Buying & Rental Tips

First Time Home Buyer Guide for property and Houses in the Philippines

Buy that perfect house in just six simple steps.

By: Eunice Sheene Fulgencio | September 10, 2018
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first-time home Buyer Guide, Houses in the Philippines, Properties in the Philippines

Equip yourself with the right knowledge when buying a house in the Philippines.



There’s no place like home.

"No matter how cheesy or dated L. Frank Baum's world-famous quote may seem, it still holds as much bearing as the first time it was ever thought of. No matter how much times have changed, a home remains to be the foundation of a family and the well-being of every person who resides in it.

This is exactly why you should be at your pickiest and most critical when buying your first home. This rings true if you are finally at that stage in life where you are both financially and emotionally ready a big commitment. The house you’ll purchase will signify the start of a mature, more stable phase in your adult life.

And since this isn’t a decision you should ever take lightly, you’ll need to be knowledgeable on the ins and outs of the entire process. The following guide lists six simple yet ultimately helpful tips when buying a house in the Philippines.



1. Decide on the property best for you.


first-time home Buyer Guide

Being picky when selecting houses will be advantageous in the long run.

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Remember another popular saying “There's plenty of fish in the sea” regarding finding a partner? The same applies when finding the perfect house in the philippines. first-time home buyer guide number one is you should never settle for “all right”, but instead always go for “the best”. This is why curating a criterion when selecting a property in the in the Philippines is a wise idea. Determine your ideal location, property size, and preferences when it comes to its features while considering how much you can afford without going bankrupt.


2. Pay the reservation fee.


Houses in the Philippines

The reservation fee will serve as your sure ticket in obtaining the property.

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Now that you have set your eyes on the house in the Philippines, the first-time home buyer guide number two is to pay The reservation fee with the initial amount you need to shell out to reserve the property in the Philippines under your name. The reservation fee will also give you some time to gather all the requirements needed and choose the financing option you’ll partake in.



3. Determine the best financing option.


Properties in the Philippines

Fortunately, there are a number of options when paying for the property.

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First-time home buyer guide number three, when purchasing a property, and one of the most crucial steps is to determine the best payment option for you. In the Philippines, there are four home financing options to choose from. The first one is Spot Cash Payment wherein the property buyer (in this case is you), pays the price of the entire house in a short period, more specifically one month after making the reservation. The second option is through Bank Financing where you loan from the bank to pay for the remainder of the property after you pay for the down payment. The house in the Philippines will then be under the bank’s name until you can able to pay the entirety of the property.

The third option is through the Pag-IBIG Financing where you only have to pay the equity then the balance will be paid through Pag-IBIG. This option is the most popular amongst Filipinos as the payment can be done for up up to thirty years. The final option is the Deferred Cash Payment where you can pay the total price of the property in the Philippines for a given period, depending on the developer or seller.


4. Contact the property’s broker.


first-time home Buyer Guide

The broker can make the entire house buying process easier for you.

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First-time home buyer guide number four, contact the broker, chances are, the property owner or developer has appointed someone to sell the property in the Philippines on their behalf. Getting in touch with the broker is very advantageous. Not only does he or she make the entire transaction easier, you’ll also have a go-to person for your queries and concerns. The broker can also give you alternative property options if you are having second thoughts about buying a house in the Philippines.



5. Gather all the requirements needed.




Houses in the Philippines

A lot of paperwork is required, especially when buying a house.

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First-time home buyer guide number five, gather required paperwork, just like everything else in the “adulting realm”, a lot of paperwork is needed to actually get something done. The first form you need to accomplish is the Letter of Intent stating your desire to purchase the property in the Philippines. Other common requirements you need to gather are photocopies of government IDs, your recent income tax return, your community tax certificate, and your certificate of employment.


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About Eunice Sheene Fulgencio
Eunice knew that she’d be writing for the rest of her life from a very young age. Naturally introverted, she is selective with how she uses her time and who she spends it with. Has a penchant for sweet treats, sentimental proses, and online personality quizzes. A true-blue INFJ.
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Disclaimer: All articles in the Consumers Magazine of Yoorekka are for general information and entertainment purposes only. Although careful research has been made in writing them, Yoorekka does not make any warranty about the completeness and accuracy of all information presented in our articles. Our content is not intended to be used in place of legal, medical, or any professional advice.
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