Buying a property needs a lot of thinking and researching. Learn more about what's involved in purchasing a property in the Philippines.
Different cities here in the Philippines are changing right before our eyes. Most of them that weren’t developed two to three years back are suburbanized today. What was once a hectare of grass is now full of houses or buildings. Condominiums are popping out like mushrooms in every corner. More and more developers are making different projects near the metro where a lot of people go to work. We’re seeing a lot of growth in the property market in the Philippines. The question is, have you already bought your own property?
There are lots of emotions, doubts and fears when it comes to real estate.
There are a lot of second thoughts and double-checking (or sometimes more) when it comes to buying a property. We do tend to overthink and try to see the worst possible thing that can happen. But this is how we all work. We need to make sure that the money we spend is worth it because buying a property is no joke at all. We research a thousand times, think about the paperwork we need to deal with, and so on. Sometimes, having these thoughts can make Filipinos think more than a hundred times before they actually come to a decision.
How do people come to the decision to buy a property?
Expect that there will be a lot of checking (and more, for good measure) before a person even inquires about a property. And when a person inquires for a property, it doesn’t mean it’s a done deal. There will be follow-ups and meet-ups for property viewings. People need to see the property first before they buy it. Then comes another follow up (or more) from the agent/broker before they finally decide if they like it or not.
Are there risks?
Of course there are risks, as in any big financial decision. That’s why you have to practice extreme caution, like only consulting with a licensed real estate agent or broker. Do your research first on the developer and look for reviews on their projects so you’ll know who you’re dealing with. But bear in mind that not all reviews can be tagged as true. You need to ask around and talk to the developer yourself to get a better picture.
Is there any fool proof way of knowing who’s the best bet?
You can ask your friends for advice, but again, the decision to listen to them is ultimately up to you. However, if what they’re saying is too good to be true, you might want to keep investigating.
Why you should start buying a property?
The real estate industry in the Philippines is already at its peak. Many properties, especially those in cities near Metro Manila like Cavite and Laguna, are selling for low prices. If you want to achieve stability through homeownership, now would be the ideal time to buy a home.