What To Consider When Buying Real Estate from a Developer
By: King Properties
Tags: Cebu, Philippines, Home Builders, Real Estate Developers, Property Developers

Most buyers these days prefer to buy new houses rather than pre-owned ones. This does not come as a surprise as there are many benefits to buying a newly built home. In the real estate industry, you can purchase from an individual owner or from a developer. The latter is the preferred method, especially if you want a hassle-free process.

Acquiring property in the Philippines requires a tedious process that you must comply with if you want to invest in real estate successfully. With so many developers to buy property from, you need to make sure that you are picking the right one.

Here are some considerations you should keep in mind when buying a property from them:

1) Make Sure There’s a Mother Title

Since you will be buying from a developer, obtaining the title is different from that of buying from a regular owner. Most developers provide pre-selling of properties, which means that houses or condominium properties have to be built based on a contract for a certain period of time. Thus, an individual title to the property may not be readily available since it often takes at least three years to have a title individualized.

2) Check their Credibility

In the real estate industry, there’s a lot of competition when it comes to selling a property in completed developments. Usually, you have amateurs that also want to be part of such action, and because of this, you often encounter properties that lack quality and design. Thus, it is always best to do your research. You can check whether the developer has a reputable record. Do your online research and see their completed developments. It’s also best to see the completed developments personally. This is so that you’ll have an idea of what kind of approach they have and you’ll know whether you should invest in their pre-selling projects that you’re interested in.

3) Thoroughly Check the Contract

You need to understand the provisions of the contract before you sign it. Remember that it is a legally binding agreement so you might want to take your time before signing. You can ask help from your local licensed real estate broker or a lawyer. They’ll explain to you in layman terms anything that you might be confused with. After signing the documents, these will also be notarized, and you should ensure that you have a copy of at least one of the original notarized documents.

4) Don’t Forget to Negotiate

Some developers provide properties that can be negotiated on its terms. You can negotiate and look for the least cash-out or monthly installments. If you can, you can also choose properties with an ongoing construction that provide little to no interest. Aside from that, check whether you can negotiate for adjustments. If you want to make some modifications on the inside of the unit, ask your developer if it’s allowed. This is because there are some who do not allow any changes in the plan that they’ve created.

5) Ask Help from a Real Estate Professional

When it comes to choosing your property, make sure that you ask help from a real estate professional. You can make use of their extensive knowledge of the local area. Licensed real estate brokers or agents will be able to help you determine whether the completed or ongoing development will be suited to your needs. It would be better to get their help since they know their way around the industry. They’ll be able to recommend which developers you should check out.

So, make sure to remember the information above before buying property from a developer. And if you are looking for some of the best property developers in the Philippines, you can check out King Cebu Properties! Our completed projects are one of the most sought after properties in Cebu. Get in touch with us today!