Buy and sell real estate in the Philippines
With the boom of real estate business in the Philippines, financial and government, authorities have already reported that this will not be stopping soon. In fact, it will only gain more momentum.
Real estate properties now offer quality living at affordable prices and convenient paying schemes. This is why the real estate industry has become appealing to those looking for a place they can call home and to those looking for a profitable business venture.
Nowadays, acquiring and selling properties has become a highly profitable and solid business. However, of course, just like any other business, any person entering this field would need a substantial amount of capital and a good eye for finding opportune investments.
If you want to enter this field of work, you must first know how to buy real estate properties. According to Ruben Anlacan, Jr. (President of Business Coach, Inc.), here are a few basic steps to do so.
- Know where to look for properties to buy. You may find them in newspapers or in the internet for properties under foreclosure. It is advisable too, to concentrate mostly on people who want to sell in a hurry.
- Inquire and research. Inspect the property you are buying. Interview neighbours to counter-check claims. Also, ask opinions from property experts in the area.
- Verify the ownership of the property. Do not just rely on the land title. Check the ownership with the registry of deeds and the Land Registration Authority.
- Have an experienced licensed appraiser assess the value of the property. You may think you have hit the jackpot but there may be factors that you have not taken into account. It is best to get the services of a professional in the field to make sure of your estimate
- Research about any claims or issues against the property. Examine the title if there are liens or encumbrances that may affect its value.
- Haggle. Negotiate and drive a hard bargain for more discounts or incentives. As a rule, do not ever accept the first asking price. If you want to sell and earn a sizable profit, buy low in the first place.
- Read every detail of the agreement. Before signing any contract, consult a legal expert that is experienced in real property transactions.
- Never give your payment to anyone who is not the owner. Remember to ask for receipts and receiving copies always.
After buying and acquiring properties, the next practical step is to sell it. Here are some tips and ideas on how to sell your properties:
- Sell your property to person with the best offer.
- Buy bigger lots that you can divide into smaller and more affordable properties.
- If you purchase old property, you can renovate and furnish it and then sell at a good price.
- If you have enough capital, you can also build stalls in commercial lots, or warehouses in industrial lots where your property is.
- If you manage to buy raw land, you can develop it into several housing units, condominiums or townhouses.
In order to sell properties in the Philippine though, you must be a licensed real estate agent or broker. This may seem inconvenient but making real estate your profession can reap many rewards and be a good source of income.