Planning for First House - Any Tips?

[EQAddict]

But dont wait. If you're gonna buy in QC , then buy now. next year thats already gone up by 10% or more ! 10% of 10M is 1 million. You wont be able to catch up with price inflation if you wait.

[jut703]

But dont wait. If you're gonna buy in QC , then buy now. next year thats already gone up by 10% or more ! 10% of 10M is 1 million. You wont be able to catch up with price inflation if you wait.

Thanks. I guess I'll look around soon. Hopefully my investments gain more than inflation para hindi talo..


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[leodawesome]

Sorry to budge in TS, but this is really an interesting topic.

Just like you, I am also at this stage where I really want to own a home, but doesn't know where to start or which path to go.

- When taking advantage of low interest rates: via banks or via pag-ibig?
- I personally like to start with lots, then build the house according to my and my wife's tastes and preferences. Even partially. But the problem is I'm still undecided where to buy. In the metro where I'm close to work (where the prices are jacked up, but the convenience is there), or in the nearby provinces (that needs taxing commute/drives and expensive tolls, but the prices are fairly reasonably cheaper)

[viper888]

Try this calculator
Calculator - Housing Loan

[EQAddict]

A property is also an investment. And its a lot less of a gamble too. Pulling out your funds from one class of investment and putting it in property will still mean your money will grow. And since its also a NEED, then you hit two birds with one stone.


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[jut703]

A property is also an investment. And its a lot less of a gamble too. Pulling out your funds from one class of investment and putting it in property will still mean your money will grow. And since its also a NEED, then you hit two birds with one stone.


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I agree completely. Kaso ang mahal ng buy-in..
Right now if I get a lot, I'll have to loan it out..so the interest kinda offsets the capital gains.




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[silent_hunter]

Xavierville Subdivision (Phase 2) is a good place. Near UP, Miriam, Ateneo and LRT Line 2(santolan - recto). 5 mins lang to ateneo and miriam if no traffic..

[EQAddict]

But at least you lock the interest on a lower loanable amount now rather than get the same interest but on a higher loanable amount tomorrow.

But weigh your options well. And the best way to do that is to shop around and ask for proposals etc. who knows? Your dream lot will be within your reach.




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[jut703]

Looks like I'll be going village hopping over the weekend 😆


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[EQAddict]

You will have to get in contact with the sellers eventually. Pricing will vary wildly based on lot size and quality/newness of construction, materials used, etc. Ask a few questions BEForE you take time to visit these properties. Ask about flooding, clean titles, neighborhood, noise pollution (near highway, schools, karaoke bars), squatter colonies nearby, traffic, access, payment schemes, etc,




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[jut703]

Between buying an existing house and lot, and buying a vacant lot and building a house later on, which is cheaper?

Also, for normal folks (i.e. Not successful businessmen), is your first house usually your house for the rest of your life or do you eventually get to sell it and buy a bigger/better one?

I'm having a hard time estimating my future income and future costs so it's pretty hard to forecast my future financial status.


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[macsd]

You cannot tell the future. You can be very financially successful or the other way. Just think about the house you will build will be yours to live forever. Limit your variables to the essential, that way you don't get confused.

[viper888]

Between buying an existing house and lot, and buying a vacant lot and building a house later on, which is cheaper?

Also, for normal folks (i.e. Not successful businessmen), is your first house usually your house for the rest of your life or do you eventually get to sell it and buy a bigger/better one?

I'm having a hard time estimating my future income and future costs so it's pretty hard to forecast my future financial status.


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It will almost certainly be cheaper to buy a lot then build a house after if you want a brand new house.
The brand new houses in sulit, for example a house in Verdana going for P14-15M would only cost P5M for the lot and P7M for the house and thus the seller would easily profit P2-3M in a single house. If you made it yourself, that house would just cost P12M but you would have to wait for it.
However if the house you are buying is designed and built by the developer (repetitive, all you neighbors have the same house) these tend to be competitvely priced because they are cheaper to construct (mass production, repetitve design, bulk ordering of materials).

As a general rule the design and construction of a simple two-storey house would range at P25,000-35,000 per square meter unfurnished. The total cost would depend on the various materials, finishes, and etc.

[lowslowbenz]

Between buying an existing house and lot, and buying a vacant lot and building a house later on, which is cheaper?

Also, for normal folks (i.e. Not successful businessmen), is your first house usually your house for the rest of your life or do you eventually get to sell it and buy a bigger/better one?

