Buying a Home: What is your purchasing power?

what-is-your-purchasing-power-in-real-estate-investment

Source: Eastborough Place Angono by DATEM HOMES (For Sale)

Each year millions of houses are bought and sold, but such events are irrelevant. Why? There are more or less 4.6 Millions of families are homeless in Philippines alone. And yet increasing because of massive foreclosures as a result of unstable income. No one can ever predict with certainty what can happen in the future. You may encounter a personal financial crisis such as job loss or illness that can impair your ability to pay your bills, including your mortgage. That is why we should be able to know our own purchasing power when buying a home or any real estate investments.

Here are some few steps when buying a home.

STEP 1:

Add all your total annual income. This includes your salary, business income, dividends, and other sources.

STEP 2:

Look for licensed real estate brokers and loan officers of the banks and other financial institutions. These financial advisors may give you a great help when financing your new home. Ask for an estimated monthly cost, this includes the principal plus the interest.

STEP 3:

Speak with property owners and real estate brokers to determine the property taxes in the area. Because property values may varies with respect to location.

STEP 4:

Speak with brokers and insurance advisors to determine how much property insurance will cost each month for your home. According to Money Sense (Guide to Buying Home Insurance), “Many people are not aware that home insurance is not as expensive as other types of insurance. You can get one year basic protection for a P1 million property for less than P2, 000. That’s a small amount to pay in exchange for your peace of mind. “

STEP 5:

Compute your Front-End Ratio by combining your monthly cost for mortgage principal, mortgage interest, real estate taxes and property insurance. Divide this total by your gross monthly income. This ratio indicates a portion of individual income earners is used to make mortgage payments and is expressed in percentage.

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STEP 6:

List your monthly debts include expenses such as mortgage payments, credit card payments, expenses to your child and families. Add these debts.

STEP 7:

Compute your Back-End Ratio also known as your debt-to-income ratio by combining your monthly debts with your PITI. Divide by your gross monthly income. Some lenders use this ratio in conjunction with front-end ratio to approve mortgages.

Note: Water and Electrical connection is not included in the computation because it will be a one-time payment upon the turnover of your new home. Ask the water and electrical companies near you.

Generally, most mortgage lenders prefer less than 30% of borrower’s monthly gross income. If you want to know more about real estate investment, please try to fill out the form below and ask our licensed real estate brokers for your guidance. Also please don’t forget to subscribe for our other notifications for upcoming events and newsletters.

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TOP 10 2014 in review For Philippine Real Estate Properties

The WordPress.com stats helper monkeys prepared a 2014 annual report for this blog.

Here’s an excerpt:

The concert hall at the Sydney Opera House holds 2,700 people. This blog was viewed about 13,000 times in 2014. If it were a concert at Sydney Opera House, it would take about 5 sold-out performances for that many people to see it.

Click here to see the complete report.

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Ortigas Central Business District

Ortigas Center

Source: Wekipedia.org

ORTIGAS CENTRAL BUSINESS DISTRICT

Ortigas CBD – Situated at the mid-centric of Metro Manila, Ortigas Center began in 4, 033 hectares “an Hacieda de Mandaloyon” , an estate from the Augustinian Order earlier 1920. In the following years, there were several changes of partners.

When Ortigas & Company acquired the estate, from Augustinian Order last 1920 with Don Franciso “Paco” Ortigas and Dr. Frank W. Dudley,  it was a virtual wasteland. The vision of the management, headed by Atty. Francisco Ortigas, Jr., who was President and Chairman at that time, turned it into a progressive industrial, commercial, and residential urban complex. But Dr. Dudley later sold his share to Phil C. Whitaker, and the company becomes Whitaker and Ortigas.

In 1931, the partnership becomes, Ortigas, Madrigal y cia., S. en C., as it was incorporated with Vicente Madrigal and Don Paco Ortigas with other partners in “sociedad comanditaria por acciones.”  All the incorporators, except Quezon, who was President of the Philippine Senate at that time, were constituted as managing and general partners (socios gerentes colectivos) while the other shareholders were designated limited partners (socios comanditarios).

The objective of the partnership was to acquire the Hacienda de Mandaloyon, which spanned the municipalities that are now known as Mandaluyong, San Juan, Pasig & Quezon City. The Estate was to be disposed of either in large tracts or developed subdivided lots.
In 1956, Vicente Madrigal withdrew from the partnership and the partnership’s name was correspondingly amended to “Ortigas & Company, Limited Partnership.”

In 1985, Campos, Lanuza, Olbes and groups of general and limited partners who held 42% of the entire partnership’s equity also withdrew from the partnership.

