Buying a House Journey: Looking for a house to buy

It all started with the promised incentives of my company. I want to spend it with a house and lot because we’ve been renting ever since we transferred here in Manila. The incentives I’ve received is enough as downpayment to an affordable house.

It’s because of these incentives that I realized how much money I’ve wasted for the long eight years renting 10K monthly apartment. But what could I do? All those years we’re barely living paycheck to paycheck. We have enough one day then a little next day. Needless to say, that all those years I am the sole breadwinner.

Now when finally, I received a large amount, I am at 46. If I will apply for Pag-ibig loan, there’s only 24 years left for me to pay that loan if I will be granted.

The first time I knew about the incentives I got so excited to get a condominium. It has been my dream ever since. I also don’t need a house and lot because I already got one in Bicol. Additionally, houses here are located in the outskirts of Metro Manila, somewhat 1-3 hours travel time. I was decided to get the condo for the first week. 

Come second week, I learned enough about condominiums that I realized I do not have enough to cover all the other expenses. I became afraid of the hidden charges and the thoughts that only the rich lived there. I also value freedom all my life, I can’t live in the environment with so many restrictions. I also have 3 persons to come with me plus my dog and cat and my plants. It’s a crime for me to just leave them elsewhere until they die because they are not accepted in the condominium.

That made me research more—rent-to-own, pasalo and now foreclosed properties. Suddenly I became obsessed with learning about buying a property in the Philippines instead of actually buying. I enjoyed the times I am learning and hunting which is just fine because while I am doing this, I have my incentives safe in the bank and I am continue adding to it. 

As my passion and learning grows, I am also knowing myself even better — the amount that I can pay, the loan that’s suited for me, the kind of lifestyle I’d like to live by. 

I also need to take into consideration the location of my work, the schools of my children, the energy we can spend with travel and the additional transportation costs we do not have in our current situation. It will be a great change and a huge adjustment with all of us who’s not used to commuting.

But the promise of a new house we can call our own is really enticing. I may not know all the answers to my questions right now but if this is God’s will that we get one, then I trust in His wisdom and providence.

I will update you about this big change. For now, suffice it to say that I am happy learning more things about buying a property I could one day share with you.