Buying a new home in Cebu – A quick review

Investing in a new home is quite an experience especially in a growing location like Cebu. Recently this province has grown to be a favorite of investors, for spending in properties at the Philippines. The Cebu metro area is the ‘second largest metro in the Philippines’. This is also emerging as the most popular tourist destination in the Philippines. With plenty of new projects lined up and a drastic increase in the demand, the real estate market in Cebu is expected to shoot up in the coming years consistently. For all the home buyers who have taken the big leap and made the decision of buying a property in Cebu here are a few things to remember-

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Property visits should not be ignored

With the expanding market in Cebu, there are several projects to consider. All the Cebu new homes come with their pros and cons. There are differences in terms of the property type like a house with land or condo. Based on the requirements of the family and plans for the near future a suitable property type can be finalized. In each of the property types, there are plenty of options that Cebu offers. Listings on the property listing page can give a sneak peek into what the house looks like. However, an actual site visit is crucial before buying a property in Cebu. As the place has plenty of new developments coming up, the condition of the roads, the serenity of the locality, the dust and pollution levels can all be experienced only during the site visit. This helps predict the real estate growth in the chosen location and also evaluate the home better to get the best bargain.

Know where to bargain

Most of the price negotiations are restricted in the case of new condominium units. These are sold directly by the developers. So there might be a fixed price set for a particular type of condo in the building. In the case of resale condos, the buyer can directly negotiate with the seller. Also, in the case of buying a house, such price negotiations can be accommodated.

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Anyone can buy a home in Cebu

In Cebu, laws do not permit foreign nationals to directly purchase a piece of land or the property that comes with the ground. This means that condos are the best options for foreign investors. These also fetch good rental income. Moreover, for all the home buyers looking for a house, having a Filipino trustee might be the only option. If there is a property that the buyer is very much interested in but not permitted to buy because of nationality, there is the option to choose long term lease. As an investment, though there is no significant amount of returns to expect from leasing property, the choice is pretty affordable.

Besides the general types of properties in the city center, there are beachfront properties. These come with private access to the beach area. For this, there are specific Foreshore Lease conditions to know about.