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.

Things To Consider When Looking To Acquire Property For Sale

Property For Sale

A house, a townhouse, or a condominium is considered a major investment for many people particularly among those who are earning a fixed monthly salary. This is the reason why they should think about the property for sale before they spend their hard-earned money for it.

Choosing the property to purchase is not easy since there are a number of factors to consider when looking at any property for sale. However, there are three basic things that property buyers should consider before they make their final decision to purchase the property for sale.

One of the things that they should consider is the affordability of the property for sale. For many people, this is probably the most important thing to take into consideration. The price of the property for sale is comparatively lower when it is initially offered into the market. This is the pre-selling stage of the new development and developers normally offer it at a comparatively lower price since they are still trying to attract potential buyers for the property for sale.

It is advisable for potential buyers to look into the payment terms of the property for sale and weigh out the advantages and disadvantage of purchasing the property for sale on a spot cash basis as against to purchasing it using a bank housing loan. People earning a fixed salary would normally opt to purchase the property for sale through housing loan, either through a bank, a government housing agency, or through the in-house financing of the developer. However, some would opt to purchase the property for sale on a spot cash basis since it offers discounts for the buyers of the property.

Potential buyers who are not looking to move in immediately into their new property may have to purchase the property for sale on its pre-selling stage since the price would typically increase as the development comes nearer to completion.

Another thing that has to be considered when looking to purchase property for sale is its accessibility. The price of any property for sale is directly proportional to its proximity to the main commercial areas of a city. This means the nearer the property for sale is to the center of commerce, the higher its price. However, this higher price tag may be worth it since the nearer you are to where you work, the better it is for you. You do not have to be stuck in traffic in order to get to work. In fact, you may even have the chance to get some exercise by walking to your workplace instead of commuting or driving a car.

If you opt to acquire a property for sale that is further away from you place of work, you take into consideration your access to public transportation, if you plan to commute, or the traffic situation, if you plan to drive to the workplace (although this may also be one of the considerations if you commute to your workplace as well).

The third thing that should be considered when looking to acquire property for sale is accountability. This mainly refers to the developer of the property that you are looking to acquire. It is advisable to look at the background of the developer and see if it has a good track record when it comes to property development. You can check on whether the developer had a good track record in building houses, townhouses, or condominiums. A good subdivision developer may not necessarily be a good condominium developer.

If possible, look into the financial status of the developer. Check whether it is stable enough to start and finish the entire project. Try to talk with owners of subdivisions or condominiums that were developed by the property developer. Get some feedback from them, both good and bad feedback. This will help you make your final decision on the whether to acquire the property for sale or not.

These are just some of the things that you have to consider when you are thinking of acquiring a new property for sale. When you take these things into consideration, you will have a better chance of acquiring the property that is worth every penny that you spent for it.