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|10 Things You Should Know When Purchasing in Cebu Philippines property for sale|
A very important factor
which makes Cebu Philippines property
for sale so interesting is the diversity of developers and lots available
for purchase. Whether it's residential, commercial, industrial or
agricultural or farm lots. The choice is yours ...is it for your own use as
a future residence, office, business, or a haven for mangrove.
In buying Cebu Philippines property for sale, please remember the following:
1. Deal simply with a licensed real estate broker who will possess the authority to sell. With utmost honesty and integrity, a licensed broker is going to be familiar with the properties that they undertakes to market. He's got a working knowledge of land economics, real estate market, legal provision affecting real-estate, reading ordinary maps and plans, financing practices in real estate transactions, basic features of land and building construction along with the working expertise in government offices worried about real estate property.
2. Buy Cebu Philippines property for sale developed by lodge logic, experienced with real estate development along with very good financial position. You should think about the people behind the business along with the properties they have built. This is an assurance that the property will be turned-over after a definite period of time as stated in the contract (after you made your last payment if you got it on installment).
3. Location is also one factor, you should consider when buying property for sale Cebu city Philippines for investment because you would always want a location with a good appreciation rate. A good appreciation rate is 20% per annum in order that the value of the property will be doubled in 5 years time. This is if you're considering the property or home for investment.
4. The value of the property is determined by dividing the net operating income (NOI) by the market capitalization rate so you should consider this factor when buying existing properties. The net operating income is the sum of money you will earn from a property, say by leasing it, less all expenses. The capitalization rate is the net operating income divided by the purchase price of the property.
5. When buying big existing properties, you also must consult a real estate assessor in order to determine the price at which the property properties will likely sell within a competitive market.
6. Always watch out for fake titles. Copy of the Transfer Certificate of Title preferably certified through the Register of Deeds in the municipality the location where the property is located. In case you are purchasing from Cebu, then visit the city hall and it will most probably be there. It really should be valid and with no defects. It should be clear of any liens or encumbrances and annotations. Along with the TCT, the lot plan prepared by the licensed Geodetic Engineer and verified by the Department of Natural Resources (DENR) as well as the copy of tax declaration.
7. Be on the look out for amenities or features for instance a clubhouse with function halls, fitness gym, swimming pool, children play area, basketball court, badminton and tennis courts and convenience store, wide roads, 24-hour security, fence, electricity and water supply, shuttle service, where the properties are located if it is within a subdivision. Some subdivisions have their churches, schools, stores outside the church so as to allow more privacy for the residents.
8. Deal only with reputable banking and financial institutions if you intend to borrow money to invest in your purchase of properties. Be sure you get the best interest rate and payment terms.
9. Make an actual site inspection of the property to get rid of any doubt you could have or get encouraged by the development undertaken in a particular area.
10. Foreigners usually are not permitted to buy Cebu Philippines property for sale - with the exception of condominium units which are plenty in the city.
Again, deal with a licensed Philippines real estate broker if you desire to resell the Cebu Philippines property for sale after some time.