Complete Buying Guide for First Time OFW Homebuyers18 August 2022
The real estate market in the Philippines is a hotspot for investment, and our Overseas Filipino Workers are among the savviest buyers and sellers in the country. They can afford to do so and are actively seeking for affordable house and lot packages. Cheap real estate investment that may increase in value over time or has "value-appreciation potential" is the most-sought after property in the Philippines nowadays.
It's likely that you've Googled "how to purchase a house" or "purchasing a house in the Philippines" more than once, but each time you've felt more confused and upset by the lack of specific details provided regarding the home-buying process.
Whether you are a first time home or other property buyer in the Philippines, or if you simply need a refresher, you can depend on us to help you every step of the way.
Take the time to research the home you're interested in
Your first order of business should be to look into purchasing the appropriate real estate properties.
Is living with your family more appealing to you than living independently? What are you planning to do with the property—use it as a holiday home, open a shop, or put your money in the bank? You'll have to figure out the answers to these questions and the kind of real estate you'll need on your own.
You should also consider the location, the number of bedrooms required, and any other features you'd want, such as a garage, a balcony, or a yard. Making a written record of them can help you choose if a condo, townhouse, duplex, or single firewall home model unit is the best fit for you.
If you will be buying from a real estate developer like Lumina Homes, it is much easier to conduct your research about the property that you need. You can even get additional ideas from our L.I.V.E. Sessions on our official YouTube channel on the things that you must factor in when starting your home investment. So make sure that you subscribe to Lumina Homes on YouTube and learn new things about real estate transaction and investments.
Search for the real estate properties
With your needs and wants well defined, you can begin the hunt for a home or property that meets them. You may choose and select from a wide variety of houses; maybe you'll even locate an economical home!
If you're interested in an older home but have concerns about whether or not it's haunted, researching the property's present owners is crucial and ask plenty of questions before committing to anything.
Since social media marketing is so effective in attracting tenants and renters, it should be quite simple to locate a suitable rental property on the web. If you want to have a lot of options when it comes to choosing which home to buy, you should start your search on social media and then widen it on Google or any search engine.
Buying your dream house in Lumina Homes will let you save more time in searching for your property. The "Properties" section on our website includes all our over 50 project sites nationwide as well as their available home model units and estimated prices to save you from the trouble of searching far and wide for the right property for you.
Get your finances in order
In light of the uncertainty surrounding the future direction of real estate prices, it's wise to set aside a portion of your monthly take-home pay for the down payment and reservation fee.
If you plan on working several jobs plus a side business to supplement your income, it's important to choose a real estate property that offers various payment methods and schemes.
In addition, it is also better if you can look out for real estate investments that offer low-interest rates to avoid being duped into purchasing a property that will sit idle and collect interest for years. Especially when dealing with money, it pays to be careful and detail-oriented.
Save yourself from the trouble and hassle of gambling your money into the unknown real estate industry and get your brand new home instead with Lumina Homes. We offer flexible payment schemes or housing loan to ease the burden of the home buying process. You can choose either to apply for a bank housing loan or in-house financing-- depending on your budget and family members' needs.
Locate a Real Estate Broker
In order to ensure that you are receiving a property at a reasonable price, it is best to work with real estate professionals that are familiar with the business from start to finish, including the property you are purchasing and the registration procedure. To ensure a smooth home-buying process and a timely closing, find a real estate agent that is knowledgeable about the neighborhood and the market as a whole as well as the legalities of purchasing the property.
Or you can also buy a house and lot package from a reliable property developer like Lumina Homes to ensure that the homebuying process for your dream home will be finished clean and smoothly.
Attend the Home Inspection
If there are issues with the home's interior, exterior, plumbing, ventilation, flooring, walls, electrical system, and so on, you should have an inspection done as soon as possible so that the problem may be responded to and fixed.
Largest real estate companies like Lumina Homes guarantee to their homebuyers that what they get is quality built homes by the developer. That is why before the turnover of the unit happens, a home inspection is conducted by the buyer and the assigned admin officer. They will also remind you what to check during the home inspection to make sure that you won't miss anything.
Make the Necessary Payments
Buyers must also pay the reservation fee, documentary stamp tax, real property tax, capital gains tax, local transfer tax, transaction costs, and the notary fee to the Bureau of Internal Revenue, as well as monthly amortization, maintenance fees if you're fixing up the place, and any other monthly expenses that you need to settle, like bank financing after you bought the house and lot. It's might sound too much to handle, but once you take care of the essentials, you could relax and enjoy your new home while you pay off the last three large bills.
Don't worry because, in Lumina Homes, the admin officer will give you the checklist of the things that you need to settle for your homebuying journey.
Obtain the Legal Documents and Claim Ownership
Obtaining the necessary legal paperwork to prove your ownership of the property is a must once you've paid the other associated costs. Property registration will then be closed when this is completed. When the seller agrees to your terms, the sale is finalized and a sealed envelope is exchanged.
With Lumina Homes, you just have to sign legal documents needed and the admin officer will be the one to process it all for you. Making it a perfect place to buy your affordable house and lot in the Philippines!
So head to the E-Services section of our website now and click Reserve Online to make your home reservations anywhere you are in the world!
Try Lumina Homes' loan calculator and get an estimate computation for your preferred Lumina property and home model.