On Getting A Condominium Unit

Earlier today, I just made one of the biggest financial decisions of my 3 decade-life. I (or we, my fiancée is on board) just got a condominium unit at Arnaiz Avenue (Pasay Road) near South Super Highway Makati City.

See, I'd rather eat at Chowking than use my card at some fancy resto. Yesteryear, I scored a second hand car coz I don't want to be tied up driving an aging car while still paying for it. I was to loan a humble VIOS or Honda Jazz or the much appreciated but now phased-out Hyundai Matrix but decided on buying a used car instead.

I got credit card for years and years. Citibank keeps on pressing on for me to have a loan, but have resisted. They have upgraded my credit limit to hundred thousand or so, still I won't bite the bullet. In fact, I have not swiped my credit card in years. The only time I used my credit card was when I paid for domain registration over the net. I renew my card every year just so I have it, in case I'd go outside RP. Plus, re-applying once I need it someday is what I am avoiding.

I am not fond of financing, I am not fond of loans (who is, btw). Not this time though, I surrendered and got a financing deal so we could have our own place.

The location of the condominium and the establishments around made me swallow the pill and take a financing deal. It's near a church, near 7-11 (highly important for quick chows), Waltermart, near Ayala Center and Greenbelt, near SS Highway, near Buendia, near Mall of Asia and Pasay, near Roxas Blvd, near EDSA, near my so-called office, near schools. etc. Basically, near everything.

The unit is bare and with no partition and cabinet. Vinyl floored, aluminum sliding windows, around 25 square meters (good for one room, small living room and dining), with own laundry cubicle at roof top. It has smoke (or heat) detection system, sprinkler system and provision for cables, phones, aircon, etc.

Other deal clincher, the building is medium-rise (up to 5th floor only), therefore I won't be sleeping 200 feet above sea-level. Even though in GOD WE TRUST, I just don’t feel living my life at the 30th floor of say, Cityland Towers (if you happen to see Cityland Condos, you know the reference). I snatched a 4th floor unit. I got the morning sunshine side. Only problem is, the parking area.

Parking area alone costs P300,000.00. It’s way out of the budget. By Novemeber, I'll be checking out the neighborhood for available paid parking lot. This usually goes P1500 to P2500 in Makati area. If budget is tighter than expected, I'll just park my car at the building where I am renting a small office.

I got the 5 year deal term with 30% DP. Thing is, if ever I have some cash in the future, I can have the balance re-computed for shorter terms so interests can be avoided. Sample, if I'd win a lotto jackpot, anytime, I can pay the balance outright without the big “I”. The 30% DP was divided to 6 months. I should be paying 60K to 70K a month in the next 6 months. After the 6th check payment, I'll soon vacate my rented-unit now and move my ass over at the new place. By then, I am no longer single coz we'll walk along the aisle soon.

I have been renting my own place for 4 years now, and those years have gone by. Every month, I have been giving 5000, 7000 and now 8500 to 10000 a month. This time around, every monthly fee I pay, it's because I'll soon own the place and not just dumping 10K to someone else’s coffer. Just sooner than 5 years I hope.

Time to run to a lotto outlet. Time to create more websites.


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