NOTE: This story is based on my own personal experience.
Owning a condominium is not an impossible goal for Call Center Agents. If you work hard on those promotions, and you get to a higher salary bracket, then it may be possible. Condominiums now have payment schemes that are easier to pay with more reasonable amounts.
However, there are still a few "things" we Call Center Agents should be aware of before buying that said investment.
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You see those sales agents in malls handing out flyers for Condominiums that are as low as 7,000 - 8,000 a month. Like outbound call center sales agents, their goal is to get their target hooked, with the terms of payment explained as vaguely as possible.
Metro Manila Condominiums are expensive - period. You will get cheaper deals if you buy a low cost house and lots in Cavite or somewhere farther away. If the deal seems amazingly cheap, then there has to be a catch somewhere.
Payment schemes for condominiums are like metrics for calls - a lot of computation is involved.
The down payment is usually 10% or 20% of the actual Condo total price. It is usually the down payment that is advertised as the low-monthly payment and not the amount you have to pay this afterward.
-- 'ang daming nabobola dito'
Let's say the condo unit you are buying has a total price of 1M. The down payment is 10% so that's 100,000.00 PHP. Divide the DP by 12mos - and you get the low low price of 8333.00PHP per month. WOW!
However, once you pay off the down payment after a year, you now have to produce the remaining amount of 900,000.00. You pay for this in cash or through a bank loan.
Since you are a call center agent and not a millionaire, I am assuming that you will opt for a bank loan. The amount you have to pay off may have a 6-10% interest from the bank (which could also increase every year). Your original monthly 8333.00php can go as high as 10k - 15k a month.
'Never think of banks as charitable institutions.'
Factor in also the fact that the banks approved Loan may not be the full amount at all. After paying for the down payment, banks will give you a loan based on your income and age. So if you ask for a 900k loan, the bank will assess first and offer you different amounts. For the 900k request, the bank may only approve a 600k loan - so you have to get the remaining 400k magically. - 'parang mga goals at incentives na di mo alam sang kamay ng Diyos huhugutin...'
What happens to your down payment then if you are unable to continue paying for the Condominium? Some developers give back a certain amount only, some have clauses in their contract that if you fail to pay - 'nganga'.
So what to do?
Ask ask ask and ASK. Factor in all the points from the down payment to the monthly amortization, to the loan amount you may get with your current salary.
Get a credit check - some banks will not offer loans to Call Center/BPO employees. Go to a bank first and ask if you will be granted a loan.
You are a call center agent, so you know how agents should work - and IF the condo sales reps cannot or will not cater to your inquiries, then walk away or ask for another sales rep.
You have the right to know what you are getting yourself into.
Once you get all the terms clearly - then you go and compute your finances. Factor in all your expenses and see if it's feasible or not. Contact a bank and tell them that you are planning to buy a condo and what is the "loanable amount" you are to get in the future.
'If hindi talaga kaya, wag mo ipipilit. Wag mag pa pressure or madala ng sales-talk. Hindi naman si condo sales rep ang magdurusa pag di mo kaya bayaran ang binili mo...look for other options...'
Call center agents are supposed to be smart. So practice due diligence and pursue your dreams.
'Bawal maging tanga...'
Can you share other condo buying tips?
