Why are you looking for a property? Is it for investment purposes or are you going to live in it?
When scouting for a home property to buy or constantly finding to lease is a work in progress. With many reservations to consider, tedious planning and continuously saving up the budget at the same time goes a long way of organizing a well-planned dream property.
There are many aspects that might sound to be a good plan regardless of your social class, let’s take a look at the following options; a long-term investment, leasing in twenty to fifty years, buying and selling a property, or take a risk on foreclosing properties.
When you buy your own property, it is already considered to be a long-term investment. Whether you choose to have it as your permanent residence or part area is going to be your start-up business there is no regret when it comes to personally own a property in good faith. In the Philippines, you can start owning a property thru Pag–IBIG Fund Housing Loan, which allows you to borrow up to Php6 million to purchase a residential lot, a house and lot, or a condominium unit. You may also secure a loan for house construction, home improvement, or a renovation or even to refinance an existing housing loan. You may check details thru their website.
The best spots here include Makati, Bonifacio Global City, Cebu, Davao and Baguio. So if you are looking for properties in these areas I suggest you consider affordability, convenience and it’s nearby amenities.
Now, if you do not want to buy property for good because you have plans of migrating or moving from an area to another or maybe to another country, you might want to consider leasing. Land can be leased by an individual or by a corporation on a long-term contract for an initial 50 year period and renewable in 25-year increments after that. You can lease a lot only and at the same time legally own the house and all improvements on the leased land.
Moving on, foreclosure properties are not recommended as a primary option but due to its high affordability rate you might want to take the risk, in short it’s a practical choice. It applies to lands, house and lot, condominiums, commercial areas and townhouses. Just to set your expectations, these are properties which owner has fallen behind it’s payment. One of the primary downside is when homeowners have no incentive to maintain the home’s condition when they know they’re going to lose their property to foreclosure. If something breaks, the homeowner won’t spend money to fix it, and the problem could get worse over time.
To share a personal experience, when my parents were scouting for a good real estate property, ten years ago they consulted with a good real estate agent for their dream condominium. Considering that they prefer to live in BGC, their agent was knowledgeable in finding properties suitable for their budget. To make sure that my parents can afford the property, Mister agent-assisted them in computing the property loan amount and helped with the paperwork as well.
It is important to have trust with both parties because it is a long-term relationship. It is not just about buying a home property but what matters most is achieving a valuable home buying experience.
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