Condo Story (For those who are planing to own a condo)

[gtg1031]

For those interested on having a condo here in metro manila **Please read this.**Finally I am fully awake when it comes to bank financing.Too long to read*

May tinransact akong condo and buti na lang 250k pa lang yung binabayaran ko.When in applying to for a loan na nagulat ako sa mga babayaran ko

1. Monthly Amortization with interest
2. Insurance Fire and MIR 30k annually.
3. Bank Charges
4. Amilyar in which you will pay the government annually.
5. Association Dues ng Condo
6. Document Process of transfering to your name.

I thought that bank financing alone is easy kasi yung amortization sa loan ang baba and pwedeng pwede bayaran. (eto yung finofront nila)nag compute ako ng rent sa bahay 15k in 1 month (just to compare it to the monthly amortization that i will pay if mag cocondo ako)

ang ending if i will be renting i will only pay 1.8m sa 10 years ng stay sa 15k monthly (pero no hassle kasi wala ka ibang iniisip + you can lower it down kasi masyado na mataas yung 15k a month kung rent lang naman)

vs having a condo na aabot ng 3.2m yung total gastos for a decade. breakdown in belowtotal na babayaran ko downpayment (1m)

- loan total (10 years estimate of 8% interest rate) (1.5m via bdo 1.1m prinicipal amount loan)

- document process one time payment (200k makati area)

- association dues x 10 years (2200 per month x 12 months x 10 years) = 264,000

- amilyar x 10 years = (300000)

Total in condo expenses in 10 years = 3.2m

rent in 10 years 15k x 12 x 10 years = 1.8m

Please correct me if im wrong so that everyone will have a knowledge baka nag eexagerate lang ako.kasi im still confuse if igogo ko to or better to let go na lang yung 250k before i face a more disastroous situatioon

 

[ayensu]

@gtg1031 first time property buyers should do their due diligence to research the true cost of owning a property.

bank charges is usually a percentage of the loan price of the property.

Assoc dues is monthly, depending on the rate given by the developer

Insurance is mandatory and paid annually, as well as property tax (amilyar)

monthly amortization can also change depending on the market and loan terms.

owning a property will always be more expensive than renting.

 

[khristosanesti]

@ayensu True. I was so naive 6 years ago. Bought a condo because I can afford the downpayment tapos lipat sa PAGIBIG for easier financing. 1st, di ganun kadali mag transfer to PAGIBIG, sobrang daming documents and red tape, sa huli di ko rin nalipat. 2nd I was stuck sa in-house financing and sobrang front loaded ng interest payment nila, first 5 years mo, your monthly ammort mas marami pang napupunta sa interest payment kesa bawas sa principal. Ngayon kaya ko nang bayaran ng isang bagsakan yung natitirang principal pero di na worth it kasi konti na lang matitipid ko sa interest. 3rd, late mo marerealize kung anong hinahanap mo sa bahay mo. I thought I can live ng walang direct sunlight so I opted for an inner unit, ngayon hirap ang circadian rhythm ko dahil sa lack of sunlight.

This is why I always suggest to people na mag rent muna, figure out your life first before committing to a property.

 

[gtg1031]

@ayensu I admit my mistake on this things.

for us who dont know the full details of owning a property we are just looking for the amortization alone.

not knowing that there are more things to considerate.

 

[ayensu]

@gtg1031 but if you can comfortably afford the monthly amortization, you should be able to save up for all other fees. Then just consider the monthly assoc dues on top of your bills.

 

[gtg1031]

@ayensu Still after 10 years

almost doubled yung nagastos mo for owning a real estate property vs renting.

hindi mo siya nakita for now kasi d mo maramdaman pero try to compute it vs 10 years dun mo makikita lahat.

i have a sample computation dm me i can share it with you

 

[ayensu]

@gtg1031

almost doubled yung nagastos mo for owning a real estate property vs renting.

this is true. sometimes more than double pa.

it is not for everyone, or at least not until you're financially ready. and it's even more difficult with today's economy.

Since college nagrerent ako ng apartment, then grabbed the opportunity to buy pre-selling condo when price and location are still reasonable.

wala din akong alam nung kumuha ako, pero may mga napagtanungan ako while in the process of paying DP. nagulat din ako sa laki ng difference ng monthly down payment vs monthly amort - halos doble. luckily nakayanan naman.

 

[gtg1031]

@ayensu tapos na po ba yung sayo?

 

[ayensu]

@gtg1031 Di pa. 4 yrs pa

 

[gtg1031]

@ayensu Congratsss!! May i know po your age and how much yung monthly income niyo para may idea ako kelan ko dapat ipursue to haha

 

[ayensu]

@gtg1031 Household income was at 90K siguro at the time, with gf no kids. Condo price was 3.2M (64 sqm). 20% dp. Then 6.4% interest rate at the time of loan. It was different back then. Haha. Ngayon, you need to be earning a lot more, especially with the price and inflation

 

[gtg1031]

@ayensu woahh! ang baba ng 3.2m for 64sqm!! saan to sir? anong year mo din binili? grabe ang baba ng interest rate!! haha

 

[laboringbro]

@gtg1031 If your eventual goal is to move to the province naman, baka good call na rent na lang muna habang andito sa metro tapos yung pera na ibabayad mo for amort ay ipunin mo na lang for your business capital or baka pambili rin ng real estate property sa probinsya. In the end, it's your goals and your call what to do. Pero maganda nga rin na makita ng mga tao ang difference ng renting vs buying.

 

[gtg1031]

@laboringbro Yup thats why I posted this namamanipulate kasi ng condo builders yung rent to own akala ng tao yun lang babayaran nila.

 

[novkhan]

@gtg1031 Can you share? Thanks

 

[gtg1031]

@novkhan hmm to make it short ganito

sundin mo yung amount ng pag process ng docs , insurance, amilyar, assoc dues based dun sa nakalagay sa post ko

(exclude mo yung monthly amor kasi di siya kasali)

tapos yung monthly amortization na makukuha mo yun yung gawin mong rental fee.

then x 120 month mo (10 years) tapos icompare mo gaano kalaki difference.

you can try bdo home loan tapos naka 8% interest rate

then post mo dito yung result para maging aware yung iba kasi nangyayari is nagkakaroon tayo ng misleading info na mas maganda ang condo.

 

[frankied1]

@gtg1031 Pm me this please

 

[gtg1031]

@frankied1 please check po

 

[hapeaten]

@gtg1031 Can you also send me your sample computation? Thaaaanks

 

[elbio]

@gtg1031 hi po pwede pa-share? thank you