Dear Millennials: Stop Renting. Buy the “Ugly” House.
The “Avocado Toast” Myth is a Lie. You Can Afford a Home. The news tells you that millennials will never own a home. They say a 24sqm studio in the city costs 6 Million Pesos. They are right about the studio. But they are wrong about your options. The Hack: Stop looking at “shiny” new […]
The “Avocado Toast” Myth is a Lie. You Can Afford a Home. The news tells you that millennials will never own a home. They say a 24sqm studio in the city costs 6 Million Pesos. They are right about the studio. But they are wrong about your options. The Hack: Stop looking at “shiny” new builds. Start looking at Bank ROPA . The “Starter House” Strategy Your parents didn’t start in a mansion. They bought a small, possibly ugly house, fixed it up, and traded up later. Bank auctions are full of Townhouses in Cavite, Laguna, and Rizal selling for 1.5M – 2.5M . Monthly Amortization: ~PHP 15k – 20k. Comparable Rent: PHP 15k – 20k. Sweat Equity > Cash Equity You might not have 1 Million cash, but you have energy. Buying a foreclosure allows you to build Sweat Equity . You buy it cheap because the paint is peeling. You paint it yourself on weekends. You just increased the value of your asset by 20% for the cost of a bucket of paint. Be a Owner, Not a Tenant Don’t pay your landlord’s mortgage. Join the auction, buy the “ugly” house, and make it yours.
