Moving from Condominium to a House and Lot

We have known for a couple of years now that we needed a bigger space for our growing family. When we purchased our condo unit where we currently live, we were just engaged. Now with 3 kids, our floor area is not enough. The call for a change in living space was amplified last year when the world stopped and everyone was forced to be home. As a family who was used to going out since we do not have a backyard, the kids felt confined to our unit. With an ongoing mortgage, we have to think of better ways to get our next home and be able to pay for it.

Photo by Michael Tuszynski on Unsplash

From Condo to House and Lot

Getting a condominium 11 years ago was the most sound decision we made as a couple. We were about to get married and needed a place to call our own that was relatively near the place where we work. The space of the 1- bedroom unit was enough for me and my husband then. A year later we welcomed our first son.

As the years went by and two babies were added into our growing family, so did our belongings. There were more toys, more clothes, more books, and more food to store in our now cramped home. It was also a problem when we had a car and nowhere to park inside the community. 

My husband and I have discussed and agreed that our next big home will no longer be in a building. We need to have a house and lot where there are bedrooms for the kids, a designated homeschool room, and a backyard where they can run and play.

We initially wanted to have our new house within Metro Manila where we reside but knowing how high the real estate costs are in the Metro, we may also consider getting a property in the near provinces like Bulacan, Rizal, or Laguna. We have started scouting real-estate websites like Lamudi. My most preferred are properties by Ayala, Filinvest, and Crown Asia.

Aside from the costs of the property, we are also taking into consideration the proximity to our families, security, amenities in the subdivision, home association dues, and real estate tax of the city. The current community in our condo is well-loved by my family and we would want to get a property in a community that is the same if not better.

To Rent or to Buy

Since we are still paying our mortgage on our current property, we need to check if our finances can cover the new house mortgage, including HOA and maintenance, or if it would be better for us to get a place to rent instead. We can have our condo unit rented out while we live in a different house. 

I checked the Mortgage Calculators website with two calculators under Rent or Buy that enable people to quickly decide if they are likely to make more sense to rent or purchase a home. These calculators help homeowners like us to gauge which path to take that is best for our finances. 

Buying a house and renting are linked to different needs and expenses. We need to be careful and review our finances, lifestyle, as well as our long-term goals.

Another option for us to save money is by refinancing our current loan. We can check the possibility using the refinancing calculator of Mortgage Calculators.

So far we have been looking at different developers in the Bulacan area for a new house we can loan. Bulacan is a prime location now due to ongoing and future projects such as the new international airport, Metro Train 7, and the North-South Commuter railway. We may also opt for a townhouse here in the Metro, but we can only rent a property here from our calculations.

In the meantime, we will scout for the best place for our family that would fit our finances. 


  1. This is absolutely considerable ..a lot of couple / family would consider it


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