Buying a house is the biggest financial decision you will ever make. This is because the house is the most expensive purchase a person will ever make in their lifetime. It’s not easy to commit yourself to a 25-year mortgage. 

Choosing the right property in the Philippines can be a challenging task, as there are many factors to consider. As a mortgage broker in Sydney and Melbourne, I’ve helped hundreds of first-time buyers navigate the process of buying a house. 

Here is my list of things to consider when buying a house in the Philippines. By going through this list, you can increase your chances of finding the right property that fits your needs and preferences:

• Location – Access to your workplace and necessities is one of the biggest factors to consider when choosing where to buy a home. If you don’t own a vehicle, a location with a good public transportation system is your best bet. 

• Price  – This may surprise you, but I’ve found that condo units in Metro Manila can be much more expensive than house-and-lot properties in the areas surrounding the capital. Your P3 million can buy a studio-type condo unit in the metro OR a two-story, three-bedroom property an hour or so away. All other factors considered, which would you prefer to spend your hard-earned money on? 

• Floor area/lot size and the number of rooms – A bigger family will need a bigger home. Who will be living in the house, and for how long? Ideally, a family dwelling has to be conducive to family time, while also giving its inhabitants ample space for privacy. If you’re living alone, you may need a smaller space with one bedroom and another room to serve as your office.

• Your needs – Consider your lifestyle. Do you prefer peace and quiet, surrounded by green spaces? Do you love the hustle and bustle of the big city, where everything is right at your fingertips? A house and lot just outside of Metro Manila may be great for those who like to take it slow, while a condo unit may work better for people who are always on the go. 

Finding the right home can be challenging. A sales agent is after the sales and the commissions they will receive and not in your best interest. Speaking to a mortgage broker before doing your search can help you understand how much you can borrow, how much savings you need for a deposit and how much you can purchase. With this information, you can carefully plan where to buy, how much space you need and the price you can afford. 

Maria Papa is a senior property and finance expert specialising in home loans, investment loans, and self-employed loans. If you have questions, you can email Maria at mpapa@maverickfinance.com.au.

Disclaimer: Your full financial situation will need to be reviewed prior to acceptance of any offer or product.