Real estate is one of those investment vehicles that are sure to offer a healthy return of investment. And houses? Even more so. This is because real estate is finite resource, which cannot be reproduced. As more people buy real estate, the less becomes available. This is one of the reasons why the adage “safe as houses” holds very true on real estate.
Buying a house in the Philippines is reserved for those deemed by the constitution as Filipino citizens. However, foreign nationals can purchase units in condominium developments so long as foreign ownership in a single development does not exceed 40 percent. Alternatively, a foreigner may lease land in the Philippines for 25 years, which can be extended by another 25 years. On this leased land the foreign national can build a house.
A house and lot for sale may be deemed one of the safest investments there is. But financial aspect notwithstanding, buying a house and lot for one’s end-use is an even better long-term investment. Aside from having a permanent roof over one’s head, a homebuyer can have an asset that appreciates over time, which after years or decades can be sold for profit. Owning a home also affords individuals a great deal security: there will be no monthly rents to sort out and no landlord to maintain a cordial relationship with. However, with owning a home also comes a great deal of financial responsibilities.
Aside from the purchase cost and fees associated with buying a property, there are also a number of costs associated with owning a property. Most important among these is real property tax, a form of real estate tax that is paid to the local government unit where the property is located. When a homeowner decides to sell their house, they also need to take care of capital gains tax, which is the tax imposed on gains from the sale. Aside from these two taxes, there are also a host of other costs associated with owning a house, including homeowners’ association fees, condo association fees, and the cost of maintenance.
Quezon City, Metro Manila’s largest and most populated city, is by far the most popular location for online property-hunters looking to buy a house. This city is followed by Paranaque, Muntinlupa, Las Pinas, and Makati. Outside Metro Manila, the most searched-for locations Dasmarinas, Imus, and Bacoor in Cavite Province; San Pedro, Binan, Santa Rosa, Cabuyao, and Calamba in Laguna Province; and Antipolo, Taytay, and Cainta in Rizal Province. Outside Luzon Island, Metro Cebu and Metro Davao were the next most searched locations by online property-hunters looking for house and lot for sale.