Rent-to-Own Condo | Right for Young Professionals
Rent-to-own condos offer the best option for young professionals aspiring to become homeowners
With the rise of information technology and business process outsourcing (BPO) companies in the Philippines, more Filipinos have the chance to be part of the country’s ever growing workforce. Many international firms have set up their offices in Metro Manila, Cebu, Davao and Cagayan de Oro over the last few years, making the office segment of the property market the most in-demand. Many companies, especially BPOs, are quite flexible when it comes to minimum requirements of their new hires, employing even non-college graduates, which contributed to the spike of employed Filipino workers.
Property developers took advantage of the developments in the job market. They have aggressively built numerous leasable office spaces, as well as residential towers that are mostly located in business districts. Due to their prime locations, these condo high-rises are some of the most sought-after properties by the working force, especially the young urban professionals.
Also known as yuppies, young urban professionals are the ideal investor for a condo unit. They have relatively fewer financial responsibilities, they have the energy to accept more work, and they have all the years ahead of them to pay for and enjoy the condo unit. An easy way for young professionals to become property owners is to opt for a rent-to-own unit.
A rent-to-own unit is a wise choice because it has the advantages of renting and owning a property at the same time. This property option is a great way for young professionals to be an accomplished adult without having to pay a huge chunk of money in one go. As a future investment, they can live the life they want to have in the confines of a comfortable condo unit after a long day’s work as soon as possible. They can easily “buy” a unit and use it while paying for it monthly. It won’t be too hard on their pocket while they enjoy the pleasure of being a condo owner as a reward for their hard work.
In the Philippines, however, the rent-to-own system still requires a bank loan or PAG-IBIG Loan. Unlike the typical rent system, the buyers will have to pay for the equity which is either 5%-30% of the total contract price not covered by the loan. For pre-selling units, however, they can pay the equity in installments about 3 to 36 months depending on the project and the project developer.
In Manila, there are already a lot of ready-for-occupancy units that offers 5% downpayment for you to move-in and avail the rent-to-own system.
Condos Are Suitable to Their Lifestyle
Today’s young professionals usually lead an active lifestyle. They work hard yet they don’t miss out on having fun. They give attention to their social life by meeting loved ones and friends, or they can enjoy their time alone. Either way, condos are perfect venues. Some condos go beyond the usual by offering amenities not normally found elsewhere, like swimming pool and jogging paths, among many others, while others also offer business centers exclusive to residents. These centers are equipped with office machines and gadgets to help them with their work.
Live Close to Work
As condos are usually located in business districts and prime areas, they offer a more convenient way of working for young professionals. Working close to home is a big deal. A well-located condo also reduces the risk of being exposed to the dangers of the road for too long, or worse, battling through flood and traffic after a heavy rain.
Nowadays, more and more young professionals are starting to be more health-conscious. In the midst of their active lifestyle, they can do their fitness regimen conveniently in their condo’s fitness circuit, such as jogging trails, the gym, and/or swimming pool.
Investment for the Future
A condo unit is one of the best real-estate investment that a yuppie can have. Owning a unit brings bragging rights and more. He gains a living space for himself and possibly, for his spouse in the near future. It is an ideal living space for young professionals who would want to settle down, as a condo is low maintenance and is easy to design according to the couple’s taste. If in the future they decide to live in a bigger home, they can always turn their unit into a rental pad to give them another source of income.
As a young professional myself, I chose to invest in a condo unit. The convenience that it brings and low maintenance unit absolutely fit my lifestyle. Although I also wanted a bigger house and lot for my family, the condo unit gives me the freedom, the investment and the convenience that fits my busy lifestyle.
If you want to invest in a condo unit near your office, visit www.FilipinoHomes.com for a list of condo units near you. Our real estate professionals would be very happy to assist you in your purchase.
Charmaine Xy-Za Yape is a founding member and a blogger of Filipino Homes. She is also a PRC and HLURB Registered Real Estate Professional and a Licensed Financial and Investment Advisor. She is an International Realtor member and a Hubspot certified in Inbound Marketing. She is also the co-founder of Iligan Bloggers Society, Inc.