Congratulations. Finally, you have a place you can call your home. It’s not easy because you and your family have to give up several balikbayan boxes and travel plans for years to make sure that you can buy a place of your own. At least now, you can come home to a place that belongs to you and you don’t have to worry about where to live come retirement.
Apparently, owning a home comes with responsibilities – sometimes, a costly one. In fact, paying for the house is just a small chunk of being a homeowner. There are tons of responsibilities and obligations that come with it, which you need to prepare for.
Here are your obligations you need to prepare for as a homeowner:
Payment of Association Dues
This is applicable if you bought a condominium unit or a property inside a village with an existing homeowner’s association.
Association dues or monthly dues are fees collected by the homeowner’s association from its members. The amount usually depends on the size of the property, although some associations agree on a uniform and reasonable amount.
Payment of association dues allows you to enjoy benefits within the community such as the use of common areas and facilities and provision for security among others. In case of default, you may not be allowed to enjoy these benefits.
Monthly Amortizations
Just like majority of Filipinos, you decided to get a housing loan to finance the purchase of your dream home. You can apply for one from banks, government institutions like PAG-IBIG, or private lenders.
When you get a housing loan, this means every month, you will pay principal and interest amount for x number of years.
You need to prepare for this. Failure to pay your monthly amortization may lead to foreclosure of your property. This means the house you paid for might be taken away from you and you surely don’t want that to happen.
Before you decide to buy a house, make sure you have sufficient funds to cover for the amortization. This way, even if you are no longer working overseas, you could still pay your loan.
Real Property Tax
According to the Local Government Code, the local government unit may impose yearly fee on all types of real estate. This fee is a certain percentage of the property’s assessed value, which means the bigger the property, the higher the real property tax or RPT will be.
Each municipality has its own policies on the collection of RPT. The Quezon City government gives 20 percent discount until March 31 of every year for early payment of RPT. Some cities allow discount up to January 31 only.
Regardless, you can pay RPT in full or every quarter. It is best that you pay for the entire year so you don’t have to worry about taxes for the rest of the year. You can not only enjoy discount but also lessen the risk of being a delinquent taxpayer.
Don’t underestimate non-payment of real property tax since you could potentially lose your home.
Regular Maintenance
Apart from your financial obligations, you are also expected to perform certain tasks as a homeowner.
Just like any other things you own, wear and tear could be an issue that you need to address as soon as possible. There will be leaks in the roof, broken doors or cabinets, pipe issues, and the list goes on.
Always make sure you set aside a portion of your income to cover for these maintenance expenses. You need to prioritize this, otherwise, you could compromise the integrity of your home, which you don’t want to happen.
Being a homeowner is about responsibility. Take note of these obligations and surely, your home will reward you with safety, security, comfort, and peace of mind.