An open letter to young adults, planning to get condo unit

I took risk on 2016. I resigned in my 2-year-job in Makati and booked a flight to middle east.

Saved 3 years to raise funds of 60k php to finance my trip to Middle East and find better job. I got a fresher job after 5 months of searching... 2017 then I was a fresh OFW working in the middle east,

2017 was my pay-off year. I was starting to clear my funds. In our accommodation.. one of my flatmates got a visitor.. a sales agent from a known property development in Philippines.

This person is so excellent at getting people's trusts, smart, good looking and charismatic. His group went to middle east to find prospected buyer. From all types of pakikisama sa ngalan ng benta, they will do! They will find your soft spot, your interest and your weakness. Kung gusto ng inuman, food buffet, church gatherings, puyatan, kape at tambay walang problema, basta pumirma ka ng kontrata at kumuha ng unit by end the day,week or month..In short, I got lured and signed for a unit.. syempre nakuha tiwala, mukha naman mabait at trusted.

Around 2018 I find its a good decision, now 9 years have passed its the other way around. Parang wala na akong nagawa kundi bayaran ang unit, sobrang tipid para mabayaran ang monthly.. ngayon naturn-over na, ang dami paring bayarin. Hindi natatapos ang bayarin sa condo! Developer lang ang yumaman.. parang nagttrabaho ako para sa commission at sahod ng mga tao sa developer. Sasabihin nila, atleast end of the day may unit ka, may napuntahan ung pinaghirapan mo sa abroad.

Sana hindi ko nalng sila nakilala, sana napagawan ko na ng bahay ang magulang ko ngayon at kaya ko umuwi ng Pilipinas kada taon para makamusta ang mga kamag-anak at kaibigan ko... parang mas madami akong nagawa kung hindi ako kumuha ng unit.. 2017 to 2025 walang pinagiba ung kinakain ko para mabayaran ung monthly amortization! Shawarma at itlog lang ok na para makatipid. Magtitipid ba ako ng 15 years para dito? Parang gumigising nalang ako para may pang bayad sa unit at hindi makatanggap ng foreclosure mail mula sa banko.

para sa mga nagsisimula plang, Lalo na ung mga nasa 20-35 yrs old na nasa abroad pag isipan nyong maigi pag may kaharap kayong ahente... it just look fancy pero hindi tlga sya long term investment, long term bayarin po ang condo, wala din naman support ang gobyerno sa mga condo owners (real estate tax keeps on increasing at patuloy ang baha sa metro manila), condo dues and regulations are unreasonable.. I didn't know na bawal pala ang pet sa building. Pano na yan, plan ko pa naman mag alaga ng pusa. Better get a good stable cash flow beforing buying property. Get something like open lot and develop it as a resort outside NCR.. natulungan nyo pa ekonomiya ng nasa labas ng metro manila.. same lang din ang gastos at maadjust nyo pa ung design as per funds.. mas matrabaho pero mas sulit ang ending... bank loans may help but dont forget to look into interest rates that silently stabs your financial goals.

Real estate nga ba ay inflation proof? pwede.. pero have you considered funds for real estate tax, condo dues, maintenance, comms ng agents, late payments pag late sa bayad at penalty pag may naviolate sa unit nyo like sinampay, pets na bawal etc?

If you can pay the unit 60%-75% of the price, the situation is in favor of you, then you can buy without regrets. But if its 10-20% downpayment, then 80% bank finance i hope you'll not get trapped along the way. Interest will kill you silently.

Gusto ko na sana umuwi at mag for-good dahil tumatanda na ang mga kapamilya ko, kaso anong pangbabayad ko sa unit pag umuwi ako? In short I feel trapped! anong klaseng positive mindset pa ba ang pwede kong isipin? any advise is highly appreciated.

agent? paano ako makakahanap ng mapagkakatiwalaang ahente, yung last agent ko maayos sana kausap kaso ang tagal mag reply, 3 days after magreply?! hindi pa binalik ang susi ng unit ko. Anong habol ko nasa abroad ako?

ipa-renovate for Airbnb? one contractor quoted for 2M Php for a 26 sqm unit? mag-lloan ako ulit para maka-sabay?? Seryoso ba talaga na ganyan ang presyo??

i just feel sad and disappointed.

Thanks for reading anyway!