Doing the math
Dela Fuente says price and location are always the main considerations in buying a property, regardless of whether one is a first- time or repeat buyer.
“What most buyers think is whether it would be easy to have a property rented out in case they are able to purchase another one,” dela Fuente says, adding that price and location always go together. “Buyers always check whether the location of a particular property is worth its price.”
Track record in the workmanship of projects and, more importantly, in property management are also among the things that buyers look for in considering a developer.
“The name of the developer appreciates the value of the property,” dela Fuente stresses.
Once these have been dealt with, it’s now time to decide which developer to choose— what its payment terms are and the type of developments they’re offering.
It is assumed that those who want to buy a house have prepared financially for the project. However, what almost always happens is that they look for developers that offer easy and affordable payment schemes.
Most first- time homeowners turn to either banks or the Home Development Mutual Fund ( HDMF or commonly known as Pag- ibig) to finance the project.
Victoria dela Peña, HDMF VP for Visayas Group, says that in recent years, there has been an increase in the number of housing loan applications primarily because developers are now more aggressive in their projects, especially with the entry of new industry players.
Depending on the monthly contributions, an HDMF member can borrow as much as P6 million for housing loan at an interest of 8% and may be repriced every 3 years.
From January to July 2013, a total of 2,050 borrowers have availed themselves of HDMF housing loans totaling P1.56 billion.
Aside from granting housing loans, HDMF also offers a restructuring program for delinquent borrowers to avoid getting their properties foreclosed, and a 3- month moratorium on housing loan amortizations to those who are affected by calamities.