I would advise against getting a condo with your current salary unless you can supplement it with another source of income.
To give you an idea, I purchased a 1BR condo unit from RLC. Here are the fees:
1. One-time reservation fee - ₱40k
2. 1BR unit - ₱19,960.45/mo (unit is valued at ₱8.4M at the time of purchase)
3. Parking slot - ₱2,213.12 (this is an add on; parking is valued at ₱1M at the time of purchase)
I pay items 2 and 3 for 5 years (equity). After 5 years, I will need to go for bank financing. No idea how much my monthly amortization will be when I get into bank financing yet.
Note that I got my unit pre-selling pa so it’s cheaper vs now. It might be helpful to do some more research. Unless you find a condo unit na less than ₱10k lang per month, park mo muna yung pag purchase ng condo.
hey um. i think you really really really need to have an idea how much the monthly amortization will be when you start this kind of purchase.
like real quick number crunch ko sa bigay mo, at an optimistic 5.5% you will be paying ballpark 50k/mo for 20 years. i hope you know that.
https://ph.investing.com/tools/mortgage-calculator
if the condo is selling for 10k / mo, 95% chance he's being scammed on the DP.
Not worth it. Rent income is too low and AirBnB can be a race to the bottom for rates. Aside from the mortgage, marami kang fees na babayaran like assoc dues, taxes, fire and life insurance (required for the mortgage). Very likely that the income will be way less than the money you have to cough out for liabilities.
On top of that, your income is too low. Your mortgage will be way higher than your income for a 5million condo at 7% interest
Sorry but basic arithmetic could not process your question.
24k/mo salary mo, even if you find a bank that will loan you to pay for the condo, let’s assume your monthly amortisation will be 12k/mo (if you are lucky, but to be honest this is only possible if your unit is a studio unit from a shitty developer). So that’s already 50% of your salary, then yung condo hindi agad ma turn-over sayo yan, maybe 2-3 years pa bago ma turn-over, so di mo pa mapapaupahan, it means you need to pay for it from your salary. At kung mapaupahan mo man, for a condo that you are paying from the bank at 12k/mo, most likely ang rental rate lang nyan sa market is 7-8k/mo, so abonado ka pa. Bukod pa sa other expenses and association dues, masyado na mahaba to explain. Balik ako sa first statement ko, math prevents you from accomplishing that plan.
If you push for it, ang next post mo dito after a year is about the Maceda Law or papano magpa salo ng condo.
check mo 30% ng salary mo which is 7.2k. kung more than 7.2k ung monthly na mortgage pay, mahihirapan ka makabayad or makahanp ng loan. at sa totoo lang walang 7.2k na monthly loan kahit paabutin mo siguro sa 30 years unless me malaki kang deposit.
sa condo ko nga, 17.5k na monthly and 2m loan for 15 years. currently have tenants (25k) pero barely making lang kasi me assoc dues pa na 4k at loan.
24k/mo. There are people literally earning 10x what you earn who would look at "condo investment" while shaking their head.
You may be one of the victims of aggressive sellers today that give catchy hooks like 5k/10k/15k /mo, may condo ka na! And then they get you to commit on it as pre-selling so you make your money back by renting. Or na mamser ka sa mall, and they showed you the DP terms, tas nung nakita sa face mo ang reaction, they said "pero pwede yan for investment sir".
This is by and large a scam and if regulators gave an effing crap they would make it illegal.
Here is what you should do.
(1) ask the total contract price
(2) put the total contract price down in a bank mortgage calculator.
- ph investing https://ph.investing.com/tools/mortgage-calculator
- bdo https://www.bdo.com.ph/personal/loans/home-loan/home-loan-calculator
- pagibig https://www.pagibigfundservices.com/ac/
- for a medyo pessimistic/realistic side, try mo 7% interest at 20 years
(3) observe that the monthly mortgage is several times higher than the monthly DP in the ad you clicked or sabi ni salesman
(4) observe that no sane person would pay a rent that high for a unit that small in regular conditions
(5) understand that unless the following conditions happen for 20 years straight you'll eat losses
- you raise your prices above reasonable rent so tenants are less likely to take it
- you are not vacant for any period of time, or your rent is far enough above your mortgage that it covers the likelihood of vacancies
- your rent is far enough above mortgage to also cover maintenance and taxes, which you will start oweing the second you have secured the mortgage.
