Filipinos are known all over the world for their hospitality, but to foreigners who wish to own Real Estate in the Philippines, Filipinos get less friendly. Foreigners cannot simply buy house and lot packages in the Philippines and have the Land Titles in their names.
The ability to purchase is not so much an issue as citizenship in Real Estate ownership within Philippine jurisdiction. This is a bit surprising to Americans and Europeans alike because in their countries, anyone who can afford to buy real estate can do so regardless of citizenship.
However, foreigners can still own Real property in the Philippines under the following circumstances:
Foreigner Married To Filipino
Foreigners can obtain rights over a piece of property provided the Land Title is in the name of the Filipino/Filipina spouse which means the latter should be the one to purchase the real estate.
Ownership as Corporate Entity
A foreigner may form a Philippine corporation which must be at least 60% Filipino-owned and consists of at least five (5) incorporators – the foreigner being one of them. The corporation can own real property; the foreigner can own 40% of the corporation.
This principle applies in the purchase of a condominium unit by a foreigner. Condominium units can be owned provided it does not exceed 40% interest of a condominium corporation.
Lease Agreement
A lease agreement with Filipino landowners entered into by a foreigner or his corporation can give him the right to own the house or building erected on the leased land.
Under the following special circumstances a foreigner can own land in the Philippines.
Land acquisition before the 1935 Constitution took effect.
Acquisition by hereditary succession. He/She must be a legal or natural heir.
What are the factors that cause a mansion erected in a slam area to lose its value? Or a parcel of land in the midst of commercial establishments to rise up in value?
The answers to these questions can be best explained by first finding out what is the meaning of Price, Cost, and Value from the context of Real Estate.
What is Price? Price is an expression of an individual’s estimate of value in terms of money.
What is Cost? Cost is the combination of the factors of production to produce improvement or development.
What is Value? Value is the utility or attribute of a property to satisfy human want or command other properties in exchange.
Value has three elements:
Scarcity. Property increases its value when the supply is limited.
Utility. The power of a good to render a service or fill a need.
Demand. The desire of a good or service; implemented by purchasing power.
The Economic Principles of Value
Principle of increasing and diminishing returns. “When one of the factors of production is held fixed in supply, successive additions of the other factors will lead to an increase in returns up to a point, but beyond this point returns will diminish.” - Anne Robert Jacques Turgot.
Principle of highest and best use. The value of property is directly related to the use of that property.
Principle of regression. A property of higher quality in a neighborhood of properties of lower quality seeks the value level of the properties of lower quality.
Principle of substitution. The maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property.
Principle of progression. The value of a property of a lesser quality will tend to be increased by being in association with properties of higher quality in the same area.
Principle of conformity. The house will more likely appreciate in value if its age, size, style and condition are similar to other houses in the neighborhood.
Consider yourself lucky these days if you are employed in a private company with a job you love and that pays enough. For one, you have found for yourself that dream career. For another, as a Social Security System (SSS) member it is only a matter of filling up the housing loan application form before you get your dream home.
The Social Security System (SSS) is tasked to look after the welfare of those who are working in the private sector. One of their goals is to provide decent housing for employees of private firms including Overseas Filipino Workers (OFW) via its affordable Housing Loan Programs.
The SSS Individual Housing Loan Program and the Direct Housing Loan Facility for Overseas Filipino Workers are two of the lending programs of the SSS that caters to the housing needs of the OFWs as well as employees of private firms.
What is the SSS Individual Housing Loan Program?
The Individual Housing Loan Program is a lending program of the Social Security System (SSS) established to provide funds thru SSS-accredited participating financial institutions (PFIs).
Purposes of the Loan
Construct a new house or dwelling unit on a lot owned by the applicant free from liens/ encumbrances;
Purchase a lot and construction thereon of a new house or dwelling unit;
Purchase an existing residential unit which may be a house and lot, a condominium unit or a townhouse; and
Purchase an existing residential unit foreclosed by SSS, GSIS, HDMF (Pag-Ibig), HGC and other GFIs.
A row house or townhouse unit is allowed provided the units are separated by a minimum of 4” thick CHB common wall extended up to roof lines and 6” thick CHB and walls extended beyond the building and roof lines by at least one meter.
