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

[mesha49]

@gtg1031

Total in condo expenses in 10 years = 3.2m

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

Don't forget nag aadjust amort ng bank. Same din sa rent hindi laging 15k lang.

im still confuse if igogo ko to or better to let go na lang yung 250k before i face a more disastroous situatioo

Ano ba goal mo sa condo?

 

[gtg1031]

@mesha49 yung sa apartment naman kasi 15k is very big na (for 2 pax with 2 children i think this is too big if d ako nagkakamali)

goal sa condo at first is tirhan siya but then after 10 years planning to move to province to start a business so im thinking na mag rent na lang muna ako habang nag iipon.

kesa maubos yung funds dahil sa pag purchase ng condo.

 

[mary1]

@gtg1031 After 10 years? Ok pa ba ung condition ng condo? If not, you have no choice kundi babaan ang rent

Condition of the condo will also depend sa management ng condo. Look at EGI sa taft hahaha

Add ko lang din, how sure are you of the situation in the Metro 10 yrs from now? Lubog ang Maynila in the future because of the climate crisis. It's not worth it to "invest" in a property na most likely malulubog lang sa baha

Basta ako, rent lang talaga while in the metro and i make sure na hindi ako tali ng long term, months of stay lang for flexibility. It also forces me to a minimalist. If I'll invest man in a property, sa province na lang

 

[blackbriefcase]

@mary1 This is true, look at Jakarta. Climate change is the reason why I chose to invest in a property in Malvar, Batangas rather than in Metro Manila.

 

[zetana]

@gtg1031 Dont forget: if you buy, its an expense that you can get back (hopefully with some capital gains). If you rent, its all expense.

 

[straub306]

@zetana Ito yung iniisip ko. At the end of the term, you get ownership, and you can resell. Even if you sell at a loss, you get some of your money back. If you lease it out, may passive income ka pa.

When you rent, walang opportunity for cashback or gain sa assets.

 

[mencamp]

@straub306 yan din naisip ko. ang hirap i-weigh ano mas okay

 

[tjulieanddavid]

@zetana There is a bias to this mentality but a property is not some stock you can just dump anytime. It'll depend on the market and, considering multiple factors such as the cost of living and mortgage increases, the risk is there.

OP it depends on your goals. Are you willing to pay more for the sake of "having your own place" in this economy? Considering that you're planning to move to the province or anywhere for that matter.... does it make sense to keep spending on a place you won't rent out or stay in yourself anyway?

 

[robindenny]

@gtg1031 A year ago goal ko din na mag-acquire ng property agad, kung anu-anong property tinignan ko to buy. Then I read the book The Wealthy Renter by Alex Avery and nabago niya yung perspective ko on home ownership na in my current situation I’m better off renting. Andaming other costs to owning na hindi nata-take into consideration kasi “sa’yo naman na ‘yan” ang mindset.

 

[gtg1031]

@robindenny totoo to.

owning a land or house in metro manila gives you a lot of headache in terms of payments unless straight cash mo.

 

[garylee12]

@gtg1031 Depende yan sa goals ninyo

Dapat talaga taken into account na yung other fees aside sa amortization even before you started the equity parang may lapse didto.

You can also lower the interest sa bank if you pay in lumpsum advance payments kada anniversary date ng loan ninyo (paying towards the principal)

 

[gtg1031]

@garylee12 i didnt notice the other fees everytime I asked the bank puro amortization ang biinibigay little did i know na ang daming fee na kailangan

 

[silentme63]

@gtg1031 Drop mo na lang po ung condo OP. Unprepared ka sa mga fees. Assoc dues and insurance standard naman yan sa mga condo. Sa amilyar naman, lahat nagbabayd nyan basta real property.

 

[rachyroo85]

@gtg1031

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

You should have done your due diligence when it comes to this. But your agent, assuming you're going through an agent, should have also informed you.

Total in condo expenses in 10 years = 3.2m

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

But also take into consideration that at the end of the 10 years, you have a condo worth something, and if you rent you'll still have to continue paying rent, which may tip the scales in favor of owning.

As to what you should do, it will depend on your plans. Others see owning as peace of mind na wala nang babayarang rent in the future or as security na "kahit ano mangyari may mapupuntahan". Others see owning as a burden that prevents them from moving around and limiting opportunities for work etc. So what do you value?

 

[resjudicata]

@gtg1031 I have yet to see the merits of owning a condo except if you are loaded or if you live in it because it is near your place of work or school and thus convenient ie no commuting in our beloved beautiful metro manila.I see a glut of condos in the future esp the mid to lower levels. Luxury condos are totally diff

 

[resjudicata]

In cities, housing is condo/apartments

If you want single family homes then you buy farther away, so you have to commute