bold enough to make this decision. Also, succeeding in this aspect allows you to be more mature in facing other life challenges.
4) You’ll have a potential source of passive income.
Changes are inevitable, and so is your journey in adulthood. For example, you may be promoted and be asked to move to another city. You may have to pursue your career abroad. Or, you may decide to settle down and have a family, but you figured you want to upgrade your dwelling to accommodate the arrival of your first child. That’s completely okay.
You need not be tied down to your condo. It can support your financial goals by turning your unit into a passive income. So even if you are still paying for it, turning it into a rental is like having it pay for itself.
Did you know that real estate investment is one of the industries with the highest returns possible? Condo units are properties that also appreciate over time. So if you decide to sell your home, the chances are that the prices have already increased. Property is never a loss, but it is a worthy asset for you. So don’t regret buying a condo unit in your 20s.
More incredible things will come if you are determined to commit to this long-term plan. Yes, buying a condo is geared for the long term, with returns and rewards that amplify as the years go by.