Tips When Buying Low-Cost Housing Units

There have been a lot of great developments in the field of housing in the Philippines in the past few years. Gone are the days when buying a house is only for those who hold executive positions in big companies. Nowadays, the increase in the number of low-cost housing developments has put this dream within reach of more people.

Aside from getting a condo in the Philippines, many other people are buying low-cost housing units. For some people who prefer Philippine properties that come with a lot or a land, these low-cost housing developments are good options.

One of the common characteristics of these low-cost housing developments is the use of precast materials which greatly reduced cost of materials and labor. Aside from this, most low-cost housing units are built as townhouse types where each unit, except for an end unit, shares a wall with the adjacent units.

However, do not expect these units to have huge floor and lot areas. The usual lot areas range from 35 to 60 square meters while the usual floor areas range from as little as 25 square meters to as much as 70 square meters. The usual price changes depending on the lot and floor area, but you can now get these units for very low monthly amortizations.

If you are looking for a very affordable property to purchase, these low-cost housing units are good options. Below are some tips to help you when buying.

·         Visit the site. The location of these developments is also a usual factor in the low price that these properties have. Most low-cost housing developments are located in areas where land prices are not that high. Hence, you will need to visit the site so you can see for yourself the roads and areas leading to the development.

·         View an actual unit. Do not settle for pictures, brochures, or small-scale model houses. Any reputable developer should have some actual units that potential buyers can view. When viewing an actual unit, check the workmanship carefully and clarify the condition of the unit that will be turned over to you.

·         Make sure you have the required documents and clarify amortization rates. These low-cost housing developments are available for housing loan either through banks, the developer, or Pag-Ibig fund. Clarify the requirements for each funding option and most importantly, the amortization rates for each of them. This will help you decide better on which option is best for you.