Planning for First House - Any Tips?

[Manilablock]

One thing I am afraid of is getting my own house. Although kaya na naman ng salary ko yung monthly amort, natatakot pa din ako kasi baka bigla ako mawalan ng job kalagitnaan tapos ma-repo lang ng walang kalaban laban. Full time mother and wife esmi ko kaya in case mawalan ako work, walang back up. Any advice?



I may be stupid, but I am not a fool.

Kung ang fear mo e mawalan ng trabaho, while meron ka pang spare time mag enrol ka sa masteral.

magiging advantage mo sa ibang employee ang masteral degree, at possible ka pang ma promote or mabigyan ng higher salary.

[glenn_duke]

"Cross the bridge when you are ready to cross it"

Mahirap magplano at mag desisyun pag kulang ang budget.
Kahit may saving ka to meet the D/P don't. Save more and invest until you are capable of paying half of the house price.
Para din new car yan, pag bago, daming mods, sira ang budget, ganyan din sa bahay, suddenly yung favorite mong kinakalawang at inaanay na furniture will need replacement, budget overrun kalalabasan mo.

[wezz_zzew]

Kung ang fear mo e mawalan ng trabaho, while meron ka pang spare time mag enrol ka sa masteral.

magiging advantage mo sa ibang employee ang masteral degree, at possible ka pang ma promote or mabigyan ng higher salary.

Yung huling trabaho ko inalisan ko dahil sa boss ko eh. Fortunately, yung nakuha ko na bago is paying much higher than my previous job. Ang problema lang, almost 3 months ako nabakante and yun yung isa sa mga bagay na kinakatakutan ko kaya nagdadalawang isip ako kumuha ng H&L thru financing. Kung kukuha ako, cguro pag ipunan ko na lang tapos bayaran ng cash.



I may be stupid, but I am not a fool.

[Rob O. Bravo]

with a 10 m budget buy a condo or townhouse lang , you cannot find bigger lots inside metropolis, the prices of per square meter lot is terribly high & same with the cost of construction these days , labor & materials, if i were you get a condo you can stay up to 50 years & soon your children will get the benefit 5x more the amount you've paid in your condo, if you prefer to stay in townhouses which is cheaper than condo is also a good choice. but if you prefer to buy a piece lot its better to find nearby provinces like bulacan laguna, & the like which is more cheaper than the lot prices compared here in metropolis.

[EQAddict]

I know i wont get back my investment by renting. I never intended that to be the case anyway. Kahit zero renters okay rin. Basta my money is parked in triple A condos im fine. I intend to give them to my small kids when they grow up. So they have a leg up on life and not have to worry for a bit when they start out. Rental income is a bonus for me but not a necessity.

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[EQAddict]

Dont wait too long if you can afford to


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[_Qwerty_]

It might be worth a lot of money now but it will be hard to sell that at 19M with all the other new condos with lesser value and bigger sizes

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[jut703]

Ran through some numbers..it's gonna take a lot longer than I thought before I could even buy a lot.

Assuming I'm eyeing a 250 sq.m. lot priced at 15k per square, it'll cost 3.75M. Downpayment is usually 30% so that's 1.125M that I'll have to pay in cash.

If I save and invest 20k per month, it'll take around 5 years before I can even make a downpayment for the lot. Once I do, I have to pay about 30k per month for 10 years as amortization for the remaining 70% of the lot.

On top of that, wala pa yung savings for the funds to be used to actually construct the house.

Ba't ang mahal? I'm just beginning to realize how rich the people who have houses in the metro actually are.. :/


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[111prez]

^^ In the Philippines, if you have real property titled in your name, you are rich, period.

Just imagine how many of our countrymen don't even have 1 sq.m of real property in their name

Very sad

[dreamur]

Try the DMCI projects. 2BR (66sqm) is around P3.5M and parking is about P350K. Get a bank loan and pay 20% DP or P800K outright cash as equity. Your bank amortization is about P33K/month for 10 years. Turn-over is 6 months to 1 year, or if you get lucky, there are ready to move units along pasig and C5. Theme is resort type and good quality (concrete slabs vs CHB). PMO is okay but not yet professionalised. Down side is all units look the same. You need to spend on interior decoration if you want to be different.

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[dreamur]

Here's some photos

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[CVT]

I know i wont get back my investment by renting. I never intended that to be the case anyway. Kahit zero renters okay rin. Basta my money is parked in triple A condos im fine. I intend to give them to my small kids when they grow up. So they have a leg up on life and not have to worry for a bit when they start out. Rental income is a bonus for me but not a necessity.

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Similar tayo ng ginagawa bro.... Regalo na lang kung sakali to give them the head start.....

