No surprises on the revised turn-over date of 4Q2016 as most condo projects really get delayed (and we lowered our expectations). Nonetheless, I hope the 4Q2016 target is now for real, we hope our units already get turned-over by then as the charitable-Ilocana and I cannot wait to move in.
Here’s the updated countdown then, conservatively based on Dec 30, 2016 turnover:
This is just our own unofficial countdown. If you ask SMDC peeps, they are not yet willing to commit to a turnover date but based on our request of DP extension to SMDC (from Dec2015 to Dec2016 in lieu of delayed turnover, a request which they granted), it seems that Dec2016 / 4Q2016 is indeed a more plausible turn-over timetable. We’ll see if Tower 1 meets the 2Q16 revised turn-over date, then hopefully Tower 2 towards end of year.
We’re excited to move in but not much in a hurry because moving in means already having to take out a mortgage loan to finance the balance of the property. Actually we already received a number of emails from banks offering us mortgage loans but we still have a little less than 10 months to avail of one.
We still have a little less than 10 months to beef up our financial capacity. Right now, we’re already paying for the unit and a parking slot, for a sum of around PHP16K per month.
The target is to fully pay and pre-terminate another mortgage loan by Nov16 (which I’ve been pre-paying for years now), to free up those funds and use some of it for the condo payment. Targeting to complete the condo mortgage loan in 10 to 15 years, hopefully with good interest rates. Then partial-pretermination again as and when there are extra funds.
God’s grace in God’s time.
But we figured it’s much easier to sell the property once it is already turned-over this year so people can actually see and appreciate. We figured people are usually visual and perceptive of something tangible, compared to selling them the idea of having a condo in a future date. But then again selling price will definitely be different once we have the keys to the unit.
Or we can always rent it out to any of the many interested parties.