Are you thinking of buying property in the Philippines but don’t know where to start? Are you faced with so many options but can’t decide which property to invest in?
With the various options available in the Philippines nowadays, homebuyers sometimes find themselves caught in the frenzy of finding the home that will suit their budget and lifestyle and face difficulties in making the right choices. Here are some tips to consider before you make that important property investment.
Choose the Location
First and foremost on your mind should be location. You will want to live in a place that is close to your work, your children’s school and to other conveniences that you need in your daily life. You should also consider the property’s proximity to transportation lines, hospitals, churches and commercial centers.
Ensure Your Security
Remember you are buying a home for you and your family. Security should be of utmost importance and should be at the top of your list of requirements. When considering a condominium project or a subdivision, survey the area in and around the property first and find out if the place is safe and conducive to secure living for you and your family.
Research on the Developer’s Track Record
Make sure that the developer from whom you are buying your property has a proven track record in delivering on time and at the promised quality. For most, a home is a lifetime investment; therefore, choosing the right developer is vital in making sure that their investment is not wasted.
Consider the Density (for Condominium Projects)
In choosing a condominium project to invest in, consider the density or the number of residents or tenants in the building. In considering the density, you should take into account the number of floors, number of units per floor and the number of elevators that will service each floor. These will have an impact on the your waiting time, your security and your privacy. A careful study of the condo’s floor plan will help you determine these factors and how they will affect you.
Know The Other Costs
Most of the time, and without the developer explicitly stating this to you, there are other costs that are associated with your property purchase. Closing costs, such as value added tax, transfer tax, registration fees and documentary stamp tax, may or may not be integrated with the purchase price and may be charged to you separately. Therefore, before buying that property, you should ask the developer about these other costs and find out if these will add more to your expenses.
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