Buying a Property in the Philippines from an Individual
Posted by resident
Before closing that sweet deal with an unknown property seller in the Philippines, save yourself from wasted time and money by running a checklist:
Make sure that the “Transfer Certificate of Title” is authentic.
The easiest way to check if the title to the property you are buying is authentic is by getting “Certified True Copy” of the title from the Register of Deeds. This office is usually located at the city or municipal hall where the property is located. Ask the seller of the property for a photocopy of the title -you will need the title number and the name of the owner to get a certified true copy of the title from the Register of Deeds.
Verify that title is clean and not mortgaged
You can check at the back of the title with the heading “Encumbrances”. This page must be empty if you are told that the title is “clean”. But sometimes the space for the technical description of the property on the front page of the title is not enough and the description of the property is continued on the “Encumbrances” page, this is of course all right.
Make sure that the land described on the title is really the land that you are buying
You can validate this at the Register of Deeds or by hiring a private land surveyor or a geodetic engineer. Land titles don’t have any street name and number to pin point a property, it is a must to confirm that the actual property you are buying matches the technical description on the Transfer Certificate of Title.
Make sure that the sellers are the real owners.
If you are buying from an individual property owner, ask for identification papers like passport or driver’s license, it is also a good idea to talk to the neighbors to confirm the identity of the sellers (you might as well ask some history of the property).
Confirm that the yearly real estate taxes are paid.
Ask for a copy of the Tax Declaration and Tax Receipts to confirm that real estate tax payments are up to date.
If the above check list is in order, you may proceed with the purchase.
Real Estate Investing
Posted by resident
Real estate investing involves the purchase of real estate for profit. Profits are made by renting out properties or improving it then resell it for a capital gain.
Advantages
The biggest factor in marketability of an investment is supply and demand.
The first big advantage is that it is an extremely expensive product. This means that in each sale you make, you generate more profit potential.
Second advantage is that it is much easier to finance real estate than any other product as you have the ability to borrow based on the value of the property, where only a fraction of the purchase price is needed as downpayment.
Knowing your neighborhood better than a real estate investing expert is an advantage especially if the REI experts were in another part of the world. A beginner can exploit this advantage in his local market.
Another way for a beginner to get started in real estate investing with minimal risk is to hunt for good deals for another more experienced investor. This way, a beginner learns to find and recognize value.
Disadvantages
Real estate needs maintenance and taxes to be paid. During a real estate boom, speculators can be prone to make purchases without pre calculating the costs involved in the purchase and for the ongoing costs of a property like maintenance and taxes. The real estate can then sometimes work against them instead of for them, realizing a loss at resale.
Have you ever thought of investing in real estate lately? Would you like to share your thoughts by leaving a comment below?
Advantages of Online Real Estate Marketing
Posted by resident
Advantages of Online Real Estate Marketing
There are several reason why marketing online has become extremely important to the competitive real estate agent.
- 71% of homebuyers use the Internet for research and to search for listings and services
- Internet homebuyers make better clients
- It saves time and is more cost effective than most traditional forms of marketing
Millions of Homebuyers Hit the Internet for Information
The Internet is the first place more and more homebuyers are beginning their search for a home. According to a study done by the National Association of Realtors, 71% of homebuyers take their search online.
These numbers will only increase with the Internet reaching more and more households. Nearly 70,000 new people are getting Internet access every day. Studies also show that the average homebuyer is also getting younger, and increasingly grew up with the Internet.
Internet Homebuyers Make Better Clients
According to a study commissioned by the California Association of Realtors, Internet homebuyers were reported to be wealthier and purchasing more expensive homes. Internet homebuyers bought a median priced home of $452,000 while traditional buyers purchased a median priced home of $310,000.
In the same study, homebuyers also reported that the Internet shortened their home search. The entire home purchasing process took half as long for homebuyers who used the Internet as those who did not. More importantly, Internet buyers spent half as much time with their real estate agents, visiting only half as many homes as traditional buyers before making their purchase. They were able to view listings online and narrow down their search to the few homes they were strongly interested in.
Homebuyers using the Internet were also more knowledgeable about the purchasing process, and expressed greater satisfaction with their real estate agents.
More expensive purchases, shorter search cycles, and happy clients who are better informed about the home-buying process — could it get any better?
In fact it does! Homebuyers who search the Internet are actually more likely than traditional buyers to use a real estate agent to find their home and complete the purchase. 77% of Internet homebuyers use a real estate agent, compared to only 70% of those who do not take advantage of the Internet.
If you’re not marketing online, you’re losing a goldmine of prospective clients.
Online Marketing Saves Time and is Cost Effective
In addition to the huge audience of excellent prospective clients, the Internet offers both convenience and cost effectiveness that traditional media cannot. Web sites are more engaging and informative than even the best brochures. Emails make it easier and cheaper to keep in touch with existing clients. You do not need to have a four or five-figure marketing budget to create a professional online presence.
Do you agree that majority of home-buyers use the Internet for research and to search for listings and services? Why not leave a comment below and share your thoughts?