5 Simple Ways on How to Buy a House and Lot in the Philippines

10:20 PM james abram 2 Comments

Upon graduation, my plan is to land a job in the Philippines, gain some experience and find a job outside of the country that gives a bigger compensation. Well, that was my plan 4 years ago, I’m still working here in the Philippines I have saved a few money and I was thinking to buy an affordable house and lot in thePhilippines that will serve as an investment and an output of my hard work. Me and my office buddy are thinking the same and I would like to share to you some of the learning I gained from this house and lot buying experience.

Ways on how to buy affordable house and lot in the Philippines:

Set up your Criteria in Buying

Why are you buying the property? Who is it for? Is it for commercial or for residential use? What do you prefer a condo or a house and lot? Where do you plan to buy a property? How much is your budget?
Answer all of these questions seriously. After answering all of these, I think you will now be ready to get on the next step. It will narrow down all your choices suitable for your specifications.

Go on a Window Shopping

Now that you already know what you need to look for in a house, search for developers that are already constructing houses in your area. Create a list which states the property developer, location, the house and lot model, specifications of the house and its contact number.

Inspect the property with a Real Estate Agent

 After creating the list, rank the top properties that you prefer to buy and have an inspection. If you have a contact person or an agent that can accompany you while you are having a tour on their house models, do contact them and tell them when are you planning to have a visit. Create a checklist of questions that you wanted to ask about the property.

In your questions, you might want to include the following:

  • How much will be down payment?
  • Is the DP will be paid little by little or is it required to pay it in full?
  •  How much is the monthly amortization?
  • What are the modes of payment? (Bank, in-house or PAGIBIG)
  • When will the house be available for occupancy?
  • Ask a computation sample.

Pay the Reservation Fee

If you already have a breakdown of expenses which includes the total contract price, down payment, reservation, monthly deposit, transfer and miscellaneous fees which are all clear to you, you can now pay for a reservation fee.

Complete the Requirements

The requirements will depend on your chosen payment scheme.

For PAGIBIG, these are the minimum requirements:

  • Fully accomplished home loan application form
  • Photocopy of government issued IDs
  • Community Tax Certificate
  • Tax Identification Number
  • Certificate of Employment
  • Latest 3 month payslips

These are the 5 simple ways of buying a house in the Philippines. Thanks for reading my post!