Cebu Real Estate Guide

Hire a House Finder in Cebu

Hire a House Finder in Cebu

When you are financially ready to buy a brand new house and lot, the next thing to do is to start your home search. To most people, it is tiring and stressful. To save your time, energy and resources, hire a real estate agent or a house finder… for free!

In home search, you search around to find your dream house. A dream house is a house that you need, within your budget and your preferred location. 

What do you need to prepare in home search?

1. Purpose. What is your purpose in buying a new house? Is it for personal or family use? Vacation house? Second home in specific location? Is it for rental business? If you need a house in the city for your college student, you do not necessarily need a house and lot but a condo unit near the university where your child is enrolled. Or you can get a house and lot where there is a public transport passing through the university.

2. Budget. What is your capacity to pay or your budget for housing? As a rule of thumb, you don’t spend more than 30% of your income on housing. The formula can help: Multiply your gross monthly income with 0.30 and the result is your budget for housing. If your gross monthly household income (include the income of your spouse) is ₱50,000, your monthly budget for housing is ₱15,000. Thus, you narrow down your home search to a house and lot with ₱15,000 monthly amortization.

Aside from the monthly amortization, you need to prepare for the down payment and the miscellaneous fees. The down payment is the balance of the price of the property minus the loanable amount of the bank or Pag-Ibig Fund. In most cases, the bank covers only 80% of the Total Contract Price of the property and you need to pay the balance of 20% to the developer/seller, either in cash or in installments up to 36 months without interest.

The miscellaneous fees includes the transfer fees (government taxes in transfer of title) and move-in charges (water connection, electrical connection, and the subdivision dues). 

3. Location. Where you do want to reside? The house you buy is where you are going to spend the rest of your life. In fact, the property is yours for life and beyond as your children and their descendants can inherit the property. So, make up your mind where you want to reside.

Location determines the price and the value of the property. Properties in Cebu City, particularly in Cebu Business Park, IT Park and South Road Properties, are more expensive than the properties in Mandaue City and other areas in the north (Consolacion, Liloan, Compostela and Danao) and Talisay City and other areas in the south (Minglanilla, Naga, San Fernando, and Carcar).

Mactan Island is unique because you can find the most expensive condo projects but there are a number of affordable housing projects. You can still get less than 2 million townhouse in Lapu-lapu City. This townhouse in Cebu City may cost 5 million. When the 3rd bridge is done, it takes only a few minutes to travel from Mactan Island to Cebu City. Why should you buy the 5 million townhouse when you can get it at 2 million pesos now?

Instead of Mandaue City, look for houses in Consolacion and Liloan, even Compostela where the big Cebu-based developers like Aboitizland and Primary Homes built their communities. Why Compostela? Well, the Dapdap-Paril road connects Compostela to Cebu City without passing through Liloan, Consolacion and Mandaue City and is now an on-going construction. You need to consider the traffic situation of your future residence.

Start Your House Search

The harder part is the home search because it eats a lot of your precious time, energy and resources. In buying a brand new house and lot, don’t rush. Don’t buy the first house that impressed you, take your time to shop around. There might be some houses in the neighborhood which are superior in construction and design, cheaper, and in a good subdivision with complete amenities such as swimming pool and basketball court.

Some homebuyers experienced buyer’s remorse because they did not spend time to look around and take due diligence on the property. The role of the agent or house finder is to assist the homebuyer to get more information about the property in order for them to come up with an informed decision. 

What is your ideal house? 

What are the things you must consider before buying the house? What type of home that fits to your lifestyle and preference? If you are single and young, you may prefer to buy a condo where you are close to everything.  If you are married with children, a house and lot in a gated subdivision is your choice for home. What kind of a neighborhood you expect? Where it should be located?

Take a closer look at this subdivision. What do you think?

Some things to consider:

1. Quality construction and design of the house.
In most cases, you are only allowed to see the model unit of the house that you are planning to buy. The idea of the model unit is to show to you the house when it is already constructed and delivered to you. Because you are paying the down payment in installment, your house will commence its construction only when you already paid a certain percentage. Unless you are buying a Ready for Occupancy (RFO) unit, you don’t see the actual house. Thus, you assess the house’s construction materials and design based on what you see in the model house. 

2. Space planning. Make it a habit to take a closer look at the floor plan of the house; not only its exterior design. As much as possible, visit the house or its model house to see how the developer wisely used the space. Imagine what you can do when you start occupying the house: type of furniture and appliances, home decors, etc. and where to put them.

3. Low density housing project. The house are not built so close to each other. There are enough spaces for everyone; subdivision must not be crowded. At least 30% of the subdivision, as required by law, is allocated to open spaces or non-saleable areas for community basic utilities and facilities.

4. Safety and security is a must. The subdivision has a gate and perimeter fence. It has a guardhouse and 24-hour security. If available, know the crime rate of the community or barangay.

5. Subdivision amenities are available. Consider the amenities and facilities in the subdivision. The basic requirements for a subdivision project are the road system, drainage, water and light connection. Gate and guardhouse, concrete road and perimeter fence are add-ons. Amenities like clubhouse, basketball court, playground, swimming pool, fitness gym, among others are added-value to the community.

6. Location and accessibility to public transport and other public places like market and schools. How close or far is the subdivision from the main road or highway. What are the available public transport? Is it available 24 hours a day? Is it safe for children? What are the closest markets, schools, malls, banks, etc.? 

Surf the Internet

In the internet age, by a click in the mouse, you find hundreds of housing projects in Cebu with house details, subdivision amenities, and price computation. However, there are a score of difference, particularly in the price and the financing program, in the listed properties. Why? Well, some of the data are not updated.

