Struggles of Buying a Property in The Philippines

A lot of professionals work up to 12 hours a day and some have more than one job. It is therefore quite surprising that these same professionals do not own their own home. When we look deeper into buying a property in the Philippines it becomes clearer why.

Here are a few of the problems people are facing which makes purchasing a property in the Philippines a horrendous process.

The price is high!

To get on the property ladder you will need a downpayment, as lenders will only cover a proportion of the total cost. But the expenses do not stop there, you need to also factor a lot of additional costs; taxes, transaction fees, documentary stamp tax, registration fee , notarial fees and loan fees can add up to an large amount that you also have to shoulder.

Slow and complicated process

Paperwork and processes are painstakingly long! Preparing the necessary documents is no easy feat. The process is difficult, time-consuming and confusing if you do not have the advice and support of an expert.

Challenges of Foreigners

In the Philippine Law, foreigners can only own 40% of the property. This can limit choices and create restrictions for foreigners. The law also states that foreigners are not allowed to buy house and lots in their name. They have very limited options to enable them to lay down roots in the country, they have to either become a Filipino citizen or the title has to be in the name of a Filipino citizen, this relies heavily on trust and if these circumstances change it can potentially cause major problems and can be very costly down the line.

Authenticity

Risk of fraudulent activity is also present in our real estate industry. Ensuring that the property has a clean title and that the seller is the real owner of the property are customary checks that need to be made when buying a property.

Finding the perfect broker

There are a lot of brokers and agents out there but finding the one you can trust, keeps you informed and works with your best interest in mind is not always easy. Unfortunately, some brokers are not as professional as they should be. They have no sense of time and can contact you when they want, not when you are available. Some are pushy and intrusive that they do not listen to your requirements. Buying a property is a big and long lasting commitment so you need someone that you can trust to listen to your needs, communicate professionally, offer sound advice, efficient and reliable. You want someone that will get the job done and meet your specifications. You want that person to help you through the whole process and will make it as easy as they can for you.

Getting the best deal and the best property for you should be a priority. This property will be become your home, where you will build your life and your family. Finding a professional, trustworthy company is essential to making buying a home. You want to build a relationship with them as it is very likely you will need their services again in the future and you want the peace of mind to know that they have your best interests at heart.

C Estates is an online real estate company that you can rely on, with their tokenized property system you can choose to buy and sell whole or fractions of properties, putting the decision in your hands. You can also list your property to rent, offer time share and so much more. In fact with C Estates you can control all your real estate business from your smartphone. Easy, efficient, convenient and reliable everything you look for and need for your real estate transactions.

C Estates wants to hear from you. Are you a homeowner? Did you experience challenges, problems that made the process difficult? What would have made it easier for you? We would love you to share your stories in our social media page here.