Home Ownership 101: The Cost of Owning a Property in the Philippines

You can’t have everything you want, but you can have the things that really matter to you.” – Marissa Mayer

The feeling of profoundness when owning a home is exceptional. For many people, owning a home is a fulfillment for their hard work. Whether you plan to purchase a condominium for sale in Manila or any property in the Philippines, homeownership is the rite passage many of us dream of after all. However, investing in a real estate also comes with a lot of responsibility – financial battle is one.

The moment you decide to invest in a property, make sure you are financial ready. Keep in mind that the actual purchase of a house is only half of the financial batte. To give you an idea, we list down some things for you to find out how much owning a home would actually cost you.

Moving Cost

When moving in, know that it is beyond just transfering all your stuff from your current place to your new home. Unless you have some friends and family that can give you a helping hand, thinking about transfering heavy furniture and hiring a professional movers service is the way to go. That means, you have to set aside a budget for their service fee. Another thing, choose a moving service that offers you great deal for as not to have any complications with their services later on. Keep in mind that you should hire movers that are trustworthy enough to handle your things. This is to make sure that your belongings are in good hand.

Furnishing Cost

Considering the cost you would probably spend for your furniture is one thing you need to do for you to have a nice furniture at home. However, if you have old furniture in your previous home, chances are you would not have it transfered and replace it to a new one instead. Of course, you want to have a presentable home. Perhaps, you would want to replace your bed, a dining set, a sofa, appliances or any furniture that you want it replaced. That only means, you have to willing spend for you to have the necessary things for your home. If you are aiming to have a simple yet elegant home, then you need to do some necessary changes to achieve such.

Repair Cost

If you do not have any plans on replacing your old furniture, then you can just do some repairs and turn it into something better. However, you need to buy some things in order for you to start the project. Perhaps, you might need some paint, paint brush, wallpaper or anything that is useful when you do some repairs. Also, plan ahead of what you need to do for you to be able to get the necessary things needed for repairs. However, if you do not know what to do to fix it, then you have to hire a professional to do the job. One thing is for sure, you do not want to waste more money for that particular damage.

Maintenance Cost

It is your responsibility as a homeowner to take good care of your home. That means, you have to think about your home’s upkeep. You have to regularly spend time mopping the floors, dusting your furniture, cleaning your bathrooms, etc. If you’re planning to hire a housekeeper, then you have to think about the housekeeping fee and the cleaning materials. Aside from these, there are also some renovations and general upkeep to make your home the way you wanted it to be. Moreover, have a plan on how you would maintain your home; either you do it weekly or monthy. This is for you to determine how much would you save or budget for the maintenance at home.

Bills

Owning a home also mean that you need to pay your bills. Needless to say, setting aside your budget for your bills is important. You need to think about your water, electricity and telecommunication services, which all cost you money. In addition, it is important for you to pay your bills on time for you to continue using the electricity at home. As a homeowner, if you want to cut of your expenses on bills, then you have to be know how to use water or electricity moderately. And lastly, if possible, pay all your previous balance for you not to worry about paying the remaining balance.

Home Insurance

Availing an insurance is one of the best way you can protect your home and your family. One thing is for sure, you want to secure your hard-earned investment in any cases of emergency such as fire accidents or any accidents that may happen to your home. insurance companies would offer different comprehensive insurance packages and plans to cover everything from the theft to water damage to acts of nature. That is why, it is important for you to avail a home insurance.

Government Tax

Whether you like it or not, when you invest in a property, you have to expect that you will pay for the government tax. Basically, you will have to pay a one-time free for the documentary stamp tax, the tranfer tax, registration fees and miscellaneous fees, plus annual or quarterly real property tax. As a homeowner, you have to know that paying government tax is a compulsory. That means, there is no reason for you not to be able to pay your taxes on time.

As a home investor, you have to know that buying a property is not a joke. The moment you have decided to invest in a real estate, you should know what and what not to do to prevent any costly mistakes. That means, do not just focus on a single factor, you have to think on the bigger picture. From the structure of your home to your living cost, you need to make sure everything is perfectly fine. Of course, this is for you to avoid any regrets later on. 

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