6 Condo Hunting Tips To Bear In Mind As A Renter
Purchasing your own place is financially challenging. It takes years worth of money before you may actually afford a place you could call your own. If you need a place to live in that’s close to the office, renting might be your best bet. But before you secure that lease, here are quick tips to ensure you get your money’s worth!
1 | Check Your Budget
The first thing you have to check when looking out for a place to rent out is your budget. Keep in mind that rental prices per location, so expect higher mortgage for units in central business districts. If you’ll be living alone, a studio unit is the more economic choice than leasing out a one-bedroom unit or loft for yourself. Monthly rents in Makati can go up to P1,000/square meter, so renting a studio can set you back almost P16,000-P20,000/month. Determine your budget and be realistic.
2 | Identify Your Lifestyle Needs
Next, identify your lifestyle, your needs and wants. This will help determine which type of unit will suit you best. Fully furnished units with complete furniture and appliances tend to cost higher than semi-furnished ones which only include the basic necessities like the bed, stove, and refrigerator. If you spend more time at work and plan to use the unit only for cozy slumbers and hygienic baths, opt for semi-furnished units instead.
3 | Discuss Possible Design Changes
As the tenant who will be using the unit, you would want to make it as homey as possible. Discuss with your landlord if interior changes can be done during your stay such as painting walls or adding wallpapers. The same goes for light fixture installations and furniture repositioning. Possible increases in monthly mortgage should also be discussed before they are implemented.
4 | Get Everything In Writing
After assessing if the unit suits your needs and lifestyle, be upfront with your potential landlord about ‘hidden charges’ that may affect rental charges. Settle who will pay for monthly association dues, electricity and water bills, and get every condition of the tenancy in writing to avoid disputes in the future. Review your contract very carefully before signing and committing to the lease.
5 | Know And Uphold Your Rights
According to Republic Act No. 9653 (The Rental Control Act of 2009), tenants are only required to pay a maximum of three-months worth of rent deposit after agreeing to the contract. If your landlord fails to make the necessary repairs (say a faulty aircon or leaking faucets), you have the right to withhold rent payments. Familiarize yourself with the local civil code and assert your rights as a tenant.
6 | Consider RTO Units
Instead of putting your money on a rental, look for rent-to-own units. This way, your money doubles both as rent and an investment. RTO units are usually pricier than just renting condos because you are paying for the premium of purchasing the space in the future. Take your time when scouting for your RTO unit because you aren’t just renting that unit, you’re actually buying it. However, if you choose not to pursue the purchase the unit in the future, all previous rental deposits will be forfeited.
This story first appeared on CondoLiving Magazine’s April 2018 issue. Edits were made for CondoLiving.OneMega.com