Investments are usually made for the benefit of future generations.
Among the popular investments are those made in the property sector, as more Filipinos realize the value and benefit of investing their hard-earned money in homes and structures that they can pass on to their heirs and kin.
Industry stakeholders have since claimed that property investments remained one of the more practical and intelligent options, as the value rarely decreases and more often than not, the return it brings to its owners is more than what is expected.
But how would you really know which among the “sea” of new and existing residential developments being offered in the market is the best and wisest option for you?
Rick M. Santos, chair and chief executive officer of CBRE Philippines, shared essential tips which first-time homebuyers and even the seasoned investors should keep in mind in choosing a property to invest in.
1 Keeping with the market trend.
According to Santos, it is necessary to get a grip on the property market by researching on trends, comparing new and existing developments and price points. “This will help you avoid costly repairs and improvements and ensure a good return on your investment. This will also guide you when it is the best time to invest,” Santos explained.
2 Property investors need to identify target market.
“For investors—Don’t mess emotions with business. If you are purchasing a property for investment purposes, treat it as business,” Santos said. It is necessary for a property investor to “know who their market is and what their future and present tenants want,” so that they will be sure that whatever they acquire can be purchased by their target market.
In general, buyers/investors should identify the type of property/purpose of purchase, be it a residential condo, house and lot, apartment. While in choosing a location, buyers should take into consideration purpose for purchase—business, residential, or for lease, he added.
3 Conduct due diligence.
Santos stressed the necessity of a due diligence, in which buyers and investors should “gather, inspect and study the necessary documents: title (should be clean, with no liens or attachments), contracts, licenses, policies, financial statements, agreements, rental history (if applicable), signatories required.” One should likewise dig into other info such as the applicable service agreements of the property (i.e. property management, amenities/facilities maintenance).
It would also be wise for the buyer to conduct inspections before acquiring a certain property.
“Conduct interior inspection of the property to learn about the place, residents and future repairs you’ll have to make. [Also] conduct an exterior inspection of the property (i.e. structural soundness, roof condition, age and problems, electrical and plumbing, ventilation, paint and trim condition, driveways and parking areas, landscaping),” he further noted.
“See if the property is in compliance with government rules/regulations (i.e. zoning, fire code compliance, environmental compliance, ask for permit problems) and for preowned properties, make sure that the property is still in an acceptable condition. Check applicable taxes (i.e. VAT) and processing fees,” Santos added.
4 Do a background check of the property.
“Do a background check/feedback of the property from your neighborhood, property consultants. Even better is to talk to officemates, friends, or acquaintances who have similar experiences,” Santos said.
5 Try not to put too much faith in a seller/agent without verifying the facts.
According to Santos, first-time buyers must be vigilant of promises made by unscrupulous property specialists and ask questions. “Verify if these promises are based on facts by conducting your own research of the property,” Santos said.
Floor Area: 122sqm
Lot Area: 120sqm
Three (3) Bedrooms
Three (3) Toilet & Bath
Single Detached/Attached House Handover Specifications:
|Structure||Wall||Load bearing blocks/conventional structure system|
|Roof Framing||Steel roof framing|
|Ground Floor||Concrete slab|
|2nd Floor||Steel deck|
|Walls||Exterior||Painted plain cement finish with concrete mouldings|
|Interior||Painted plain cement finish|
|Attic||Painted plain cement finish (1 coat only)|
|Flooring||Ground||Ceramic floor Tiles|
|Second||Laminated Wood Planks|
|Partition||Painted Fiber Cement Boards on Metal Framing
(Hardiflex or equivalent)
|Ceiling||Exterior & Interior||Painted Concrete Ceiling on the Ground Floor|
|Painted Cement/Gypsum Board on the 2nd Floor|
|Stainlness Kitchen Sink with Faucet and Base Cabinets|
|T & B||PVC|
|Sliding Door||Aluminum Analock Finish (or equivalent)|
|Lockset||Faultless lockset on all doors or equivalent|
|Windows||Aluminum Analock Finish or Equivalent|
|Roofing||Concrete Interlocking Rooftiles or CPAC|
|No gutters, downspouts and undersheeting|
|Bathroom||Lavatory with Faucet & Fixtures|
|Water Closet & Shower|
|Stairs||Cement Finish with Wood Balusters & Hand Rail|
|For Attic||Plus Spiral Staircase or EQUIVALENT FOR Townhouse with Attic|
|Circuit Breaker||Koten Or Equivalent|
Mountain and City Views The natural terrain of Monterey Subdivision is best described as gently rolling to sloping, which allows future home builders a dramatic view of the Ortigas Commercial and Business District to the South, and the lush and hilly side of San Mateo Rizal to the North. Fully developed Status The subdivision is already liveable with only a few lots remaining for sale. A handful of homeowners have already put up their vacation-type houses to take full advantage of the fresh air, consistent breeze and magnificent views. Furthermore, all lots are individually titled, and all the internal roads of Monterey Subdivision are fully developed. Its main roads, which are Paz and Miguel Streets, both have a width of 10 meters. The internal roads, on the other hand, have a width of 8 meters. There is a swimming pool and a multi-purpose clubhouse located just at the entrance of the subdivision. Furthermore, the subdivision has allocated two strategic areas for future playground developments. One, measuring 2,400 sqms, is located at the southern perimeter of the property; while the other, measuring 3,400 sqms, is located at the northern perimeter of the property. Proximity and Convenience Monterey Subdivision Phase 4 is just 6 kilometers or a short 10 minutes drive from Sumulong Highway via Katipunan-Liwasang Kalayaan-East Drive-Dela Paz St and finally Azucena Street. Monterey Subdivision is accessible via public transportation. Jeepneys and Tricyles are allowed to serve the Subdivision and its neighboring communities.