A Guide To Buying Properties In Cebu

With the boom in the real estate industry in Cebu, many people have started to consider buying properties in Cebu City. However, it may be a daunting task if people have no idea on how to go about it. Aside from the budget, which may be the main consideration for a number of people, there are also other things that you would need to think about when you are going to buy your first home.

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I am hoping this guide will make your decision in buying your very first property in Cebu easier.

The very first thing that you should take into account is the type of property that you wish to purchase. There are actually three main types of properties that you can take into account when you are looking to buy your first home. These properties are the condominium, townhouse, and residential lot or house and lot. A condominium is basically a building owned by the owners of each individual unit in the building. The common areas, facilities, and other features of the development are owned by all condominium unit owners. A Condominium Certificate of Title or CCT gives an indication that a person owns the condo unit inside the building. A townhouse is basically a house with two or more levels and is attached to another house with a similar design.  Some townhouses may even have a small area at the back for a bit of gardening. A residential lot is essential an open piece of land available for purchase while a house and lot is a piece of land with a house standing on it. The townhouse, residential lot and house and lot are covered by a Transfer Certificate of Title, which shows the ownership of the property.

Your lifestyle may determine the type of property you may purchase. If you are a person who wants to have the convenience of living inside the city, you may want to check out my blog entry about the benefits of condo living within Cebu City. However, People who have families may want to consider living in a townhouse or a separate house and lot when they are looking at buying properties in Cebu. However, they can also consider condominium developments that are designed to accommodate families. Before you decide on buying properties in Cebu, you should consider the type of property available in the market.

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The second thing to take into account when buying properties in Cebu is the developer of the property. Since the developer may play a factor in the increasing value of the property, it is important to look for reputable developers. However, it is also important to consider that some newcomers in the industry aim to stay in the market by offering well-planned, well-designed and well-built properties in the market.  The location of the property is another thing to think about when buying properties in Cebu. It is important to check whether the location does not get flooded or not. You may also consider living in the outskirts of Cebu City if you are not keen on living in a condominium. You can check the surrounding community for any issues on peace and order. In connection to the location, you may also consider whether the property is near malls, hospitals, and schools.  You may also want to check how far the property is from your place of work.

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Once you have all of the information available and have decided on the type of property you want, the third thing to consider is to talk to an agent. Although you can talk to the sales department of the developers, you may also consider talking to an independent real estate professional. The sales agents of developers will definitely push for their projects while independent real estate professionals may offer a wider selection of projects for you to consider.  They can offer options that may not be offered by one developer. So, if you do not have any particular developer in mind, you can consider getting in touch with an independent real estate professional when thinking about buying properties in Cebu.

The fourth thing to think about when buying properties in Cebu is the financing options available for the property. Buying properties in Cebu while they are at the pre-selling stage will mean a cheaper price compared to buying properties that are ready to be occupied. Developers may also offer in-house financing with lesser requirements compared to getting a bank or Pag-Ibig loan. However, it is also important to consider that in-house financing normally have a shorter term compared to banks and Pag-Ibig. The interest rates of banks are lower and repayment term is longer compared to in-house financing. But, you may need to gather all the required documents such as pay slips, income tax returns and other similar documents. Although a Pag-Ibig loan has the lowest interest rate and longest repayment term, its requirements may discourage people from taking advantage of it. It will also take much of your time to process the loan due to the huge number of people who may want to take advantage of its low interest rate and longer repayment period. On the other hand, you will not have to go through all of these things if you buy the property in cold cash. Developers normally offer discounts if the property is pay in full.

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The fifth step is to buy the property itself. You will have to pay the reservation fee so the developer will reserve the property for you and not to offer it to anyone else for a period of time. The reservation period normally lasts thirty (30) days. The reservation fee is not refundable. Once you pay it will not be returned to you if you do not want to push through with your plan in buying properties in Cebu.

When you pay in installments for the equity or the down payment, it will be necessary to issue PDCs or post-dated checks to the developer. The down payment can range from 15 percent to 30 percent of the total contract price or the price of the property. If you will take out a bank loan in paying for the property, you need to get a certificate of credit approval from the bank. This will show the developer that the bank has allowed you to take out a loan to pay for the property.  Other necessary documents include photocopies of two valid IDs, Tax Identification number validation, and a buyer’s information sheet. These are normally submitted together with the PDCs.

