How to Buy a Condo in Cebu: A Quick Guide to Essential Tips and Pitfalls

Looking to buy a condo in Cebu? You might just be in luck. The country’s real estate market has always been relatively stable compared to other types of investments. As the Philippines recovers economically, there are certainly bright spots to look forward to. McKinsey Philippines says that the property market next year will be bullish, as they’re observing a return to pre-pandemic levels. 

As the country takes steps to rise on its feet, certain infrastructure projects and business developments are nearing completion this year. But while now sounds like a great time to invest in a condo in Cebu, there are other factors that make the prospect of investing in a condo in the Queen City of the South even more attractive.

We’ve seen new consumer demands emerge during the lockdown. While most families are now out and about, people have not been able to shake off the penchant for sprawling outdoor spaces, alongside a resurgence of interest in sophisticated high-rise developments in the city and other central business districts across the country, as potential investors regain their confidence.

In other words, people looking for a safe and stable investment should look into investing in real estate––a steady and resilient investment that has proven time and again its ability to earn lucrative returns, accumulate wealth, and grow your investment portfolio. Here are tips on how to successfully purchase a Cebu condo.

Do: Get pre-approved for a mortgage

You may be wondering: do I really need a mortgage to purchase the property? However, going through the process of obtaining pre-approval can make you more attractive as a buyer. It signifies that you’re financially prepared to manage the costs associated with buying a property. Since pre-approval involves a rigorous and thorough process, gaining it indicates that you’ve been evaluated and found to be in good financial standing

Do: Create clear financial goals

It is also important to create clear financial goals before buying that Cebu condo, so you can set expectations and settle on the right strategy. Do you see your potential real estate investment as a self-liquidating asset or do you want to accrue its value over time? Your financial goals will help you decide on what kind of investment to make and how to make use of your property.

Leasing can help you earn quicker returns on your investment, as well as ensure a steady stream of passive income. If you are looking to invest in properties for leasing, residential units are a great option to explore.

Those who invest in real estate may also purchase properties with the aim of increasing their capital gains. This is a sound strategy if you are looking to expand your investment portfolio and preserve your wealth in the long run. Master-planned communities offer the highest potential for growth, with attractive deals on their properties, ensuring the security of your investment as its value appreciates over time.

Don’t: Forget about the location and target market

While Metro Manila’s decongestion has been a long time coming, the pandemic has accelerated the process, with more and more families considering sprawling properties outside the metro in their desire for a nature-filled, holistic lifestyle. Elements such as heavy traffic, noise, and pollution have impacted the ability to live a balanced life, prompting the exploration of emerging neighborhoods outside Metro Manila as an increasingly enticing option for young families. That said, it’s equally important for buyers to have access to city conveniences and upscale amenities.

This makes the idea of elegant suburban living in adjacent provinces, or even in other urban areas in the country such as Cebu, a promising alternative. It allows families the prospect of residing in luxurious homes farther into the countryside while still having convenient access to the comforts of the city.

With growing traffic problems within the city, other districts with promising growth become increasingly attractive options. Families will look for high-rise developments that can afford them exclusive conveniences, as well as larger units and open, outdoor spaces. And with emerging CBDs outside of Metro Manila, the myriad of possibilities await interested investors and even families looking to capitalize on these opportunities.

Acquiring a good condo in Cebu is no small feat. Apart from its prime location, a property from a reputable developer ensures both quality and the potential to enhance its current and future value, making it a promising investment for your family and the future.

As you make your foray into real estate, invest in a trusted developer known for premium properties, helping you make the most out of your real estate investment with confidence.

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