Buying a House in Metro Manila – 4 simple tips to consider
Metro Manila might be the epitome of the quickly growing real estate scenario in the Philippines. With the ease of finding so many Houses for sale in Metro Manila picking the best one might be slightly overwhelming. So here are a few tips to make the whole process of purchasing a property in Metro Manila easy for the home buyer. These tips are handy to ensure that the value of the property comes into the picture and not just the price quoted.
There are plenty of little tasks involved in actually enjoying the ownership of a property. Before getting the keys, moving into the house and registration of the property, there are plenty of steps involved while buying a home in the Philippines.
Take your time but do not wait too long
Take time here to analyze the trends in the real estate market in Metro Manila. Each city in Metro Manila might be different from the other in so many ways. Besides doing a thorough research online visiting the shortlisted localities, understanding the traffic conditions on the weekdays and weekends and getting to know the safety concerns in the district would all be helpful. This kind of information can only be gathered by physically visiting the places. Metro Manila is rapidly growing, and there are plenty of schools, hospitals and entertainment zones located all over the metro. However, the proximity of the chosen property to these facilities should be considered while buying a house. This helps to evaluate the value of the property better. Also, make it a point to make a decision quickly so that the potential opportunities do not slip away.
A good developer might be expensive but reliable
Working with a reputed developer is something that most people choose as a dependable option. Given that the real estate market in Metro Manila is very active there are several new developers. There are also small developers whose construction quality is difficult to predict with the construction costs increasing steadily. So, when a good developer is chosen the quality of the construction can be expected to be good, and therefore the long term maintenance of the property also becomes more comfortable.
A credible mortgage plan makes the process easy
There are plenty of flexible financing options available for the home buyers in Metro Manila. Based on the factors like the loan tenure, interest rates there are several mortgage lenders to consider. Moreover, there are differences in terms of amortization for different properties. Understanding these details makes it easier to pick the lending institution.
Identify the ways to work on the taxes
Metro Manila properties involve different types of taxes besides the actual real estate taxes to be paid annually. Several cities in Metro Manila offer benefits and discounts on the charges for all those homeowners who pay advance tax. Discounts can go up to 20% in Taguig, and Quezon City. These are easy ways to reduce the tax burden for homeowners.