There are basically two ways of owning a house. Excluding inheriting one, a Filipino (Pinoy) can either build or buy his dream house.
Whichever option you choose, you must go thru several decision processes that should answer not only the what, where, when and how of building or buying the house you want. First and foremost, you must make an honest and objective self-assessment of your current financial position and lifestyle.
Many Filipino families are currently renting a house or an apartment unit. The answer they always give when asked why they want or, at least, contemplate to own a house is: “Instead of wasting my money to pay on rent, I’d rather spend that money to eventually own my house.”
It’s an understandable but not a totally valid answer. It begs a very important question: Do you really waste money when you rent a house?
Renting provides you and your family a temporary home at a very small fraction of the cost of building a house. It generally frees you of most maintenance responsibilities. Not really a bad deal! The downside is you will never own that house and that’s the reason why many think that renting a house is a waste of money.
That’s a wrong way of looking at rent. With no house of your own, rent is a necessary expense, not a waste, just like money spent on food and clothing.
It’s true that it’s every Pinoy’s dream to own a house. Just like any dream, it varies from person to person. One man’s fifty square meter shelter may be another man’s palace.
This website shall not discriminate between big and small dreams. This is as much for the rich and the middle-class as it is for the average Pinoy.
But what this website will keep on saying is:
Owning a house is one of the most important decisions any Pinoy will ever make in his or her lifetime. And more than dreaming, it requires a deliberate and serious commitment to take concrete actions to turn that dream into reality.
Author: Cecilio A. Sanchez, Jr. (Licensed Real Estate Broker)