The island chain known as the Philippines has a booming real estate market. Over the past several years the real estate market has grown considerably, and the time to invest is now. There are lots of new homes and condos being built, as well as fantastic renovations to older homes and buildings specifically designed for foreign investors. If you are thinking about purchasing a home or condo in any of the fantastic locations in the Philippines, specifically the city of Cebu, here are a few of the basics you should know.
Why are Foreigners Buying Homes in Cebu?
The city of Cebu is known as one of the more exotic tourist locations in all of the Philippines. There are wonderful beaches, beautiful plants, friendly people, good food, and tropical weather, which make it pretty clear why so many tourists visit each year. Recently, more foreigners are beginning to purchase homes and condos there because they can enjoy a lower cost of living. Living in the Philippines is much cheaper than elsewhere in the world, especially when compared to other countries with tropical climates. Though most foreigners usually rent homes, apartments, and condos in Cebu, more are beginning to take advantage of the cost-effectiveness of purchasing a home instead of renting. Buying a home will undoubtedly save you money if you plan on staying in the country long-term.
Should I Buy a House or Condo?
Looking for a house for sale in Cebu starts with searching the Internet. There are plenty of great sites which offer a wealth of information on the many homes available in Cebu. Deciding between purchasing a house or a condo can be a tricky choice, because the property laws for foreigners in Cebu prohibit them from owning land. Obviously, you can still own a home or condo, just not the land that it sits on. This can be confusing to some, but it really is not too complicated.
When you purchase a home or condo in Cebu, then you will own that property, but must lease the land. These leases are long-term agreements, with some going as long as fifty years. This is true for both homes and condos, with condos being a little different in that you can only own a condo if sixty percent of the other condos in the building are owned by locals. Again, this sounds complicated, but there are many great property managers that will work with foreigners to get these legal issues resolved rather easily.
As mentioned above, there are many great property management companies with easy-to-find websites where you can gather lots of information about homes and condos for sale in Cebu. A little bit of research is recommended before you purchase, as you want to make sure the neighborhood is nice and the property has everything you need. Property in Cebu is a great investment and living opportunity, so visit one of the fabulous property management sites today to get all the information you need.