Busy Bees

We are far from moving to our new house. One reason is financial. Second is building materials. So far, the homeownership thing is still an alien topic to me. I am still guided by my instinct and the internet. One big hurdle though is that there is very limited information about buying a house here in the Philippines. But since I am not buying from home developers like Avida and we have lived in the area for a long time, we trust our agents.

We converted our 660k lot purchase to a 1.7M house and lot. We have few losses here:

1. the 18k plan will probably collect dust on our paper piles.
2. Time spent on building permit and some documentations

But we are happy to see an actual house and getting away from the heartaches and headaches from building the house. Although I am an engineer and good in math including physics and mechanics, civil engineering seems to be a different language to me.

The house that we chose will cost us around 500k for equity to move in. We are negotiating now for a 12months payment without interest  to cut off additional expenses for borrowing rates. It means, we will be paying around 100k (we already paid 130k for the lot) and will pay off the rest next year. I am coming up with a proposal to pay the equity until October 2011, so it is technically not 12months but 10 months. If this doesn't work out,we can actually delay signing papers to give us at least another  2 months of lag time{that,being bad and low of me, but things like that worked here}.

As i surf and study our steps towards this financial dilemma ( i do not want to wipe out our savings), i also keep tabs of what i should know about the house before turnover such as electrical load and the plumbing. Although not that equipped with knowledge, I can read drafts and understand computations since i had a subject on electrical engineering back in college.

I will be updating this blog every now and then so that if there will be others who have the same issues, they can get some ideas that might help them.

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It is really a big investment for us. I already conducted search on malls and hardwares for the things that we need for the house so that i can slowly buy things next year, on sale, while paying equity. I have to document it yet but have already some excels to work out with.

I had few forums to attend to and scheduled to fly to Cebu next week. I am not that happy to be moving around at this time of the year but sometimes we do not have that much choice. I hope to get positive news on the job prospect although I am giving it some disappointment space. :D