A core house is allowed as long as it has four walls and a roof, enclosed toilet and bathroom, kitchen and door and window covers. Four-inch CHB exterior walls are allowed provided they are constructed with concrete columns and beams
Borrower's Eligibility
He is an active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-four (24) months total contributions;
He has not been previously granted a housing loan by the SSS, either directly or through conduit institutions, refund of contributions, retirement or total permanent disability benefit;
He is up-to-date in the payment of all SSS contributions and other loan amortizations; and
If employed, his employer must be up-to-date in the payment of monthly contributions and loan remittances.
Loanable amount
The maximum loanable amount is P1,000,000.00
Required documents for the loanLoan application
Certificate of employment and compensation or updated employment contract
Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
Authenticated copies of latest income tax returns with W-2 or financial statements for the last three years if income is from business
Authenticated copy of transfer certificate of title (TCT) including encumbrance of real estate mortgage
Tax declaration and latest tax receipt
Lot plan (with vicinity map) of the project site
Building plans (floor plans and elevation only) and specifications
Building permit
Term of the loan
The loan is payable in multiples of five (5) up to a maximum of thirty (30) years, but not to exceed the economic life of the house and the difference between the age of the applicant and 70.
Allowable collateral for the loan
The loan shall be secured by a first mortgage on the house and lot to be financed. However, the lot must be:
Registered under the Torrens System in the name of the applicant and/or his spouse;
Without any liens or encumbrances; and
Accessible through an existing road, the development of which should be at least macadam with the drainage system, with at least two meters right-of-way, graded and passable.
Borrower can avail of the interim financing for his loan
What is the Direct Housing Loan Facility for Overseas Filipino Workers?
The Direct Housing Loan Facility for Overseas Filipino Workers is a housing loan program of the Social Security System (SSS) that aims to provide socialized and low-cost housing to workers in the private sector who are members of duly registered overseas Filipino workers.
Who are OFWs?
Those with employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/deployment.
Those citizens or immigrants of foreign countries but are interested in buying housing units for their families who are still in the country.
Those long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families.
Borrower's Eligibility
Loanable Amount For the socialized housing package, the loanable amount is P225,000. Required Documents for the Loan
Term of the Loan The loan is payable in multiples of five years up to a maximum of 30 years, but not to exceed the economic life of the building, and, the difference between the age of the borrower and 70, whichever is shorter.
Allowable collateral for the loan The loan should be secured by a first Real Estate Mortgage (REM) on the house and lot to be financed, and by an HGC guaranty.
Interest of the loan For loans up to P225,000, the interest rate is nine per cent per annum, fixed for the term of the loan.
Required Insurance coverages for the loan The loan shall be covered by Mortgage Redemption Insurance (MRI) and Property/Fire Insurance (P/FI).
Note: Those who are self-employed can also avail of this SSS housing loans. For more information SSS Housing Loan Programs contact the SSS Real Estate Department in Quezon City with telephone number 920-64-01 local 5121 to 5128 or at www.sss.gov.ph/ sssemail@info.com.ph or to the SSS office nearest you. |
How To Apply For A Pag-IBIG Housing Loan
The Home Development Mutual Fund (HDMF) or commonly known as the Pag-IBIG Fund just turned 30 years old last June 11, 2008 but still it remains true to its mission of providing a shelter to call home for every Filipino through the years.
The Pag-IBIG Housing Loan Program is the institution's tool in pursuing its mission, If you are a Pag-IBIG Fund member and still dreaming of a house you can call your own, never worry you are on your way to owning that dream house after reading this article. But before I tell you about the steps in applying for the loan, you might be interested on some pertinent information about the Pag-IBIG Housing Loan Program.
Loan Purpose
The Pag-IBIG housing loan may be used to finance any one or a combination of the following:
Purchase of a fully developed lot not exceeding 1,000 square meters, which should be within a residential area;
Purchase of a lot and construction of a residential unit thereon;
Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be: old or brand new
A property mortgaged with HDMF; or
An acquired asset which is disposed of through sealed Public Bidding or Negotiated Sale, Rent-to-Own Program.
Construction or completion of a residential unit on a lot owned by the member;
Home improvement; i.e., any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;
Refinancing of an existing mortgage loan with an institution acceptable to HDMF, provided that the loan to be refinanced is current and updated at the time of loan application; and the account reflects a perfect repayment history for at least 2 years, as supported by the borrower’s official receipts.
Combination of loan purposes shall be limited to the following:
a. purchase of a fully-developed lot not exceeding 1,000 square meters and construction of a residential unit thereon
b. purchase of a residential unit, whether old or new, with home improvement; or
c. refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.
