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Wednesday, April 14, 2021

The Pandemic Made Me Think of Selling My Condo Unit

Two years ago, I bought a property in the middle of the city. It's a condo unit that, at that time wasn't finished yet. It was a good buy, really. It's cheaper, considering that the location is right at the heart of our city, and tourism was bustling at that time, pre-Covid. 

It was a corner unit, so it has a balcony. And in the building, all floors, units in that part of the floor, are the biggest in square area. Not that big, but big enough for me and my daughter. 

But then again, I had other plans for the said property since it is, after all, located in the heart of the city.

I planned to furnish it, and have it rented thru AirBnB. That should be a good plan, if it were so.

And because it is on a higher floor, and with all the amenities of the condo, like the swimming pool, the gym and parking, I was pretty sure it will be a good way to earn extra money.

I couldn't help but imagine how cozy I'd make it so guests will enjoy their stay.

I planned to put comfortable furniture, and up to date appliances. Not to forget, the soft bed, linens and sheets, and set the mood so their stay will be memorable.

And then COVID19 happened. All the world suffered. Tourism and of course, travel was put on a halt. It broke my heart, ended my dream and the opportunity to earn extra, gone. At first everything was fine. Our school in Myanmar, although it didn't have enough students, was still able to give us our salaries. Then in May of last year, we didn't get any salary at all. They apologized, but we decided to stay on because it was difficult to find another job in the middle of a global crisis. My condo unit was not fully paid yet at that time, so I had a difficulty getting funds to pay for the monthly fee, to complete full payment. I had so many things to think about.  I even thought of selling it, or have it mortgaged now, since I am repatriated. One year has already passed, and nothing has changed. In fact,  everything has gotten worse.

I looked into mortgage as a last resort, so I have been calculating the monthly fees so as not to lose the property, if unpaid. I chanced upon a mortgage calculator online that is quite unique because of the graphs of loan repayment that goes with monthly and yearly amortization tables. In that way, everything is clearer to the mortgagor. Another thing I looked into is the feature of the calculator that estimates mortgage affordability according to the homeowner's income

To give you an idea, it looks like this.

 Well, that is just a part of the page. Here's more.

If you scroll below that, you will find explanation about terminologies and other important things to know when mortgaging property. That is really beneficial before making a very serious decision about your house, or any property you wish to mortgage. But of course, you need to make sure you will be able to pay amortization when doin so, else lose everything if you are not able to pay. 

As I am now a repatriated overseas Filipino worker, I need to make sure that I have my means to pay amortization. I don't want to lose my condo unit or sell another property to save it. I need to find a job or something to earn my means.

The Philippine Statistics Authority reports that as of February 2021, there is 8.8% unemployment, unfortunately, I see that in the coming months, that rate will rise, due to the fact that there were so many Overseas Filipino Workers, like me, who have been repatriated, mostly for losing jobs in the middle of this pandemic, but for us from Myanmar, it's because of the coup that has really paralyzed the economy of Myanmar. With all remaining businesses closing, and the never-ending protests, I could only hope and pray my local friends can survive. As for myself, the need to find another means to stand through this storm is my main priority. So whether I sell my condo unit or mortgage it, my decisions need to be assessed many times over before finalizing anything, or I may regret later on. 

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