A buyer’s checklist
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.