5 Things to Ponder Before Buying House and Lot in the Philippines

11:50 PM james abram 1 Comments

While walking inside a mall, I was given a flyer that sells an affordable house and lot in the Philippines. It was really a good deal to purchase one because of its low down payment and low amortization values.

Since it has a very low monthly amortization, I was thinking that it will be a good business if I will be renting it on a price slightly higher than I’m paying for it. I’m also thinking that it will never run out of occupants because it has really a good location. It stays just behind a big shopping mall where there are many employees working in it.

I wanted to purchase it immediately thinking that someone would buy the limited slots offered but before making that big decision, I sought the help of my father. I asked him if I should purchase the house. He said yes, but I should consider some few important things before deciding.

Things to Consider before Buying House and Lot in the Philippines:

Basic Property Knowledge

Before buying any property, it is good to have a basic idea about its prices considering its location. This will help you a lot in negotiating the price of the property you’ll be buying.
Also, it is advisable to know the basic steps of paperwork processes of buying a property. Doing the basic paperwork processes wrong will only lead you to problems such as penalties, lacking documents and improper or incorrect registrations that will just pose problems in the future.


After knowing the price of the property on that location, you roughly now know whether you should purchase the house in full payment or you need to get a loan from house loan agencies like PAGIBIG fund.


If you are now decided that you’ll be acquiring a house loan, planning on your budget should be your next step. Assess how much money you are earning for a month. Deduct the monthly amortization in your earnings and budget the remaining money on your savings, food, transportation, kids, allowance, health, etc.

Financial Management Skills

Since you are paying a regular monthly amortization for a long time, you need to be accountable for all unnecessary expenses. If you have an outstanding debt, eliminate it first. Avoid using credit cards and live a life beyond your means. Failing to pay monthly amortizations will lead to your property be foreclosed by the house loan agency. Have a clear mind on separating needs from wants.

Emotional Readiness

Are you staying in the house for 10 years or longer? Or are you planning to use it for just a year because of your children’s studies? Will you be renting it or not? If you will be using it in the long run, maybe it is advisable to buy a house. For renting purposes, maybe you can consider to rent out a condo.

Thanks for reading my post! If you are already decided to buy a house, maybe you can consider buying one from Vistaland International.

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1 comment:

  1. SAVINGS! Always check that one on. My dad told me this thing too before purchasing http://suntrust.com.ph/laguna-batangas/ house and lot.