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@maya I would say mas madali mag approve ang pag-ibig kaysa sa banko.
Based from my experience mas mababa ang interest ng banko, then pag-ibig then in-house financing (not advisable dahil sobrang taas ng interest).
Regarding naman investment in Real Estate you have to determine if ano ba gusto mo:
1. Rent It (higher than the amortization para may kita ka) to have passive income.
2. Flipping means sell the property and earn.
I have 5 condominiums in Manila all rented out, some binili ko ng pre-selling.. yung isa binayaran ko ng full yung DP kasi pwde ng move-in (and they process the bank loan in 5 days PSBank mabilis...)
So these are the things to consider:
1. If long term ka at gusto mo ng passive income then just rent it out, just make sure na mas malaki yung rent kaysa sa monthly amortization mo, also do consider yung "Monthly Condo Dues" which is per sqm.
Mahirap ma-determine ito kapag pre-selling pa so usually you have to do your research kung ano yung mga itatayo sa area na mga establishments... Pero once you hit it Ok tlga dahil ang nagbabayad is yung tenant and you are earning pa monthly + capital gains.
Like sa isang condo ko my amortization is 11K for 15 years (13k including condo dues), that time (3 years ago) ang rent is 15K/mo.. now its 20k-25k (so I'm earning to it 7k-12k) and im not the one paying the amortization its the tenant...
2. Ang downside if kinuha mo ng pre-selling is tulog yung pera for 2 years (usually) kasi you are paying the 10-20% down payment then saka palang ma-turn over. But the good thing is syempre mas mura mo makukuha yung unit and mas mababa din yung amortization.
3. Ang downside naman if hindi pre-selling mo kinuha mas mataas na sya compare sa pre-selling but the good thing is mapapa-rent mo agad and umiikot na yung pera mo. So you have to check yung amortization + condo dues against sa monthly rental... You need to compute first dahil baka ang mangyari ang amortization mo is 20K then yung current rental market is just 15K abonado ka pa ng 5K.
4. For Flipping its good to sell it after mo mapaupahan ng mga 3 years, but this depends.. assume balance ang mangyayari... Malaki din kita pero I haven't tried it.. but I know how to do it... it just mas long term ako. Hindi din kasi ganun kadali maghanap ng buyer.
@RDG - yes ok din yun sa students sure na mauupahan dahil sobra traffic lalo na ang aga ng pasok sa school. kaya mas prefer nalang ng student na magrent.
Kaso nga lang i-realize na mas ok if ikaw bumili ng lupa tapos patayuan mo ng apartment for rent, long term talga na investment... the reason is mamanahin pa ng anak mo at apo mo (hehehe)... so condo kasi 50 years kumita ka na talaga pero not sure if tatagal ba yan nga 100 years para mapakinabangan ng anak mo at apo. (nakakita na kc ako ng HDB dito sa SG sa toa payoh na mga 30+ years na hehehe bulok na tlga...)
but yes condominium investment is really good.. mahirap nga lang iliquidate if nakabili ka ng maling property...
@ronaldsb - How old are your 2 kids? Also yung wife mo may job ba sa Pinas?
Ito ang mga dapat mong i-consider for first timer na magwowork dito sa SG:
1. Prepare yourself mentally - mahirap malayo sa Pamilya, so dapat mentally equipped ka.
2. Look for a comfortable place to stay and check mo if pwedeng magbakason family mo if in case you are getting a room.
3. Double check your contract if what is the notice period if you will resign? How many months is probationary period? Can you resign even probationary? (Wala naman bang bond that you need to pay)? The reason for this is at least you know at the back of your mind you can go back to Philippines anytime if you really feel "Home Sick".
4. Create a long and short term plan, pag-usapan ninyong mag-asawa (if lets say the transition of moving your family to SG, then your wife maghahanap ng work dito once stable ka na sa work and so on...) having a clear goal or vision makes it easier rather than na "Bahala Na".