Borrower's Eligibility
To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:
Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application;
A member, whether new or with existing monthly contributions that are still short of the 24-month membership requirement, shall be allowed to make lump sum payment based on the basic monthly membership contribution rates to meet said requirement at point of loan application. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date. Said member shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards;
A member who has contributed for at least two (2) years shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards;
For purposes of satisfying the residency requirement, the period corresponding to the Total Accumulated Value (TAV) applied earlier to a member's outstanding loan (offsetting) shall be considered when counting the total number of monthly contributions, provided that the remaining TAV after offsetting does not fall below the equivalent amount of 24 monthly contributions;
Not more than 65 years old at the date of loan application and must be insurable; provided further that he/she is not more than 70 years old at the date of loan maturity;
Has the legal capacity to acquire and encumber real property;
Has passed satisfactory background/credit and employment/ business checks of the developer and Pag-IBIG Fund;
Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back, or subjected to dacion en pago;
Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.
Loan Amount
Maximum of P2,000,000.00 Million, which shall be based on the lowest of the following: the member’s actual need, his loan entitlement and the loan-to-collateral ratio.
Loan Payment
Over-the-Counter (OTC)
Salary Deduction
Issuance of Postdated Checks (PDCs)
Auto Debit Arrangements with Banks
Collateral
First Real Estate Mortgage (REM)
Contract-to-Sell (CTS)
Loan Charges
A processing fee of P3,000.00 which shall be paid as follows:
P1,000.00 upon filing of the loan application, which shall be non-refundable if the loan is disapproved;
P2,000.00 upon loan take-out.
Now, here are the easy steps:
Attend a loan counseling session at the Pag-IBIG office nearest you and accomplish a Preliminary Loan Counseling Questionaire, Housing Loan Application (HLA) and Membership Status Verification Slip (MSVS);
Submit HLA with complete requirements. Pay the processing fee of P1,000.00 (non-refundable);
Receive Notice of Loan Approval/Letter of Guaranty and sign loan documents;
Proceed to the BIR and present Deed of Absolute Sale (DOAS) between the owner of the property and applicant for payment of documentary stamps and capital gains tax;
Proceed to Registry of Deeds for payment of transfer tax and registration fees for the transfer of the title;
Proceed to Notary Public for notarization of Loan Mortgage Agreement and annotation of mortgage with the Registry of Deeds and to Assessors Office to secure new tax declaration in the name of the applicant;
Secure Occupancy Permit from the Local Government Unit Engineering Office when the loan is for any of the following purposes: Purchase of Lot and Construction of a Residential Unit thereon, Purchase of a New Residential Unit, and House Construction;
The following documents should be submitted to Pag-IBIG:
Original Transfer Certificate of Title (OTC) in the name of the applicant with annotated mortgage
DPAS with original RD stamp
New Tax Declaration in the name of applicant
Updated Real Estate Receipt
Occupancy permit
Assignment of Loan Proceeds
Wait for the release of loan proceeds
Pay monthly amortization in the following month immediately following the loan release.
After finding the right property to purchase, the buyer should decide what financing scheme he will use to acquire the property. Basically, there are three modes of paying that a buyer could choose from to purchase his chosen real estate. These are the Spot Cash, Deferred Cash Payment, and Long Term Financing.
Ideally, a resale property from an individual seller is paid in Spot Cash whereas a real estate for sale from a developer can be purchased in longer terms.
Let us take a closer look at the three financing terms.
Spot Cash – As the term itself suggest, this is an outright payment for the entire contract price of the property you are buying. Spot Cash payment has several advantages, one is the large amount of discount that can be availed, the other is it does not require plenty of documents on the part of the buyer. The disadvantage is that only a few buyers can afford to do so.
TIP: Do not pay Spot Cash from your savings. Loan from other sources that offer lower interest rates and then pay Spot Cash.
Deferred Cash – Buyers who do not want to be burdened with interest payments prefer to pay through Deferred cash payment. This is similar to installment without the discount and without interest.
Long Term Financing – Most buyers choose this payment scheme because it feels light and can be inserted as part of the monthly budget for the household. With Long term financing the contract price is divided into two: the down payment and the financed amount. A mortgage from a financial institution covers the amount to be financed. The disadvantage of this financing scheme is that the longer the term, the higher the total payments you will have to cover making the property more expensive as a result.
