House and lots… of problems

Hubs and I are hoping to build or buy our first “starter” home soon.  In the 3 years we’ve been married, we’ve been renting.  The first 2 years at a townhouse, almost dilapidated and we didn’t have neighbors.  It wasn’t exactly a nice place to go home to, but we got tired of brokers (there’s another post on that somewhere here).  So last year, we finally found a nice house and the rent wasn’t too bad.  And it’s in a nice, quiet, middle-class subdivision. 

We actually have purchased a lot in an upper middle class subdivision but haven’t built a house yet coz we still can’t afford to.  That lot should be, what we would like to think, for our dream home.  Perhaps in 3 years’ time, we can start building.

Our contract in our current house is coming up in May, so we’re thinking if we’re going to extend, or look for another house.  Or even look at the posibility of buying a house here in our current subdivision.  So we looked at options here and spoke to a few contractors for fix-up the house we’re looking at.  Of course, financing the asset is the biggest hurdle to all this.  We looked at the Pag-ibig Loan option and the other was through a bank.  Pag-ibig sounds like the logical way to go, our neighbor who used Pag-ibig said it could be done.  However, the loan release takes 3-4 months.  We talked to the broker, the owner isn’t open to Pag-ibig financing, mainly because it took too long.

We went to the same bank were we got the loan for our lot.  They would only appraise the lot at the selling price.  If that’s our loanable amount, then we won’t have money to fix-up the place.

Why is it not easy to buy a house?  It’s such a big, big headache.  After all these, the Hubs and I are thinking of  building a house in our lot.  We’ll just start small, just build the very basic.  Then just add or fix-up the house when we have more cash… no?  Let’s see where this leads us.

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