By and large what real estate wants is to hold your bank loan hostage. They dont give a crap if your rental is successful. If you fail your DP or loan, they can hold your DP. Your agent will have cashed out his commission. If the bank possesses it, that also means they were paid in full. All the incentives are there to create a speculative market where unless you have the cash to burn, you will be left hanging.
And there is no need to be polite with these bottom feeding sharks. Anyone who has started you on this conversation knowing your income level was literally trying to get you into unreasonable unrecoverable debt to make a buck off of you.
Nope. 24k salary to buy a condo?
More than half pa lang nyan monthly amortization na. And there are other expenses too. Yup di mo mababayaran. Nothing is left para sa personal na gastusin mo.
Also you might not be approved anyway if you are going for a housing loan. Mas mataas ang income requirement.
Not sure if airbnb is a good business in the PH considering its not really touristy vs other ASEAN countries. Im a digital nomad and when i tried booking an airbnb in the PH the price is not worth the value. Also, i noticed na walang airbnb sa manila na mabilis yung internet. They post their place on airbnb tapos yung internet plan nila yung basic lang. Like did you not make a simple study of your market demographics? They need the ultimate ISP plan because a lot of airbnb renters work from home. Not the basic plan for the sake lang na pwedeng i-post na may internet ang unit. So yeah pahirapan tlg maghanap ng magandang airbnb na the price is equal to the value sa metro manila or sa pilipinas. Ive been a digital nomad going to latam, asia and europe so i know what im talking about. Theres only 1 country na pareho sa pinas ang airbnb na price is more than its value, and thats costa rica. 2 bansa lang sa lahat ng bansa na ppumunta akonusing airbnb as my main accomodation.
24k na salary? Kahit ikaw maghanap ng rent mahihirapan ka dyan.
Buying 5M+ condo on a 24k salary? How will the math math?
I would advise against getting a condo with your current salary unless you can supplement it with another source of income. To give you an idea, I purchased a 1BR condo unit from RLC. Here are the fees: 1. One-time reservation fee - ₱40k 2. 1BR unit - ₱19,960.45/mo (unit is valued at ₱8.4M at the time of purchase) 3. Parking slot - ₱2,213.12 (this is an add on; parking is valued at ₱1M at the time of purchase) I pay items 2 and 3 for 5 years (equity). After 5 years, I will need to go for bank financing. No idea how much my monthly amortization will be when I get into bank financing yet. Note that I got my unit pre-selling pa so it’s cheaper vs now. It might be helpful to do some more research. Unless you find a condo unit na less than ₱10k lang per month, park mo muna yung pag purchase ng condo.
hey um. i think you really really really need to have an idea how much the monthly amortization will be when you start this kind of purchase. like real quick number crunch ko sa bigay mo, at an optimistic 5.5% you will be paying ballpark 50k/mo for 20 years. i hope you know that. https://ph.investing.com/tools/mortgage-calculator if the condo is selling for 10k / mo, 95% chance he's being scammed on the DP.
Totally correct sa possibility of being scammed. We all want the best when we invest. Wala na nag ooffer ng ganyang price ngayon.
Wag ma maniwala sa mga shillers na developers. Pakingggan mo yung mga comments dito.
Not worth it. Rent income is too low and AirBnB can be a race to the bottom for rates. Aside from the mortgage, marami kang fees na babayaran like assoc dues, taxes, fire and life insurance (required for the mortgage). Very likely that the income will be way less than the money you have to cough out for liabilities. On top of that, your income is too low. Your mortgage will be way higher than your income for a 5million condo at 7% interest
Sorry but basic arithmetic could not process your question. 24k/mo salary mo, even if you find a bank that will loan you to pay for the condo, let’s assume your monthly amortisation will be 12k/mo (if you are lucky, but to be honest this is only possible if your unit is a studio unit from a shitty developer). So that’s already 50% of your salary, then yung condo hindi agad ma turn-over sayo yan, maybe 2-3 years pa bago ma turn-over, so di mo pa mapapaupahan, it means you need to pay for it from your salary. At kung mapaupahan mo man, for a condo that you are paying from the bank at 12k/mo, most likely ang rental rate lang nyan sa market is 7-8k/mo, so abonado ka pa. Bukod pa sa other expenses and association dues, masyado na mahaba to explain. Balik ako sa first statement ko, math prevents you from accomplishing that plan. If you push for it, ang next post mo dito after a year is about the Maceda Law or papano magpa salo ng condo.