I'm having a hard time estimating my future income and future costs so it's pretty hard to forecast my future financial status.


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Have you tried looking on "old" houses for sale? Bank repo houses? The house that we bought in Cavite (Imus poblacion) was a 2 story, 1970-ish affair with large panel glass windows, 4 bedrooms, 2 T&B, 2 car covered garage + 2 open carports. etc.

Purchase price was 6.5M, we then loaned an additional 2.5M for misc repairs and modifications.

Between house and condos. Nothing beats having a house of your own. That feeling where you can just have a bbq in your own yard, clean your cars as much as you want, have your pets roam free, and so forth.

Condos are (or can) be good investments though. A friend of mine in the province is renting out the condos of his parents here in the Makati CBD. The guy is averaging 250K a month on rent collection.

[CVT]

And, before paying a single centavo, make sure:
1. It does not flood. Ask around. Do not rely on the owner's words, or even the neighbors as they may be in cahoots. Ask as far away as 1 or 2 blocks from the property, behind and front. Check the map, especially the metro flood map.
2. Check for squaters around the area. It is not just on the property itself but around the subdivision also. Their presence not only lowers the property value, they also put the security of the place in question.
3. Check the papers are legit and that there are no encumbrancies. You will need to get a true copy of the title amd then verify it at the local register of deeds.
4. Make sure the real estate property taxes are up to date. If not ask them to pay first, baka mamya for auction na pala yung property.

Check also the association dues... Many are not paying theirs,- and this is the best time for the Homeowners' Association to collect....

Between buying an existing house and lot, and buying a vacant lot and building a house later on, which is cheaper?
Also, for normal folks (i.e. Not successful businessmen), is your first house usually your house for the rest of your life or do you eventually get to sell it and buy a bigger/better one?
I'm having a hard time estimating my future income and future costs so it's pretty hard to forecast my future financial status.
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If you are buying a house,- you have to rent it out or move in... Else, the wear and tear appears to accelerate.

I am a normal folk, our first house (bought a lot, built a house) is smaller...(this is where one of my siblings live now...,- sold at practically a gimme price - nakatulong ka pa sa utol mo....)

And then, we moved in to a bigger house a decade after (also bought a lot, built a house)...

Bro.,- buy a house/condo that is reasonably near your place of work.

A lot of homeowners from the south and working in the Metro are constantly complaining about the cost of the gas and toll,- I don't blame them,- it really costs an arm and a leg. They were "duped" into buying those properties before the toll and gas prices skyrocketed... Now, they are looking at going back to the Metro and a lot of them had already, even settling for apartments.


“Familiarity breeds awe”
23.5K:fart1:

[jodski]

A lot of homeowners from the south and working in the Metro are constantly complaining about the cost of the gas and toll

Very true, even if you try to avoid SLEX and SKYWAY and try the alternative routes na mag CAVITEX or sa area ng area ng airport ka dadaan, yung iniwas mo sa pagbabayad ng mahal na toll is napunta lang sa extra gas na kinain due to traffic

[jut703]

This is kinda late but if you want a convenient place in the metro, try checking first a townhouse maybe? A lot of my friends who are starting off bought in places such as Teachers Village in UP where a lot of the old houses are being torn down to build a townhouse.

Thanks Vinj. I've been considering a townhouse as well since it's probably the only one that fits my budget right now. Am curious though, does its value appreciate over time in the same way that a detached house and lot do?
Also, are townhouses customizable or does it have to be identical to the rest?

Am contemplating between a townhouse and buying a lot first then a house, but the latter option seems rather expensive for me and it will take some time before I can even start the construction of the house, since definitely most of my income will be allotted towards the amortization of the lot.

I wouldn't have minded waiting, but I realized that the longer I wait to get a place of my own, the longer my family has to keep renting. I'm thinking that perhaps I could start to look for a townhouse where I could share with my dad for the amortization. At least we're paying something that will be ours completely, as opposed to rental payments going nowhere. Budget is about 20-25k/month - are there townhouses this cheap in the QC/Mandaluyong area?

Kumbaga, the townhouse will be his (I'll help a little with the amortization since I know that it'll be more expensive than the rent he's paying now). At the same time, I'll try to look for a lot for myself and my own future family.

Hay, ba't ba ang hirap kumita ng pera.

