Questions of an aspiring property buyer
I have been looking at and been interested in purchasing property for years now, before condominium and development fever struck the country. I regret not having purchased one before the prices started rising and the unit sizes started shrinking. By now, I would have already made decent headway into the payment and, hence, towards full home ownership. Plus, had I started saving up for such a purchase the moment I first became employed, then I wouldn’t be baffled as to how people can afford to buy properties in the first place.
Of course, I have to stop beating myself up for my poor decisions and for buying so much useless shit over the years. The best thing I can do is to start scrounging up money for downpayment and for succeeding monthly payments, which I’ve already started doing. Then I also have to find prospective developments. My main criteria: a one- or two-bedroom unit in a midrise development in the northern part of Metro Manila.
I’ve ultimately decided on a condominium after realizing that I will never be needing a lot of space, as it will only encourage me to accumulate things to fill it up. The midrise aspect is a key consideration, as I’ve observed that such developments have more of a community feel about them. Even though I love heights, high-rise condominiums don’t seem advisable because earthquakes, and I’ve chosen northern Metro Manila because I like it here, thanks.
I should probably have more factors to consider, but right now, they’re being overshadowed by a bunch of questions I have about buying property. Based on what I’ve seen, homebuying is pretty prohibitive here in the Philippines; if you can’t afford it, well, you’re stuck living with your parents until you die or living in a crummy neighborhood. So I’m hoping someone could help me out with my questions.
1. How much money are people making nowadays anyway?!
2. And how are they able to afford property? Twenty-five to thirty percent for downpayment seems a bit much.
3. Do first-time homebuyers get a break at all? Are there any payment options that look kindly upon first-time homebuyers?
4. I’m a freelancer AND I have a full-time work-at-home job. Will people laugh me out of the bank if I try to apply for a loan?
And that’s just a few of them. Hopefully, I can find a real estate specialist who can give actual sound advice and go beyond saying, “Kayang-kaya niyo yan, ma’am!”