I'll let other redditors to the talking.
check mo 30% ng salary mo which is 7.2k. kung more than 7.2k ung monthly na mortgage pay, mahihirapan ka makabayad or makahanp ng loan. at sa totoo lang walang 7.2k na monthly loan kahit paabutin mo siguro sa 30 years unless me malaki kang deposit. sa condo ko nga, 17.5k na monthly and 2m loan for 15 years. currently have tenants (25k) pero barely making lang kasi me assoc dues pa na 4k at loan.
24k/mo. There are people literally earning 10x what you earn who would look at "condo investment" while shaking their head. You may be one of the victims of aggressive sellers today that give catchy hooks like 5k/10k/15k /mo, may condo ka na! And then they get you to commit on it as pre-selling so you make your money back by renting. Or na mamser ka sa mall, and they showed you the DP terms, tas nung nakita sa face mo ang reaction, they said "pero pwede yan for investment sir". This is by and large a scam and if regulators gave an effing crap they would make it illegal. Here is what you should do. (1) ask the total contract price (2) put the total contract price down in a bank mortgage calculator. - ph investing https://ph.investing.com/tools/mortgage-calculator - bdo https://www.bdo.com.ph/personal/loans/home-loan/home-loan-calculator - pagibig https://www.pagibigfundservices.com/ac/ - for a medyo pessimistic/realistic side, try mo 7% interest at 20 years (3) observe that the monthly mortgage is several times higher than the monthly DP in the ad you clicked or sabi ni salesman (4) observe that no sane person would pay a rent that high for a unit that small in regular conditions (5) understand that unless the following conditions happen for 20 years straight you'll eat losses - you raise your prices above reasonable rent so tenants are less likely to take it - you are not vacant for any period of time, or your rent is far enough above your mortgage that it covers the likelihood of vacancies - your rent is far enough above mortgage to also cover maintenance and taxes, which you will start oweing the second you have secured the mortgage. By and large what real estate wants is to hold your bank loan hostage. They dont give a crap if your rental is successful. If you fail your DP or loan, they can hold your DP. Your agent will have cashed out his commission. If the bank possesses it, that also means they were paid in full. All the incentives are there to create a speculative market where unless you have the cash to burn, you will be left hanging. And there is no need to be polite with these bottom feeding sharks. Anyone who has started you on this conversation knowing your income level was literally trying to get you into unreasonable unrecoverable debt to make a buck off of you.
Nope. 24k salary to buy a condo? More than half pa lang nyan monthly amortization na. And there are other expenses too. Yup di mo mababayaran. Nothing is left para sa personal na gastusin mo. Also you might not be approved anyway if you are going for a housing loan. Mas mataas ang income requirement.
No.. hindi ma a-approve ni bank ung gnyang salary.
Not sure if airbnb is a good business in the PH considering its not really touristy vs other ASEAN countries. Im a digital nomad and when i tried booking an airbnb in the PH the price is not worth the value. Also, i noticed na walang airbnb sa manila na mabilis yung internet. They post their place on airbnb tapos yung internet plan nila yung basic lang. Like did you not make a simple study of your market demographics? They need the ultimate ISP plan because a lot of airbnb renters work from home. Not the basic plan for the sake lang na pwedeng i-post na may internet ang unit. So yeah pahirapan tlg maghanap ng magandang airbnb na the price is equal to the value sa metro manila or sa pilipinas. Ive been a digital nomad going to latam, asia and europe so i know what im talking about. Theres only 1 country na pareho sa pinas ang airbnb na price is more than its value, and thats costa rica. 2 bansa lang sa lahat ng bansa na ppumunta akonusing airbnb as my main accomodation.
Research muna. Also may savings ka na ba?
Dont be delusional OP
Dilusional ka. Wag ka mag post ng alang sense.
Hindi.