Quizzes Are You Ready to Buy a Condo? September 4, 2018 Share on Facebook Tweet on Twitter Buying your own condo is a huge step towards independence. It's exciting but it also needs a lot of consideration. Take this short quiz to find out if you're ready to take that step. Why are you thinking of buying a condo? I'd like to see if I can actually live by myself without relying on my parents' help. I want to live independently. I want to have access to a swimming pool anytime. Describe yourself as a credit card user. I'm a heavy user, but I pay my bill in full every month. I have this neat trick of paying just the minimum amount due. That way, I can keep using my card without having to pay the full amount every month. I use a debit card so I can control my spending; if there’s no money in that account, I won’t spend anything. This way, I won’t also have to pay a bill every month Do you have an idea where you want to live? Yes, I do. I have no clue. I have some ideas, but no definite place yet. If your current home doesn't have an indoor gym, how important is it to you that your new place of residence will have spaces where you can keep fit? Fairly important, though I don't exercise that often. Not that important. I don't have time to work out. That's perfect for my needs. Can you afford to pay the 10 to 20 percent downpayment on a condo today? (Hint: the average downpayment for a condo is at P450,000 to P900,000) It will be tight, but I can do it. I can't be more ready—I've already saved for it. Maybe. I might be able to cash advance some of it from my different credit cards. Do you have a family of your own? I see that happening in about 10 years. Yes, I do. Not yet, but my partner and I have talked about it. What's your source of income? I run my own business, so my income is my business. Checks from clients—I'm a freelancer. My monthly salary. Do you have a monthly budget? Yes, a very tight one. Yes, for food and transportation. My parents cover the rest. Yes. And I make sure there's some cash flow left for emergencies every month.