How to find the best real estate projects and properties?
Since Mary and I are not really experts about real estate in the Philippines, we are glad that Regus one of the far most known real estate companies agreed to publish this guest article. Quite a great collection of helpful tips and tricks to find the best real estate projects and properties in the Philippines.
Author Bio: Regus is a multinational company that offers business lounges, virtual offices, meeting facilities, and workplace recovery services to both small businesses and large corporations in a hundred countries worldwide.
Important Considerations When Investing in Luzon Real Estate - Philippines
The Philippines is composed of three major island groups, namely Luzon, Visayas, and Mindanao. Among them, Luzon is considered to be the most prominent and appealing to investors for various reasons. Why? It's probably because it is where you can find the country's capital, the government seat, and the most prominent financial hubs in the country. However, if you're thinking of making any kind of investment, especially in real estate, it would be advisable that you think of a few things first before you consider getting your feet wet. What are these things exactly? Well, here are some you might want to seriously ponder on before delving into the real estate business in Luzon.
Genuine papers are important
An important factor you need to be sure of when buying real estate is the legality. Many times, people who are too impulsive when looking at an appealing property forget to verify the official title deed and other pertinent documents. This can be quite disastrous since real estate are very costly. Some people could spend their entire life savings and even take out loans just to be able to pay for them. To avoid losing your hard-earned money without getting any property in return, make sure that all the papers are verified and in order before handing over any of your money. And make sure to go through all the proper channels as well.
Get Expert Help
Another thing you could do is get a licensed real estate agent to help you out. They are the ones who have the right connections and who knows all the processes in getting the most appropriate properties for you. They might even help you get the best value properties for your money.
Type of Real Estate
There are many kinds of real estate properties, each of which has different sets of factors that determine its value and marketability. If you're thinking of just buying real estate and leasing it out, you need to know what are the different types, where best to have them, and what to expect from them as a landlord. Here are the four most common types of real estate you can lease out:
Residential real estate are those private properties individuals, groups or families can rent as a temporary holiday residence or long-term residence. These types of properties may be found near business centres, but not really in the middle of busy business districts. If they're not near business districts, they should at least be easily accessible via public transportation and ideally near basic facilities such as schools, hospitals, and shopping centres.
Commercial real estate are those that are used for offices. These properties are ideally near busy business districts where other financial establishments such as banks and shops are nearby. These properties can be quite lucrative when the city it's located in has thriving business districts. Examples of these properties are Makati or Ortigas office space buildings. However, it can also be quite hard to find tenants when rents are high and there are several empty office spaces around.
Retail real estate are properties that are utilised for retail shopping centres. Sometimes they can be several small structures while at other times it can be one huge structure in which different retailers can rent specific spaces inside it, such as in a mall.
Industrial real estate are properties that can be used for a variety of industrial purposes such as for storage, manufacturing plants, or research and development. Ideally, they are located far away from residential areas and busy business districts. And usually, they are also quite large properties. These properties need the least bit of upkeep since you don't have to maintain the structure and facilities. Sometimes, you can even just lease out an empty piece of land.
Aside from those mentioned above, it might also be wise that you conduct a bit of research on the market and make a list of potential properties to buy before actually contacting a seller. This way, you would be able to carefully think about your options and make the best decision before investing any of your precious money.