Why We Decided To Buy A House

In 2017, my husband and I finally got the keys to our new house and for the first time in our lives, we became homeowners the following year in the month of January at the age of 37. 

It's never too late to reach for your dreams. As Confucius once quoted, “It does not matter how slow you go as long as you do not stop”.

We'd always been boarders and tenants since we got married. Initially, it was a good idea to essentially live with my mother or rent a house, but it was not all roses. Living with your parents or renting out a property can save you money, sure, but usually it ends up having to pay a higher price. Undeniably, the situation made it harder for the spouse as well. So, we figured it's time to settle down, but weren’t really sure it was going to happen, to be honest.

But then, there it was, finally, a vacant lot for sale that was somewhat right in our price range. The village is situated up in the mountains, surrounded by nature. We love that our street's in a quiet neighborhood but fairly close to a mall and market.

After a long and agonizing process, we've finally moved into our new house pre-pandemic, still close to my mom's. Although it was a nerve-wracking decision whilst weighing the big financial responsibilities, buying the house seemed like the right decision all along. 

So, here's the big question : Should you buy a house during this pandemic?

According to columnist April Lee Tan of Inquirer.Net, If you and your spouse have job security, and are still renting a house, then it is a good time to buy a house. "Buying your family home is one of the best investments you can make but it is scary to buy a house when there is a crisis such as the ongoing pandemic. However, because of the current situation, there is a greater chance of buying a house at a much lower price or at more affordable payment terms. Moreover, because interest rates are so low, there is a risk that property prices will go up sharply when the economic recovery picks up steam, making the dream of owning your own house more out of reach. One of the main obstacles of buying a house is the huge down payment. However, there are many houses in provinces near Manila that can be bought with only a 10-percent down payment. Some developers also have promotional terms on the down payment making buying a house even more affordable." 

Read it here:  https://business.inquirer.net/313422/is-it-a-good-time-to-buy-a-house

In our case, husband and I availed the long-term housing loan for 20 years for our 2M property through PAG-IBIG, which has a 5-year fixed rate of 6% per annum and a monthly amortization of around 22,500.

The pandemic has significantly affected the real estate market and the work from home situation has definitely changed what people are looking for in real estate. If you are considering moving into your own house, there are websites you can use which offers free online loan calculators that will help you determine the monthly amortization on different amounts of loans. 

Some of the features will allow you to link to a specific calculation with the results already filled in. Provided also are graphs of loan repayment along with monthly and yearly amortization tables. Need to estimate mortgage affordability based on income? How about printable amortization schedules? Loan overpayments and remortgage? These calculators can help you determine if you can afford to buy a house anytime soon.