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How To Buy A House In The Philippines

8/28/2022

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An aerial view of Metro Manila with purple sky
Owning one’s dream home is anyone’s ultimate goal. Buying your own house and lot or condo unit, be it in one of the major cities or a rural land, is a remarkable accomplishment in life.

Property ownership is not only a measure of success. Purchasing real estate properties as a dream home or for commercial and business use is also an indicator of a secure future.

But the process of buying a house in the Philippines can be overwhelming. It is a big step that entails many big decisions with longterm impact. One can be met with intimidating real estate property terms such as:
  • fair market value
  • ​zonal value
  • capital gains tax
  • ​real estate tax
  • appraised value
  • local transfer tax
  • land tax declaration

With the perspective of an experienced real estate professional, in this article, we give you the basic steps to get your house buying process started.

Know Your "Where"

You may already have an image of your home amidst the bustling city life. But not many think through the specific city center or residential land their home will be on. Will your house be in a major city like Quezon City or Davao City?

Or perhaps on brand new beachfront condo unit of a far-flung island in Palawan? Before you buy property, it is important to think of your "where" first and how this location, whether in a rural land or an urban land, will serve your kind of lifestyle.

Consider its accessibility to your work place or its proximity to you family and friends. A home's location should give you both comfort and convenience.

Know Your Budget

Take a hard, long look at your finances and determine what budget you'll be working with. It is highly recommended before you checking property prices that you determine your own financial capacity.

This will make certain decisions such as whether to get a housing loan or not is necessary. Or will you be able to make a down payment upfront enough to seek a discount from real estate agents.

You won't be able to tell an affordable house and lot from a luxury one if you don't have a measure of what's affordable for you.

Connect Your "Where" With Your Budget And Begin Your Property Search

If your "where" and your budget relatively coincide, the chances of your property or land ownership in the near future is highly likely. But before kickstarting your real estate transaction with a real estate agent, first do your research.
Check for the property value of the house and lot you desire or do a quick interview about the selling price of the condominium project you've been eyeing. The goal is to educate yourself and get an idea of what a the fair market value of a property in the Philippines is. Only then should you reach out to the expert.

Consult A Licensed Real Estate Broker

It pays to talk to someone you can trust in the real estate industry. Reaching out to an expert, specifically a licensed real estate broker with a trustworthy background, will be able to get you the guidance you need in the home buying process.

While you may find a pool of real estate agents out there, it's best to seek a real estate agent that has a good track record. It won't hurt to seek real estate agent recommendations from friends and family.

Set A Comfortable Timeline And Make Your Dream Happen

Chances are it won't materialize if you do not work towards it. The buying process can be taxing oftentimes involving laborious processes such as getting bank loans or registering property.

It doesn't have to be when you have a guide from your trusted real estate agents and setting a timeline you can comfortably commit to. To keep your eyes on the price, you have to chalk up that timeline and work towards each deadline. The last thing you want is to give up on your goal.
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FAQs

How much salary do you need to buy a house in the Philippines?
As a general rule, you should only use 30% to 40% of your monthly income to pay down your mortgage. For instance, a 30-year-old with a ₱100,000 monthly salary can afford to pay back up to ₱30,000 to ₱40,000 in home loan installments per month.

How much money should I save before buying a house in the Philippines?
The money you should save before buying a house in the Philippines should come from 30% to 40% of your monthly income.

Can a foreigner buy a house in the Philippines?
Foreigners can not buy a house in the Philippines. It is not allowed for a foreign national to own real estate property under Philippine real estate legislation. Only a Filipino citizen, a former Filipino citizen, and corporations with a majority of Filipino citizen shareholders are allowed to own land, structures, condominium units, and townhomes.

What is fair market value?
Fair market value (FMV) is the estimated price at which a property will sell on the open market.
​
What is capital gains tax?
Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. - Bureau of Internal Revenue

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