TIP: If you can afford to pay a large down payment, do so.
The low-income earners who could barely afford the most basic of necessities are very much vulnerable to emergencies that life might throw at them. They need a life insurance plan as much as those who belong to the middle and upper classes. The government should start working with the major insurance providers in the country and come up with cheap insurance packages. For its part, Philam Life offers inexpensive packages suited to the paying capacities of low-income earners.
If you are planning to have a life insurance, do not rush thing, carefully study each insurance provider for plans that are to our advantage.
Likewise, be extra vigilant in paying your monthly insurance premiums. Some collectors do not submit our payments on time and worse will not remit it at all. It is far better to pay our monthly dues via credit card.
Natural-born Filipinos who have lost their citizenship have not entirely lost their right to purchase and own real properties in the Philippines. Likewise, holders of dual citizenship are allowed full rights of possession of Real Estate.
Under Philippine laws, former Filipinos still enjoy the privilege of acquiring land subject to the following limitations:
Land must be used for residential and business purposes only.
If the land is for residential purpose, a maximum of 1,000 sq meters of urban land or one (1) hectare of rural land is allowed.
If the land is for business purpose, a maximum of 5,000 sq meters of urban land or three (3) hectares of rural land is allowed.
Either rural or urban lots, but not both can be acquired.
Land acquisition may be through sale, donation, tax sale, foreclosure, or execution sale.
A maximum of two (2) lots not exceeding the maximum limit in total combined area is allowed. Lots must be located in different cities or municipalities.
Either one or both spouses may avail of this privilege, but the limits mentioned above must be observed.
This principle is in keeping with the adage that says “Once a Filipino, Always a Filipino.”
A Certificate of Title includes other documents such as Tax Declarations, Real Property Tax Receipts, Deed of Sale, and the Title itself. The Land Title is the best form of evidence of land ownership.
The following questions and their corresponding answers will help a property owner know more about his legal evidence of real estate ownership.
Question: How can a person acquire a Land Title?
Answer: A Title can be legally transferred from the seller of a property to the prospective buyer by executing a document called Deed of Sale. Afterwards, the Deed of Sale should be taken to the Registry of Deeds to be officially recorded. This is also called the Transfer Certificate of Title.
Likewise, when no title has yet been issued over a parcel of land, a Certificate of Title can be acquired through:
Judicial Proceedings – A petition for registration should be filed in Court.
Administrative Proceedings – An application for patent should be filed in an Administrative body such as the Department of Environment and Natural Resources (DENR). The registration of this patent becomes the basis for issuance of the Original Certificate of Title by the Register of Deeds.
Question: Can a foreigner have the Certificate of Title in his name?
Answer: No.
Question: Are there lands with no Certificate of Title yet?
Answer: Yes. These are public lands such as the Alienable or Disposable lands (Agricultural lands to which a Title can be issued) and the Non-Alienable lands (mineral lands, national parks, and timber or forest lands to which a Title cannot be issued.)
Real Estate Brokers – are licensed professionals who assist sellers and prospective buyers of homes.
Real Estate Agents – are licensed professionals who work under the supervision of a licensed real estate broker.
So you want a white house with a picket fence against neatly trimmed shrubs, a brick walkway traversing a well-manicured lawn towards a green front door, and a living room with plenty of space for your surround-sound theater.
Your housing loan application has been approved and you have enough cash in the bank. Just when you think you are just a step away from the front door of your dream house. Think Again. You need the guidance of a professional real estate broker to lead you to the exact address where your dream home is located.
Choosing the right real estate broker/agent who can notify you of homes that meet all your criteria is as much a significant decision as choosing what type of house to buy. This is specially true to first-time home buyers who need a professional to walk them through the buying process. Apart from giving you the best buy, a good real estate agent keeps you legally compliant when confronted with confusing contracts.
Successful home buyers have the following tips when choosing your Realtor.
Interview several candidates
A conversation with your prospective real estate agent is a good way to find out if your goals match. Possible questions that you may ask includes:
a. “Are you a licensed Realtor?” Licensed Realtors are committed financially and professionally to being an expert in the real estate industry.
b. “Are you a full-time agent?” If the real estate agent is working on a part time basis, chances are he may not be able to meet your expectations because their attention is divided by other responsibilities.
Compare interview notes
Based on the interview choose an aggressive agent but who does not make you feel anxious or pressured.
