How to Buy a House in the Philippines | Tips for Buying a Real Estate Property

Video by: Marty Hernandez

Whether you are a student, young professional or a family person, when it comes to renting a new home, you need to consider a few things before moving in. This is important to avoid any issues or glitches when settling down.

In Metro Manila, expect that monthly rentals vary in prices from Php 2,000 to Php 5,000 per month for a single person or shared room. The prices will speak how comfortable it is to live in the said room, house or apartment.

For fully-furnished rooms, prices may rise up to Php 7,000 per month depending on the location. To avoid any conflicts later on, it is also very important to keep a few things in mind before signing the contract.

Find the Perfect Location

The very first thing to consider when renting an apartment, room or house is the location. Location is very important as it will determine how convenient it is to you when you travel from home to office or home to school and vice versa. Some people choose to rent a room near the office or school to save the travel time and expenses. This is indeed a wise decision if you want to save money!

Besides that, finding great location can also give you access to nearest supermarkets, 24/7 convenience stores, recreational facilities, medical institutions and more.

Consider Your Budget

You found the right location, what’s next?

Another important thing to consider when looking for a perfect room for rent or apartment for rent in Metro Manila is your budget. We all know that living in the capital is really expensive. What can we do to save money? Cut our rental costs!

It is very important to get a room or apartment within the allotted budget so you don’t have difficulty in paying your monthly rental. Your budget for rental should determine how much you earn, how much you spent for daily commodities and the extra money should go to the rental. If you only have a remainder of Php 2,000 from your monthly salary, you should get a room that is of the same price. But take note of your safety and convenience when you rent a room with such a low price.

Check the Property

So, you already found the perfect location and considered your budget. Next is check the property. This is will help you determine whether the price of the property is reasonable or not. Check the ambiance, is it welcoming, cozy or bright?

Look for bad property maintenance, broken faucets, uncleaned toilets, worn out walls, faulty plumbing, etc., or else these will cause you a big problem later on. Make sure that you inform the caretaker or owner about the condition of the house and ask if they will undergo repairs or maintenance before you move in.

Must do’s when checking the property:

• Check out all the things including cabinets, door padlocks, faucets, bed frames, toilets, etc.
• Switch on and off the lights to see if the bulbs are working.
• Turn on the faucets and check out the toilet flush.
• Check the doorknob locks.
• Inspect the room for other personal concerns.

Read the Contract:

When everything is good and you are ready to go, make sure to read the contract before signing it. Make sure that you understand all the terms and conditions when using the property and your rights as the tenant. Having read and understood the contract will save you from a lot of trouble later on. Ask to clarify some points and make sure you are on the same page with the property owner. And that you agree with the terms before settling in.

For more information about finding a property in Metro Manila, check out our blogs today.