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I NEED HELP PLS SHARE YOUR OPINION.... Letting go of H&L...

cesz · 17 · 1708

cesz

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hi guys... can you please share with me what you think of my problem below.. i can't find anyone within my peers who'll have an objective view regarding financial matters...

my fiance and I bought a subdivision lot two years ago... presently it is mortgaged under pagibig.. we are paying 4k/mo for it... then just last oct. maybe out of impulse we decided to buy a house and lot... we are currently paying the equity of 17k/mo.... so that's 21k/mo obligation...

now... i'm having second thoughts on whether we should continue the H&L or just drop it. currently, paying the 21k is manageable... but I realized that this is just because we don't really spend a dime on our personal expenses yet (living with parents and all - food, electricity, etc, etc, even my toiletries are free). i haven't done any solid computation yet, but i believe that if we get married (which is in july btw) and set off to live on our own, bills and expenses will pile up and we won't be able to pay up the 21k anymore...

i brought this up to him and he just shrugged it off saying we can do it and i don't need to worry.. but im still unsure and really feel like we need to stop. our combined salary is ~40k nett.

we already paid 4mos of the equity.. if we bailout this month, we can get a 50% refund of what we've paid...

please help.. thanks...


bigtimetoto

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i'm no financial planner but just think of it..
your combined net is just ~ 40k and you'll have 21k ( more than 50% ) will just go to mortagage...
is it practical?


proudtobepinoy

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my opinion:

maybe you should plan your budget as early as now, like magkano mapupunta kuryente, groceries, tubig, etc. etc.
that way you can be able to tell whether that 40k is enough

tandaan mo pa may property tax ka pang babayaran sa 17k/month h&l mo plus maintenance

kung hindi kayo magmomove in sa 17k/month h&l benta niyo na lang po
or kapag magmomove in kayo sa 17k/month house and lot paano na yung 4k/month subdivision lot niyo? benta niyo na lang..siguro.

pero oo nga tama si mr. toto ang mahal ng monthly niyo 21k as compared to your salary kapag tinuloy niyong bayaran yung both 17k and 4k...lalabas na19k na lang matitira para sa expenses niyo
« Last Edit: Feb 18, 2014, 07:33 AM by proudtobepinoy »


wilch23

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Congrats in advance both for the marriage to come and your investments.

Before I commend, I need some addl info. Did you buy an existing house and lot? or got a contract with construction in the future? I'm wondering why you have a H&L but no income from it. Do you plan to live in the H&L or just rent it out?


gogoypmt

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Di naman siguro for life na 40k lang Income nyo dahil sigurado lalaki pa yan. Para sa akin ha, Since nasimulan na ang H/L, paupahan niyo nalang muna tapos mag ipon kayo ng pagawa ng Bahay mismo sa Lote na Binili niyo.

Kung di naman kakayanin ang H/L kahit pinapaupahan ninyo, let go nalang at focus sa Lote na binili nyo para mabayaran agad ng Cash tapos gawan ng Bahay na hindi galing sa Loan. Dahil sa katagalan, malaki lugi ninyo sa Loan.


bauer

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my fiance and I bought a subdivision lot two years ago... presently it is mortgaged under pagibig.. we are paying 4k/mo for it... then just last oct. maybe out of impulse we decided to buy a house and lot... we are currently paying the equity of 17k/mo.... so that's 21k/mo obligation...
 

You mentioned your paying now for the equity portion in the amount of 17k per month.  Soon, you will pay for the monthly installment of the house and lot.  There is a strong possibility that the equity portion will continue plus the additional monthly installment.  If you use your pagibig benefits for the lot under mortgage, your house & lot will most likely be under "in-house" financing.  This type of financing is usually more costly to a start-up couple.

Since ikakasal pa lang kayo later this year, hindi magandang simulan ang buhay mag-asawa ng isang malaking obligasyong pinansyal dahil baka magdulot ito ng madalas na away at hindi pagkakaintindihan.

Your concerns and fear of a financial problem in the future is strong and valid.  You need to convince your BF to sit down and discuss the fine details of the ownership cost of the properties you invested in.  It is easier for him to decide on the merits of your argument if you will prepare a budgetary estimate of your daily expenses once you settled down.

