{"id":9212,"date":"2019-02-09T18:00:08","date_gmt":"2019-02-09T10:00:08","guid":{"rendered":"https:\/\/leasing.dmcihomes.com\/?p=9212"},"modified":"2023-09-08T09:56:02","modified_gmt":"2023-09-08T01:56:02","slug":"newlyweds-mistakes-buying-condo","status":"publish","type":"post","link":"https:\/\/leasing.dmcihomes.com\/blog\/newlyweds-mistakes-buying-condo\/","title":{"rendered":"10 Mistakes Newlyweds Should Avoid When Buying a Condo Unit"},"content":{"rendered":"

Congratulations, bride- and groom-to-be! Are you thinking of buying a house after marriage? If so, you\u2019re on your way to start a life together in a brand new DMCI Homes condo. But before you sign that contract, you need to know these condo buying mistakes newlyweds shouldn\u2019t commit to have a hassle-free condo living<\/a> experience.<\/span><\/p>\n

Not getting a good, trusted real estate agent<\/h3>\n

\"goodPhoto courtesy of Lukas<\/a> via Pexels.com<\/em><\/p>\n

Before you newlyweds buy your first home, you need to find a good and trusted real estate agent. Remember, you\u2019re dealing with a big sum of money here so some may be tempted to get a little piece of that. Find out if the person you\u2019re talking to is a certified real estate broker and is knowledgeable about the process of buying a condo.<\/span><\/p>\n

It would also be great to have someone who prioritizes his clients over getting a quick sale. Having a trusted agent will make the buying processes easier and less confusing for both of you. You might even end up having a good friend after all has been said and done.<\/p>\n

Deciding on your own<\/h3>\n

\"couplePhoto courtesy of Vera Arsic<\/a> via Pexels.com<\/em><\/p>\n

Buying an apartment after marriage involves a lot of decision making, such as whose name will be written on the title, as well as who and how will you pay to name a few. This means that everything must be talked about and decided by both of you. That\u2019s part of the commitment of being married.<\/p>\n

Avoid making decisions on your own \u2013especially when making big purchases such as buying a house after marriage. By making it a habit to inform your intentions to your significant other and deciding on an action plan together, you avoid unnecessary arguments or, worse, a failed marriage.<\/p>\n

Is this the middle ground?<\/h3>\n

One of the things you and your spouse need to agree upon is the location of your condo unit. Unless one yields, chances are the both of you would like to live somewhere near the workplace of you and your spouse.<\/p>\n

Your condo can also be somewhere that\u2019s near your office, hospital, church, police station, or malls and give the best living options for newlyweds. Or maybe the both of you would like somewhere that\u2019s quiet. The important thing is that you decide as one.<\/p>\n

Going in without emergency funds<\/h3>\n

\"emptyPhoto courtesy of Robert Bogdan<\/a> via Pexels.com<\/em><\/p>\n

If there\u2019s one thing in common when it comes to marriage and finance, it would be that both will always have ups and downs. Everything will be great and wonderful during the highs, but your relationship will really be tested when trials come in \u2013 especially when it comes to finance. The pending bills such as your condo\u2019s monthly amortization and living expenses will certainly stress the both of you. <\/span><\/p>\n

That\u2019s why it\u2019s highly recommended to set up emergency funds before newlyweds buy a home. Emergency funds should be at least three times your combined monthly income and must be easily withdrawn for when the time comes. It\u2019s also advised that even if you reach the threshold, you should continue to build your emergency funds. Having this will help you when you or your spouse loses their job or any untoward incidents happen to them.<\/span><\/p>\n

Forgetting to factor in other expenses<\/h3>\n

During your married life, you\u2019ll probably be buying and paying for a lot of stuff such as your car\u2019s amortization, car maintenance, living expenses, and other bills. When you\u2019re planning to buy a condo, you need to factor this into the equation to see if you can afford to live in a condo. Remember that your monthly amortization and association dues will go on top of what you\u2019re currently spending on a monthly basis.<\/span><\/p>\n

