Although living in a condo in the Philippines has become a popular trend in the country in recent years, you’ve got to admit that a condo lifestyle entails countless expenses you may actually find really difficult to keep track of.
Tessa Salazar of The Philippine Daily Inquirer reported that property analyst, Enrique M. Soriano III, found developers in prime locations in the Philippines as selling each condo unit approximately 1 million or a little less than a million pesos.
Of course, in addition to the amount of money you’ll shell out when you purchase your condo, you’ll undoubtedly also need to deal with monthly living expenses on a regular basis. Dealing with food, clothing, transportation, medical expenses, and expensive utility bills is something you’ll need to face realistically when you choose to live in a condo.
But, you don’t need to constantly run broke to enjoy condo life at its optimal best. There are often ways to resourcefully reduce your monthly condo living expenses, without having the need to sacrifice the lifestyle quality you’ve always wished to indulge in.
Rent Instead Of Buy
Condominiums for sale may be appealing. However, before you make the decision to buy a condo, you need to make sure you’re up for the challenges it will likely bring.
Calculate cost of condo renting and buying before you finalize your transaction with your developer. Obviously, if you’re unsure whether or not you plan to live in your condo for a long time, you can save considerably more money if you choose to rent a condo, instead of buying one.
Rent for a one-bedroom condo unit in the city center of the Philippines costs only approximately 21,000 pesos per month. On the other hand, basic utilities cost 4,900 pesos at a minimum, monthly. On top of these reasonable rates you’ll deal with when renting a condo, you won’t need to pay for expensive association dues and miscellaneous fees as a renter. Condo owners deal with miscellaneous fees and association dues directly.
Don’t Contact Condo Owners Online
Condo living tends to be more expensive if you try to hunt for a property owner online. Condo rental rip off is not something uncommon in the Philippines. Some condo owners in the country attempt to rig more money than they are supposed to when they advertise their rental services online. These condo owners try to victimize gullible and naive potential condo renters who may fall into their traps. Don’t be a victim of a rental rip off and risk wasting a lot of money - something that can be avoided in the first place by doing some proactive thinking.
Furnish And Decorate Your Unit
Condo owners usually charge additional fees for furnished units for rent. These fees may be significantly higher if the condo owner furnishes your unit with expensive furnitures. Furnish your unit yourself with furnitures suited to your budget and preference. Additionally, you may choose to get creative by having landlord-friendly home decorations around your condo, while you’re at it, to create an appealing look for your new home.
Eat Home-Cooked Meals
Cut down your condo bills further by eating home-cooked meals, instead of constantly buying food from restaurants. Most condo owners and developers don’t charge extra fees for cooking in your unit’s premises. A loaf of bread, rice, eggs, chicken breasts, and fruits from the local open market in the Philippines cost approximately 500-600 pesos, in total. These food items can even last you for a few days. On the other hand, a single meal from an inexpensive restaurant in the country, such as McDonald’s or Jollibee, costs about 150 pesos per meal.
Patronize Local Goods
Minimize high condo bills by buying Philippine-produced goods, rather than buying imported ones. Locally-produced goods are significantly cheaper, as compared to goods imported from other countries. Plus, you will find that local goods are just as of high-quality as imported ones, maybe even better. For instance, most people don’t find any difference in taste quality between a Filipino banana ketchup and Heinz ketchup. So, what’s the point of buying imported goods when all it does is to make you spend more money?
Take The Jeepney In Favor Of A Cab
Patronize the cheapest mode of transportation in the Philippines—a jeepney ride. A jeepney fare costs only about 14 pesos per person. On the other hand, a taxi fare’s regular tariff costs about 40 pesos.
Getting hold of a jeepney should not be hard since they are everywhere on the streets. There are no restricted loading and unloading zones for jeepneys anywhere in the Philippines.
If jeepneys can’t directly access your point of destination, take the LRT or MRT to continue your journey, so you’ll still be able to save money on travel expenses in totality.
Spend Money Wise
Spend your money right and save it along the way by applying for a credit card or loans. If you feel that you’re struggling to instantly pay your bills once they arrive, use your credit card to help finance your needs, whenever there is a necessity to do so.
There are a lot of banks in the Philippines that offer low-interest rates for credit card loans you may choose to avail. These banks even offer long-stretch payment of credit card loans, giving you more flexibility to pay for your loans in accordance to your convenience.
Centralize Your Air Conditioning System
Install a centralized air conditioning system to lower your electricity bill. A centralized air conditioner especially comes in handy if your condo has more than one bedroom. You may want to consider turning on your AC at bedtime only during cold season, within December to January. Doing this may also help you lower your electricity bill.
First-time condo dwellers sometimes get overwhelmed with the hefty monthly condo bills. Living in a condo does not mean you’ll have to live a life full of debts you doubt you can pay off, though. Remember, it’s totally up to you on how you’ll craft wit and creativity to the way you plan and oversee your budget.