Avoid These Mistakes When Buying a Property in the Philippines

Things You’ll Regret Doing When Purchasing a House

Whether you’re investing in a property for the first time or buying your second house, there are surprising mistakes that you can commit along the way. Not researching the location is one of them, but there are more if you’re not observant enough. So, what are these common mistakes that Filipinos commit when purchasing a new home in the Philippines? Read on to find out how to avoid them and ensure you’re investing in the right property.

Not Reviewing Legal Documents

When you skip the legal review, you’re putting yourself in trouble. It’s crucial to check the land title and other legal documents to make sure it’s clean and ready to transfer under your name. This is also to make sure the property has no encumbrances or other liabilities. You can verify this with the Land Registration Authority or the Bureau of Internal Revenue if there are any tax obligations.

​Not Planning the Budget

More often than not, property buyers in the Philippines don’t really plan their budget well. As a result, they end up not completing the payment and selling it as “pasalo”, common for condominiums. It’s important to understand hidden fees and interest rates that may increase over time. Set a budget and stick to it so that you won’t be affected by unforeseen expenses.

​Overlooking Future Developments

Perhaps, there are plans for future development in your area, such as new malls, transport links, and even the emergence of new business districts. These could all lead to higher property value, so don’t overlook the potential value appreciation of your investment. Anticipate this growth by researching any future development plans near you.

​Disregarding Hidden Charges

If you think the only cost you need to settle is the selling price of the property, think again. There are additional costs when purchasing a house, including association fees, taxes, maintenance costs, and even insurance. Make sure to include these additional charges in your budget planning to avoid such unpleasant surprises.

Not Visiting the Location

Some locations are prone to flooding, and that’s why you should conduct your own research before buying a property. While this one seems so easy, a lot of buyers tend to miss checking whether the area is flood-prone or not. Then only discover the problem after moving into their new house. Spare your family from this disaster by asking around if the location is safe and free from flooding.

Final Thoughts

Now that you are aware of the most common mistakes that Filipino buyers often make when purchasing a house, you can avoid them and save yourself from future problems. Always do your due diligence before making a big purchase so you won’t regret it in the future. To start looking for a property to invest in, visit REALS.PH to see our exclusive listings, including some beautiful house and lot in Baguio City. Our real estate agents will help you find the exact design you want and even walk you through the entire buying process.