Top 5 Real Estate Myths in the Philippines, Debunked!

8:26 PM james abram 0 Comments

Metro Manila is teeming with rent to owns, houses and lots, and condo units. Along with them comes a plethora of information as well and it gets hard to differentiate fact from fiction. Don’t worry, this list will to help you debunk real estate myths and make the buying and selling process much easier.

A pre-owned home is cheaper.

Wrong! Especially if you don’t inspect that pre-owned home well. There are a number of things that could go wrong―leaky roofs, faulty wirings, and other hidden unpleasantries that can even be overlooked by home inspectors—that can cost you a lot more in repairs in the long run.

Sure, it may seem inexpensive now but a pre-owned home is potentially costly to maintain. If there are a number of repairs, you just might as well buy a new one.

Real estate agents are not needed.

You might be thinking “why would I need a real estate agent? With all the available information on the internet, I can do it myself and save a lot of money!” Yes, you can definitely do this but a real estate agent has connections and can score the best deal for you. They have an in-depth understanding of the whole process. Just make sure to hire someone experienced and trusted. According to Henry Ford, when you hire people who are smarter than you are, it proves you are smarter than they are.

Open Houses are overrated.

Real estate agent Brett Clifton says that “Going to open houses is typically overrated.” Contrary to his belief, Business Insider stated that instead of considering it as a waste of time, you might want to think of it as time well-spent. You can even draw inspiration from visiting diverse types of houses!

As detailed by Time, the biggest benefit when you attend an open house is that you can learn from the crowd.

The “rainy season” is the worst time to buy a house and lot in Metro Manila

On top of the heavy downpour, it’s also the back-to-school season. It’s hectic, right? Although this may be true to some extent, it isn’t the “worst” time. In fact, buying during this period could be a smart move. During summer, people are on the market which means they are more likely to buy which also means prices sky rocket.

During rainy season, people are busy on weatherproofing their homes and focused on back-to-school preparations. Negotiating during this season is easier because there will be less competition.

You need to be rich in order to invest in real estate.

In real estate, you can invest even if you don’t have money…right now. Having not a big amount money makes it tough to buy a house, but not impossible. All you need to do is strategize. One among many game plans is to buy as an owner occupant. Live in the house for a year or two, and then sell the house or rent it out. It takes some money to buy a house as an owner occupant, but very little compared to investor loans.

These are certain misconceptions that need to be addressed especially if you’re thinking of buying a rent to own house and lot in the bustling megalopolis of Metro Manila. Investing on a house is no joke; knowing which is true and which is false leads you to an investment well spent!