What can you expect when buying a home in the Philippines?

1.    You will have a lot of options
2.    You will encounter real estate jargon
3.    You will need to expect more fees
4.    You can opt for flexible payment terms
5.    You need to work with a broker

Buying a home in the Philippines for the first time can be very exciting. You have a lot of options to choose from and it seems like there’s no limit to your choices. There are a lot of factors but you need to consider before finally buying your own home. 

Consider that there are many cities and provinces in the Philippines where you can start an entirely new life. Each city and province introduces a potential new lifestyle, amenities, and more. Maybe your type of lifestyle is something simple — the opposite of a person that lives on the fast lane. In this case, a house and lot for sale in Bacolod from Futura Homes Palm Estates may be perfect for you. 

If it’s your first time buying a home in the Philippines, here’s what you need to expect.

You will have a lot of options

When you first begin to look at different properties, you won’t always know where to start. It is a good idea to determine which type of residence and location you prefer. It is possible to encounter a lot of similar properties in a particular area. You will be swamped with a lot of options which can make looking for a home easy but also a bit overwhelming

This shouldn’t be a cause of worry. The more choices you have and the more resources that are available to you, the better the possibility that you can get a house that’s perfect for you. You can get various real estate resources through word of mouth referrals or through extensive research online.

You will encounter real estate jargon 

Terms such as tripping, mortgage, and amortization are not familiar to everyone. If you’re talking to your brokers and agents, they might mention these during your conversations. It’s entirely okay to have them explain exactly what it means while you are conversing. But as a responsible consumer, it's much better to look up these different real estate terms while you are searching for the perfect house and lot. A little bit of preparation goes a long way and the result is you are able to keep up with discussions.

You will need to expect more fees

As much as it’s easy to believe that you can own a property of your own by making a simple down payment , this is not the case. You will need to take into account your real-life expenses when you’re checking out these budget-friendly properties. 

When scouting around for real estate you need to expect extra fees such as reservation fees, notary fees, documentary stamp tax, and other charges. Your real estate broker or agent should be able to break down these fees before you make your final payment. Make sure that you are properly prepared by saving up at least 30% more than you expect.

You can opt for flexible payment terms

If you’re young or you just started your family it can be a bit discouraging to shell out a lot of money for a down payment. Thankfully, real estate companies can help you find affordable payment terms that will also allow you to make the down payment through a convenient installment plan. Be sure to have savings worth at least 3 to 4 months of your salary for the down payment. This makes it easier for you to pay out.

You need to work with a broker

Finding the right agent or broker is a challenge. It can be done but you need to remember that patience is key. The broker you choose should be able to meet your standards and possibly even exceed it. You will need a lot of professionals in your journey and you need to be upfront and direct with your needs to make things easier for you. You will know that you’ve found the right agent or broker if you feel comfortable around them and they are able to provide concrete data and answers to your inquiries.

Key takeaway

Here are what you can expect when buying a home in the Philippines. You may have noticed a common theme among the points discussed here and that is being prepared. In this day and age, you have access to a wealth of information. As much as possible it is better to take advantage of this information so you can get the best deals. You can check out your house and lot for sale in Bacolod at Futura Homes Palm Estates to get started.