How to Afford a Condo When Your Salary Is Your Only Source of Income

Looking to rent or buy your first condo? Don’t worry, It IS possible 

You’ve been eyeing that condo in the CBD with a fantastic view of the city skyline and the rent is even within your salary! Sounds like the perfect deal, but before you jump into signing the contract, study the factors first. If your salary is your only source of income, here are tips that can help you decide if that apartment is the right one for you.

How much can you really afford?

As a rule of thumb, rent should be about 30% to 40% of your gross monthly income. The rest goes to taxes, utilities, daily expenses, and savings. You’d want to live comfortably and worry-free than scrimping monthly just to meet your payments.

But there are exceptions to the percentage rule. Plot down all your expenses in a month and see if renting that coveted condo unit will help you save in some areas, making the rent reasonable. Are certain utilities inclusive of the rent? Is the location near your workplace, helping you save in gas or commute? Do you have a friend willing to be your roomie? Weigh these factors before making a final decision.

Get A Pag-Ibig Loan

pag-ibig-logo2

Make use of your Pag-Ibig contributions and get a Multi-Purpose Loan. You only need 24 months worth of contributions in order to qualify. Typically, you can loan 60% of your total contributions. The percentage increases depending on the number of months you’ve been actively contributing.

Accomplish the requirements such as the Multi-Purpose Loan Application Form, valid ID copies, and proof of income. The loan with an interest rate of 10.75% per annum should be repaid in 24 months.

Develop Good Credit Standing

If your goal is to purchase a condo unit, then getting a bank loan is a great option. A bank will look into your history before they’ll hand out a loan, so up your chances of having your loan approved.According to Hoppler, you improve your chances if you’ve been steadily employed for at least two years, have savings, do business with the same bank, have a guarantor (hi, mom and dad!), and pay your debts.

Make sure you have good credit standing. Bankrate advises that you eliminate your credit card balances, pay bills on time, and don’t show any kind of money risk like using your card to pay a pawnshop or an annulment lawyer.

Invest Your Money

how-to-open-a-citiseconline-account.jpg

Remember this: the more money you have in the bank, the less it earns in potential investments. Financial advisers always point to the smart move of investing a portion of your savings and making your money work for you. It doesn’t necessarily have to go to a business. There are tons to choose from that won’t require your active participation. Look into insurances and stocks. COL Financial’s Easy Investment Program let’s you initially start with only P5,000, which will go into buying stocks that you can keep acquiring for a length of time. The peso-cost averaging methodology will eventually give you a reasonable return of investment in the long run.

If Sacrifices Have to be Made…
What should you cut back on to meet the budget? Go for the obvious, like drinking the free coffee at work than buying your daily cup of joe, car pooling to save on gas, holding back on shopping sprees, cooking your food and baon than eating out, cutting back on smoking and drinking, and lessening the out-of-town trips. There’s more you can hold back on that won’t make you feel deprived. See where your money goes and decide from there.Ready to call that condo your new home-sweet-home? Just follow these tips and you’ll find the perfect match in no time.

 

BURN THE FEAR AWAY AT THE COMFORTS OF YOUR OWN HOME

Friday the 13th or even just the number 13, has long been associated with bad luck. Although there isn’t any clear answer as to how this superstition started, researchers say that it may have had a biblical origin because it was the 13th disciple who betrayed Jesus on the Last Supper; and that his crucifixion the next day fell on a Friday.

The fear of this day has spread throughout the world with lots of people even resorting to Feng Shui or other rituals just to keep their luck in tact! However, there are still some people who consider Friday the 13th as any other ordinary day.

Tomorrow, October 13th is the second and final Friday the 13th of the year. Will you be limiting the fun because of a belief? Or will you still go about your day feeling fresh and carefree?

Regardless of your belief, here are some activities we can suggest to help you still enjoy the day!

 

1. BINGE WATCH!

Catch up on those TV shows and movies that has been your hard drive for so long. This is your chance to give yourself a break to just lounge in your pajamas  and enjoy your unlimited popcorn!

BONUS: Easy to make snacks for your movie night!

2. CALL IN A GIRLS NIGHT!

Invite your girl friends over and have the most mature sleepover like talking about your exes or boyfriends! Ha! You can even have your own fashion show or even just a simple movie night! The night is young and pretty sure you and your girlfriends can come up with something fun to do.

BONUS: Yummy recipes for a girls night IN! 

3. BE A MASTERCHEF!

 

Be the masterchef of your own home! Take this opportunity to practice on those recipes you’ve been dying to try yourself. And by the time regular days arrive you are now an expert on brining baon for lunch which could also help you save loads of money just from buying food.

