The Philippine real estate industry has been slowly developing in recent years, as the country slowly recovers from its economic slump. The modern real estate industry has seen tremendous progress, both in terms of infrastructural improvements, technological innovations, and legal reforms. Despite these exciting developments, however, there are certain truths about the industry that are still relatively unknown to most Filipinos.
To begin with, it is important to understand that the real estate industry does not solely revolve around the buying and selling of properties. There are many aspects to consider such as renting, leasing, and land and property management. These are services that are often overlooked by many potential buyers and investors. Moreover, the Philippine real estate industry contains a wide variety of professionals, such as brokers, developers, lenders, appraisers, and even maintenance and repair workers.
Another truth about the industry, which is often understated, is that real estate transactions can be quite complex and time-consuming unless all the legalities are carefully taken into account. Many buyers are unaware of the legal processes involved, such as having a property thoroughly checked for zoning requirements and building codes, or having title searches done to ensure there are no liens on the property. Furthermore, buyers must also be aware that there are certain taxes they must pay when purchasing a piece of real estate.
Finally, buyers should also be mindful of the fees associated with buying real estate, as well as the costs of maintaining it. When it comes to buying a property, buyers must consider the cost of hiring a lawyer, surveyor, appraiser, and any other professionals they may require. Additionally, once they own the property, they need to consider the costs of any repairs, renovations, and taxes that come with owning the property.
In conclusion, those looking to invest in the Philippine real estate industry must be well-informed about the different truths associated with it. From rental and leasing services to the legal and financial aspects of real estate transactions, it is important to gain an understanding of the complexities of the industry before taking the plunge. By staying informed, buyers and investors can make sound real estate decisions and gain a profitable return on investment.