5. Make sure you have internet in your place in SG as well as in Manila para makapag usap kayo palagi ng family mo.. it lessens the "home sick" part.
@jarvz - I dont base it lang kasi sa salary.
Ito mga scenarios:
#1 - SHARED ROOM ($350)
- What is the possibility na hindi ka maiistorbo ng roommate mo?
- What if your roommate works in shift, ex. uuwi ng 2am, natural magbubukas ng ilaw yun sa room.
- For sure no privacy
- Ilan kayo sa room 2? 3? 4? The more the merrier
- Are you a tidy person?
- Mabango naman ba yung roommate mo?
- Do you have valuable items to keep?
- What if sa room kumakain yung roommate mo?
- What are the house rules set to avoid issues?
- Straight, BI, etc.. ba yun roommate mo?
#2 - SOLO ROOM ($700)
- 100% walang istorbo
- 100% privacy
- If takot ka sa multo then yun lang
Note: The context is only about Shared/Solo Rooms, hindi naka-factor yung usage ng common areas and toilets.
But to answer the question is it worth to get solo room sa $3,500 na salary? I think Yes!
House - 700
Food - 350
Transportation - 200
Others - 500 (entertainment, etc...)
Total - 1750
Salary - Expenses
3500 - 1750 = 1750 (Savings)
@maya - yes good sign kapag tumaas yung value ng property/condo, yung ang isang maganda if kilala yung developer dahil they already know saan ilalagay yung condo, thats usual trend na after pre-selling tataas ang value, maraming factors din, but don't just believe the agent (ask him/her why tumaas...)
# PARKING LOT
Yung Parking Lot naman it depends... check mo muna yung ratio ng parking lot against sa number of units, what I know usually 20-30% lang ang parking lot na ginagawa ng mga developers so meron talagang market kung paparent mo.. but from my experience if into Real Estate Investment ka better get another unit than parking lot dahil mas madaling magbenta ng unit kaysa parking lot... Also if lets say yung bibili ng parking lot mo is walang unit doon yung probability na approve ng bank yung loan is low dahil preferred nila na yung magloan ng parking lot may unit. Banks know mahirap iliquidate ang parking lot hehehe... (not unless nasa makati yan parking lot).
# CALL OR EMAIL
I would suggest you call them, meron ang mga banks na toll-free hotline (so no charge if Singtel ka). Double check mo lang na maigi.
This is ok if may nakatutok kang tao sa Pinas to entertain the guest, mas malaki kitaan lalo na if nasa prime area yung lugar mo or tourist area. But may mga agents na masyadong matatalino na bina-bypass yung airbnb on behalf there clients etc... so dapat maingat ka. I tried this one and I prefer yung monthly rental dahil mas less stress, the more people you deal with the more BS you get hehehe...
# CASH ON HAND AND LOAN
Well may pros/cons kasi yan... For me I won't put my cash to lower down the loan.. I'd rather extend the loan tenure para pumasok sa comfortable amount yung amortization ko (since ang magbabayad naman nito is yung Tenant). You have to know din kasi the rentability ng unit mo. (Add value to if like furnish it, malinis, no smoking, etc.. para madali maupahan).
When I have a lot of cash sitting I'm not happy, I invest that money to something it will make more money (short or long term). Putting that money in bank also is not good dahil if you put 1.5M in 10 years sa banko lang see now the inflation.. bank interest won't cope up with inflation rate
But then again if you are the type of person na ayaw mo ng maraming iniisip, etc.. then go ahead you can pay the loan para mas bumaba yung amortization. It will always depends on your strategy, syempre lets say you loan it only for 3-5 years then nabayaran mo na... you can re-invest again. So ikaw makakapag decide for yourself at the end of the day.
@marie03 - i think the fastest now is 10 working business days (2 weeks). so pwde din mag 3-4 weeks.
Just pray and wait. Stay positive.