A Real Estate Guide For Locals in the Philippines

What should I know about buying real estate in the Philippines?

1. Research the area
2. Find a credible and licensed real estate developer
3. Settle the fees needed
4. Secure proof of ownership

Buying a real estate property in the Philippines has been continuously recognized as a lucrative investment. After all, the country has a strategic location, offers a highly educated workforce, expanding infrastructure, and magnificent tourist spots. The Philippines also has one of the fastest-growing GDP rates in Asia. As a property owner or investor, you are set to reap high values, especially when you go for the most strategic places to invest in such as houses and lots in Cebu, Cagayan de Oro, Pampanga, and Batangas. 

Homes for sale in the Philippines are relatively affordable but the process of owning one can be quite complicated for novice buyers. To help you out, here is our simple real estate guide for locals in the Philippines:

 

Research the area

There are plenty of things to research when you decide on purchasing real estate in the Philippines. 

First, you have to determine the best location for you. Location is crucial because not only will it be the city you call home for a while, but it will also determine the cost of the property you will buy. 

Properties in major cities away from Metro Manila, like Cebu, strike what might be the perfect balance of cost and convenience. The houses and lots for sale in Cebu are not only budget-friendly for many families but they are also located in a well-developed location — meaning you are just a few minutes drive away from everything you and your family will need. 

That said, remember that every location will have its advantages and disadvantages. Make sure to ask yourself a few questions before deciding on a new city or province. Consider what kind of area you want to live in, if there are the amenities you want within the city, and if it offers good schools, hospitals, and other public services you need.

The great thing about moving to a new place nowadays is that many professionals need not be near their workplace. With remote teams and hybrid work schemes being increasingly adopted by businesses everywhere, you could pursue your dream job regardless of where you live! So, fulfilling your dream of moving to a beautiful province like Malvar, Batangas while keeping up with your job in Metro Manila is entirely possible. 

 

Find a credible and licensed real estate developer

The next thing to do after finding your dream location is to find a credible real estate developer. This step is important, as you will need help with the other questions and concerns you might have with buying a property within the area. 

So, find a developer with a proven track record of creating beautiful, high-quality homes — like Pueblo de Oro. With communities in Batangas, Cebu, Cagayan de Oro, and Pampanga, we have valuable expertise in the industry.

We can help you find the perfect home within any of our master-planned, gated communities. Each one we have in our roster offers amenities and green spaces to make your life in a new home as comfortable and enjoyable as possible. They are also located near key establishments like hospitals, schools, banks, and shopping malls that you might need. And, we can help you evaluate further and determine if the house and lot in question are the best fit for you — and is worth every peso you spend on it. 

You can also ask us to explain any other requirements, fees, and costs that are part of the real estate buying process. Our team can provide a sample computation for all the fees you may need to pay, such as the interest rate, down payment, monthly amortization, and more, to help you prepare your finances. 

Settle the fees needed

If you are satisfied with the location, the property, and the computations given, then the next thing to do is prepare to settle the fees needed for the house and lot. 

You may be considering a home loan. If so, you have to apply for one from either a banking institution or PAG-IBIG. You will have to prepare a loan application form, photocopy and true copies of any valid ID (such as your passport, driver’s license, or any other government-issued ID). You might also have to prepare financial documents, such as your community tax certificate, recent income tax return, certificate of employment, and recent payslips. Be sure to check their websites to see what other documents you will need to present, as well as other requirements you need to meet to ask for a home loan. 

After preparing the needed documents and securing the fund that can pay for the property, a Deed of Absolute Sale must be created and notarized through a lawyer. You will also need to pay taxes (such as real estate tax and capital gains tax) to secure the property. The exact computations of such depend on which municipality, city, or province the property is in. 

Once you’ve settled your loans, paid your fees, and secured a Deed of Absolute Sale, the next step is to have the Registry of Deeds issue a new title under your name. As the new owner, you have to have a photocopy of the new title and request a tax declaration from the Assessor’s office. 

You can discuss these fees, how to pay for them, and any other clarifications you need with Pueblo de Oro or your real estate agent. This process can be a lengthy one — taking more than a month to be finished — so be sure to have all your questions answered to avoid possible mistakes! 

 

Secure proof of ownership

Once all your payments are settled, and you are officially the owner of a new house and lot, then you have to secure the documents that show your proof of ownership. These documents include the Contract to Sell, Deed of Absolute Sale, and Certificate of Title.

Make sure you get the true copies of all these documents, especially the Certificate of Title. These should be handed to you once you become the owner of your property, and a copy will be submitted to the Registry of Deeds. Make sure to keep these documents safe, and somewhere you can access them if ever you need them someday. 

 

Key Takeaway

Buying your own house and lot might seem like a long and difficult journey, but using our real estate guide for locals in the Philippines, it will surely make this process much easier to handle. So go ahead and take that first step towards your dream home — message Pueblo de Oro today, and we can help you get started!