Planning for First House - Any Tips?

**ano727** · October 16th, 2015 04:47 PM

Originally Posted by jut703

Nakabili na nga ko. ☺

Thanks for the suggestion though.

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Bro, which development in Ortigas if I may ask? Or PM. Thanks.

**Sebastian Bach** · May 17th, 2016 01:42 PM

Hello Everyone,

I've been following this thread since it started and I would like to ask for an advice or any tips from condo unit owners here or someone knowledgeable about these things.

I'm in the process of looking for my first condo. I'm 28/yo and currently renting a condo unit but I'm a bit frustrated na walang nangyayari sa rent payments ko. I think It's time I can consider placing that rent into monthly amortization. I still have a limited knowledge about the REAL cost of ownership. I'm still doing my homework regarding the annual payments (taxes, insurance, etc) but I can't seem to understand them all.

I'm eyeing to get the pre-selling period of:

A. FAIRWAY Terraces of DMCI at Villamor, Pasay - 1 Bedroom, 55sqm, 4.9M, (2019 Turnover)
** Unit & parking is more expensive but I really like the location, BGC, Makati entries
** lower units nalang available sa layout na gusto ko
B. SHERIDAN Towers of DMCI (North Bldg) at Pioneer, Mandaluyong - 2 Bedroom, 67sqm, 4.5M (2020 Turnover)
** This overall is cheaper and larger but,
** I'm hesistant on the EDSA point of entry, Squatters in the area & that Pasig river smell

Things I know as of now and taken into consideration for payments,
1. Downpayment Monthly Amortization (28-32k)
2. Closing Fees - Around 500K (this is already computed, planning to spot pay upon turnover)
3. Move-in Fees - 60K - 80K? (upon turnover)
4. Monthly condo association dues (per sqm)
5. Monthly Amortization (Remaining 80% upon turnover)

My expenses & backup: (computed)
- Currently I can save about 60% of my salary
- Fixed monthly expenses (rent & utilities)
- Average variable expenses (food, movies, etc)
- Monthly Auto loan amortization (I'm still in the middle of the loan term, but upon turnover I can eliminate this and my current rent)
- gas, parking, maintenance

- I have setup my Emergency funds (3-4months)
- Stocks
- UITFs

---------
I have no idea how much should I be ready for these things:

1. Annual Realty Tax? - I know there is but I have no idea how much/percent
2. Annual Common Area dues/tax?
3. Building Insurance? - I have no idea about the cost, Is this yearly?
4. Joining Fees - one time payment, right?
5. what else?

I have computed for everything except for that Annual Payments I do not know about.
I'm asking for an advice so I could check and consider everything. I need to re-compute if I could already afford to get my own home or just continue investing in stocks & uitfs for now and try again in the next 3 years. I hope someone could enlighten me on what are the things I need to consider. Please Help.

**sientobente** · May 21st, 2016 09:09 PM

^ I got my first condo like eons ago so I'd probably just share what I can recall. Since you are buying preselling, usually upon turn over mo babayaran yang mga tax. I think ang binayaran ko is equivalent to 5% of the value of the condo. Yung amelyar annually, mura lang, so don't fret on it, mas mahal pa annual na rehistro ng kotse.

Tapos regarding the ammort and stuff. ang advice ko, do not go through inhouse financing. Take out the loan and transfer it to a bank. Usually, yang mga developers na yan, like DMCI has tie-ups with banks, so inquire from your suking bank.

**dr. d** · May 21st, 2016 09:33 PM

before plunking down your money, i think you should research on the driving/traffic conditions you will have to traverse, should you decide to live there.
some locations are "cheaper", but at a price.

**Sebastian Bach** · May 26th, 2016 12:01 PM

Originally Posted by sientobente

^ I got my first condo like eons ago so I'd probably just share what I can recall. Since you are buying preselling, usually upon turn over mo babayaran yang mga tax. I think ang binayaran ko is equivalent to 5% of the value of the condo. Yung amelyar annually, mura lang, so don't fret on it, mas mahal pa annual na rehistro ng kotse.

Tapos regarding the ammort and stuff. ang advice ko, do not go through inhouse financing. Take out the loan and transfer it to a bank. Usually, yang mga developers na yan, like DMCI has tie-ups with banks, so inquire from your suking bank.

Thank you so much for the advice sir. Akala ko mataas masyado yang Realty tax. Its my first property to buy so I really have no clue yet. [emoji848]

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**Sebastian Bach** · May 26th, 2016 12:05 PM

Originally Posted by dr. d

before plunking down your money, i think you should research on the driving/traffic conditions you will have to traverse, should you decide to live there.
some locations are "cheaper", but at a price.

Thanks sir. Yes I am conducting a series of tests sa mga dadaan if I decide to et a unit there. I'll have to see if endurable ba ang travel time ng 6PM pauwi.

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**jut703** · May 27th, 2016 02:57 PM

Originally Posted by Sebastian Bach

Hello Everyone,

I've been following this thread since it started and I would like to ask for an advice or any tips from condo unit owners here or someone knowledgeable about these things.

I'm in the process of looking for my first condo. I'm 28/yo and currently renting a condo unit but I'm a bit frustrated na walang nangyayari sa rent payments ko. I think It's time I can consider placing that rent into monthly amortization. I still have a limited knowledge about the REAL cost of ownership. I'm still doing my homework regarding the annual payments (taxes, insurance, etc) but I can't seem to understand them all.

