Thinking about buying a condo or house-and-lot? Imagine the joy and pride of owning your own home, a place where you can build memories and secure your future. With our expert guidance and clear steps, you can confidently make informed decisions about your future home.
Buying a condo or house is likely the biggest financial commitment you'll make. It will probably involve your largest loan. Thus, preparing thoroughly is essential for making an informed decision. A key aspect of preparation is managing your housing budget.
1. Make a Commitment
When buying a condo or house, budgeting is crucial. Staying within a 30% budget for housing allows you to enjoy peace of mind and financial security, knowing you have the means to cover life’s other joys and challenges without stress. Our budgeting tips are designed to help you manage your finances effectively, ensuring you can handle unexpected expenses and avoid financial strain.
2. Prepare for the 20% Down Payment
By planning for the 20% down payment, you take a crucial step towards making your dream of homeownership a reality. Many developers offer flexible installment plans, making this exciting milestone more attainable and within your reach. We provide resources and advice to help you navigate the down payment process and take advantage of these flexible plans.
3. Prepare for the 80% Housing Loan
Negotiating loan terms that fit your budget ensures you can savor the joy of your new home without the anxiety of overwhelming payments. Our guide helps you understand loan terms and provides tips on negotiating favorable conditions, so you can secure a loan with confidence and clarity.
4. Prepare for Additional Fees
Understanding and preparing for additional fees brings you peace of mind, knowing you’re fully equipped to handle every aspect of the buying process. We offer transparent information about all potential fees and guide you through every step to ensure you are well-prepared and confident.
Legal fees include:
1. Capital Gains Tax - 6%
2. Documentary Stamps Tax - 1.5%
3. Transfer Tax - 0.5% to 0.75%
4. Registration Fee - 1%
5. Notarial Fees - 0.5% to 2%
6. Loan Fees - depends per bank
Move-in fees include the payments for the connection of water and electricity, subdivision/condo dues, and others. You can ask the developer or your agent about these other fees. Let us illustrate:
Type: Two-Storey Townhouse
Location: Gun-ob, Lapu-Lapu City
Total Contract Price: PHP 2,850,000
Reservation Fee: PHP 10,000
20% Down Payment: PHP 570,000
Down Payment Installment: PHP 15,834 per month for 36 months
80% Home Loan: PHP 2,270,000
Monthly Loan Payment: PHP 15,615 for 20 years
By budgeting PHP 16,000 per month, you allow yourself to embrace the joy of living in a beautiful townhouse, where convenience and quality come together. Investing in this well-located townhouse offers long-term value and a secure living environment, ensuring your investment is sound and rewarding. Imagine the ease of access to local amenities and the comfort of a home that perfectly fits your lifestyle.
This discussion is for educational purposes only. Consult your lawyer for advice on your specific case. For any questions, contact us.
If you’re planning to buy a residential lot, house-and-lot, or condo unit, get in touch with us at 0920 207 5035 or email cebuhousefinder@yahoo.com for free assistance.
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