May kasabihan, kapag maikli ang kumot, matutong mamaluktot.


vicces

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in the first place, bakit nyo naisipang bumili ng h&l gayong may nauna na kayong binabayaran na subd lot? for investment (rental/lease) or out of impulse lang talaga?

u can continue with both basta hahanap kayo (or si bf since sya ang gustong magtuloy) ng ibang stream of income (sideline or maliit na negosyo) to augment your budget. kung maparentahan nyo ung h&l ng P10k, magaan-gaan na siguro. otherwise, mahihirapan talaga kayo gaya ng mga nasabi ni bauer sa itaas.


kulatir

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Pwede paupahan yung house para khit paano may sasalo ng bayarin, or kung gusto nyo naman bitawan yung lot pwede rin nyo ipasa yun sa iba para ituloy nya ang paghulog sa pagibig. Marami pang pagkakataon tama si sir bauer dapat hindi maging problema ang pera sa isang relasyon.


wilch23

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Nice one Cesz.


Homeboy

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The moment you have the thoughts of being unable to meet your obligations, you should dropped it immediately. Don't dig yourselves a bigger hole you cannot get out. :)


Wills

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Since ikakasal pa lang kayo later this year, hindi magandang simulan ang buhay mag-asawa ng isang malaking obligasyong pinansyal dahil baka magdulot ito ng madalas na away at hindi pagkakaintindihan.

May kasabihan, kapag maikli ang kumot, matutong mamaluktot.

This is so true.

Napakahirap kapag ang problema ng bagong magasawa ay pera. Kapag may baby na kayo lahat ng expenses at priorities ay magbabago.


cesz

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hi guys,,, thanks sa lahat ng opinions nyo...

as with regards why we bought an H&L when we already have a lot...
the lot is 140sqm. when we got it we really dreamed of building our own house there... then two years later, we kinda realized that we don't have enough cash on hand to contruct the house.. we thought of loaning through pagibig house construction but the reqts were so overwhelming... that is the reason i remember why we got the house. looking back now, i think it was really just an impulse.

the lot is not a problem. we love that lot. and it is in a prime location and we would really love to live there someday.

"maybe you should plan your budget as early as now, like magkano mapupunta kuryente, groceries, tubig, etc. etc. that way you can be able to tell whether that 40k is enough"
@proudtobepinoy... i hate to admit this but i'm a 27yo who doesn't know how to cook rice. i've never did grocery shopping more so go to wet market. i'm a noob to these kind of things.. my mom is not really a good example of a "budget" mom... she just picks anything in the grocery...

nwei, w/o calculating per se, i really think we'll be having a hard time...
and yes, with a future baby in the picture things will really be harder...

it's so hard to convince bf because he's too optimistic saying we just have to put more work hours to make ends meet... but for me, as newlyweds, as someone who'd do a lot of adjusting is it healthy for us to spend more time in the office that with each other just so we could pay up our obligations? i mean, i may be sounding like a hopeless romantic here that's not how i envision my married life (at least not the startup years)...


wilch23

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So can you rent out the house??? If you can get enough rent to at least pay off the monthly amortization then no problem.

Where do you plan to live when you get married?


pulubing_palaboy

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@cesz - you have every reason to worry; and i believe most posters here support your point of view
however, this is an issue that you need to sit down and discuss with your bf
make sure that when he says you just have to work longer hours, that those hours are available and the additional work will not negatively affect your marriage, as you suspect
you both should also have fall back positions for your income source... plan for the worst but hope for the best


richpulubi

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Put both the house and lot and the lot on the market.  Try to sell both.  See how much you can get. 

Then, decide if to sell both or either  once you have an idea of how much you can get.  Consider them more as an investment, that you now need to cash in for your uncertain married life together.  It takes time to sell real estate anyway, so around the time you'll get married, you can see if it's ok to just let them both go, then rent muna. 

I-post mo sa ayosdito or sulit, even without telling your hubby.  When you have more feel of the market, including how much you may get, then tell him.  It may convince him to sell.


 


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