Articles
A Beginner’s Guide: 7 Steps to Buying a Home in the Philippines
By : Sofia Mendoza
Date Published : November 6, 2024
2 min read
Buying a home is an exciting milestone, but the process can feel overwhelming, especially if it’s your first time. To help you navigate the journey, here’s a simple step-by-step guide to buying a property in the Philippines.
1. Set Your Budget
Start with a realistic budget for your dream home. This budget should consider not only the property’s price but also additional expenses like closing costs, taxes, and maintenance.
2. Check Your Finances
Ensure you have funds prepared for the down payment, typically around 10-20% of the purchase price, along with taxes and fees that come with buying property. It’s also wise to explore financing options, like bank loans or Pag-IBIG.
3. Research Locations
Identify areas that align with your lifestyle, work, and budget. Consider proximity to schools, workplaces, public transport, and other amenities to find a location that meets your needs now and in the future.
4. Verify Property Legitimacy
One of the most crucial steps is to confirm the property’s legitimacy. Check the Certificate of Title and tax declarations for authenticity through the Land Registration Authority (LRA). This ensures there are no legal issues with the property.
5. Negotiate the Price
Once you’ve chosen a property, negotiate the price. This can often be done through an agent or directly with the seller, and knowing recent market trends can help you get the best possible deal.
6. Close the Deal
After finalizing the price, it’s time to sign the Deed of Absolute Sale and complete all necessary documentation. Ensure all paperwork is notarized and that you fully understand the terms.
7. Register the Title
The final step is to officially transfer ownership by registering the title with the Registry of Deeds. This secures your legal rights to the property and completes the buying process.
Ready to Take the First Step?
Buying a home doesn’t have to be daunting. By following these steps, you can make informed decisions and confidently navigate the process.
Looking for a quick reference? Download a copy of our infographic by visiting our Facebook page. Save and share it to keep these essential steps handy throughout your property journey! For more insights, tips, and guides on real estate, be sure to explore our other resources.
