3 Considerations To Buying House and Lot In Philippines

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house and lot for sale
house and lot for sale

To tell the truth there is a long list of considerations to be made when buying a House. To build your, own home in the Philippines. However, the three main ones explained in this post should receive the highest priority.

Location

As proven by the Typhoon Ondoy flood in 2009, not every location in the Philippines. Can be well worth the money you spend on buying a house and lot. That being said, there was an outpouring of real estate. Ads on the internet proclaiming to be “flood free”; which earlier on, wasn’t actually the case when it comes to putting up ads for selling a home.

While the flood could have destroyed the dreams of these homeowners; it has given a wake-up call to real estate developers in the country. Who then escalated their efforts, to keep their projects as flood-free or “flood-proof” as possible.

Furthermore, the location of the house and lot for sale is important, subject to, what lifestyle you’d want to adopt. For example, a man with a family will select a house and lot in close proximity to a good school. One example is the Ayala Westgrove Heights which boasts of St. Scholastica’s College, Westgrove just outside its beautiful gates. On the other hand, the career-motivated person would like to choose a high-rise condominium in the city near where the action is.

The location of the home will furthermore determine the ease or difficulty of accessibility.

Budget

Maybe you have a budget in mind when going out looking for a house and lot for sale. If you don’t then, make sure you do, since if you don’t then it would be quite useless at this point. If there is no ready cash to buy a property, then first try to apply for a housing loan either from a bank, financial institution, or one of the highly mainstream ones in the Philippines, Pagibig.

Find out exactly how much you can afford. Moreover, it’s important that in case you are considering a loan your mortgage debt has to be, less than 28% of your monthly income.

Involvement

Get into the nitty-gritty of the deal. Many home buyers have had bad experiences of purchasing a house and lot without seeing it. They ended up disappointed when they actually saw it. And then had no other option except to accept it, since they had already paid for it, or depended on relatives to decide for them.

From beginning to the end have active participation, every step of the way. This participation will translate into the success of your house purchase.

The Nutshell

As one of Asia’s hottest markets for property investment and purchase, the Philippines has gained a reputation in the last few years. Especially investing in a home in the Philippines has become one of the most attractive investment instruments these days. The underlying reason for this trend to build a home here is perhaps the rapidly growing Philippine economy; along with the fact that Philippine real estate prices are still the lowest in the Asian region. Seeing its investment viability it is forecasted that an increasing amount of foreign investments are hoped to be coming into the country. Moreover, as foreign investments increase, the need for foreigners to build a home in the Philippines also increases. In a nutshell, first, ask yourself what your purpose is for buying a house in the Philippines. Maybe you plan to live in the country with your family for a sizeable length of time. Or you will only be traveling to the Philippines just to occasionally oversee your business. Take all these considerations into perspective before taking a final decision.