10k monthly house for 4+ years. No savings. Safe ba or no?

[karinag]

Hi, I need your help and opinion po for me to decide. ‘Di kasi ako makatulog kakaisip hahaha.

My mom’s friend is selling their house and lot for 500k in cash. (Magma-migrate na kasi sila and gusto lang na maibenta na yung bahay)

Now, my mom told me na I should go for it. However, wala pa akong savings. For context, I’m a fresh grad, 23yo and ilang months pa lang nagwowork. Ang take home pay ko lang is around 23k-24k.

My mom offered me na kung gusto ko raw eh siya muna ang mag-cash then I’ll pay her 10k monthly na lang for 4+ years until mabuo.

Nagdadalawang isip ako due to these reasons na nakikita ko: Good thing is the house is in cavite, around 40sqm, and malapit sa villar city. Huge potential na tumaas ang value in the future.
However, maliit pa ang take home pay ko. Ang worry ko is wala pa akong EF and baka wala na akong ma-save at all since need ko pa gumastos for my transpo papuntang work (around 3k per month) + share ko sa bahay for bills/food + pang-date kay gf.

Ayun lang po. Sobrang biglaan lang din po kasi ng lahat kaya nahihirapan talaga ako magdecide. Is it smart to go for it or is it bad pa given my current condition and status?

Super thank you po!!!

Edit: ‘Di na po ako makareply sa lahat since sobrang dami na ng comment. Didn’t expect this pero sobrang thank you po sa mga comments and advise ninyo! I have talked to my mom na and we had a deal already para babaan yung monthly na hulog ko sa kanya.

Also, I told her na we need a contract to make sure na mapupunta sa’kin yung title. I’m going to ask and check the other docs and papers na rin.

Super thank you po sa comment ninyo and sobrang naliwanagan and na-encourage ako lalo. Marami po akong natutunan. Babalikan ko po lahat ‘to para basahin. Sorry kung ‘di ko mareplyan but I’ll give ya’ll an upvotes na lang haha. Mwa!

 

[justindavidcampbell]

@karinag If you parents are willing to pay for it up front. Ask her if you can pay it off at 5k a month for 8 years. Than if your salary increases you will in resse the monthly payments. This way you housing costs are around 25% compared to almost 50%.

Also make sure the papers are in order.

 

[karinag]

@justindavidcampbell Hi! Salamat po sa sagot niyo, try ko po magtanong sa kanya, kaya lng parang fixed na po siya doon due to her future plans din. Pero thank you!!

 

[karinag]

@justindavidcampbell Btw additional question po pala. What are the important papers that I should check/look for? Bukod po sa title and deed of sale since ‘yon pa lang ang familiar sa’kin

 

[bofaith]

@karinag Title, tax declaration for land and building, RPT payment receipts.

 

[okegold]

@bofaith If this inside a subdivision, check also with the HOA. Also check the current bills, water, electric, internet.

 

[chux7]

@justindavidcampbell Why not 2.5k for 16 years while you're at it?

 

[spiderkiller007]

@chux7 Nah, do 500 pesos for 80 years

 

[justindavidcampbell]

@chux7 While your at it, let's make it into a gift instead?

 

[chux7]

@justindavidcampbell Kaya nga eh, I find it weird na ang daming upvote ng comment. Laking tulong na nga nung ginawa ng mom tapos gusto garapal pa na terms.

Typical squammy mindset.

 

[azmombb]

@karinag If you hve a security blanket like your Mom. then go for it. BUT 1ST check the house docs if all clear then just ensure that you will pay her diligently and have it in writing that the title will be under your name and you will pay XX amount in the span of X years.

 

[karinag]

@azmombb Yes po, we’ll check the house docs. As per the title eh malaki naman po yung assurance na sa’kin siya ipapapangalan. Salamat po!

 

[k9subsea]

@karinag Hindi assurance, contract.

Think of it this way: kalahati ng take home mo for so many years pinupundar mo tapos may chance na hindi naman pala sayo.

Tapos pamilya pa? Alam naman ng lahat kung gaano kagulo ang mga ganyan.

Sign a contract that says it will be yours when you have fully paid for it.

Kahit sino pwedeng bumalimbing sa “assurance”.

 

[quirkycanuck]

@k9subsea True. Better be VERY sure.

 

[jenngries]

@karinag 500k for a 40sqm house and lot? Grab it na. Make sure na sayo nakapangalan ang papers.

 

[karinag]

@jenngries Ohh yes po, may assurance naman na sa’kin siya ipapangalan hehe thanks po!!

 

[hbraden]

@karinag Apaka mura. And thinking ur mom is ur lender na walang interes. Big shot na yan as ur med term investment.

 

[stagnate77]

@karinag grab it bro. what is 4 years of frugal life. than an opportunity to buy a property of that price with almost no interest loan?

 

[fallenchristian]

@stagnate77 At may chance pang pa test yung patience ng gf mo if iiwan ka or mg stay xa in those trying times.

 

[karinag]

@stagnate77 Sabagay, thanks bro!! Sobrang nagdadalawang isip lang talaga dahil walang EF pa.