The Philippines, in recent years, has been hailed as one of Asia’s hottest markets for real estate investing, and investing in a home in the Philippines has become one of the most attractive investment vehicles today. This is due, in large part, to the rapidly growing Philippine economy coupled with the fact that Philippine property prices are among the lowest in the Asian region. Because of its investment viability, it is projected that more foreign investments are expected to come into the country. And as foreign investments rise, the need for foreigners to establish a home in the Philippines also rises.
Since foreigners are not allowed to own land in the Philippines, housing options are limited to condominium and townhouse units. However, before you decide to invest on a Philippine property, it would be prudent to take stock and consider the following guidelines.
Define your objective
First and foremost, ask yourself what your objective is in buying real estate in the Philippines. Do you plan to live in the Philippines with your family for a considerable amount of time? Or will you just be travelling to the Philippines just to periodically oversee your business? The answers to these questions will determine the type of property investment that you should make.
Identify the Location
It is highly advisable to live near your place of work. Besides the convenience it offers, this also allows you to avoid the sometime monstrous traffic Metro Manila is known for. Besides the practicality it offers, living where you work also allows you to enjoy the leisure and entertainment options that the business or commercial area offers. Furthermore, establishing a home in the Philippines in a highly urbanized and/or commercial area gives you a better return on your investment.
Choose a developer
The Philippine construction boom has seen several housing options being made available to locals and expats alike. Several developers have joined the property development bandwagon, from the small-scale developers to the big property moguls with property offerings ranging from the very affordable to the more upscale projects. The projects will differ in terms of quality, location and the target market. We advise that you choose a reputable property developer so that you are assured that you get value for your money and you are treated with utmost integrity.
Financing the purchase
Because of the much improved economic environment, several financing options are now made available to would-be investors and home buyers. Several property developers offer pre-selling rates that are expected to appreciate once the project is completed and turned-over, giving investors a higher rate of return. Even down payments can be paid on instalment basis, at zero interest. Financing is also made available either through an accredited bank or in some instances through in-house financing by the property developer. With rates at a very attractive low, it is not surprising that a lot of investors take the financing route to finance their real estate investment.
Consult a licensed real estate broker
Consult a licensed Philippine real estate broker. The real estate broker profession, in recent years, has been professionalized and all legitimate real estate brokers are now licensed by the Philippine Professional Regulation Commission. Licensed real estate brokers undergo training and certification which make them qualified and competent to give you advise and help you choose the property that will suit your lifestyle requirements. As a caveat, avoid dealing with unlicensed agents lest you end up you find yourself
Owning a home in the Philippines will prove to be one of the best investments that you will make. And the soundness of that Philippine property investment will depend greatly on what type of property you buy, where the property is located and who you consult with to help you make the right investment decisions.
Katherine Lacuna, or Kathy as she is referred to by her clients and friends, is a licensed real estate broker in the Philippines and is one of the well-respected property consultants in Metro Manila. Her website http://www.yourhomeinthephilippines.com features her various property listings and includes a blog where she shares her expertise and some practical advise for investors who want to acquire a home in the Philippines. Whether you are a Philippine resident or an expat wanting to invest in a home in the Philippines, it will benefit you to consult with Kathy for expert advise on your Philippine property investment. For more details visit http://www.yourhomeinthephilippines.com today.
Article Source: https://EzineArticles.com/expert/Katherine_Lacuna/1731378