[vinj]

*CVT, I have the same sentiments. When my dad passed away, my siblings and I had nothing to inherit for ourselves that's why im working to have at least one good asset per child. It's to them to start off with or get some recurring support income later on.

At around the Php10m, I will echo vinj's opinion on getting a townhouse instead.



Truthfully, value appreciation is all relative naman kasi. When you think about it, a townhouse is still a house built upon a lot. Most townhouses are built as townhouse clusters naman - the type wherein a developer buys a 2,000sqm lot and divides this to build townhouses along with a gated security.

Are townhouses customizable? Depends on yun agreement mo with the developer since if the developer is building upon a "theme", usually hihirit yan for you to follow status quo. But yes, townhouses are customizable. Unlike condo living, you're free to do your customization without the need of permits, etc.

What you want to make sure is that the townhouse cluster has some sort of association. Since if it doesn't (in the event of a bad developer), then you might be in for trouble. Since the association will set the rules and regulations that guarantees your neighbor won't be playing trap music at loud volumes all night.



Since the developer will get their share of the profits from developing the townhouse (lot + house), you might be thinking about constructing your own house nalang. The problem that lies here is that it's a lot more risky to. Constructing a house isn't an easy job for one. You need to plan it well and hope that the execution is headache-free as much as possible. If not, every delay will accrue as an added cost.


For the location, I'd say if it's in QC.. Commonwealth area gets my vote. The area boomed with developments here and there. Although vinj mentioned Congressional, I somewhat feel Commonwealth has a better "opportunity" in development. In terms of price, almost same lang naman sila. Commonwealth has access to the QC circle and it's nearer to the schools (the UP/Ateneo/Miriam) while Congressional is nearer sa NLEX due to its promixity sa Mindanao/Visayas Avenue. If you'll be banking on the success of the development of SM North EDSA and Ayala's Trinoma and Vertis North area as a potential QC CBD, you'll benefit more if you go for Congressional over Commonwealth.



Easy. Start learning na. Do you envision a lot-and-build you own house route or simply purchasing a pre-built house? In whatever decision, I still believe that you need to provision for emergencies parin. If you aren't comfortable yet on the finances, don't. But in any cases, it won't hurt to learn bit by bit na.

I myself have been staking out the Commonwealth area, particularly the Don Antonio -Mapayapa - Ferndale parts. Also Tierra Pura and Mira Nila. I feel that place has good opportunities in the long run. Saw some probable good deals but too bad I didnt have the moolah on hand. That's why it's nice to save up and have the cash on hand, when a good deal crosses, strike!

[jhnkvn]

I myself have been staking out the Commonwealth area, particularly the Don Antonio -Mapayapa - Ferndale parts. Also Tierra Pura and Mira Nila. I feel that place has good opportunities in the long run. Saw some probable good deals but too bad I didnt have the moolah on hand. That's why it's nice to save up and have the cash on hand, when a good deal crosses, strike!

Dapat kasi i-PM mo ako kung meron vinj share some of those good deals haha.

[jon777]

I myself have been staking out the Commonwealth area, particularly the Don Antonio -Mapayapa - Ferndale parts. Also Tierra Pura and Mira Nila. I feel that place has good opportunities in the long run. Saw some probable good deals but too bad I didnt have the moolah on hand. That's why it's nice to save up and have the cash on hand, when a good deal crosses, strike!

I live in one of the subdivisions you mentioned most days of the week and so far I am not satisfied since i grew up in Manila and everything is at most 15-20 minutes away like schools and our place of business. It is almost 5 km from my parent in law's house to Ever commonwealth and takes 12-15 minutes just to get to the latter from the house. It takes another 10 to 15 minutes from ever commonwealth to QC circle during rush hour.

my eldest son wakes up 5am and leaves the house at 540 am just to reach Ateneo grade school before 7:15am. He was late yesterday because he left the house at 5:50 AM....

[vinj]

I live in one of the subdivisions you mentioned most days of the week and so far I am not satisfied since i grew up in Manila and everything is at most 15-20 minutes away like schools and our place of business. It is almost 5 km from my parent in law's house to Ever commonwealth and takes 12-15 minutes just to get to the latter from the house. It takes another 10 to 15 minutes from ever commonwealth to QC circle during rush hour.

my eldest son wakes up 5am and leaves the house at 540 am just to reach Ateneo grade school before 7:15am. He was late yesterday because he left the house at 5:50 AM....

Just saw this now. Actually the travel time to Ateneo is pretty much the same even if you lived in another area outside of Loyola Heights. A sibling lives in the New Manila - Horseshoe area and they likewise leave the house before 6am just to get to Ateneo on time, without need to rush.

