I acquired a house but I have recently became unemployed. Should I keep the house?

[imploreformoore]

Hello, 25y/o F here. I acquired a property (100sqm house and lot) last year Oct. Monthly payment ko po is 18,000 sa house. 25 years to pay po yung bahay. Including electricity and water nasa 25,000 po in total. I used to be earning around 70k to 80k when I had my job kaso my client became so toxic and I lost the job. Confused ako masyado if i should still keep the property. Ako lang po mag isa ang nagbabayad. I’m still good til next month. May inaapplyan akong job rn with a salary of 35-40k which would leave me around 10-15k nalang after I pay the house. Please give me some insights Parang mabaliw na ako sa kakaisip.

 

[ktarv]

@imploreformoore Mag hanap ka housemates! Para may income at pamabayad ka. Goodluck!

 

[khristosanesti]

@imploreformoore No downpayment whatsoever? Are you living in that house? Unless you can find work in the next few weeks, you need to give that up. You’ll drown in debt in no time.

Let this be a lesson. Never go into a commitment like that without a buffer of at least a year.

 

[imploreformoore]

@khristosanesti No dp po, it’s a resale unit sa subdivision. Straight monthly na ang babayaran. Currently living here po. My parents’ house is chaotic that is why I decided na kumuha ng unit. Invested on the tiling of the floors na din and other minor renovations.

 

[khristosanesti]

@imploreformoore Damn. Then you need to hustle up and find work quick. Good luck

 

[imploreformoore]

@khristosanesti thank u po

 

[matsha05]

@imploreformoore Oo dapat may emergency fund ka sana ng 6 months to 1 yr before buying the house

 

[truth57]

@imploreformoore This is a big mistake. Dapat may emergency fund ka for amortization before any renovations. Maraming na foforeclose na bahay tapos ang laki na ng nagastos for renovations.

 

[zeyi]

@khristosanesti Also if you have something that big of a commitment, don't resign from a job without finding a new job first. You'll tell yourself you can focus more on finding a job once you finally resigned, but you'll only end up getting frustrated.

Finding a new job can take a few months, especially if you are looking for something high-paying and requires very little experience. (OP is 25, so she might have less than five years of experience.) After weeks of continuous rejections, you'll end up feeling really down and demotivated. You'll either just give up or settle for a job that pays less (just like what OP did).

 

[didj76]

@zeyi And you cant ask for higher salary sa inaapplyan mo if you’re unemployed.