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The last step to take when buying properties in Cebu is to make sure to stay in touch with the developer. This will allow you to air any concerns you may have about the property you bought. You can voice out these concerns to the developer to make sure they are dealt with as soon as possible. There are also some real estate professionals who stay in touch with their clients even after they already purchased the property.

Real estate properties are major investments for anyone. Due to this, you should make sure to consider all your options before you hand over your hard-earned money to the developer. The guideline above are just some of the things that you should consider when you are thinking about buying properties in Cebu, and I hope that this will help you find the property you will eventually call home.

Benefits Of Condo Living Within Cebu City

Owning a property within Cebu City is costly these days. In fact, it is cheaper to live outside the city and travel to and from the city each day. However, travelling to and from the city will take its toll on anyone who has an eight-to-five job in the city. Waking up early in the morning can be tiring for anyone who has to beat the morning rush and get to the office on time. One way to deal with this daily grind is to find an affordable yet convenient place to stay within the city without having to pay an unreasonable price. This is where condo living within Cebu City comes in.

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People may not have the right idea when it comes to living in a condominium. Some people think that condo living is costly and only reserved for the upper crust of society. However, this does not have to be since there are numerous condominium developments that have sprouted all over the city. In fact, nearly all major areas in the city have an existing condominium or are currently being developed. Due to this, the price of a condo unit has become more affordable to many urbanites.

Condo living within Cebu City has become more convenient with the numerous choices available for buyers. Condo units can be purchased for as low as around one million for the basic studio unit to as high as twenty eight million for the high-end penthouse units.

There are a number of benefits of condo living within Cebu City and one of them is the peace of mind that it is fully secured 24 hours each and every day. Imagine having your own security force guarding your property. You do not have to spend thousands each month for 24-hour-security for your property.  You will have the peace of mind each time you go out of your unit each day or night.

Another benefit that condo owners will have is the convenience of condo living within Cebu City itself, which is probably within minutes from their workplace. People working at the IT Park have a number of condominiums they can opt to purchase. Some of them are located within the IT Park itself while others are a stone’s throw away from IT Park. There are also a number of condo developments that are just one ride or minutes away from the major IT area in Cebu. Among the options that potential buyers have are the Calyx, Lahug Garden Flats, and the Mivesa Residences.  These condo developments are within or a few minutes away from the IT Park. For people working within the Cebu Business Park, they can select from the Mabolo Garden Flats, Persimmon, and Avalon. Uptown urbanites also have a number of options available for them including the Fuente Towers, Horizon 101 and Apple One.

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Condo living within Cebu City is also advantageous for people who are not into the habit if cleaning up the entire property each week. One of the benefits from the condo dues that owners have to pay each month is cleaning the common areas inside the building. This means the reception area, hallways, and other common areas will be maintained by the staff of the condominium. All the condo owners have to think about are their individual condo units, which may not require much work to maintain.

Although fire may be the bringer of life, it is also one thing homeowners are very concerned about. As the saying goes, “it is better to be robbed than to have your house burned down.” Current condominium developments offer some sort of protection against fires. Aside from the obligatory fire exits, condominiums also offer a sprinkler system that can prevent fires from burning the entire condo unit, if not the entire building itself. Some condominium units even offer heat detectors that will warn if not stop a fire from getting out of hand.  This makes condo living within Cebu City a bit safer than living in a house outside of the city.

Condo living within Cebu City may also have some disadvantages. One disadvantage is the limited space that a standard condo unit offers to its owners. Most studio units have a total floor area of 22 square meters. This makes it impractical for a family of four to live in a studio due to the limited space. However, it should be taken into consideration that property prices in the city have skyrocketed in recent years.  Purchasing an entire house inside the city may be more costly than purchasing a condo unit within the city. If you find the space too small for you and you cannot afford to purchase a house within the city, you will have to deal with the daily grind of waking up early in the morning just to ensure you are not late for work every single day. Condo living within Cebu City is a convenience that will allow anyone to have a good night’s rest without having to worry about waking up early the next morning.

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Another disadvantage of condo living within Cebu City is the threat of fires. Yes, I listed this as one benefit of living in a condo within the city. However, some people are still concerned with fires that may happen in the building they call home. They think that they will not be able to wake up in time to get out of their unit before the fire spreads. This is the reason why you should make sure that the residential condominium unit that you are thinking about purchasing has all the necessary fire safety systems. You can also take into consideration purchasing a house that does not have a fire alarm or sprinkler system that will reduce the effects of fire in your property as compared to purchasing a condo unit with all the necessary fire alarm and sprinkler systems to deal with any fires that may happen inside the building.

