30F single | 90K+ monthly salary| 400k EF this year, addtl 420k projected savings in 2025| tips for home purchase

[richobama]

Hi everyone!

My ideal home has 2 living rooms, 5 bedrooms with ensuite bath, 2 kitchen-dining room, 1 guest room, and provision for pool. I intend to have a home for my would be family (husband and children) inside the home of my initial family (aging mom, dad, brother). This or magkalapit nalang na separate homes so I can watch over both sets of families.

Option 1 - spend 3 years to save up for deposit (large houses like these normally have 1.5M deposit), save some more for the actual build of the house and furniture etc. Project may get completed in 5 years minimum.

Option 2 - use dad's untitled lot (i just need less than 1,000 sqm) and save up for thr construction only. I wont be allowed to loan tho cos this is not yet titled but with COA etc (attorney verified, waiting for mas titling). Attorney verified = dad consulted with a lawyer

The above endeavors require a lot of saving up. I wish to attract a partner and husband soon (i honestly dont know how) but I will start with losing thus pandemic weight gain of 20kg prolly for 2 years to get to 50kg. 5'2" height.

Option 3 - buy a low cost housing in a promising location (Pagibig financing for less than 10k) and then sell this in 2 years hopefully the value increased na and then use the profit to finance my ideal home + my other savings.

Income increase is to a projected amount of 150k in 2 to 3 years. L&D/Digital leaening experience role.

Question - thoughts on which option is most feasible for someone who intends to be a wife and mom. I can consider Option 4.

Also, if you are a financially stable guy (have EF for 2 years min) and your date sounded like this with all these potential plans, will it scare you? If it helps to know, I planned for something like this in 2019. Achieved most of then this year. Soo time to update the plans.

 

[christineholm]

@richobama Not much comment on the options, but you're looking at about 25m minimum for your house preference

 

[richobama]

@christineholm Thanks for this, I need to reassess priorities and strategies for sure. Significantly delay some things.

 

[finesubmit]

@richobama Just to be clear, I think what the comment meant above is that you cannot afford it with your current finances. Aside from that, there are a lot of assumptions (all positive) that will happen in the future. Those are variables you also need to consider, they might turn out to be negative. For example, buy and sell property to fund your dream house, or your salary increase in 2 or 3 years.

It’s good to have a plan, but don’t count the chicks until the eggs are hatched.

Be realistic and make a plan - Plan A, plan B, etc.. for positive and negative outcomes.

 

[richobama]

@finesubmit I think the comments have been clear in what they meant. Not sure how it can be misinterpreted? Let me know.

Sorry, my line of work requires projection and planning based on these projections, but definiteky not around real estate which I am still learning. I understand how this can come across as counting the chicks until the eggs hatch. I have Plans A to E to realize the increase I mentioned, they invokve different roles and industry. Made sure they're realistic too. They leverage on me being healthy tho so there are also plans around this. There are things I certainly cannot plan for and so I no longer included them here.

Thabks for your comment.

 

[syrinseattle]

@christineholm Likely more than 25m.

 

[richobama]

@syrinseattle Thanks! Checked the pricing in Rizal, they seem to be significantly lower esp if two separate houses. Will check further and adjust the plan some more.

Decreasing the number of rooms will definitely decrease the pricing. Just curious if there are good practices that further lower the cost (wag naman ung sub par na gawa and materials). Or better yet, do you have tips that will help avoid unnecessary high cost?