Need advice: rent or purchase a home

**n_spinner06** · June 23rd, 2017 01:35 PM

Originally Posted by MR_BIG18

stay with the in-laws, they will understand

or rent a small place first, when youre more financially secure, get your own place...not to be pessimistic but, raming couples nowadays dont last the 3 years...lalo na after the 1st child, remember the family code, conjugal property, etc...another thing to consider is tax...the bigger and more expensive the house, the more taxes you pay...renting solves that issue..

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Thanks! Future in laws are in bicol so not an option. My parents are fine with the idea, i am not though. I think i can avoid a lot of future issues by living on our own.😊 we have set up a house fund that can cover the downpayment and some...also she has just been promoted and i am expecting a promotion in the next few months which will significantly increase our combined income. We made it through almost a decade, im confident we can weather the first few years.😊 If we go the rent route though, probably will be looking to purchase a house and lot na lang instead of a condo.

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**jut703** · June 23rd, 2017 01:36 PM

Best option would've been to buy a preselling condo many years ago, with turnover coinciding with your marriage year.

Since we can't turn back time, next best option is to rent for a year or two until you're liquid enough, and then plop down the cash (usually 20%) for a foreclosed or RFO unit and then loan the remainder.

Depending on how high you predict your income to be, you can even go straight to a house if you can afford it.

I would really avoid renting long-term since I've seen too many people get caught up in the cycle and before they noticed it they're in their 40s and 50s with no properties to their name.

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**lowslowbenz** · June 23rd, 2017 01:38 PM

My take:

1. Like they said, renting is like throwing away good money.
2. The sooner you can afford a place you can call your own, the better.
3. Consider getting a house and lot. Yes, it may have its cons, but at the end of the day, you will have room for "future" expansion. Besides, you have a car for the daily commute. Last time I checked, a condo parking lot costs 600K, (Tivoli Mandaluyong). I think nag-mahal pa sila this year.

Congratulations on your wedding, and good luck.

**yebo** · June 23rd, 2017 01:45 PM

buy. condo or townhouse. 2 bedrooms ok na. if you decide to move later on you can always sell the property. kahit sabihin pa na hindi nag appreciate ang price at least you get your money back. sa rent wala ka mababawi.

at your age i prefer condo. andun lahat ng amenities you need - pool (think kids), gym, laundry.

**ale828** · June 23rd, 2017 01:47 PM

Rent to Own.

there are several property developers using this option to entice buyers.
There might be a downpayment and you might need to acquire a Housing Loan but its worth it rather than renting a place.

Dami new townhouses in the Mandaluyong area that has Rent to Own deals.
Usually smaller developers ang may option an ganito but i have seen them being offered by the some big Property developers.

**n_spinner06** · June 23rd, 2017 02:07 PM

Originally Posted by CVT

Bro- I'd say (contrary to what I did in the past),- you stay liquid for a while,- so that you have options, whether you plan to stay here or move out...

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"The measure of a man is what he does with power" LJIOHF!

32.9K _/_/_/_/_/

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This is the route i'm most comfortable with. Staying liquid will allow me to catch better deals that may come along the way vs being tied up to a property for the next decade or so...yung ang dilemma/risk though kasi i cant stop time and a year i spent waiting could have been a year off the decade i need to pay for the property.

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**n_spinner06** · June 23rd, 2017 02:13 PM

Originally Posted by _Qwerty_

Get 2 bedrooms.. Get one in pre-selling (3 years to move in).. then rent for 3 years...

Considered this sir. Kaso double the expenses for the first few years. ~20k rent plus ~30k for the preselling ++. Although ~50k doable pero i feel it is a significant amt of money going to just housing. Long term plan is house and lot sa south probably so i want to set aside money for that as well. I dont want to go all in since initial lang naman...

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**n_spinner06** · June 23rd, 2017 02:19 PM

Originally Posted by jut703

Best option would've been to buy a preselling condo many years ago, with turnover coinciding with your marriage year.

Since we can't turn back time, next best option is to rent for a year or two until you're liquid enough, and then plop down the cash (usually 20%) for a foreclosed or RFO unit and then loan the remainder.

Depending on how high you predict your income to be, you can even go straight to a house if you can afford it.

I would really avoid renting long-term since I've seen too many people get caught up in the cycle and before they noticed it they're in their 40s and 50s with no properties to their name.

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Waiting would be a good option. My concern is income doesn't rise as quickly as property prices. 😀 2 years ago 2 bedroom units pioneer area can be had for below 4m i think. Now they appreciated significantly. What more 3 years from now?

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**arvs18** · June 23rd, 2017 02:19 PM

Originally Posted by n_spinner06

Considered this sir. Kaso double the expenses for the first few years. ~20k rent plus ~30k for the preselling ++. Although ~50k doable pero i feel it is a significant amt of money going to just housing. Long term plan is house and lot sa south probably so i want to set aside money for that as well. I dont want to go all in since initial lang naman...

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If 50k is doable for you, try saving that ~30k monthly, then after 3 years, decide what you really want. Once you get married, priorities will shift, more-over if you are to have kids right after you get married.

In that way once you finally know what you really want. You have the moolah to spend

Oh and BTW, consider getting a townhouse, they are cheaper than ones on the metro. Though the downside is if you are to relocate your soon to be family, you are obliged to travel to and from home either everyday, or every weekend. But nonetheless, with the same amount, you could get a bigger home for your family.

Good luck on your wedding and best wishes to you sire!

**n_spinner06** · June 23rd, 2017 02:29 PM

Thank you sir! We looked at tivoli already. No parking space left. So crossed it out. And i feel like im paying brand new price for a second hand unit...not sure if they have new ones though. Nung sinabi wala na available parking deal breaker na for me and didnt check out the other units on offer.

Originally Posted by lowslowbenz

My take:

1. Like they said, renting is like throwing away good money.
2. The sooner you can afford a place you can call your own, the better.
3. Consider getting a house and lot. Yes, it may have its cons, but at the end of the day, you will have room for "future" expansion. Besides, you have a car for the daily commute. Last time I checked, a condo parking lot costs 600K, (Tivoli Mandaluyong). I think nag-mahal pa sila this year.

Congratulations on your wedding, and good luck.

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