8 Real Estate Myths That Hold Back Filipinos From Purchasing Property

Myths vs Truths About the Philippine Real Estate Market

Many Filipinos still believe in real estate myths, making them reluctant to invest in a property here in the Philippines. In reality, there are accessible financing and affordable home options to choose from. Property ownership is not impossible if you know where to look and how to manage your money. In this article, learn about the real estate myths and the truths that will set you free from what’s holding you back from getting your dream home.

​Real Talk About Property Ownership

Buying property is not just for the rich, but also for those who know how to score a good deal. With government loans and rent-to-own deals, there’s no reason not to invest in real estate. Here are some of the most common myths that you’ve probably heard about owning a house, condo, or any property in the country.
Real Estate Myth #1: You need to be a millionaire to buy or build a house. Truth is, you can opt for bank financing or Pag-IBIG housing loan to afford the house you want. Just make sure you are comfortable paying the monthly amortization.
Real Estate Myth #2: A low down payment is a good deal. Sometimes, interest rates and total costs are much higher with a low down payment. Make sure to check the full computation so you’ll know if it’s indeed a good deal.
Real Estate Myth #3: It’s a waste of money to rent out a property. Depends on your current situation, but it can be practical to rent in the meantime rather than buy a new house.
Real Estate Myth #4: It’s okay to buy a property with “rights” only. It’s not the same with a titled property, so this would be risky since there’s no full ownership protection.
Real Estate Myth #5: All affordable properties are worth the money. Not until you find the encumbrances of the property you are buying, and the problems with zoning, titling, or location.
Real Estate Myth #6: Once your loan is approved, no more problems. Remember that a housing loan is a long-term commitment that you need to pay every month.
Real Estate Myth #7: You will automatically earn from pre-selling. This one depends on the current market, demand, and property location.
Real Estate Myth #8: You can build a house anytime and anywhere as long as it’s your land. Keep in mind that you need to secure a building permit and undergo zoning before building a house on your property.

Final Thoughts

Buying a property is not just for the rich; you can explore many other ways to afford a home in the Philippines. Whether you’re a first-time home buyer or someone looking for the next property, knowing the real score when it comes to real estate investments is key. You can explore our exclusive listings of luxury condominiums in Baguio City and other properties for sale nationwide via REALS.PH website. Licensed brokers and real estate agents can protect you from scams and make the home-buying process easier.