Baguio City is more than a world-class vacation spot. Known best as a weekend getaway, it’s become a living and investment destination for locals and foreigners. Its cool weather, historical sites, and the emerging business market makes it a prime real estate location. We’ve prepared this comprehensive guide if you’re thinking of buying a house in Baguio City.
Benefits of Real Estate in Baguio City
Baguio is one of the most business-friendly urbanized cities outside of Metro Manila. Tourism, agriculture, and hospitality industries thrive here. Employment and business opportunities continue to progress with the number of start-ups, enterprises, and hotels within Baguio.
Business progress doesn’t always translate to lost tradition. Baguio still retains its historical and cultural charm. Wooden products, artifacts, and century-old establishments continue to thrive!
Local produce and a colorful art scene remain the main reasons tourists and locals alike enjoy the city.
What To Consider with Real Estate in Baguio City
Take some time to look at your goals in buying property and how your finances match up with it.
Is a house in Baguio City suitable for your budget? Or is a condo in Baguio City more preferable? Look into the pros and cons of renting and buying both properties. Capital, maintenance costs, and taxes are important factors. Renting is an option for more flexibility.
Can you pay for the property in full? If you can’t, think about a loan. Keep in mind that there are interest rates, down payments, and other charges that may come with a loan’s terms and conditions.
Always make sure the property you’re eyeing is suitable for your needs. Are you going to live alone, or with a family? Are you investing in a property for residential purposes, or are you starting your enterprise?
These details are essential for other important considerations. Take into account how far the property is from the town proper, where you can locate more local markets and businesses.
Once you’ve situated the property, see if it has its own right of way. Property rights and government regulation come into the picture. Look into public transportation and routes if you can’t rely on your private vehicle.
Water service is also a consideration. Check if the area has an independent water source. Elevation renders some areas without any water supply.
Baguio City possesses a unique hilly terrain and mountainscape. While this provides beautiful views, it also comes with geological hazards.
Look into which areas are landslide-prone, flood-prone, or have sinkholes. Familiarizing yourself with risk areas can help mitigate calamities later on.
These hazards also affect property pricing. For example, a condo in Baguio city located on a flat lot may be more expensive.
A reputable real estate agent in Baguio City is a big help. They can match unique needs to the best property available and find your best mortgage deal.
Be aware of conspicuous companies! Make sure the professional you work with is legitimate. Ideally, they should specialize in the area you’re interested in. Keep an eye out for a real estate agent in Baguio City for the best business perspective.
Real estate is always an investment. Whether you’re thinking of living in Baguio or turning a piece of property into a business, it is important to exercise extra caution. Ultimately, you decide what is best for your goals.