Check qualifications and sales
Experience really pays. Choose a real estate agent who has been on the job long enough and has an impressive sales record. These are agents who excel because they know what they are doing and are good at what they do.
Ask for references
Previous clients are the best source of information about the credibility of a real estate agent. Ask him to provide you with names as well as phone numbers of previous clients.
Ensure that the agent knows the area
Prefer an agent who knows the area where you intend to buy, he must keep you posted of available properties and corresponding prices.
Check for Compatibility
Make sure your agent's personality matches yours since buying real estate could be a highly emotional transaction. You need a real estate agent you can comfortably communicate with.
Check customer service
The fact that real estate agents are very busy people does not necessarily mean your phone calls should not be returned or your immediate concerns should not be given prompt attention. A good agent should still be able to take good care of you their hectic schedule notwithstanding.
Choose a strong negotiator
Get the services of an agent who has been into a tough negotiation before but still managed to get a fair price.
A beautiful home is a home that is beautiful to its owners. Therefore, your home reflects your own unique personality and it really should.
You may hire an interior decorator to improve the look of your home but in the end it should be you and your family’s character that should reflect in your abode. Just go along with suggestions that are pleasing to you.
The following interior design tips will help bring your unique style out.
Moldings and cornice on the ceiling edge and baseboards can beautify a room even if the walls are plain white.
Use mirrors to make a room look bigger.
Avoid using gloss paint on ceilings; imperfections on its surface will be highlighted when you open the lights.
Do not use strong colors on areas that you frequently use such as your bedroom.
Picture frames should be installed on eye level.
For a cozier ambiance put area rugs on floors that are made of concrete, tiles or any stone material.
Tips on Home Safety
Gardens improves a rather dull yard, but be cautious with big plants, shrubs and trees. They can be good hiding places for burglars.
Putting gravel near windows alerts you if somebody is trying to peek inside.
Lights are good deterrent to thieves. Your house exterior should be lighted more than the inside when going to bed.
Mr. X and Mr. Y are both prospective buyers and possibly may bid on same property later. However, their purpose in buying the property differs. Mr. X is buying for “end use” or personal use whereas Mr. Y is buying for profit by selling or leasing the property. Mr. Y is the classic example of someone engaged in property investment.
While Mr. X will put premium on the quality of the property, Mr. Y will have to consider both the quality of the property and whether or not it is a sound investment.
For the benefit of Mr. Y, it is imperative to define the criteria of a good property and sound investment.
What is a good property?
Location. Corner lots are generally considered better than mid-block lots.
Physical Attributes of Property. The physical characteristics of a property is paramount (e.g. regular shaped lots are very desirable).
Affordability. This include total costs, payment terms and interest rates. Affordability is related to the surroundings of the prospective property.
Saleability. Saleability is from the viewpoint of a seller whereas affordability is from the viewpoint of the buyer.
What is sound investment?
Low acquisition cost. The bottom line price is crucial when buying a property.
Potential capital appreciation or increase in value. Ideally, more mature developments have lower but steady capital appreciation while new developments have higher capital appreciation as well as risks.
Minimal development and maintenance costs. These costs consists of operating costs, taxes and interest rates of loans
The dilemma every homeowner must face when selling their house besides sprucing it up is the process of detaching their emotional bond towards their homes. This is specially true for most Filipinos whose attachment to their dwellings appreciates by the minute.
But when the time to sell the property comes, how do we prepare the house to make it irresistible to prospective buyers? And how do we prepare ourselves when the time to hand the keys over to the new owner comes?
In so far as improving the appeal of your home is concerned, you might need the services of an interior decorator. However, on the matter of letting go of your emotions, nobody does it better than yourself.
Here are several tips on how to close a good sale and bade your house goodbye.
1) Disconnect whatever emotional attachment you may have with your home.
Buying real estate is an emotional decision, but in selling one you must remove emotions from the equation
Think of it as just a house and not a home - a product to be sold much like a box of cereal on the grocery store shelf.
Let go of your emotion. Accept the fact that soon the house will no longer be yours
Say goodbye to every room.
2) Make your home anonymous
De-personalize your home by removing your family photo and any personal souvenirs. Prospective buyers must have the impression that your house could be their potential home.
3) Make the most out of that first impression.
A well-manicured lawn and a freshly painted front door help real estate seller make prospects welcome.
4) Make minor repairs.
Fix faulty wirings and leaky faucets.
Replace cracked floor or counter tiles.
