Buying Your First Condo

At one point or another, it’s only natural that our thoughts turn to how we can make our lives better. And with good reason: It is only when we act on that desire, that drive to improve and see how far we can go that will allow us to truly know ourselves and our place in the world. For many, that first big step towards independence begins with getting their own place.

But before you start checking out condos on your journey towards independence, here are some practical questions you have to be honest enough to answer:

 

“Am I financially stable?”

financially stable
You’ve made up your mind to buy a condo. But don’t forget to take into account that on top of your monthly mortgage would be your water, electric, and phone bill. Sit down and do the math to properly determine if you are financially stable enough to buy a property. Once you’ve done the number crunching, you can seek out property consultants who can help you pick the condo to match your means with flexible payment schemes.

 

“What does it take to maintain my own home?”

maintain home
Owning is not the same as renting. Owning a place means being ready for additional responsibilities. Common areas of the development, such as the amenities, will be care of your building’s property management team, and fees will be part of your monthly association dues. At the same time, there are developments that have property maintenance services available (they’re not included in the package) within the building or community.

 

“How do I pick the right location?”

right location
 Taking into account travel time to and from work, or the proximity of your house to your daughter’s school or your friends’ places, trying to figure out where to get your own place can be tricky. Ideally, you would want to live where you know there are others who share your passions.

 

“Can I stay in one city for the next five years?”

next five years
Well, it is going to be a choice you need to make. You can sell your property, but you have to consider living in it for around half a decade for you to be able to make the most out of your investment. Another option would be to rent out the unit, providing you with a passive income. Regardless of your decision, it is essential to first understand the market before getting your own place.

 

“Can I do this?”

can i do this
The short answer is YES.

When all is said and done, getting your own place isn’t – and shouldn’t – be a scary decision; it’s the next step in becoming your own person. The only thing left to consider is whether or not you’re willing to take the step.