Iloilo City Iloilo is poised to become the next highly-urbanized city in the Philippines as more information technology hubs and business process outsourcing BPO corporations build new offices and branches here.
A new international airport is also in the works, which makes traveling more convenient for its residents. Davao City Davao City is the most populous city in Mindanao. Despite this, it is still more spacious than many cities in Metro Manila or even Cebu City.
The presence of various local and foreign corporations helps ensure a stable economy and multiple employment opportunities. These make Davao City a good place to grow your roots and build a family. What factors to consider when choosing a home The real estate location is only one of the things you should look into when picking a home.
Here are the other factors that should guide what home you purchase. Having all of these near your home makes life more convenient and, in a way, safer, especially in cases of emergencies. Affordability When it comes to affordability, the most important factor is how much of your income will go towards buying and maintaining the space.
You might find yourself with different expenses when you move to a new place, so you need to budget these costs accordingly. These include groceries, gasoline prices, and electricity rates which vary by city or province. Safety When it comes to safety, you should always make sure your investment is worth the extra cost.
For example, if a neighborhood has a low crime rate and a good reputation for police presence, then this may be a good area for a home. There are plenty of residential areas in the Philippines like subdivisions and condominiums that offer additional security services. Retirement living is also one of the strongest motivations for people for purchasing real estate property. They want to maximize their pensions, and want to live in rising centers in the Philippines.
They consider cost of living, avoid bad traffic conditions, a community that has a township concept where malls, parks, churches, sights, and hubs are in. Vacation Home in Tourist Destination Our country is among the most popular tourist spots in the world. Breathtaking waters, rich flora and fauna, and amazing destinations await travelers both local and abroad.
Palawan, Camiguin, Batanes, Cebu, Aklan, Bohol, are just some of the most popular spots that receive thousands of visitors every year. And what do you think do these travelers need? Between to alone, the country posted an impressive Warehouse The growing eCommerce industry leads to the increased demand for storage spots and warehouses by online shopping platforms. The logistics industry is experiencing tremendous growth right now, fueled by the consumers demand for easy and hassle-free online shopping.
Major players from various industries have taken notice and started purchasing key assets meant for the construction of mega-warehouses to cater to the needs of the logistics market. Condominium for rent Still deemed as profitable based on the steady demand and increase in the number of condo projects being constructed.
Perfect for rentals catering to students and starting families as well as for AirBnBs targeting people visiting the metro for business. Also ideal if the place is near business districts like Makati and BGC. Empty lot on main roads You see them everywhere. Pieces of land left unused, sometimes sandwiched between residential or commercial spaces. Some of these empty lots have the potential to be profitable, you just have to identify which type of investment it will fit best.
Consider other factors such as price and safety, and be thorough in making sure you are obtaining legit paperwork from its seller. Students are always looking for a safe and accessible place to serve as their home away from home. Or you can offer to lease them as office space, as the Philippine property sector reports a growth of 4.
Make sure to prepare and complete all the legal documents required to make sure everything is in accordance with the law and also to avoid any potential inconvenience later. Step 1: Prepare and sign the Contract of Agreement The Contract of Agreement contains the terms of sale along with all related fees and commissions. Step 2: Issuance of Authority to Sell by the owner This document furnishes the broker with the authorization to sell the property and also includes all the important information about it.
It also indicates if the owner decided to grant exclusive or non-exclusive rights to the agent for selling the property. To ensure that the property is free from encumbrance or legal liabilities that could potentially derail the sale or diminish its market value. Step 3: Assessing the Property The broker will visit the property to assess its condition and status and come up with the appropriate market price. This is a very important step because several factors affect the appraisal and price, such as the location, current condition of the property, surrounding areas, among others.
Step 4: Putting the property for sale in the market The owner will provide the authorization to the broker to promote the sale of the property, who will then handle the marketing and all the appropriate steps to get a buyer. Step 5: Showing the property to prospective buyers One of the most crucial steps in selling real estate is when potential buyers are viewing the property.