BONUS: Pre-packed lunch recipes for the working professional! 

4. BE A FITNESS GURU

 

What I’m about to tell you can be a little hypocritical for some but it makes sense. If you’ve got nothing to do on this freaky night, why don’t you take the edge off by sweating out? Most of the condos homes have fantastic gyms that you don’t get to use every day. Well, this is your chance to use this perk and have the fittest night you’ll ever have.

But if you’re really the ‘tamad’ person, you can do your squats and ab workout at your living room.

BONUS: Quick, Easy, Intense, is the best workout for you

5. COOL OFF


Swim your heart out under the night sky! Cool yourself after a busy day while swimming in the silent waters of the pool. Having a swimming pool in your own home is one of the best perks of living a condominium!

Remove the freaky Friday thought and make friends by the pool. You never know you might find a neighbor you can clique with.

Imagine having a close-friend neighbor whom you can easily run to should you need help for anything!

BONUS: Bring the resort to your home!

If everything on these list is something your wish to do even if its just a regular friday, well you are definitely fit to a condo lifestyle! Learn more about what’s best for you by calling 810-3333 or you can chat with us LIVE! at http://www.empire-east.com. You can also follow @empireeast on Facebook, Twitter, Instagram for real time updates. 

REAL ESTATE DEVELOPER HONORS NATIONAL HEROES DAY WITH AN EXCLUSIVE HOME FEST

National Heroes’s Day came in strong for Empire East with its city-wide home fest celebration last August 27 and 28, 2017

The said event was celebrated in all Empire East’s participating mall showrooms, 5/F SM Megamall, G/F SM North, 2/L SM San Lazaro, LGF SM Sta. Mesa and North Wing 2/L SM Mall of Asia from 10:00 AM to 10:00 PM and in the site showrooms, Pioneer Woodlands, EDSA corner Pioneer St., Mandaluyong City and Kasara Urban Resort Residences at Eagle St., Pasig City from 9:00 AM to 9:00 PM

Heroes are not only seen in monuments but rather they are also seen at homes everyday. Which is why Empire East prepared these unique and affordable discounts! Enjoy a 10% DISCOUNT in all our projects located in Pasig, Makati, Mandaluyong and Manila.  You can also get a TWO-BEDROOM unit for the price of one bedroom (PHP 15, 000) on selected projects. Our Laguna Bel-Air project is being offered for as low as PHP 10,000 per month!

“We are so glad that our city-wide home fest was accepted warmly by our clients. All we wanted was to open more opportunities for our modern day heroes such as our parents, OFWs and workers a chance to give their families their own home.”  says Empire East President and CEO, Atty. Anthony Charlemagne Yu

For 23 years, Empire East has prioritized its clients’ best interest. Find solace in one of Empire East Homes! Call 810-3333 for inquiries or like/follow @empireeast on Facebook, Twitter and Instagram.
 

REAL ESTATE DEVELOPER AWAKENS THE HERO IN YOU

Manila, Philippines –  Real Estate developer, Empire East is set to commemorate National Heroes Day by opening its doors to an exclusive home fest on August 27 and 28, 2017.

The city-wide event will be held in all participating mall showrooms, 5/F SM Megamall, G/F SM North, 2/L SM San Lazaro, LGF SM Sta. Mesa and North Wing 2/L SM Mall of Asia from 10:00 AM to 10:00 PM and in the site showrooms, Pioneer Woodlands, EDSA corner Pioneer St., Mandaluyong City and Kasara Urban Resort Residences at Eagle St., Pasig City from 9:00 AM to 9:00 PM

Also, chances of owning a home will be doubled with Empire East’s exclusive promos and discounts! Enjoy a 10% DISCOUNT in all our projects located in Pasig, Makati, Mandaluyong and Manila.  You can also get a TWO-BEDROOM unit for the price of one bedroom (PHP 15, 000) on selected projects. Our Laguna Bel-Air project is being offered for as low as PHP 10,000 per month!

“On National Heroes Day, we not only celebrate the men and women of Philippine History who helped our country develop as a nation, but we should also put a spotlight on our modern day heroes, such as  our parents, workers even students who sacrificed a lot for the benefit of their families.” CEO and President, Atty. Anthony Charlemagne Yu

Empire East has been offering full support to every modern Pinoy hero by providing quality homes and communities. For inquiries, Call 810-3333 or like/follow @empireeast on Facebook, Twitter and Instagram.