I'm eyeing to get the pre-selling period of:

A. FAIRWAY Terraces of DMCI at Villamor, Pasay - 1 Bedroom, 55sqm, 4.9M, (2019 Turnover)
** Unit & parking is more expensive but I really like the location, BGC, Makati entries
** lower units nalang available sa layout na gusto ko
B. SHERIDAN Towers of DMCI (North Bldg) at Pioneer, Mandaluyong - 2 Bedroom, 67sqm, 4.5M (2020 Turnover)
** This overall is cheaper and larger but,
** I'm hesistant on the EDSA point of entry, Squatters in the area & that Pasig river smell

Things I know as of now and taken into consideration for payments,
1. Downpayment Monthly Amortization (28-32k)
2. Closing Fees - Around 500K (this is already computed, planning to spot pay upon turnover)
3. Move-in Fees - 60K - 80K? (upon turnover)
4. Monthly condo association dues (per sqm)
5. Monthly Amortization (Remaining 80% upon turnover)

My expenses & backup: (computed)
- Currently I can save about 60% of my salary
- Fixed monthly expenses (rent & utilities)
- Average variable expenses (food, movies, etc)
- Monthly Auto loan amortization (I'm still in the middle of the loan term, but upon turnover I can eliminate this and my current rent)
- gas, parking, maintenance

- I have setup my Emergency funds (3-4months)
- Stocks
- UITFs

---------
I have no idea how much should I be ready for these things:

1. Annual Realty Tax? - I know there is but I have no idea how much/percent
2. Annual Common Area dues/tax?
3. Building Insurance? - I have no idea about the cost, Is this yearly?
4. Joining Fees - one time payment, right?
5. what else?

I have computed for everything except for that Annual Payments I do not know about.
I'm asking for an advice so I could check and consider everything. I need to re-compute if I could already afford to get my own home or just continue investing in stocks & uitfs for now and try again in the next 3 years. I hope someone could enlighten me on what are the things I need to consider. Please Help.

Bro, between Fairway and Sheridan, I'd say that Sheridan definitely has the better location.

While Fairway is close to BGC, remember that Sales Bridge gets really congested during rush hours, and Lawton Ave. becomes a bottleneck as well.

Sheridan has a much more accessible location. You can pass through Kapitolyo to get to BGC via C5 or through EDSA via JP Rizal. You're also very close to the Ortigas Area. Makati is easy as well either via EDSA or Mandaluyong. QC is accessible too because you're going against the traffic during rush hours.

Your points against Sheridan are also the reasons why I didn't opt for a unit there. But the location is top-notch. There are other condos in the area for your budget, specifically Rockwell's The Vantage and DMCI's Lumiere. DMCI's Flair is also good (best location actually) but it's no longer pre-selling so it's pricier. Ayala's Centera is right across Flair but is already very pricey (almost double the cost per sqm vs DMCI).

For the costs you're concerned about, all are small and will not severely impact your budget. If you want the specific costs, your agent can share with you details. If you don't have a DMCI agent yet I can refer you.

**champlm** · June 7th, 2016 11:55 AM

guys,

i'm about to buy a parcel of lot direct from the owner/seller (my first as well). I'm having the papers checked in RD. I also need the lot surveyed to verify if the lot being sold to me is what is stipulated in the title. Can you recommend a good geodetic engineer? Magkano ba magpasurvey ng lot ngayon?

**Sebastian Bach** · June 7th, 2016 01:31 PM

Originally Posted by jut703

Bro, between Fairway and Sheridan, I'd say that Sheridan definitely has the better location.

While Fairway is close to BGC, remember that Sales Bridge gets really congested during rush hours, and Lawton Ave. becomes a bottleneck as well.

Sheridan has a much more accessible location. You can pass through Kapitolyo to get to BGC via C5 or through EDSA via JP Rizal. You're also very close to the Ortigas Area. Makati is easy as well either via EDSA or Mandaluyong. QC is accessible too because you're going against the traffic during rush hours.

Your points against Sheridan are also the reasons why I didn't opt for a unit there. But the location is top-notch. There are other condos in the area for your budget, specifically Rockwell's The Vantage and DMCI's Lumiere. DMCI's Flair is also good (best location actually) but it's no longer pre-selling so it's pricier. Ayala's Centera is right across Flair but is already very pricey (almost double the cost per sqm vs DMCI).

For the costs you're concerned about, all are small and will not severely impact your budget. If you want the specific costs, your agent can share with you details. If you don't have a DMCI agent yet I can refer you.

Thank you sir.

I've decided to get Brixton Place in Kapitolyo instead, wala na masyadong units available sa Sheridan ang bilis magkaubusan. Yung prefered kong layout available is facing West afternoon sun which is a bummer and availablity of single parking slots nasa sa Basement 5 nalang.

I'm not sure if I could benefit for capital appreciation investment for buying this but I will be an end user kasi. For future home. If you don't mind me asking here, is it worth it to get a Penthouse corner units since pasok naman sa monthly amortization budget and I'll be one of the first to choose units there.

I heard penthouse units gets the ceiling leak issues and mas mabilis uminit. I was really impressed with the 3bd high ceiling model unit of Lumiere, sabi ng agent ko kasi Penthouse units lang daw naka high ceiling, not sure kung worth it ba.

**jut703** · June 7th, 2016 02:10 PM

Brixton Place easily has the best location among all Ortigas-area developments of DMCI. I would've bought there but super tagal pa ng turnover.

Penthouse units have higher ceilings so they look roomier. I was also offered a penthouse unit but it wasn't the layout that I wanted so I opted for a slightly lower floor.

If you're offered a penthouse unit with the layout you like, go for it. The nice thing about DMCI is that their penthouse units are priced the same as other units of the same size and layout.

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