BASIC GUIDE IN BUYING PHILIPPINE PROPERTY

GUIDE TO BUYING REAL ESTATE PROPERTY IN THE PHILIPPINES

Philippine real estate has been a booming business nowadays. Real estate is one of the main reasons why Henry Sy of SM, overtook Lucio Tan of the tobacco industries, as the wealthiest man in the country. Indeed, I have heard of many successful investors saying “Real Estate is one of the most stable investments. This is because land does not increase in supply but keep on decreasing while the demand keep on increasing!”

 

Here is your guide in purchasing real estate property in the Philippines…

 

WHAT IS THE NUMBER 1 THING TO CONSIDER WHEN LOOKING TO PURCHASE A PROPERTY?

YOU NEED TO KNOW WHAT YOU WANT!!!

 

I have encountered so many clients whom I showed all the best possible properties for their budget range but still, they wanted to see more properties simply because THEY DON’T KNOW EXACTLY WHAT THEY ARE LOOKING FOR!!!

KNOW WHAT YOU WANT

If you don’t know what you want, then you won’t know what you are looking for. If you don’t know what you are looking for, then how do you expect the broker to know exactly what to present to you, if you as a client don’t know what it is that you want????!!!!

 

If you do not know what you want, then DO NOT contact your broker. Because it will just be waste of time, money and effort. But if you do know what you want, by all means please do continue reading…

 

KNOW WHAT YOU WANT

– Write down all the specifications, requirements and considerations that you want to find in a property.

– Write down which area location of the property you might be interested. Where is it?

– Write down the size requirement of the property you’re looking for.  How many square meters?

– Write down the required features and amenities of the property itself. For example, some people would like a swimming pool, or 2-storey house, or bungalow, or huge garden, or designer kitchen, wheel-chair friendly, etc.

– Write down your preferred features and amenities of the community. Should the community have security guard services? Community recreation areas? School? Church? Commercial area? Clubhosue? Gym? Etc.

Know your requirements

WRITE THEM ALL DOWN!

 

Next question you need to ask yourself when you intend to purchase a property is this —> HOW MUCH IS MY BUDGET FOR THE PROPERTY I’M LOOKING FOR?

 

Again, I have encountered so many clients who wanted to go tripping to view different properties that they wish they could buy, but when asked how much is their budget for the property they’re looking for, THEY HAVE NO BUDGET WHATSOEVER!

KNOW YOUR BUDGET

MAKE SURE THAT WHEN YOU INTEND TO PURCHASE A PROPERTY YOU HAVE THE MONEY TO BUY THE PROPERTY.

Often I receive calls from clients wanting to buy a certain property that they find as a really good bargain and tell me “I wish to purchase this property you advertised when I have the money next year!” Chances are, if the property is a good bargain, it will already be sold before that client already has the money next year.

 

If you don’t have the budget to purchase a property yet you still want to purchase a property, contact your broker when you already have the budget. Otherwise, its just a waste of time, money and effort. But if you do have the budget, please do contact your broker so he/she can present to you properties that will best suit your requirements and budget range.

In real estate there is a saying… “THERE ARE 2 KINDS OF CLIENTS”

1. THE PERSON WHO HAS THE CAPACITY AND THE WILLINGNESS TO PURCHASE PROPERTY RIGHT NOW, IS WHAT WE CALL –> THE PROSPECT.

2. THE PERSON WHO EITHER HAS NO CAPACITY OR DOES NOT HAVE THE WILLINGNESS TO PURCHASE PROPERTY RIGHT NOW, IS WHAT WE CALL —> THE SUSPECT.

The PROSPECTS are the people who make the real estate brokers happy because they are committed in purchasing the property they want at the right price.

These SUSPECTS waste real estate brokers’ time, money and efforts. SUSPECTS contribute to the biggest chunk of revenue losses in any real estate firm.

Other professions like Doctors, lawyers, architects and engineers, get paid once their clients approach them for consultation. On the other hand, Real Estate Brokers do not get paid when clients approach them for consultation, and they do not receive salaries or service fees, yet real estate brokers spend on advertisements, communication, transportation and representation which are SERVICES GIVEN TO INQUIRING CLIENTS FOR FREE!!!

Real Estate Brokers are just hoping to get all those expenses back by depending solely on sales that they close. If a certain real estate firm would spend most of its’ time, money and effort servicing more  SUSPECTS, it will go bankrupt!

 

So you have to ask yourself “ARE YOU A PROSPECT OR MERELY A SUSPECT?”

 

YOU HAVE TO BE REALISTIC WITH WHAT YOUR BUDGET CAN PURCHASE.

Just like most things in this world “The more desirable qualities a certain object has, the greater its’ value.”

 

Know the FAIR MARKET VALUE of the property you are looking for, and see if it fits your budget. How will you know the fair market value of a certain property? Well, you can avail of our professional real estate appraisal services for a minimal fee, or you can do your own research.

 

A client looking to purchase a higher-quality-property that has way higher Fair Market Values than the clients’ budget, is looking for something that DOES NOT EXIST!

A good bargain would usually be a property that is slightly lower than the current market trend, but would never be unrealistically way below the Fair Market Value.

FAIR MARKET VALUE will dictate the price of the property. If your budget is below the Fair Market Value of the property you want, then it is highly unlikely that your budget can purchase that property. If that’s the case, then it would be wise to find properties which has fair market values that would fit your budget. And that’s our job to help you find the right property!

Find property that fits your budget

ARE YOU LOOKING TO PURCHASE A PROPERTY THROUGH INSTALLMENT FINANCING?

 

If you are short of cash, yet you have the capacity to pay for monthly installments, then property financing is the way to go…

Please find complete information in this article —> RENT TO OWN PROPERTY FINANCING IN THE PHILIPPINES

 

If you had a clear idea of what you want for a property, and you had determined the fair market value of the kind of property you want, and established the budget to purchase for the property you’re looking for, then IT IS TIME TO CONTACT YOUR REAL ESTATE BROKER.

MAKE SURE YOU ARE DEALING WITH LEGITIMATE, LEGAL, LICENSED REAL ESTATE BROKER. THERE’S NO SUCH THING AS A FREELANCE REAL ESTATE AGENT!
DEALINGS BY UNLICENSED REAL ESTATE AGENTS ARE PUNISHABLE BY LAW. Republic Act 9646

 

 

NEXT ARTICLE –> BASIC GUIDE IN BUYING PHILIPPINE PROPERTY part 2

 

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REMINDER!!!

ALWAYS TRANSACT BUSINESS WITH LICENSED REAL ESTATE SERVICE PROVIDERS!!!

DEALINGS BY UNLICENSED REAL ESTATE AGENTS ARE PUNISHABLE BY LAW. Republic Act 9646

CHECK IF YOU'RE DEALING WITH LICENSED REAL ESTATE BROKERS HERE

real estate board prc

Cheers,

Gary Louis David

Real Estate Broker License No. 0003469

VP for Marketing KingDavid Realty Co.


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