Over the years, Ortigas Central Business Districts became one of the most visited in terms of investment and development. Where we can recall some areas that are grasslands now known as follows:

… residential subdivisions (Barranca, Capitol, Wack-Wack, Greenhills, Valle Verde, Greenmeadows)

… shopping complexes (Greenhills Shopping Center, Tiendesitas at Frontera Verde, SM Megamall, Robinson’s Galleria, EDSA Shangri-La Plaza)

… hospitals (The New Medical City, Rizal Provincial Hospital, Cardinal Santos Medical Center)

… schools (De La Salle – Greenhills, Xavier School, Immaculate Conception Academy, Lourdes School, St. Pedro Poveda College, St. Paul College)

… churches (Santuario de San Jose, Mary The Queen, St. Francis, Our Lady of Peace Parish / EDSA Shrine)

… army camps (Camp Crame, Camp Aguinaldo, Rizal PC Headquarters)

… exclusive golf and country clubs (Valle Verde Country Club, Green Valley Country Club, Wack-Wack Golf and Country Club)

At the mid of the following cities in Metro Manila,

Mandaluyong City in West Side

The western portion of Ortigas Center is part of Mandaluyong City. It is in the eastern side of Barangay Wackwack Greenhills. Mandaluyong is known for being the “Shopping Capital of the Philippines” because it is home to a cluster of shopping centers which stand side by side. This is where most of the shopping malls in the area located like SM MegamallThe PodiumShangri-la Plaza Mall and St. Francis Square Mall. It is also proximity to nearby Cybergate Center.

Quezon City in the North Side

The northern portion of the area is part of Quezon City. It is situated South of Ugong Norte. The People Power Monument and Robinsons Galleria is situated here. Robinsons Galleria is a mixed-use complex composed of two high-rise office towers namely the Galleria Corporate Center and the Robinsons-Equitable Tower, the Holiday Inn Manila and Crowne Plaza Manila, the Galleria Regency and a 5-level shopping mall. Before Robinsons Galleria, This mall used to be an open land owned by SSS at Ortigas CBD. In 1986, they used the land for the People Power Revolution. In 1987, John Gokongwei bought the large portion of the land from SSS. It started construction on mid-1988 and finished on late-1989. The mall opened in 1990 being the first mall of Robinsons Malls.

Pasig City in the East Side

The eastern portion of Ortigas Center is part of Pasig City. The whole place is politically known as Barangay San Antonio. It is where most of Pasig’s Financial Resources are primarily concentrated. This is where most of skyscrapers of Ortigas Center located. The barangay of San Antonio has the largest income in Pasig, second only to Barangay San Lorenzo of Makati City as the largest single income-generated government unit in the Philippines.

Ortigas Center is surrounded by the streets of EDSA to the west, Ortigas Avenue to the north, Meralco Avenue to the east, and Shaw Boulevard to the south. This makes Ortigas Central Business District became the top business districts of Philippines.

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SOON TO RISE!! – THE VERY AFFORDABLE ILUSTRATA RESIDENCES CONDO FOR SALE

WELCOME TO

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Illustrata Residences is the latest medium-rise condominium development from one of the most trusted names in the Philippine Real Estate Industry.

Condominium for Sale Quezon City Condo

Composed of six 12-15 storey buildings, this resort-inspired community offers a vast open spaces and amenities.

 

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SITE DEVELOPMENT PLAN

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FEATURES AND AMENITIES

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TYPICAL RESIDENTIAL FLOOR LAYOUT (FROM 2ND FLOOR TO 12TH FLOOR)

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PERSPECTIVE UNIT FLOOR PLANS AND FINISHES

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LOCATION MAP

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Address:                 –       #39 Boni Serrano, Bagong Lipunan ng Crame, Cubao, Quezon City

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SOON TO RISE WITHIN YOUR REACH IN STRATEGIC LOCATION

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AND FOR YOUR HEALTH AND SPIRITUAL NEEDS

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WHAT ARE YOU WAITING FOR!!!

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Young couples with growing households

Currently still living in ancestral homes or renting and would like to move-up to their own home

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And

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ILUSTRATA RESIDENCES perfectly fits your needs and budget by its STRATEGIC LOCATION with nearby Central Business Districts and places of interest. A prestigious New Manila and Greenhills residential Heritage. An option to combine basic units. Amenities that support the modern urban community lifestyle. Provision for commercial spaces for service outlets. And Easy-to-own financing packages that fit every budget.

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*Only Php 20,000 to Reserve.
*Php 10,000 and Php 15,000/month (For Initial Investment for 30 months).
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For more details kindly call or email me at the information below so I can make an initial presentation.
God bless.
Philippine Real Estate Broker Ryan Bonn Duadua LinkedIn.com
RYAN BONN DUADUA
ACCREDITED LICENSED REAL ESTATE BROKER
Mobile number/s:
Globe: +63927-882-5518
Sun Cell: +63943-829-5978
Email Address: ryanbonnduadua@gmail.com