$269,500 house far from luxurious - real estate expert
MANILA, Philippines - Given her work as a physical therapist, Chief Justice Renato Corona’s daughter Charina can afford to buy a house in Roseville, California where she is now based.
A report from ABS-CBN North America News Bureau showed that the house which blogger-journalist Raissa Robles wrote about is a “starter home” and not a lavish one as some quarters had alleged.
Based on aboveallhouseplans.com, “a starter home implies the home can be built on a low budget for a first-time home owner. Sometimes they are called 'cost buster' meaning a great deal of planning has gone into the design to eliminate waste.”
Based on the US Labor Department, a physical therapist earns at least $79,830 a year or P3.5 million a year.
This supports earlier statements from Corona’s camp that Charina can buy a house on her own. Corona, who is going through an impeachment trial, said he does not own the property.
The ABS-CBN North American Bureau tried to get Charina’s statement, but she refused to answer.
The house is worth $269,500.
Charina made a 10% downpayment and she pays the balance every month. The balance is payable in 30 years.
US housing crisis
According to California real estate expert and lawyer Norberto Reyes, Roseville is one of the many communities in the US greatly affected by the foreclosure crisis that started in 2006.
Costs of houses slipped by almost half because of the economic crisis. Charina bought the house in 2008.
“This might be a home that's suitable for a young married couple just starting out. You know, low- to middle-income. It is by no means a luxurious property,” Reyes said.
Based on a title obtained by the bureau, Charina also signed an inter-spousal grant deed for the property, which means she is the sole owner of the house.
Reyes said, however, that this is common in the US.
“It's not uncommon for married couples to enter into an agreement whether formal or otherwise, that certain property would be considered separate property of one spouse instead of community property even though that property may have been acquired during the time of the marriage. That's not uncommon at all,” Reyes said.
– from a report by Nadia Trinidad, ABS-CBN North America Bureau