I did it! I did the unthinkable and I'm still in shock. Everything seems so surreal. One minute I was looking for a place to rent, the next thing I knew, I was signing on the dotted line, taking out a loan to buy my own place!
I never imagined myself to be a homeowner, even less a condominium unit owner. I would have preferred to get a townhouse or a house and lot; but with what I can afford (to loan, that is), those properties will be located outside the Metro. Choices, choices, choices!
I started to entertain the idea of buying instead of renting after seeing those real estate banners touting low monthly payments and slogans like "Why rent when you can own?" To know my options, I went condo-shopping - townhouses within the Metro will cost me an arm and a leg, so that's not an option. I went to view condos that were pre-selling, now-selling, and post-selling. My requirements were simple, good security, accessible to the MRT, decent floor space, and most of all, should be cheap.
At the onset, something tells me my requirements somehow mismatched, but I braved on. Loft types condos are the trend now, but I didn't like anything I saw; plus paying for "floor space" that is more of "air space" simply does not sit well with me - it's like paying twice the price for the actual, solid floor space. Though, to be fair to other properties, there are some developers who did beautiful lofts. Of course, the prices for these were also beautifully out of reach.
After looking at six properties, reality bit and I was ready to call it quits and just go back to renting. This is not yet the time for me to buy. I scoured the ads again for condo units for rent. I answered an ad and went to see the unit. One look at the place and I'm ready to run out the front door. It's sooo RED! Somehow, I persisted. I asked the agent if there are any other units that are available. The agent said if it is for lease, then no units were available; but if I will be interested in buying, then she can show me some units.
My first question was how much? I nearly fell off my chair when she told me the price! She was offering me a condo unit inside an exisiting building at half the price of other pre-selling properties with the same floor space! Oh, boy. Could this be it? I tried not to get my hopes up too high but went on to check out this unit. What do you know? It is an end unit, meaning two sides of windows instead of one (I got a total of 3 windows instead of the usual one). I still have to improve the unit a little but I think it will work. I also took measurements to make sure all my existing stuff will fit into all of its 40 square meters (430 square feet).
I 'm getting totally excited here...until I went shopping for my housing loan. Mortgage here in the Philippines is, oh, I don't even know how to start describing it; especially when you take a loan from the bank. I was resigned to go back to renting again when I bumped into a good friend and to cut the long story short, I took out my housing loan from my friend, and I am now an owner of a condominium unit.
Most of my friends are more excited than I am. There's this friend who keeps telling other people we know that I'm buying my own place even when I still haven't signed on. Then, others who wants to know when the house-warming will be. Then, there are others who are already planning to have my place be the party place. I just laughed and am really touched by their enthusiasm and happiness for me.
Next comes the renovation. I have to decide on the flooring (tiles? wood? vinyl?), ceiling design (cove? plain?), lighting fixtures (round? square? let's not start on the colors), storage spaces (where to put them) - all these are making my head spin and ache; but in a nice way. And have I mentioned that all these will have to be done by the end of the month?
I am still trying to come to terms that I have indeed bought me a condo unit. At least I know my living space will not go any smaller in the future...and I'm finally letting myself get excited! Woohoo!
