Tips in Buying Real Estate in the Philippines
1. Make sure you are dealing with Licensed Real Estate Practitioners. Ask for a HLURB license and PRC license as proof. Transacting with unlicensed practitioners / colorum is punishable under the law.
2. It is preferable that you would choose a property Developer that has a good track record of on time turn - over of properties. The Real Estate Practioners can highly recommend which developers can deliver which has been promised.
3. It is best to buy pre - selling properties or properties that has not been built yet since the price is lower.
4. With regard to housing loan / amortization, Banks and Pag - IBIG funding usually has more requirements as compared to in - house (developer) financing but the latter has usually higher annual interest rates.
5. Lump Sum payment (Spot Cash) have big discounts as to the total contract price of the property.
6. For end - users, choose a home or properties that are accessible to the city. It may have a higher value as opposed to those properties located in a far - flung areas but you can save a lot more with regard to time, money use for transportation and energy or you might as well rent a place near the city or the place you frequent such as workplace, school, market or church for convenience which is an additional cost.
7. It is wise to buy a home or invest in real estate while you are still young and single, since you might not be able to buy one in the future due to scarcity or high demands of the public and higher prices.
8. For investors, to attract buyers, you can buy multiple properties during pre-selling, and then sell it with a lower price compared to the developer's price when it has already been built.
9. Consider your budget. You may have an ideal property but you don't have enough means to finance it. You can always sell your property needed in the future for a profit as opposed to renting and buy your dream home if your budget already permits it.
10. Always ask questions to the Real Estate Practioner and Developer to make sure you have chosen the right property.