As we enter the second quarter of 2021 I can’t help but think of the life events that happened to all of us during pandemic. When I say pandemic I mean the fact that are we still under the Enhanced Community Quarantine (ECQ) up to now while the rest of the world are somehow back to normal. These unfortunate circumstances pushed me to revisit my priorities this year. Case in point leaving my almost 13 years apartment in Makati and outsmart spending and paying rent.
This is actually the first time I’m sharing these changes. I know it is sad to conclude on such a dramatic decisions but I’m very excited to share you what I have learned about renting versus owning. Particularly my plans of getting a property in the future. Maybe bachelor’s pad in case we all go back to the way we used to. According to the article I read, amid construction delays, pre-selling condos still in-demand.
When we started the lockdown here in the Philippines last March of 2020, I decided to go back home here in Bulacan as work-from-home became a necessary adjustment for everyone. I left all my stuff in my apartment thinking that it will be just few months and then we’ll be back to normal again. I was wrong.
It was late December when I gotta have to sit and decide whether it is time to move. Imagine having to pay the rent for a year without physically staying there. That’s when I realized I have been renting for more than a decade. If I knew I was going to stay in the city that long I should have invested in getting a property back in 2008. I guess it’s not too late to reconsider?
Well, to be honest, I am enjoying my peace and quiet here in Bulacan. But I am also checking the latest about acquiring a new property. Aside from updating myself with the latest on properties, I am also investing in stock market and currently enjoying the play.
Early this year I have been trying to understand where is the most viable option to get new condo or properties. Oh by the way, I am very glad that my longest housemate in this lifetime, Eco found his way to finally secure a pre-selling house and lot for them. That also inspired me to keep looking. And according to Colliers International, Fort Bonifacio and Makati City are some of the cities that are planning to build more prime residential spaces.
I look at these locations and glad that the city I want to live in (Bonifacio Global and Makati) are progressing as it should. While I still regret having to pay the rent over the decade, I’ve learned that you really have to have the habit of computing. You know buying a new house is not just about the thought of affording it. We also gonna have to consider knowing about mortgage and interest over the year. And last night I was doing some calculations.
There was a time when I’m talking to an agent about a new condo nearby my place. That time I really wanted to see the scheduled amortization at the span of the 15 years but our schedule didn’t meet so he wasn’t able to give me the information I needed right on time. Thankfully these days, you can have your own assessment from reliable loan and Mortgage calculator anywhere else.
For instance, I was rooting for a PHP4.5Million one bedroom unit and the downpayment is 20% or (PHP900,000), the remaining load payable can be computed with your rate and number of years. I use this very helpful tables I found this week.
What I like about calculating is that of course you can predict your long-term cash flow and your cash on hand. This calculator will help me decide a lot of things. You can try it for yourself by entering your ideal budget and capacity. Oh by the way, this site is also providing guides about predicting and calculating you payment amortization and some fresh data about real estate.
I know I have spent much of rental expenses in the past but with a lot of guidance from professionals, acquiring and making sure you are aware of your numbers (rates and mortgage calculation) is the guide to getting your dream pad or house and lot. That’s why it is very important to keep ourselves updated with the trend. I’ve learned my lessons the hard way. In renting, I didn’t get ownership of the place after all these years. But looking forward to owning one soon. Same spending, but getting the place as your own after many years.
Currently, I am busy with some fresh air and sipping my afternoon tea at home while managing my time as content creator. But I/’m gonna have to be prepare and ready for the return of the old normal. You should too.
My advise and tips for you guys. Do not be afraid of having a mortgage for something that your future self will thank you for. This is the best yet fulfilling decisions to do as part of adult life. Im not saying renting is a bad idea. It comes with circumstances in life of course. But once again buying versus renting comes down to both a financial and lifestyle choice.
So now I can finally say that officially before leaving this quarter, I am property rent free~!
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