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A Beginner's Guide to Buying Your First House in the Philippines

A Beginner’s Guide to Buying Your First House in the Philippines

  • by admin
  • May 15, 2023
  • Home Buying Tips | Lifestyle

Buying your first house is one of the most exciting parts of adult life. It is a great milestone that you should be proud of. It only means you are moving forward and ready to create a new chapter in your life.

Also, buying your first house can also mean a great investment if you are looking for a passive income.

Good thing, the Philippines has great communities and properties that you can choose from.

But with the many properties out there, it can be a challenge to find the right property in the Philippines that will fit your needs.

So if you are looking for a property in the Philippines, here’s a quick guide to get you started.

1. How much is your budget?

Buying a property is a big financial responsibility. It will definitely affect your budget. So the first thing you need is to determine how much you can afford. You need to assess your financial standing and consider your savings, income, and expenses.

Also, buying a property is a long-term investment. You need to know how much you can comfortably afford for a long time.

If you are buying properties in the Philippines, you also need to budget extra for the downpayment, property taxes, maintenance fees, and homeowners fees, among others.

So ask yourself, how much can you afford? And for how long?

If you are looking for properties in the Philippines, we highly recommend checking out The Hauslands Bataan, The Hauslands Subic, and The Hauslands Mabalacat. These properties are located in highly-accessible locations and tourist spots. And the quality of houses are really great, perfect for starting and growing families.

2. Know your need

There are a lot of different types of properties in the Philippines. There are rowhouses, bungalows, townhouses, condominiums, or single-family homes.

You need to know your need and preferences so you can align them with the right property.

By identifying the property that fits your need, you will be able to budget accordingly. It will also be easy to narrow down your choices, making the whole home-buying process easier.

3. Do your research

As mentioned, buying a property is a big financial commitment. You need to be financially, mentally, and emotionally ready to make sure you can commit to it.

That is why it is important to do your research. Familiarize yourself with the Philippine real estate market. Read helpful blogs like this. Research the best locations. Check out the different types of properties.

To help you in your real estate research, you can partner with a trusted and credible real estate agent or a licensed broker.

If you need the help of a real estate expert, we are always ready to assist. Our aim is to give you a hassle-free house-buying journey. Just message us at m.me/mitchprin

4. Check available financing

In the Philippines, there are different ways on how to acquire properties. You can acquire thru Pag-IBIG fund, in-house financing, or bank financing.

Pag-IBIG also known as Home Development Mutual Fund is a Philippine government agency that provides affordable housing and socialized housing financing to all its members.

It is like a saving system where members contribute a portion of their salary to the fund. And these funds are used for housing loans, and calamity loans, among others.

In-house financing, also called seller financing or direct financing, is where the buyer enters a financing arrangement with the property developer or the seller. The buyer directly pays the property in flexible payment terms to the seller.

Bank financing, from the term itself, the buyer applies for a home loan to a bank.

Buying your first property in the Philippines is a fulfilling experience. Just follow the above tips to make your home-buying journey hassle-free.

On the other hand, it is highly recommended that you seek the help of a real estate expert to make sure you are getting your money’s worth and that you are getting the best property in the market.

To get started buying a property in the Philippines, we can assist you anytime. Just message us at m.me/mitchprin or call/text at  0918-963-6760.

Happy house hunting!