I am a normal folk, our first house (bought a lot, built a house) is smaller...(this is where one of my siblings live now...,- sold at practically a gimme price - nakatulong ka pa sa utol mo....)

And then, we moved in to a bigger house a decade after (also bought a lot, built a house)...

Bro.,- buy a house/condo that is reasonably near your place of work.

A lot of homeowners from the south and working in the Metro are constantly complaining about the cost of the gas and toll,- I don't blame them,- it really costs an arm and a leg. They were "duped" into buying those properties before the toll and gas prices skyrocketed... Now, they are looking at going back to the Metro and a lot of them had already, even settling for apartments.

Agree bro on the exorbitant toll and fuel fees. Even if my office moves to Nuvali, most likely I still won't be able to do without going to Makati/QC regularly since majority of the trade still happens there.

For this reason, I'm still quite apprehensive with the idea of moving to Nuvali. The QC area seems more feasible for me, because at least the traffic is only there 5 days a week during rush hours - unlike toll which is there 24/7.

[vinj]

Thanks Vinj. I've been considering a townhouse as well since it's probably the only one that fits my budget right now. Am curious though, does its value appreciate over time in the same way that a detached house and lot do?
Also, are townhouses customizable or does it have to be identical to the rest?

Am contemplating between a townhouse and buying a lot first then a house, but the latter option seems rather expensive for me and it will take some time before I can even start the construction of the house, since definitely most of my income will be allotted towards the amortization of the lot.

I wouldn't have minded waiting, but I realized that the longer I wait to get a place of my own, the longer my family has to keep renting. I'm thinking that perhaps I could start to look for a townhouse where I could share with my dad for the amortization. At least we're paying something that will be ours completely, as opposed to rental payments going nowhere. Budget is about 20-25k/month - are there townhouses this cheap in the QC/Mandaluyong area?

Kumbaga, the townhouse will be his (I'll help a little with the amortization since I know that it'll be more expensive than the rent he's paying now). At the same time, I'll try to look for a lot for myself and my own future family.

Hay, ba't ba ang hirap kumita ng pera.



Agree bro on the exorbitant toll and fuel fees. Even if my office moves to Nuvali, most likely I still won't be able to do without going to Makati/QC regularly since majority of the trade still happens there.

For this reason, I'm still quite apprehensive with the idea of moving to Nuvali. The QC area seems more feasible for me, because at least the traffic is only there 5 days a week during rush hours - unlike toll which is there 24/7.

For townhouses, at the QC area (Congressional, Don Antonio/Commonwealth) these probably go for 5M or so, depending on the size. Try also checking Loyola Grand Villas. I'm sure in the New Manila or Mandaluyong area, lagpas 10M yan in most cases because of location. Try also looking at the Pasig area. Another option is also to try and search the second hand home market as old townhouses are usually bigger and you will have leeway to renovate and do changes you want. For value, yes they do appreciate. Also consider property taxes, transfer taxes, association dues, maintenance overhead, etc. when you do your budget.

[EQAddict]

For townhouses, at the QC area (Congressional, Don Antonio/Commonwealth) these probably go for 5M or so, depending on the size. Try also checking Loyola Grand Villas. I'm sure in the New Manila or Mandaluyong area, lagpas 10M yan in most cases because of location. Try also looking at the Pasig area. Another option is also to try and search the second hand home market as old townhouses are usually bigger and you will have leeway to renovate and do changes you want. For value, yes they do appreciate. Also consider property taxes, transfer taxes, association dues, maintenance overhead, etc. when you do your budget.

Townhouses in new manila are P20m and above . The townhouses in Loyola grand villas near the marikina river are 7m and above. Hope this helps.

I really really think you should start now. Just the other day, my agent called me to say that one of the condos i invested in had a price increase of 8%. And it is still pre-selling. I bought it a few months ago lang. Your money wont be able to catch up with the real estate price inflation. And the central bank will be hiking rates soon........ So interest payments will be higher.






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[Iluminatis]

I am looking on all comments posted here and I still don’t understand what is better an apartment or a condo. My family wanna help me to buy a house, apartment or a condo(I make good money but I want smth good) but I am thinking what is better. I am living with my wife in a house, 2 bedrooms, small garden and features, I don’t say it is bad, but I didn’t lived anywhere else to make a difference. My wife likes the way this building looks like avenue-south-residence.com.sg ,and she wants to move in there since she got a job there. I am looking for a place that is gonna be enough for me and my family. Any advices?