[leodawesome]

Bumping this thread. I'm planning to purchase either a lot only or a house and lot package (forclosed). But I'm really clueless about the process of starting to own one. This will be my first own estate. I'm in my mid 20s and I think its an advantage when it comes to long term loans. Hopefully some members with knowledge and experience could help out in my situation.

Forclosed or a new lot?

How does both work?

1.) If I were to purchase a forclosed house and lot via Pag-ibig, aside from the 10% fee for transfer of title, any other fees that I should be aware of?

1.1.) How about via bank? All I know is you need 20-30% DP for this.

2.) If I were to purchase a new lot, the developer is offering 20% DP payable for 2 years with no interest, then the rest would be applied to Pag-ibig after 2 years. After the 2 years of paying for the DP, will I be able to apply it to Pag-ibig together with the to-be-built house in it? Or do I need to apply them seperately? (Lot then the house)

2.2.) How about other fees that I should be aware of when purchasing a new lot? (i.e. registration, tax, etc)

3.) The same developer is also offering a new house and lot package. Terms would be 2 years payable for 20% DP with no interest, another 10% with no interest payable for another year (that makes it 30% no interest for 3 years). Only after the 3rd year that we can apply it either bank or Pag-ibig. The only downside is that I find the price of the per sqm of the house on a high side.

Which is more appealing?

[leodawesome]

Up, inputs, anyone?

[shemcristobal]

Bumping this thread. I'm planning to purchase either a lot only or a house and lot package (forclosed). But I'm really clueless about the process of starting to own one. This will be my first own estate. I'm in my mid 20s and I think its an advantage when it comes to long term loans. Hopefully some members with knowledge and experience could help out in my situation.

Forclosed or a new lot?

How does both work?

1.) If I were to purchase a forclosed house and lot via Pag-ibig, aside from the 10% fee for transfer of title, any other fees that I should be aware of?

1.1.) How about via bank? All I know is you need 20-30% DP for this.

2.) If I were to purchase a new lot, the developer is offering 20% DP payable for 2 years with no interest, then the rest would be applied to Pag-ibig after 2 years. After the 2 years of paying for the DP, will I be able to apply it to Pag-ibig together with the to-be-built house in it? Or do I need to apply them seperately? (Lot then the house)

2.2.) How about other fees that I should be aware of when purchasing a new lot? (i.e. registration, tax, etc)

3.) The same developer is also offering a new house and lot package. Terms would be 2 years payable for 20% DP with no interest, another 10% with no interest payable for another year (that makes it 30% no interest for 3 years). Only after the 3rd year that we can apply it either bank or Pag-ibig. The only downside is that I find the price of the per sqm of the house on a high side.

Which is more appealing?

Doubtful ako sa #2 and #3. Developer should at the onset involve Pag-IBIG.

Normally, ni li list ng Pag-IBIG (or banks) ang requirements. If you can work out na si seller ang magprocess much better, less hassle for you, but with a tag price which i think okay lang compared kung ikaw ang ma-obligang maglakad.

[willyfernando]

Bumping this thread. I'm planning to purchase either a lot only or a house and lot package (forclosed). But I'm really clueless about the process of starting to own one. This will be my first own estate. I'm in my mid 20s and I think its an advantage when it comes to long term loans. Hopefully some members with knowledge and experience could help out in my situation.

Foreclosed or a new lot?

How does both work?

Investing in foreclosed properties might not be easier than you think. You may have to invest more time and money studying your prospects and you have to be wary of properties with issues marked as yellow and red tag. But if you manage to land a green tag investment for sure it'll be worth the time, money and effort you've put into it. There are a lot of available property investments that are very affordable. The only difficulty in buying is choosing where, plus the inherent conditions that we often look for only increases our burden more. Put up a map of your finances and study how you will be earning in the coming years that you will be paying up a loan. With any purchase whether a car or property, you must be sure you will be able to handle the payments required. A lot of people risk their money plunging into an abyss of never ending amortization payments and eventually land into foreclosure. If around 20-30% of your income can manage the property payments w/o affecting your usual expenses then go ahead. The rule is you must use only money saved not prospective or potential income. Here you are sure that you are using funds that have no bearing whatsoever on any of your other needs and will manage to grow in terms of value even while you are paying for it. I bought a a 400 sqm. lot in December 2012 valued at 8,500/sqm. I placed a down payment of about 30% with the balance payable in 3 years at a loan rate of 7.5% (fixed) and I am almost finished with my payments this year. The lot's estimated value now is at 15k-16k/sqm. Aside from getting it at a good price, the recent rise in property value has manage to offset my interest payments on the property leaving me a substantial gain in the end. You could gauge your investment by charting the development of the area where you plan to buy and hope that it'll move the way you envision it. At least this is a better investment than just letting it sit in the bank or worst some quick and rich thinking schemes of other people preying on the innocent. GOOD LUCK!