{"id":559,"date":"2017-07-19T10:15:09","date_gmt":"2017-07-19T02:15:09","guid":{"rendered":"https:\/\/www.balikbayad.ph\/blog\/?p=559"},"modified":"2017-08-01T17:38:54","modified_gmt":"2017-08-01T09:38:54","slug":"car-vs-house-which-one-should-you-buy-first","status":"publish","type":"post","link":"https:\/\/www.balikbayad.ph\/blog\/car-vs-house-which-one-should-you-buy-first\/","title":{"rendered":"Car vs. House: Which One Should You Buy First?"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-620\" src=\"https:\/\/www.balikbayad.ph\/blog\/wp-content\/uploads\/2017\/07\/Car-vs-House.png\" alt=\"\" width=\"560\" height=\"315\" srcset=\"https:\/\/www.balikbayad.ph\/blog\/wp-content\/uploads\/2017\/07\/Car-vs-House.png 560w, https:\/\/www.balikbayad.ph\/blog\/wp-content\/uploads\/2017\/07\/Car-vs-House-300x169.png 300w\" sizes=\"(max-width: 560px) 100vw, 560px\" \/>Let&#8217;s say you have a five million pesos at your disposal. What will you buy first &#8211; a car or a house? Or both?<\/p>\n<p>This is a common dilemma among many OFW families. You work hard overseas to give your family the best things in the world and that includes a house and a car you can call your own, Apparently, you can&#8217;t have both since both are major purchases that could affect your cash flow.<\/p>\n<p>This leads you now to the next dilemma: what should you buy first between a car and a house? We hope this post will help to help you decide on which is worth investing first.<\/p>\n<p><strong>But first, evaluate your current situation\u00a0<\/strong><\/p>\n<p>Before you decide on what to buy, you need to assess your current financial standing first.\u00a0Here are some questions you need to answer to help you evaluate your financial condition:<\/p>\n<ul>\n<li>How much money am I making?<\/li>\n<li>How much money do I have left after all expenses and savings?<\/li>\n<li>Can I pay the car or house in full?<\/li>\n<li>How much do I have to pay if I decide to get a car or a house?<\/li>\n<li>What expenses can I forego in order to accommodate the loan?<\/li>\n<li>Do I have extra money to accommodate the monthly amortization?<\/li>\n<li>Will the monthly amortization create a strain on my buying capacity?<\/li>\n<li>Do I have savings or emergency fund that could back me up in case of loss employment?<\/li>\n<\/ul>\n<p>These simple questions can help you look into your financial standing and determine whether or not buying a new car or house is within your means.<\/p>\n<p><strong>Buying your dream car<\/strong><\/p>\n<p><em>Advantages<\/em><\/p>\n<ul>\n<li>Allows you to go from one place to another with ease and comfort since you and your family don&#8217;t have to ride public transport.<\/li>\n<li>Makes it easier for you to travel with your family, especially if you are going out of the city.<\/li>\n<li>If you avail of a loan, you can choose your loan term according to your capacity to pay, but up to five years only. This makes it faster for you to pay off your loan.<\/li>\n<\/ul>\n<p><em>Disadvantages<\/em><\/p>\n<ul>\n<li>You have to pay for after-sales costs such as insurance, car maintenance, and repairs in case the car breakdowns.<\/li>\n<li>It is advisable that you have a parking slot first to avoid causing hassle not just on your neighbors but also on other people who pass by your area.<\/li>\n<li>The price of the car depreciates over time and as soon as it stepped out of the dealer&#8217;s store. This means the P1 million car you bought now will only be less than that after a year.<\/li>\n<\/ul>\n<p><strong>Buying your dream house<\/strong><\/p>\n<p><em>Advantages<\/em><\/p>\n<ul>\n<li>Owning a house is a status symbol that signifies financial achievement.<\/li>\n<li>The price appreciates over time. If you buy a house worth P1 million today, there is a higher possibility that the value will be doubled or even tripled after 10 years, especially if you bought the right property in the right location.<\/li>\n<li>A type of investment that you can pass on to other generations.<\/li>\n<li>You can finally have a place you can call your own.<\/li>\n<\/ul>\n<p><em>Disadvantages<\/em><\/p>\n<ul>\n<li>There are many developers who are offering sub-standard quality of houses. Before you make a purchase, make sure to check the developer to make sure you are getting your money&#8217;s worth.<\/li>\n<li>Higher monthly amortization with longer loan term.<\/li>\n<li>More costly to maintain compared to cars.<\/li>\n<\/ul>\n<p>Whether you decide to go for the car or house is all up to you. We enumerated the pros and cons of buying a car or a house to help you decide on the best investment option. Use this as a guide and more importantly, consider your family&#8217;s needs to help you in making the right purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let&#8217;s say you have a five million pesos at your disposal. What will you buy first &#8211; a car or a house? Or both? This is a common dilemma among many OFW families. You work hard overseas to give your family the best things in the world and that includes a house and a car &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.balikbayad.ph\/blog\/car-vs-house-which-one-should-you-buy-first\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Car vs. House: Which One Should You Buy First?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/posts\/559"}],"collection":[{"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/comments?post=559"}],"version-history":[{"count":3,"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/posts\/559\/revisions"}],"predecessor-version":[{"id":621,"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/posts\/559\/revisions\/621"}],"wp:attachment":[{"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/media?parent=559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/categories?post=559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.balikbayad.ph\/blog\/wp-json\/wp\/v2\/tags?post=559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}