Achieving Our Dream Properties – A Work in Progress

October 29, 2022
real estate properties cebu

My husband and I are probably one of those lucky couples who don’t have to worry about where to live after the wedding. As much as I wanted to “leave and cleave” because it’s something that I grew up with, it’s just not the most convenient for us knowing that my husband is the only son who can tend to my mother-in-law.

Eight years after our wedding, although we were happy where we are living, I can’t help but think about having a place that my husband and I can call our ‘own’, no matter how small. That’s when we decided to get a pre-selling condominium in 2019.

Pre-selling property investment is becoming more common in the Philippines, and it’s no secret that investors are drawn to these properties due to the discounted prices. Pre-selling units are by definition those that are sold on the market before they are even made available to the general public.

Effects of Pandemic on Real Estate

We continuously paid for the equity of the condominium but 6-months later, the pandemic happened. My husband and I still have our jobs but the fear of an unknown future made us think about giving up the property. But as months passed by, I realized it is still worth keeping. According to Blanca Mercado, The Manila Times president, “Real Estate is still the most reliable investment regardless of the current pandemic condition”. I agreed because I noticed that the pandemic has made many Filipino families transfer to houses that are safer and in uncrowded areas and subdivisions.

Industries Recovering in 2022

We’re already in the 4th quarter of 2022 and I guess it’s safe to say now that the world is indeed recovering from the pandemic as people start travelling again, going out, and buying more, thus helping the economy. Each country has its way of adapting to the pandemic, the Philippines is no different.

As someone who uses Facebook all the time, I noticed that Real Estate prices here in Cebu are increasing fast this year. And this is something that bothers my husband and me, will we still be able to afford a house if we buy it years from now? Our plan for the condominium once it will be turned over to us is to have it rented, more like an investment. We can probably live there for a couple of months but certainly, it’s not a place where we can retire. We also have a valid reason why we can’t stay for longer in our current residence. So, are we just gonna sit around while seeing house prices skyrocketing?

Starting Another Pre-selling Property

On our 11th wedding anniversary this year, we finally decided to choose a place where we can consider ourselves retiring, and start paying for the pre-selling monthly fees. Of course, this decision didn’t happen overnight. Owning our own house has been at the back of our minds for many years, we just didn’t think much about it, not until we saw the current house prices.

Also, saving money is very important but with the increasing inflation rate worldwide, saving and at the same time investing are much better these days. Trust me, we tried our best to save, but YOLO (you only live once) got us every time, the wants became needs, and it never ended until we used up all our savings. We were also able to travel internationally but the reality check hurts – we still have no house under our name.

With our recent decision, we’ll be paying 2 mortgages in the coming years. Using a mortgage calculator has indeed been very useful for me to be able to estimate the amount we’re gonna pay monthly soon.

Can we achieve our dream properties?

The answer to this question is – we don’t know but we trust everything in God combined with hard work. To be honest, a few people around us are telling us to just focus on the house and lot and give up the condominium. Having 2 mortgages is no joke, especially for an ordinary Filipino family like ours. But my husband and I are dreaming of owning a piece of a building and earning money from it, hopefully.

Getting two real estate properties might be too risky but I believe “to dream is to take risks”. Nothing will be ours if we won’t start working for it right? So if you’re dreaming of getting your real estate property, start studying your finances now, estimate affordability and choose the property you can afford. Let’s all focus on our dreams, regardless of what other people will say.

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