Saturday, January 31, 2009

wanted: a home to call our own

All couples plan of creating a dream home. It's something that we all plan, at the back of our heads, while in the midst of all the daily grind -- working, sending the kids to school, saving up for vacations, etc.

But before creating one's dream home, we need to get away from the cycle of house rentals. Monthly rentals are punitive. Multiply your monthly rents by 12, and it's a huge savings had the money gone straight to the bank.

We are renting for about 4 years already. We're paying 10,500 pesos monthly for a 2-bedroom, 1bath apartment. Despite the high cost, we endure it, because the location is good, very accessible to modes of transportation, and the unit is in a compound, making it safe for the kids to play within its confines.

As much we wanted to have our own home early on, the initial equity for new house and lots, or even a plain lot, or worse, condos are really high.

A year ago, we started planning the constructing of our own home, in an lot we've purchased a long time ago, in an exclusive subdivision. However, the hassles of home construction, the high cost of construction materials, labor costs, and the availability of someone whom you can trust to oversee everything are real challenges. We decided to put-off the attempt for awhile.

Just recently, a real estate agent invited me to look over an old townhouse near our office. It's being sold on a "sacrifice amount" because the owner is desperate for cash. Location has always been the top of our list when we scout for our future home. We believe that no matter how beautiful one's home is, if it takes you 2hours to go home everyday, it's not worth it.

The townhouse is quite dilapited. It's about 14years old. It wasn't properly maintained by the owner. But there is great potential, once it's renovated. It's just 38.5sq m. but with 4stories. It's just enough for our small family. Thus, we decided to take the plunge.

Renovation challenges... next!

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