In project selling (properties sold by developers), all things (availability of units, price, promo, monthly equity, loanable amount, etc.) are the same regardless of the agent you hired. However, your agent can help you in the negotiation with the developer on the discounting and mode of payment for the required down payment.

Our website, Cebu House Finder, is designed with you in mind. It is user-friendly where you can easily navigate thru our Property Search Engine. In the search engine you can narrow down your search for your specific preference like location, types of properties, among others. Quick links are also provided for your easy house search.

Always ask for the updates of the property.

Some homebuyers think that the cheapest price with the longest repayment period for house financing is better. Not really. The price of the property and the financing program are all the same. Some of these property ads are already old (or the agent did not update the details to get more clients) and you end up paying the same amount for the property.

In the end, what matters most is the quality of real estate services provided by the agent or house finder. You must be given the necessary information about the property for you to make an informed decision to buy or not to buy the property. This is why Cebu House Finder is a dedicated website to educate homebuyers because we believe that an informed buyer is a happy buyer.

Hire a House Finder… for free!

To get the best deal, you need to spend a lot of time and resources.  This is where we come in to help you. You can hire a house finder in Cebu without additional cost. Yes, save your time, energy and money by hiring us as your house finder without additional expenses on your part. We help you find your dream house at the best price and location… for free! We guide you step by step so that you may have a stress-free home searching and house buying experience.

Quality Services and Support

Updating of projects is really a challenge to real estate agents who have websites. The updating of our website is mainly provided for by our company, the Bachelors Realty and Brokerage . We hired office staff assigned only to provide updates in the subdivision and condo projects nationwide. We have branches in every key cities in the country. Our company provides a life-time support to our clients, particularly those who have legal problems in their housing loans and delay in the transfer of titles.

Please, don’t hesitate to contact us for free assistance. We prefer email communication for easier exchange of information. Email us at cebuhousefinder@yahoo.com. You may contact us at Facebook or call us at 0943-486-3246 or 0917-811-3530.

2 Comments

  1. It has been a few years since I’ve been a first-time home buyer, but, offhand, I can think of a few:

    Sometimes there are special financing opportunities available to first-time home buyers.
    You haven’t already bought a starting position in the market. Buying a new house isn’t contingent on selling an old one. If the market is low, you can possibly make a lot more money later as you aren’t also selling a house in a low market (obverse is true if the market is high).
    You can wait to buy if market conditions are high (which I would consider). When I first finished school, everyone I knew was buying houses and saying we should do the same. This was 2006. Then the huge housing crash came the next year. I’m so glad we didn’t buy as we would have been buying into that loss for a long time. As it was, we bought near the bottom-of-the-market and did quite well when we sold our old house and bought a new house. Yes, the new house purchase was in kind of a high market, but we also sold our house in a high market (and bought low originally). We did pretty well. We’re not trying to play catch-up.
    All this said, a lack of experience is a disadvantage. Experience and knowledge confer wisdom (hopefully). Offhand, I can’t think of performance in any domain that is improved by a lack of experience.

    Given that 1) you are doing something new and 2) home buying is a major transaction where you are buying something you don’t know that well and someone else’s hand is in your pocket at every step (realtor fees, mortgage fees, all the inspections, dumb fees from your closing company, etc.), it can be hard to know where the line is. Setting your boundaries with the people ‘helping’ you can be hard. These are the same peoples with their hands in your pockets at every step of the transaction: friendly, jovial, excited for you…but hands in your pockets nonetheless. For example, our closing company had a ‘conservation fee’ they couldn’t even explain; they just said it was on there for everyone and even the people who worked there joked about it. Basically, just a bonus profit item for them. It became less of a joke when you push back; they won’t scrap the deal over it. Are you willing to…or at least willing to convince others that you will? The previously chummy friendly agents and helpers who will then become irritated? Remember, everyone involved profits when you buy the house and only then. Your agent is your best friend while looking, soothes your nerves when needed, and disappears except for housing update group e-mails and once-a-year cards once the deal is done. New home buyers are more likely to just go for the ride, although many experienced ones do as well (obviously, why the ‘fee’ stayed there and was openly joked about).
    source:property listing cebu

    Reply
    • josnar

      on   said 

      Hello Anne. sorry for a delayed response. I am migrating to wix and am not able to monitor this website.

      We learned from our experience. Some learned the hard way; others too costly. Realtors have common experiences and expertise in the industry but each has unique experiences dependent on the market conditions and regulations per country.

      In our case, in the Philippines (Asia), we focus more on project selling where the developer of the housing or condo project is the seller as well. Our banks usually cover only 80% of the property price and the balance is what we called the required downpayment or equity. Instead of paying the downpayment in cash, the developer/seller allow it to be paid thru installment up to 36 months without interest. Our professional fee or commission is already included in the price; thus the developer/seller is the one who is paying us and not the buyer. Unless included in the price, the buyer will pay for the transfer fees (taxes) and move-in fees (facilities). This is less hassle compared to a brokerage or the property sold by owners wherein we secure our commission based on the agreement with the owner and the buyer of the property.

      While market forces (e.g. inflation, etc.) affect real estate, our condition is still favorable. In fact, real estate business is booming. Although we have oversupply of condo units, there is movement in sales. Subdivision projects are also selling good.

      The main problem of first-time buyers in our country is financial literacy. Most of them rely on the real estate agent. It is good if the agent is good and patient in educating the buyer. There is also a problem of poor construction albeit the buyer can ask the developer remedies.

      I think real estate profession is all about helping one’s client to come up with an informed decision. Someone the buyer can feel that he has a friend who is more interested in helping him rather than milking money from him.

      Best regards.

      Reply

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