What are the top tips for buying a luxury property for sale in the Philippines?
- Know what you want
- Keep your finances in check
- Research about the area
- Physically visit the property
- Remember to take your time
- Hire a luxury property specialist
It may come as a surprise to some but the luxury real estate market in the Philippines is actually alive and booming. Although it’s a little harder to find a luxury property for sale in the Philippines, it isn’t without reason. Listings are often kept secret or made highly exclusive because these properties are worth tens and hundreds of millions. Agents don’t want to risk opening their doors to bogus buyers and criminals.
That said, the process of buying a luxury property is more or less the same with purchasing the average real estate, give or take a few differences. The biggest dissimilarity would be the amount of money you need to have in your pockets before you are allowed to even view a single property. There’s also the fact that you risk losing more if you happen to end up with a bad property which is a possibility even in the luxury real estate market.
Luckily, there are ways to avoid disappointments and hit home runs, and that’s through following the top tips for buying a luxury property for sale in the Philippines. We have all the best ones written below so read more to find out!
Know What You Want
Like with any purchase, you first have to know what you want before you go out looking for it. If you start searching without an idea of the kind of property you want to have, then you risk buying the wrong one and wasting your money. On top of that, if your pool of choices is going to be extremely large, it’s going to take a while to go through every single listing just to find one that you like.
You don’t need a specific image of the property in mind, but at least have some sort of criteria in order to narrow down your search. Do you want a six-bedroom mansion or a penthouse condominium for rent? Possibly a vacation house somewhere secluded or a home that’s by-the-beach for you and your family to enjoy? Asking these questions is a good start to buying a luxury property in the Philippines.
Keep Your Finances in Check
With a clear image of the property you want, you can now set a budget! You should know that the amount needed to buy a luxury property is quite a lot. You have to be prepared to spend somewhere around eight to nine figures — maybe even ten — to get your desired property. That doesn’t even include renovations, decorating, tax, and all that stuff, though, so be mindful of that.
Some sellers now also require you to show proof that you have enough money before they even begin negotiations, so make sure you have your bank and financial statements ready. We shouldn’t have to say this but make sure that your statements are legitimate and current to not get into any kind of trouble.
Research About the Area
Every area or neighborhood is different from the other; each of them offers a different set of advantages and disadvantages. Part of your work is to figure out what these things are. Look into the amenities available in the area such as gyms, schools, malls, restaurants and the like. You should also take note of the atmosphere or vibe that the place puts out. Is it calm, cool, and family-friendly or a bit busy and alive?
For fairly new and upcoming neighborhoods, ask about the plans for the area. What kinds of projects are going to be built? How are these changes going to affect the value of your desired property? Is it more likely to depreciate or appreciate? Remember: it’s easy to make changes to your property but impossible to alter the neighborhood itself.
Physically Visit the Property
Picture and videos can only do so much. They won't always be able to give justice to the prestige and elegance of the luxury property that you have your eye on. In order to properly get a feel for the property and the area, you really have to see it for yourself. If possible, visit the property at different times of the day — with permission, of course.
You’d also benefit from staying in the area for a couple days just to experience what it’s like to live there. Even if you need to travel overseas, visiting the property you want is really going to be worth it because then you get to really know if it’s a good fit or not.
Remember to Take Your Time
Buying a luxury property for sale in the Philippines should never be a snap decision. There’re many good reasons for this but it all boils down to you not wanting to face any kind of disappointment in the end. In this case, however, disappointment also comes with throwing millions of your hard-earned money down the drain, and that’s something you might not be able to stomach.
A good thing to remember when buying a luxury property is that you’re very rarely in competition with someone. As said before, these listings are highly exclusive and only a handful of others is making a serious offer. What this means is that you have all the time in the world to negotiate with the seller and get the best deal possible.
Hire a Luxury Property Specialist
While it’s possible to do all these things on your own, you can’t deny the fact that hiring a luxury property specialist or agent is going to make the process a lot easier. These are agents who have expert knowledge on the luxury real estate and will guide you every step of the way. They might even take care of some things like researching the area or looking for the right listings.
Many aren’t as keen on hiring an agent because they assume that they’re going to be robbed of making the decision but that isn’t what agents do. They simply help you make the most of your money by giving you listing choices. In the end, the final purchasing decision is still yours to make.
Buying a luxury property, or any kind of property for that matter, in the Philippines should always be treated as an investment. What this means is that you have to carefully and thoroughly think about it before deciding on anything. You may also want to get help from the experts to make sure that you’re getting your money’s worth. If you do all these as well as the other tips written here, then you’re sure to end up with the luxury property of your dreams!