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1) Make a research on the developer’s profile - projects completed, length of time in the business, and public image. Check if the project being sold by the developer has complied with government requirements (Development Permit, License to Sell, etc.). Also check if the broker is registered with HLURB (Housing and Land Use Regulatory Board). You can look it up at www.hlurb.gov.ph 2) Physically Inspect the project. Or ask someone you trust to do it. Pictures in the internet won't assure you of good neighborhood, secured community, clean environment, good location of the lot, quality materials and good workmanship. 3) Avoid buying a property on mere speculation. While some brokers or agents might convince you of historical and projected price increases of lots in certain projects, this does not always mean you can resell them for a profit in the future. Consider interest expense if you buy on installment. Also, the selling expenses involved. Capital gains tax, documentary stamps tax, notarial fee and broker's fee will also add to your expenses. 4) Buy when the market is down. Since there are less buyers and developers are competing for market share, the tendency is for developers to offer more liberal payment schemes and bigger discounts. You can sell later when the market goes up, at a good price. 5) Always ask your broker or agent to explain the contracts before you sign. |
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