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Ruth dela Cruz is a travel and lifestyle blogger in the Philippines. She loves writing about her travels. Drop her a note at admin@ruthdelacruz.com. The internet knew her as @ruthilicious.

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June 25, 2020

Buying a House in the Philippines: Complete Guide

Home to breathtaking landscape, mouth-watering cuisines, and stunning beaches, the Philippines is truly a wonderful haven. On top of that, this awesome country also features its affordable real estate, making it the perfect place for both locals and foreigners to invest.

However, finding the right home is really a tedious job, and the process can be quite frustrating,
especially if you don’t know where to go and whom to trust when it comes to home buying.

1. Choose the Right Location

Known as one of the fastest-growing economies in real estate, a house and lot for sale in the Philippines is usually located in Metro Manila and its surrounding urban areas. It depends on your preference, really, but be sure to determine whether you’ll go for a place where everything is accessible– from supermarket to hospital or just a serene yet refreshing countryside location.

2. Inspect the Property

Whether it’s a house and lot or a condo, you need to be very cautious when it comes to buying a property. Visit the property as often as possible to make sure everything is in proper condition. Inspecting the property will help you determine whether improvements must be made or not. If
possible, meet the owners and discuss with them. Do not hesitate to ask questions about the
property, such as the reason for selling, its renovation or repair history, and so on. As the buyer,
you hold the right to inspect the property and know all the details that can affect your decision in
the buying process.

3. Observe the Neighborhood

Getting to know your neighborhood is a must if you are planning to purchase a house. Getting to know them will help you determine if the community is a healthy environment to live and grow
your family. Moreover, check if the schools, markets, parks, and other establishments are accessible in the place. Tour yourself in the entire community to know whether it is a smart
choice or not to buy the property.

4. Get to Know the City/Town Officials

Just as it is important to make yourself acquainted with the neighborhood, you also need to familiarize yourself with its community officials and employees. This is necessary, especially in
times that you encounter problems related to the purchase of the property. You’d also want to
see how trustworthy and reliable they are, as they are the ones who help in keeping the community a conducive place to live in.

5. Determine the Right Financing Options

If you don’t have enough funds to purchase a home in one lump sum, resorting to a housing loan is a viable option. Luckily, there are three options you can choose to secure a housing loan in the Philippines: applying for your loan through in-house financing, a government institution
like the PAG-IBIG Fund, or through bank financing.

PAG-IBIG financing offers  a lower interest rate. On the other hand, most private banks can grant higher loans, but their interest rates and payment terms could be higher as well. Either way, it is important to do your homework, compare your options, and determine which works
best for you, before you get a loan.

6. Consult a Real Estate Agent or Broker

If you are new in the business, consulting a real estate agent or broker will help. They are more knowledgeable in the real estate industry; thus, you will never go wrong with hiring one.

A Word to the Wise

Keep in mind that the more knowledgeable you are about the home buying process in the Philippines, the less daunting it will be. More importantly, you’ll get the property you want for a reasonable price.