Miss out on payments<\/h3>\n

\"payingPhoto courtesy of EVG Photos<\/a> via Pexels.com<\/em><\/p>\n

Part of being married is being financially responsible. Avoid missing out on your monthly payments so that you don\u2019t have to deal with the penalties or, worse, have your contract canceled. Don\u2019t worry. You do have a grace period based on <\/span>Republic Act No. 6552<\/span><\/a> AKA the Realty Installment Buyer Protection Act.<\/span><\/p>\n

This will allow you to pay unsettled amortization without added interest if you\u2019re able to pay for two years straight. Your grace period can be calculated at a fixed rate of one month for every year of paying installment.<\/span><\/p>\n

Using your credit card to pay amortization<\/h3>\n

Credit cards are very convenient. It lets you pay your bills and buy items without the need for cold hard cash. All you need is a swipe of a card. Sadly, this isn\u2019t the way you want to pay huge amounts like the monthly amortization of your new condo unit. While it allows you to pay it instantly and hassle-free, you might pay the price (pun intended) when you miss the deadline.<\/span><\/p>\n

Why? Two words \u2013 interest rate. You can be paying as low as 2% to as high as 3.5% in interest rates if you miss out on your monthly credit card payment. If your monthly amortization is around Php 10,000, that would be an additional Php 200. Sure, that may sound like a small amount, but know that your condominium\u2019s monthly amortization can go higher, depending on the location, developer, rooms, and amenities. Not to mention the possibility of someone getting your credit card details as you hand it to other people to \u201cconveniently\u201d swipe it.<\/span><\/p>\n

Not making any future plans<\/h3>\n

There is nothing certain about anyone\u2019s future. The best way to prepare for the worst is to plan ahead. That being said, you might want to get insurance for your condo and your life. It sounds a bit dark, but you wouldn\u2019t want to be left to pay\u00a0for everything by yourself in case something happens to your spouse (knock on wood).<\/span><\/p>\n

Having insurance, starting a small business, building your emergency funds, and investing in the stock market are surefire ways to prepare for whatever life throws your way in the future. That includes paying for your condo.<\/span><\/p>\n

Skipping on parking space<\/h3>\n

\"parkingPhoto courtesy of Jose Espinal<\/a> via Pexels.com<\/em><\/p>\n

Whether married or single \u2013 one of the biggest mistakes of anyone planning to live in a condo is skipping on buying a parking space for their car\/s. New renters or condo owners think that they can simply park anywhere they want in condo spaces, but that\u2019s not the case.<\/span><\/p>\n

Don\u2019t forget to buy your own parking space. Not only will you have a place to park, but it will also give you peace of mind knowing that it\u2019s safe from carnappers or irresponsible drivers on the road.<\/span><\/p>\n

Not putting everything in paper or on record<\/h3>\n

Before thinking of what do newlyweds buy for their brand new condo, it would be wise to have your attorney write up a prenup to protect your personal assets or when you buy a house before marriage. The legal implications will save or protect you with your rights to your property in case of an annulment (again, knock on wood). This will help you to be able to claim what\u2019s yours through a written contract made prior to the purchase, saving your precious resources rather than fighting for it in court.<\/span><\/p>\n

Buying a brand new condo for your married life is no joke. It would be wise to do as much as you can from this list to avoid making the <\/span>common condo buyer mistakes<\/span><\/a>, whether you\u2019re married already or about to.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Congratulations, bride- and groom-to-be! Are you thinking of buying a house after marriage? If so, you\u2019re on your way to start a life together in a brand new DMCI Homes condo. But before you sign that contract, you need to know these condo buying mistakes newlyweds shouldn\u2019t commit to have a hassle-free condo living experience. […]<\/p>\n","protected":false},"author":1,"featured_media":9214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-and-tips"],"_links":{"self":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts\/9212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/comments?post=9212"}],"version-history":[{"count":2,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts\/9212\/revisions"}],"predecessor-version":[{"id":15752,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts\/9212\/revisions\/15752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/media?parent=9212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/categories?post=9212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/tags?post=9212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}