There could be nothing more exciting than living together as man and wife and starting your family. Aside from planning your wedding and honeymoon, you will finally get to settle in your very own place. However, it can be easy to get lost with all the decisions to make and options to choose from. You need to decide regarding your budget, finances, work and career, and of course, your long-term plans after the wedding.
Fret not. This renting guide for newlyweds will walk you through the factors that you need to consider before you start looking for condos for rent in the Philippines. From how to set a smart budget to how to rent a condo, this article got your questions on renting covered to make condo living a breeze. Once you have decided on a condo unit, you can then start on an even more exciting mission: to decorate your new home. Here are the questions that you and your spouse need to answer so you can bag the perfect condo.
Renting is a great option for couples who are just starting out in their marriage. Renting, instead of buying, is convenient especially if moving to a bigger house or to another location is a possibility in at least five years’ time. Buying a house and reselling it after only such a short time may cost you more. Also, renting is your best option if your growing careers will have you moving into another area.
“How much is our budget?”
The process of looking for condo for rent starts with determining a realistic budget. According to the U.S. Census Bureau, you should allot an amount not exceeding than 20% of your income. If you really have to spend more on renting, make your absolute ceiling 30%, but make sure to take into account the condo fees that you will have to shoulder on top of your rent.
To give you some leeway in condo renting, you may have to cut back on some expenses. This is where the value of prioritizing your needs versus wants comes in. Take time to list down all of your non-negotiable items such as bills, loans, and other financial obligations that you may have. Don’t forget to make saving a priority and to set aside a fixed percentage of your income. Then, write down the expenses that you can work on like food, clothing, entertainment, and the like.
“Do we have enough funds for the down payment?”
Once you have agreed on how much you can shell out each month on rental, be prepared to have sufficient funds on hand as landlords usually require a down payment. The down payment usually covers the first and last month’s rent and a deposit for when you leave the place in a not-so-good condition. With this, prepare an amount that is at least thrice the monthly rent so you can have dibs on the condo unit that you are eyeing on.
“Where will we live?”
In a culture of close family ties like in the Philippines, it is not uncommon to see newlyweds living within the proximity of their parents. While it is a good thing to consider, you should decide based on what will be best for you and your spouse. Choose a unit that is close to your work and to establishments that you need such as supermarkets, hospital, coffee shops, and so on.
There are plenty of high-rise condo units for rent located right smack in the middle of business central districts, but these cost more than those located in the suburbs. Fortunately, you can also choose from condo units that may not be in prime locations, but are conveniently close to public transport systems.
Next to location, choose based on your preferences and circumstances. For instance, if you have a pet, then pick only a condo where your furry friend is allowed. Also, compare the amenities in different condos so you can make the best selection.
“Do we have stable careers?”
This is a very important consideration in sorting your finances for the whole duration of your marriage. While this is certainly not something to look forward to, consider if there are possibilities for you or your spouse to be laid off especially in the near future. Since rental and utility bills will be a constant obligation, discuss your plans in the worst case scenario. This is why it is crucial for you two to start practical budgeting and saving up for your emergency fund.
“When are we having kids?”
This is probably the most thrilling aspect of the newlywed life that most couples are expecting, pun intended. Deciding on when you will start growing your family and how many kids you want before you begin your condo hunt will make things a whole lot easier. If you want to enjoy life as man and wife for a long time first, then you can opt for a smaller space that is also easier on your budget. On the other hand, if you want kids right away, pick a condo unit that will be comfortably fit you and your growing family.
“Now, how do we begin the condo hunt itself?”
Renting a condo is an enormous and yet rewarding responsibility so you need to take your time in doing your research and looking around. Ask your family and friends for recommendations. Surf the internet for great listings. Choose only the reputable names in the condo development and construction scene here in the Philippines. For instance, scour DMCI condos for rent that you can readily occupy. Look only at condo units that are within your budget and that are just right for your lifestyle.
Once you have found the right condo, make sure you ask your landlord on everything that you need to know and to inspect the unit carefully. Raise your concerns immediately regarding necessary repairs, if there are any. Keep your documents handy and most importantly, read the fine print before you sign anything for a fuss-free condo living as newlyweds.
Choose a condo unit that will best suit your needs and preferences. Keep your options open, but make sure you stick to your budget. After all, starting your marriage right means being financially responsible enough to raise your soon-to-be family in your home sweet home.