Fix doors that don't close properly and kitchen drawers that jam.
5) Remove Clutter
Rid every corner of the house of junk.
If you have not used something in over a year, you probably don't need it.
6) Avoid crowded scenes.
Prospective buyers will feel like intruders when they enter a home filled with people. Instead of giving your house a good scrutiny, they are likely to hurry through.
7) Make the house sparkle
Dust furniture, ceiling fan blades and light fixtures.
Wash windows inside and out.
Bathroom towels look great fastened with ribbon and bows.
Replace worn rugs.
8) Price Your House Right
Find out how much your home is worth by keeping track of other sales in the neighborhood. Consulting real estate agents on this matter can be a great help.
Specify what personal and real properties goes with the house when you sell it.
Selling a house takes an entirely different approach compared to buying one. A buyer scouts for a property that will satisfy his criteria whereas a seller must go out of his way just to meet said criteria.
Oftentimes, Filipinos give much emphasis on the sentimental value of a property rather than its market value. When buying their first house for example, the ideal is a dream house where they will stay in sickness and in health and until their last breathe. They will stick with the property through thick and thin without realizing that the property can only do so much when the going gets tough. This attitude disregards the fact that buying a house is one of the biggest investments they could ever make.
A house is an investment and should not be treated like a spouse although scouting for a good piece of property could be as meticulous as searching for the right partner. A smart home buyer therefore should be less concerned about possible sentimental attachments but must have an eye to resell the property later. The idea is to be able to buy a much bigger and better property until the dream home is finally found.
This buy-to-sell mindset besides allowing the first time home buyer to make the first step into property ownership also make him an entrepreneur as well.
Keep these practical tips in mind and get that dream house.
Location is the paramount consideration in house-hunting. Accessibility of the property because of its proximity to schools, shopping centers, and public transportation facilities helps to ensure a fair market value and “resale-ability.”
When planning to buy a property through a loan, the monthly amortization payments should not exceed 30% of the family income per month. Banks and lending institutions have their respective qualifying requirements that prospective borrowers must satisfy before loan applications are approved. It is advisable for home buyers to visit the bank or lending institution of their choice and check the requirements out.
Caution should be taken when planning to buy a property in projects and developments during the pre-selling stage. In pre-selling, a prospective buyer/investor is assured of a profit because he is suppose to buy a property at a lower value based on appreciation speculated by just the developers themselves. However, the truth is that property value is determined by the appreciation resulting from the status of the real estate market in general and not by a particular group of developers.
Check out the quality of workmanship of the builder or developer when buying a house in a development project. Take the time out to talk to homeowners about possible signs of sloppiness such as poor plumbing facilities and unfinished carpentry areas.
Choose a house with a posh yet more or less conventional architectural style since reselling it is far more easier compared to one with highly personalized architectural design.
Double check the price of the property by finding out what is the going rate per square meter in the area. Likewise, make sure that the property is within its fair market value range. Ascertaining whether or not the price is right is not as easy as it may seem. It is necessary to seek professional advice to avoid faulty calculations.
Get premium real estate from a greater selection of properties to choose from through the best financing option possible without having to worry about the handling of the corresponding paperwork and details by working with a licensed real estate professional.
If most Filipinos could only start becoming smart home buyers, they will not only get their dream homes; but realize other aspirations as well.
The word “Real” in the term Real Estate is not as real as it may seem to be. The word is not in any way similar to the “real” in terms such as “real McCoy,” “get real,” and “reality television.”
The real thing is that the term Real Estate originally means Royal Estate, a term which is a cross between the French word royale and the Latin status. The word “royal” refers to the head of state whereas the “state” owns the land over which it reigns.
In the Philippines, all real estate is owned by the Philippine government which explains why citizens who own real properties should pay Real Property taxes.
I have been reading various blogs and I realized one does not have to be an author of a best-seller novel nor a veteran writer in order to come up with an inspiring and interesting piece of article.
I am Realtor, an Interior decorator, an Insurance agent, and of late an aspiring Blogger. I am proud to say that I have proven my worth in the Real Estate, Interior Decoration as well as in the in the insurance industry. What remains to be seen is how far will I go as a Blogger.
To become a good writer, a favorite author of mine said: “Write only what you know best.”
Welcome to my blog and please bear with me as I share insights on the Real Estate industry, Home Improvement and Interior Decoration, and on the Insurance Industry. These are the industries I love and know best.
