Do­ing the math

Sun Star Cebu Yearbook - - BUSINESS AND ECONOMY -

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.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.