I’ve been paying rent for over three years now, and it really does feel like I’m throwing money away. Thus, whenever I start looking at my spreadsheet – the one that tries to serve as my spending and saving guide – and I start projecting a few years ahead, the ultimate goal I always end up with is to be able to buy a house – a nice, comfortable two-storey house, with a garage and a garden or backyard.
So I start looking at sites like bahay.ph and jaobuilders.com, trying to find something that looks like it’s both within financial and 30-minute driving reach. Then I look at home financing options, like those from banks and Pag-ibig. But as soon as I punch in numbers in their mortgage calculators, my dreams of owning a home go up in smoke.
I, for the life of me, can’t figure out how people are able to afford those nice houses in gated subdivisions. I’m sure it can be done, because so many have done so, but it all seems so daunting, and the available options all seem so prohibitive.
Paying off a housing loan for 20 or 25 years? That means you’re in debt for a third of your life, and, if you have a family, that you’re paying off your loan while sending your kids through 14 years of schooling. By the time you finish paying for it, you’re practically retired and will probably live with one of your children anyway (if they manage to buy houses themselves). That doesn’t sound fair. But a shorter loan term also means a much, much higher, practically impossible to pay, monthly ammortization.
Sigh. I guess unless I win the lottery, or something, I’m going to have to settle for one of those tiny boxes real estate agents try to sell as condominium units, or suffering hours on the road everyday, because the only affordable houses with gardens are those in the far north or far south. If all else fails, I guess I’ll be paying rent forever.