Need financial advice. Paano ba bumili ng house or condominum?

[froshie1]

Paano ba bumili ng house and lot or condo? Pwede ka bang mag loan sa Pag-ibig and bank? or dapat iisa lang? Anong magandang gross income ang ma-susuggest ninyo kung ang isang individual at ang kanyang asawa ay kumikita ng 75000php?

Iyong sa mga nakapag loan na sa bangko man or sa Pagibig dapat bang isang tao lang iyong kumikita ng ganung halaga or pwedeng dalawa kayo (ex mag-asawa kayo).

Isa pang tanong, ok din ba ang condo? Paano ba iyong laro sa condo? Anong mangyayari sa condo kung kunwari sobrang tagal na nung bldg? Pababayaan na lang ba basta ito ng nag tayo?

Isa pang tanong, tungkol naman sa Real Estate Tax. Mayron bang Real Estate Tax kung condo ang binili mo? Atsaka paano naman kinocompute ang Real Estate Tax? Umaabot ba ito ng milyon?


Thanks!

[jolog1]

Don't buy a condo. Take a look around, you rarely see any condos that are older than 40 years old. When a condo reach 30 years old, it starts to look really nasty. Condos also have a mandatory utility fee you have to pay every month, it cost at an average of P4,000 per month. Parang nagbabayad ka na rin ng renta.

The land area is owned collectively by all condo owners. If the condo burned down or collapsed, in order to rebuild the place, everyone has to chip in. It's impossible to get every single condo owner to do that.

Buy a house and lot instead. Location might not be as convenient as condos but they are more long-term. You can pass it to your kids.

[KuyaDanny]

Re: borrowing to finance acquisition. Borrowing from two institutions takes some doing, because most institutions will insist on being the first mortgagee, and few will accept being a second mortgagee. This impasse can be overcome by a pari-passu mortgage (in which the mortgagees have equal status to the extent of their lendings), but a lot of politicking will be necessary for you to get approvals.

Re: income sources. If one person makes enough money to service the debt, one income earner is enough. Otherwise, two may be necessary.

Re: condos - they do not have to last forever. Building can be torn down and rebuilt, or the property sold and the proceeds apportioned among the owners. Most (good) condo projects assess members regularly and use the money for maintenance and rehabilitation.

Re: tax - condos also have real estate tax just like land and houses. Rea estate tax is based on the assessed value of your property. It is best to check with the municipal/city assessor. If you are buying an existing property, ask the owner for a copy of the latest real estate tax receipts. You'll find the amount there.

[KuyaDanny]

Originally posted by jolog1

The land area is owned collectively by all condo owners. If the condo burned down or collapsed, in order to rebuild the place, everyone has to chip in. It's impossible to get every single condo owner to do that.


If the condo management is any good, the condo corporation should have enough insurance in place to fund a reconstruction of the building in case of fire or other calamity. All the condo owners share in the premium and should not need to chip in to rebuild the place.

[froshie1]

Thanks jolog1 and KuyaDanny! I think a house and lot would be much wiser than a condo. So parang ang condo hindi pang practical.

[jr_abu]

how about a condo in Eastwood? fire-proof, earthquake proof, has your own condominium title.. fetch around P20K/month at only 10% downpayment.. contact me.. jr_abustan@yahoo.com