Homeward bound

Maricel and I are making budgeting decisions even as I write this article, to further “complete” our new home south of Manila after living for over 15 years in Quezon City as “Northerners.” It takes getting used to, being “Southerners,” but it is a move we clearly had to make, and for which we have no regret.

There are many decisions we will make “on the fly,” but there are few we — as couples, and occasionally, as a family — need to make deliberately, and through a “fair process.” I picked up the term “fair process” from Blue Ocean Strategy author professor Chan Kim, whom I had the chance to work with and learn from the past years. As the term connotes, “fair process” means going through a process of deciding on a matter in a “fair” way, looking at all angles and listening, if not engaging, with all concerned. This way, no matter what the outcome, people affected will be supportive of it, because they were part of a credible and participative process.

I remember the experience around the first home we purchased, a townhouse, a year after we got married (it’s been almost 20 years!). We couldn’t make up our minds on where and how much (and how to fund it!). So, we applied a then almost hundred year old approach, “Ben Franklin’s Decision-Making Technique:” list down your options, write down what goes for and against the various options and, objectively, choose the “weightier” option!

Maricel and I customized it a bit by creating our own criteria, and while I do not completely recall the exact factors we used in making our final choice, the list included the following: location, price, safety, neighborhood, developer, mentors’ advice, “feel good factor” and prayer. For each option on a row, we had the various criteria on columns and we either ticked scores of “Low, Medium or High” or ratings “from 1-10 with 10 being highest” to arrive at our final score, and decision.

“Walang personalan, computation lang.” Haha.

Indeed, it is important to balance our ideas and our feelings and decide with the center of our being or the “heart.” Contrary to popular belief, the heart isn’t all emotions. It is the source of our will. It is central to who we are. It is in between mind or “IQ”, and the stomach or “barbecue”, and it is the final and best decision-maker when all is weighed and considered.

So, after looking at our “scoring sheets,” and after listening to all the advice given (some solicited, some given by force), we submitted to the best option as determined by the “fair process” and purchased our first home in Old Balara near the State University (UP) where we first met!

It is a decision, as I said earlier, that we don’t regret, and had never regretted in the over 15 years of our stay, and our growth as a family. Four of our five children spent the majority of their years in that home, and the community remains close to our hearts with the residents remaining our best friends.

This, I would say is one additional consideration I would add if I were to expand that initial list when investing in a home: do you intend to stay for a long period?

Studies show that over time, it is wiser to purchase a home, particularly if you intend to stay longer than five years in a specific location. For short term or “in business now” situations, renting may be a good option, but if one were to choose to spend a longer time, buying has proven to be a better option. If only on the “return” side, due to the proceeds from the sale if and when you opt to move on. Best you can get when you leave a rented place will be your initial rental deposit, assuming there will be some left after the mandatory repairs are done!

And so it was a huge blessing when we planned our dream home and looked at ways by which to fund it that we had our own property to rely on. Much as we had initially opted to keep it, it was not to be so, as the proceeds of our Quezon City home were a big help to “prime the pump” to build our new home in the south. What was heartwarming was that we sold it to our own dear neighbor who didn’t want it to go to someone else unknown to them. At a good price we gave it up, and with it an open invitation to come back anytime to “re-join” the community for parties and sleepovers with old friends and family. Truth to tell that’s happened not a few times since we parted ways almost two years.

Buying or renting a home has long been a discussion among families and Maricel and I are no exception. While we did and do rent from time to time, we are learning that there are conditions when this is most logical: when it is a short term stay, when it is primarily for business (and rent will easily factor in as cost), when the property or home we wish to purchase is currently overpriced, when the location or developer has no track record in growing its assets, or when interests on mortgages are particularly high. So we opted to rent from friends when we were still looking for our first home (though our friends decided to “bless” us by not charging us!), when we were at our last stages of constructing our new home and wanted to live close to monitor the crucial “finishing stage,” and in re-locating our business offices to the Fort for easier access to the south.

But for our main homes, buying has been the best way to go.  Reversing the conditions: buy when you intend to stay for long, are confident of the developer, interests rates are low and affordable, are “one” with your life partner, and when conditions point to better days ahead!  For many, this time is now.

Even as we continue to make payments on this long term mortgage, there is a great sense of satisfaction that every payment is a step closer to making this home truly our own. It still is a work in progress as we opted to transfer when it was 80% finished (key concern: no more dust and major painting, especially since we had a new baby to take care of!). For not a few of our friends who had built their own homes encouraged us: “Mas mabilis matatapos yan pag lumipat na kayo!” (Your home will be built faster if you move in and make sure it happens!).

Reminds me of the day I told my Dad (Dony ), now 80, that I wasn’t sure I had saved enough to get married and care for a family. His response? “You never will have “enough” Anthony. You have what it takes to begin, and you will produce as you go along.” While I now, more than ever, believe you need to match a decision with corresponding resources, I have embraced a fundamental belief: that God provides as we have need, not before, that we might learn to cling.

Having made this decision together to own our own home has given us a greater sense of commitment to take care of it, increasing joy to share it with others, and a growing adventure to make it all “it was meant to be.”

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BPI Family Housing Loan offers monthly installments based on what you can afford, a conveniently low downpayment, and helpful annual paybreaks. Visit any BPI or BPI Family Savings Bank and become a homeowner now, or you may visit bpiloans.com or email brandbpi@bpi.com.ph.  For feedback and questions email us at wealthness@philstar.com.ph