Most of us have our own dream house. It could be grand mansion or a modest home but with thoughtfully designed spaces. If you’re a first time homebuyer, your primary consideration would likely be about adhering to your personal and lifestyle preferences while staying on budget and without sacrificing quality features.
For this reason alone, buying a condo unit as your first home is a great choice. In fact, latest reports say that demand for compact spaces in the local condo market has increased considerably. This upward trend hints at a greater interest in practicality among first time buyers. After all, condos have a relatively lower purchase price compared to single-family homes.
As a first time buyer, you want your first home to be cost efficient, neat, aesthetically pleasing, and budget-friendly. Nothing is much more beautiful than going home after a long day of work and just sit back and relax in the comfort of your own abode.
Condominiums and Starter Homes
What exactly is a starter home?
A starter home, from the term itself, is often considered an entry-level home for first time home buyers, such as young professionals and newlywed couples. Likewise, starter homes are mostly associated with condominium units.
Some may say that condos are “temporary homes” that, after several years of compact living, condo dwellers will move up and buy a larger, more expensive single-family home or detached house. But this is not always and not necessarily the case.
More and more people from all age groups now see a condominium investment as a practical solution to homeownership. Many of us don’t need an unnecessarily spacious personal sanctuary, especially for single individuals, couples, and small families.
More and more Pinoys look for value-priced condominiums that come with facilities, amenities, and entitlements that can make daily living more bearable and a lot less stressful and a hassle. Vertical homes situated at emerging locations in Greater Manila Area (GMA) and regional areas nationwide provide exactly that privilege.
7 Things that Make Condominiums a Good Starter Home
Do condominium units make great starter homes? Here are the top seven (7) benefits of investing in condos for first time home buyers like you who may be gravitating towards condo investing but isn’t sure yet whether it’s worth the major property expense.
1. Access to amenities
Fancy amenities are available to condo residents which monthly HOA fees or condo fees help cover. Most common amenities and outdoor facilities of the average condo community include a sports court, jogging areas, playground for kids, a condo gym, tranquil landscapes, and pool area.
Condo owners also enjoy enhanced safety with 24/7 security services with multiple surveillance cameras strategically placed within and outside the building to deter crimes. All of these are irresistible features that make condo practical living a much preferable way of life in a growing cityscape compared to traditional homeownership.
2. There is a Friendly Community
In a condominium, your neighbors will become familiar to you soon. If you’re sociable, you’ll appreciate having the option of meeting someone nearby for coffee. Everyone takes pride in the complex because they all help to maintain it. This indicates that the neighborhood is a great place to live.
3. They are secure and safe
Condominium developments are typically relatively secure because many have on-site security and management personnel available 24 hours a day. When the nearby condos are vacant, other neighbors often keep an eye on them.
4. Low down payment
Many condo providers in the local real estate market offer low down payment schemes with flexible financing options. Asterra is one the condo developers offering these through its value-packed condominiums in key locations such as Pampanga, Cavite, and Laguna in Luzon.
Condo ownership is then proof that a little bit of luxury in your chosen lifestyle through amenities such as a swimming pool and panoramic views in upper floor units does not have to cause you great financial hardship or be economically inaccessible to you.
5. Customization inside your home
Owning a condo means independent life in which you can alter and change the vibe of your own condo and make it as aesthetic as it can be. If you want to save, you can design and customize it on your own and consider DIY home improvements.
You have the freedom to design your own property like changing the walls, doing light improvements, upholstering the cabinets and the likes. You have the final decision on how you want your condo to be and it builds a more sense of ownership.
6. Condos can be a good investment property
Condominiums can be a primary home or vacation homes, but it can also be a practical investment property that you might want to think and consider.
Condos as a real estate investment has a great resale value or it can be a rental property which can create a passive income for you as an owner. Owning a condo does not necessarily means that it should be your home but it can be your business that creates an income in the long run.
This kind of rental property business is very rampant in the condo community which the payments on the rent are used by the owners to pay for their loans and debts which totally a win-win for them. So level up your homeownership journey and start investing in condo units and make it as an investment property that is truly best value for money.
7. Location matters
Condos are really suited to an independent life for young working professionals that enjoys the easy and convenient life in areas posed for growth. Condos are typically located in the urban setting, making it more accessible for condo owners to public transportation, in the city, companies, entertainment, and dining options.
The location of your condo unit is densely populated rather that a single family neighborhood. It is in the advanced and fast phased lifestyle that a young professionals wanted in which it can be very attracted for them.
Every “first” is nerve racking. Ensuring we make the right decision is what we all think about. When it comes to choosing your first home, aside from the budget considerations, the comfort and safety of your family is one of the highest priorities.
It is important we choose the house where our family could settle safely and comfortably. There are many more factors to consider when it comes to buying your first home.
But really, as long as you do your due diligence and make sure you understand what you’re committing to, you’re good to go, which includes consulting with a real estate agent or a similar professional when you’re feeling a little too overwhelmed with your options (or the lack of it).
But when all’s said and done, condominiums not only make a great starter home, but also a first investment even for overseas Filipinos. Its high resale value is what makes condominiums really trendy and in demand.
Make sure to check out Asterra, one of the latest condominium brands in the Philippines. Situated in strategic locations with open greens and convenient access to basic services, make Asterra your starter home! Get in touch with one of our representatives today and visit our website for a virtual tour of available properties.
