When I first wrote about our housing goal last year, we had no idea what the average price was in our desired neighbourhood. But now that we've been looking at houses for sale, I realized that our Php2M-Php3M budget will just not cut it.
My father actually recommended that we buy one of the foreclosed properties in our village, saying that we can take out the maximum loan from PAG-IBIG to buy it. But even if we were able to qualify for that, I really don't want to be working day in and out primarily for a mortgage. That would right about suck the joy out of living.
Anyway, we can still go with our old plan of flipping our current condo to add to our house fund, but as it's turning out, selling our condo will only cover the equity for the new house with the 80% to be loaned either from the bank or PAG-IBIG.
The most realistic option for us is to buy the adjoining unit from my brother and take over his PAG-IBIG mortgage in order to transform our 30sqm unit to a palatial 60sqm.
For this to happen, we will need to pay my brother about Php400,000.00 and allot another sizeable chunk of cash for the renovation costs and furniture buying. I've already broached this idea with him and he seemed pretty amenable to it.
Right now, we're just renovating our studio unit and the big condo merge will happen in a year or two, when Bean will be a toddler. With a realistic plan in place, the challenge facing us is to raise about Php400,000- Php500,000 to cover the downpayment to my brother and the renovation costs.
This entails a lot of planning and number crunching, two of my most favorite things to do in the world. So you know I'm up for it. Let's do this.