A buyer’s check­list

Sun Star Cebu Yearbook - - BUSINESS AND ECONOMY -

There are four types of first- time buy­ers in the mar­ket to­day: over­seas Filipino work­ers ( OFWs), for­eign­ers ( for con­dos only), those who rely on in­come from OFWs, and lo­cals who are ei­ther busi­ness own­ers or are work­ing in var­i­ous in­dus­tries.

Philip­pine As­so­ci­a­tion of Real Es­tate Boards ( Pareb) Inc.- Cebu pres­i­dent Coco dela Fuente says that with de­vel­op­ers now get­ting more flex­i­ble in the pay­ment of eq­uity ( de­vel­op­ers now al­low pay­ment stretched up to 36 months), buy­ing a prop­erty has be­come more at­trac­tive for OFWs.

“It’s ei­ther the house is for end- use or as an in­vest­ment while they are ( or have rel­a­tives) earn­ing abroad,” she says.

In the case of for­eign­ers, dela Fuente says they buy con­do­minium units be­cause it’s what the law al­lows them to pur­chase in the coun­try.

Condo units, she adds, are usu­ally the pre­ferred type of prop­erty for first- time buy­ers “be­cause it’s more af­ford­able than a house and lot.”

Af­ter the type of prop­erty has been de­cided on comes the very te­dious process in­volved in buy­ing a prop­erty.

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