Owning a lot is one form of investment and security, and many people invest in this as their hedge against inflation. While it can promise huge returns over time, there are still important things to take into consideration to make sure that your land investment will be worth it in the long run.
What factors should you consider when buying a lot? Here are some to take note of.
Location
This real estate adage is your best friend. When it comes to properties, you must ensure that the location is accessible to schools, markets, malls, hospitals, and other commercial or business districts. There may be price bumps in these properties because of the location, but it will save you transportation costs and headaches in the long run.
Additionally, if you decide to sell it in the future, it would be easier to find buyers because of its proximity to key development areas. The land would also appreciate faster than those that are far from the commercial centers.
Market competitors
Throughout the years, there have been many real estate developers that have been on the rise to take advantage of the booming industry. However, as the pandemic hit, some of them were forced to stop operations because of funding issues, thus, leaving their developments unfinished.
It is, therefore, important to take a look at your developer’s track record and completed projects to make sure that you’re putting your money into the right property. The last thing you would want is a property in an uncompleted village that would be difficult to sell in the future.
Budget
When deciding on a major purchase such as a lot, it all goes down to finances. How much can you afford? What are the other closing costs to take into consideration?
Before buying, it is important to know how much of your income you can allocate to monthly mortgage payments, if any, as well as your future expenses for the lot, should you decide to build on it or just do maintenance or upkeep.
These three are some of the main considerations you need to look at before buying a lot in the Philippines. While it may look daunting, there are actually a lot of options for you if you want to start investing in real estate.
We have over 300 listings across Antipolo’s best villages if you decide to explore the East. Our brokers who specialize in Antipolo real estate would be more than happy to assist you as you embark on your real estate journey. Message us at 09279572503 or email dan@danielalleje.com.
References
AllProperties. (2021). Guide on How to Buy Land in the Philippines. Retrieved from https://www.allproperties.com.ph/guide-on-how-to-buy-land-in-the-philippines/
Fenlon, W. (2021). 10 Things to Know Before Buying a Vacant Lot. Retrieved from https://home.howstuffworks.com/real-estate/buying-home/10-things-to-know-before-buying-a-vacant-lot.htm
Yap, H. L. (2021). Ten things you need to know before buying land. Retrieved from https://propertyreport.ph/news-and-events/2021/12/17/23879/ten-things-you-need-to-know-before-buying-land/