Moving in is one of the most important life decisions. There are several factors to consider such as your emotional readiness and financial stability. One of the basic decisions you and your partner need to make is choosing your first home. Will you initially live with your in-laws? Is one room good enough for the moment? In a couple of years, your family shall grow and this may require moving to a larger space. You may consider a condo for rent.
Here’s an 8-point guide to help you decide where to live with your partner.
Secure your privacy
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Albert, a successful pilot, was having a casual conversation with his financial adviser once. He’s incredibly blessed with all the material things he can ask for, the pilot humbly said. He focused on his career for most of his 20s and only decided to settle down at 35. In choosing your first home, it’s important to consider your new status: you’re now a couple who’s living together. As such, you need privacy. Living with your in-laws may be a practical choice for now, but if you can afford it, it’s advisable to get your own space.
Do some pencil-pushing
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You should know that rents may extremely vary in the capital region. The lease of a one-bedroom apartment in Makati City is double the rate in the northern cities of Caloocan and Quezon. As you approach the business districts in the south, you can expect higher rents and utility bill rates. You should budget your income as a couple in consideration of these expenses. Remember that you should be saving 20% to 25% of your net income so you shouldn’t be allotting half of your earnings for your rent. Sit down with your partner and plan a realistic monthly budget.
Take essential budgeting factors into consideration
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Aside from rent, there are other housing-related expenses to note. If you have a car, you’d definitely need a parking space. A parking slot may bump your rent by PHP 1,000 to PHP 2,000. You also need to average your electricity, water, and gas expenses. Home security, such as the maintenance of surveillance cameras, should be part of your budgeting.
One advantage of condo living is the savings on security and utility bills. Tivoli Garden Residences features 24/7 security including guards, surveillance cameras, and smoke detectors. The buildings and common areas were built with Lumiventt Technology that allows the natural flow of air and light. This can help you save on energy consumption.
Other sundry expenses
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Proximity to business districts, schools, and commercial establishments is a primary consideration when looking for your first home. The higher cost of transportation in the metro is no small issue. Precious time and money are wasted in traffic. There’s also the opportunity cost of spending time in a vehicle instead of being productive or bonding with family. The best condos in the Philippines are situated near offices, schools, and public transport terminals and are designed to block off urban living stressors. It’s the epitome of “so near, yet so far.” Cut your monthly expenses by choosing a home near your offices. With everything within your reach, you’re able to spend more time for relaxation and fitness.
Save on fitness-related expenses
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It’s essential for young couples to maintain a balanced lifestyle despite their new roles. Albert, a pilot captain in an international airline, tells his financial adviser-friend that he and his wife are actively engaged in various fitness activities. “It’s our way of looking after each other’s wellness,” he said. They regularly go to the gym, together if they could, and take tai chi and yoga sessions. Currently, Albert is into cross-fit while his wife is indulged in jujitsu.
Taking care of your family doesn’t have to be at the expense of your mental and physical health. Tivoli Gardens allows tenants, especially busy professionals, to maintain a healthy lifestyle through free access to condo amenities such as the lap pool, gym, and jogging path. No need to incur extra expenses for gym membership.
No sweat event hosting
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Every now and then, you’d be hosting family and friends in your home. Bonding with your expanded kin and friends is essential in Filipino culture. Many apartments are not fit for social events, so are tiny studio spaces. Condos have a solution for you: gorgeous event venues inside your condo community. You can hold a family dinner in the function hall or a picnic with friends at the open lawn. If relatives are staying over, you can inquire about short-term leasing in your condo. Bond with your family without giving up your privacy.
Explore possible home ownership
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In an effort to stimulate the real estate and investing industry, and to aid Filipinos own homes, the government has lowered the interest rates in mortgages. You may discuss with your partner whether it’s a smarter decision to buy your home instead of renting. You can also explore rent-to-own schemes, which is a cost-efficient option.
Create a feasible action plan
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If, after much assessment, you realize that this may not be right time to rent a condo, your next assignment is to create an action plan for your near-future condo living. How much should your household be earning to enable you to lease a condo unit? Know ways on how to improve your income by investing well. There are stocks, bonds, mutual funds, and bank products for your passive income. You can also explore freelance work such as online writing and web designing to boost your active income.
Moving in with your partner can be one of the most precious chapter of your life. If you’re lucky enough, you might stay with your partner until your retirement age. You have a long journey ahead. Plan well in choosing a conducive home to build memories together.