The owner and broker will need to make sure that the property is looking its best to entice and make a good impression on the buyer. In most cases, this is provided during the initial phase of documenting the sale of the property. The amount is usually applied to the down payment or closing costs if the sale goes smoothly.
Step 9: Preparing the Legal Documents Before the official transfer of ownership occurs, the following legal documents must be secured. The Deed of Absolute Sale will be signed by both parties. Step Payment of Expenses Both parties will complete the payment of expenses which include among others : capital gains tax, registration fees, documentary stamps tax, and transfer tax.
Step Notarization of Deed of Absolute Sale The last step requires that the Deed of Absolute Sale be notarized for it to be considered a public document. Selling a property without a broker or an agent For Sale by Owner FSBO is the term used when you sell a property without hiring the services of a real estate agent.
The main reason sellers opt for this route is to avoid paying commission to agents who act as middlemen in the sale of the property. Failure to do so could lead to big problems in the long run Pros of hiring a broker or agent to sell real estate Well-established brokers have the experience and adequate process for completing the sale from start to finish marketing, legal paperwork, etc. With due diligence, selling a property FSBO-style is very doable.
You just need to ensure that you familiarize yourself with all the legalities involved and with the steps that need to be taken. Here are the general steps for selling a property without a broker or real estate agent: Determine the right pricing The first step is to set the right realistic price for your property.
Appraising it can be tricky, as emotions can also play a role in the process since they own the property. See our tips in the following section on how to set the right price for your property. Make a listing for your property in the appropriate channels A. A marketing your property Leverage online marketplaces and real estate platforms — like Lamudi, Hoppler, etc… Most are easy to set up and join.
Put up great-looking yet accurate photos of the property and provide as many details as you can. Answer inquiries from buyers Sooner or later, inquiries will start to come in. Your job is to entertain these inquiries and assist with their questions. Remember, these are the people who could end up buying your property so dealing with them now with care and attention matters as it could be a positive factor in closing the sale.
The goal is to entice potential buyers by making the place look amazing and fully operational no problems or issues. Some will likely haggle for a better offer so be ready to discuss this accordingly when the topic pops up. Prepare the necessary paperwork to proceed with the sale The above steps we listed in the previous section could help you get started with what you need to know in terms of paperwork.
As a tip, you can have a real estate lawyer check the contract or other legal paperwork e. How to set the right price for your property One of the most important aspects of selling properties is setting the right price. Here are 4 things to consider when setting the price for your real estate property. Location Where the property is located plays a big factor in determining its price.
Condition One of the most crucial aspects that affect the value of your property is its condition. It goes without saying that a well-maintained property will fetch higher prices compared to something similar but in less-than-ideal condition. Because not only does having a great-looking piece of real estate more enticing to buyers, it affects the way appraisers evaluate it, and having all the good points covered will likely lead to a very solid price.
Improvements Any renovations, remodels, improvements, repairs, or similar activities done to make the property better are taken into consideration when determining the price. All these provide a positive impact on its overall value. Cost vs. Sales Comparison There are two methods used by real estate brokers and appraisers in determining the price of a piece of real estate, and these are the Cost Approach and the Sales Comparison Approach.
Cost Approach — The price is estimated by considering the value of the land comprised of multiple factors like location, prevailing market value, accessibility, etc. Sales Comparison Approach — Typically used by brokers and agents, price is determined by looking at the value of the last sold property within the area. But there are a couple of things you can do as a seller to make a good, solid estimate for your property: Prevailing market value — Look into comparable properties within the area and see if you can get details on their prices.
One handy little tip is to visit the BIR website and check the zonal values per square meter projected in your area. You can also check out online real estate websites and scout properties near your own to see how much they are being sold currently. Comparing properties — Look for properties similar to your own in terms of location, property condition, maintenance, etc. Why do I mention this? Simple: To stress the importance of doing your homework before plunging in and investing your hard-earned money.
Location and target market I mentioned in this article how identifying a hungry market is so much more important than having an excellent product. In similar fashion, the core concept can be applied in identifying and zeroing in on a property to invest in.
But while this is true, there is one oft-overlooked factor that can be as crucial as location. What is it? Your target market. Condominium projects are segmented according to different price points.
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