Of all the places in the Philippines, Baguio City is the coolest place to live in. It is, after all, most famous for its cool crisp air as it’s situated 1500 meters above sea level in the Cordillera Mountains. Because of it’s cool climate, and the number of living there, it is dubbed the “little America” in the Philippines. So if you’re looking for a place to invest in real estate here in the country, Baguio City is your best bet.

 

Now, before you can buy a house and lot in Baguio City, you must first have enough money to pay for it. This is because there may not be enough financial assistance for foreigners wanting to make a real estate investment in Baguio City.

 

Here are some tips to help you save money for a house or condominium in Baguio City.

 

1. Search for properties you might be interested in. Check the prices to know how much money you need to come up with. You can also consult with trustworthy real estate agents to know which property suits your needs and budget the most.

 

1. Create a bank account solely for your housing fund. Then, “quarantine” the account from any spending. Set your mind that that savings account is not to be used for anything other than the payment for your house and lot in Baguio City. That way, you can be sure that you’ll have the funds as soon as possible.

 

1. Make savings automatic. You can ask your payroll department to set a fixed amount into your housing fund account. That way, savings happen regularly. By doing so, you won’t have any excuse not to be able to set money aside for the payment of your house or condominium in Baguio City.

 

1. Make it a point to save in large amounts. If you want to have the cash to pay for your real estate investment in Baguio City in no time, try to save in big increments. Cut out on unnecessary expenses to be able to allocate money for your savings. Put off some of the things you want to buy until you’ve saved enough cash for your housing fund.

 

1. Save money wherever possible. For example, if you’re still renting, you can move in to a one-bedroom apartment to save on rent. That is if you don’t have kids yet. Cut down on energy and water to save on your utility bills, too.

 

1. Have more sources of income. Are you skilled in baking pastries? Are you an expert at anything? You can take advantage of your skills and use them to generate more income. That way, you can put in more money into your funds for a house and lot in Baguio City while still having enough cash for your bills and other important expenses, like grocery shopping, fuel expenses, tuition fee, etc.

 

Keep in mind that making little sacrifices in terms of your finances now can go a long way. 

Whether you buy a condominium unit, apartment or house and lot in Baguio City for sale, you will need to shell out a considerable amount to pay for the purchase. Of course, you’ll first need to make the down payment required by the seller or real estate agency. After the initial payment, you can apply for a loan to pay for the rest of the price of your real estate investment in Baguio City. But do you know there are several ways you can pay for the house you buy? Here are some of your options:

 

GOVERNMENT FUNDING

If you are a citizen of the Philippines and are thinking of making a real estate investment in Baguio City, you can apply for a housing loan from Pag-Ibig, which is believed to be the most suitable financing option for employed individuals wishing to own a house. This is because they offer the lowest interest rates and they have time and again increased their loan amount to cater for those who earn minimum wage. To be able to qualify, you need to be a Pag-Ibig member for at least 24 months and have no existing housing loan. However, you may not be granted funding if you will be more than 60 years old upon the maturity of the loan.

 

Another form of government funding you can consider is through an SSS loan. They offer loans for purchasing a new or existing house and/or lot or a condominium in Baguio city. The loan can have a fixed interest rate if the loan does not exceed beyond 15 years. Otherwise, the loan will be re-priced every five years.

 

 

IN-HOUSE FINANCING

Most of the time, developers offer buyers in-housing financing option, granted that you meet their qualifications. With this kind of loan, you will need to pay 10-20% down payment. The rest of the price of the house and lot in Baguio City for sale or condominium in Baguio City will then be loaned to you by the developer. This means that the higher your down payment is, the lower your monthly amortization will be. A downside to this kind of financing scheme is that most in-house loans have shorter terms, which means higher monthly payments.

 

 

MAJOR BANKs

Depending on your credit rating or history, your bank could grant you a home loan to pay for your purchase of condominium in Baguio City. You will need to talk to your bank, so they can assess your financial capacity. Once they are satisfied with the evaluation they will make, they are going to grant you a home loan. But banks have the highest interest rates, which means higher amortization.

 

There are also loan sharks who can offer financial assistance for when you buy a house and lot in Baguio City for sale. But make sure you know exactly what the terms are before you sign a contract.

 

The Philippines has long been a favorite retirement place for many expats from around the world. Why not? The country is composed of more than 7,000 islands, which means that there’s so many places to choose from. Being a tropical paradise, the country boasts numerous beaches and warm climate for most parts of the year. Another reason many foreign retirees pick this land from all the other Southeast Asian countries is that cost of living here is relatively cheap, especially in the City of Pines. In fact, you can own a house and lot in Baguio City for sale for as low as $20,000,

 

But why Baguio City out of all the cities in the Philippines? If your idea of living is being close to nature, being away from a bustling metropolis, warm and friendly atmosphere and a pleasant climate that’s close to what you were used to, then Baguio is the place to be. In this region, condo units have become quite popular among locals and especially to foreigners because of the virtually hassle-free living conditions. Whether you’re an expat, a Filipino citizen or an OFW (overseas Filipino worker) looking to make a real estate investment in Baguio City, here’s what you need to know about buying a condominium unit:

 

1. Your goals

Although living in a condominium gives you the luxury you need, it might not be a good idea if you have or are planning to have more than one child in the future. So, might as well consider your plans before you make the purchase.

 

1. Your finances

Of course, a condominium in Baguio City is a bit more expensive than a house and lot in Baguio City for sale. Aside from that, the maintenance cost can also be higher because you will need to pay for parking, security as well as administration fees, to name a few. That’s why you need to carefully assess your finances.

 

1. Your personal preferences

When you’ve decided you want a condo lifestyle, you should determine what kind of amenities you want to have. These include a gym or sports area, swimming pools, etc. Aside from that, you should also consider the size of the unit that would make you comfortable. Depending on your needs and your preferences, you can go for an urban 12-square meter condo or something larger if you want more space.

 

1. Your responsibilities

Naturally, as an owner of a condominium in Baguio City, you have the responsibility to help in keeping the building in pristine condition. If you’re really thinking of buying a condo instead of a house and lot in Baguio City for sale, you should know what your duties are, so you can decide whether they’re fair to you or not.

 

Making a real estate investment in Baguio City should be easy as long as you follow the guidelines.