Living inside a residential condominium does have its own advantages and disadvantages. However, it would all depend on the needs of the person who wishes to purchase a piece of property within the city. In the end, I find condo living within Cebu City more appealing and convenient for me compared to acquiring a house outside the city and having to deal with the daily routine of waking up early just to get to work on time. 

Buying A Condo In The Philippines

When buying a condo, among the most important things to consider is the price of the unit. Is the price fair? Does the price fit the location of the condo? Is the price suitable for area offered by the condo unit? Are the amenities suitable enough for the price of the condo unit?

These are some of the questions that normally comes to mind when you are contemplating in buying a condo in the Philippines. It is important for you to take into consideration the area of the unit that is being offered by the developer. There are some condo units that offer a bigger space in the unit, however due to the design of the unit, you may not be able to maximize the use of its bigger size in terms of square meters. There are some condo units that may appear smaller in terms of figures, but the design of the unit will allow you to fully optimize the available space of the unit. This means that even if the price is slightly higher than another unit that offers a bigger area, it will allow use to use all the available space in the condo unit.

Another thing to take into consideration when buying a condo in the Philippines is the location of the project. Yes, many people would rather opt to buy a condo in a location near their place of work, which will likely be at the center of the commercial district of a city. However, most, if not all, condo projects located at the center of the commercial district have a rather steep price tag. Therefore, it is advisable to consider buying a condo unit that is around thirty minutes away from your workplace. The location should not only be near your place of work, it should also be near shopping centers, a hospital, the domestic port, and an international airport.

Some people who want to buy a condo also take into consideration the developer itself before they consider buying a condo unit. There may be some developers who have been in the market for a number of years however the prices of their units are rather steep or the amenities are not enough to cover the price of the condo unit. There are also some developers that are relatively new to the industry of condo development but have a good track record in other types of developments, which may offer potential buyers of condo units an option when they make their decision in buying a condo in the Philippines.

Lastly, people who consider buying a condo in the Philippines may consider the terms of payment for the unit. Although this is linked to the price of the unit itself, some developers offer discounts or long payment terms for potential buyers especially if the condo project is still in its pre-selling stage. When a condo project is still at the pre-selling stage, the prices are still low. So it is recommended for potential investors to buy a condo while it is still at its pre-selling stage.The lower the price, the bigger the discount they would receive especially if they are intent in buying a condo unit on a spot cash basis. The longer the terms, the lower the discount. However, if it is still at the pre-selling stage, the price of the condo unit is still lower compared to when it is already ready for occupancy.

These are just some of the things that have to be considered when you decide on buying a condo in the Philippines. It is therefore advisable to take into consideration some of your options when you decide to buy a condo in the Philippines.

Taking Advantage of Payment Schemes in Property Acquisition

More often than not, the cost of acquiring a new property is quite prohibitive. For a number of people, they would rather rent a place instead of purchasing it due to the huge initial outlay that is needed for the property. They think that they may not be able to scrounge up the funds needed for the equity payment, which can go as high as thirty percent of the total contract price.

However, this is not true all the time, since a number of developers are offering budget-friendly payment schemes for potential buyers. Some of these payment schemes even offer discounts to the monthly property payments depending on the payment scheme that the buyers have opted to use.

One example of a budget-friendly payment scheme is offered by an upcoming condominium development in the Mabolo district in Cebu City, the Riviera -French-Style Living Condominium. Buyers can take advantage of the 8/16 promo for the downpayment or the equity payment of the condominium unit. In this payment scheme, buyers will only have to pay 8 percent of the total contract price of the unit in the first twelve months, while the remaining 16 percent of the equity will be paid in the next 18 months. To sweeten up the deal, these payments will have no interest at all. Yep, ZERO interest for the equity payments that is spread out in 30 months. The remaining balance can be paid through a bank loan, where a number of banks will be able to offer competitive pricing for the units.

This is a rather good deal considering the fact that the development is conveniently located near two of the major malls in the city and is a five to ten minute ride away from the IT/BPO hub of the Queen City of the South.

Potential buyers may also take advantage of the fact that the development is still on its pre-selling stage, which means that prices have yet to increase. The price of the condominium unit will increase at the end of the month, so it is very much advisable to take advantage of the competitive pricing before it goes up at month's end.