Lumina Sessions: Guidelines in Buying a House and Lot in the Philippines

Have you ever imagined having a space you can call your own—like having your brand new home turnover and planning for a housewarming party? We know how ecstatic and exciting it is to achieve this kind of milestone in life!

But before you turn this wonderful dream into a reality, it’s essential first to know something about home buying in the Philippines. Let’s join Whezel, our Marketing Officer from Lumina Butuan, as she discussed all the important details when you buy a house and lot in the Philippines.

Three qualifications of purchasing a house and lot

Getting oneself ready is the most important step before purchasing a house and lot or committing in a home buying journey. You have to prepare and commit yourself in this home buying journey by asking and assessing your state and willingness in purchasing a brand new house and lot.

1. You should have a source of income.

Make sure that there are still remaining budget in your monthly income after deducting all the expenses from your brand new home that you will buy.

2. Be honest on your civil status.

For the single homebuyers or investors, you don’t have much problem in purchasing a brand new house and lot package as all you have to is to comply with all the requirements the home buying process will demand—including the Certificate of Non-marriage or CENOMAR.

For married individuals, you also need to present this before purchasing a property. Meanwhile, if you are separated, you would need to present legal documents if you are separated with your spouse. Make sure that your documents already have court finality like annulment papers or else, the real estate will still be considered as a conjugal property under the Philippines law.

3. OFWS need to secure an attorney-in-fact or representative.

If you are an OFW or an Overseas Filipino Worker or even for people or working professionals who are too occupied and busy working in their offices, as well as for people who live far from their chosen property, in behalf of yourself, you have to choose a trusted representative.

You can choose an attorney-in-fact or choose a trusted representative to execute all the reservation process including the signing of documents.

In connection with this, you also have to submit a Notarized or Consularized Special Power of Attorney. You have to notarize it if it is executed here in the country or have it consularized if it is executed abroad.

Guides in buying a new property in PH

Home buying is a gratifying achievement in life yet complicated in terms of process. If you are new into the home buying process, you may find it a bit challenging. But worry not as we got you in these guidelines of buying a new house and lot in the Philippines:

1. You should have a source of income.

Precautionary measures are always preferable to regret so make sure that you are talking to an accredited sales agent or broker. In order to determine if they are legit, it is better to meet them personally or face-to-face.

On the other hand, if you are located far from your chosen site, you can let your family or trusted representative to meet your sales agent. In addition, it is also important to execute your reservation transaction in their offices or you can also do it online. Just make sure to verify them through their official Facebook pages or official websites.

2. Survey or visit the project site location.

Make sure to allot time to visit or survey the project site location. As an alternative, you can also verify the project through their official Facebook pages or official websites.

In Lumina Homes, you can check out our projects virtually by visiting our Lumina website at www.lumina.com.ph or visiting our official Facebook Page at @luminahomesofficial.

3. Know the status of the site development.

You can check with your sales agent or marketing officer about the real status of the site development of your chosen community. You must ask them if the home you are trying to purchase is not yet developed, if it is an ongoing development or construction, or if the community has ready with occupancy units.

This is important for you to be aware when you can possibly move in to your newly purchased home unit.

4. Understand the quotation sheet.

Understanding the quotation has a great significance in your home buying journey. Feel free to ask if you have any questions or clarifications regarding the quotations for your chosen home model unit.

On top of the payment details or quotation, you must also double check the block and lot, the location, as well as the lot area and the floor area. 

For the quotation, make sure that you understand the computation or how much you need to pay for the total contract price, the monthly downpayment, and amortization. Remember to also ask when you need to start your monthly payment and the estimated number of months or years to settle it.

You must also take note that the reservation fee for your home purchase is non-refundable.

5. Understand the reservation agreement and interview checklist.

The Interview Checklist and Reservation Agreement must be well-explained by your Sales Agent or Marketing Officers. This is also the reason why in Lumina Homes, Admin and Marketing briefing is required right after the reservation process.

This initial briefing from Lumina Homes Admin and Marketing department is all about terms and conditions regarding your home purchase such as penalties, cancellations, as well as house constructions and improvements. Along with that, our admin and marketing officers will also discuss to you about our move-in process, utilities, real property taxes, and property transfer.

In the end, you have to keep in mind that you have to read and understand it thoroughly and don’t forget to listen carefully to our briefing before signing anything.

In buying your new house and lot, it is important to do some research before anything else. For more questions and clarifications about home buying in Lumina Homes, please don’t hesitate to chat us in our Official Facebook Page or send us a message in our official website.

See you on our next episode!