What kind of property do the Philippines have? (Filipino property purchase beginner edition ①)
There are two types of properties in the Philippines:
One is called a pre-sale or pre-built property, where the developer sells a property that has not started construction. The purchase will only consist of drawings, scale model (building model), and price list at the vacant lot.
・It's easy to buy because you can pay in advance
・Reliable because it is purchased from the developer
・What kind of construction will be done? The details of the shared floor are uncertain.
・Until completion, you cannot operate or use the property, so the funds will be salted.
・It may not be completed.
・You are not sure what the view of the room will look like.
The other is new and used properties. It is a property that is already completed and ready to be handed over, or a used property.
・Since the property is completed, you can check the actual property and make sure the quality of the space is good.
・You can move in and operate immediately after purchase. It is an effective way to make money.
・With its completion, you are assured that the building/property is safe and you can also check the view, scenery, and sunlight from the room.
・One-time payment in cash is basic, you cannot purchase a new and used property without cash. (A bank loan may be available.)
Both have merits and demerits, and the recommendation changes depending on the financial situation of the purchaser, but new and used properties can make the most of the property without letting the funds sleep. It is our recommendation to purchase the latter if the financial situation is not an issue.
If you have any questions, please feel free to contact us.