Tips for Buying Propery in Iloilo, Philippines
Popular Areas in Iloilo, Philippines for Expats
We live in Iloilo. Savannah is an established 60 acre development thats mostly considered high end. There is a LOT of development here and infrastructure being put in all around. Places like Westwoods, Atria and many others are also sought after.
Searching for a Property in Iloilo, Philippines
There are 4 main ways to find places - Facebook, online realty ads, word of mouth and driving around. There is no MLS per se here. Like other developing countries the real estate is often repped by many people trying for a sale. Going around the agent (all are called Brokers here) is not uncommon (but IMO dishonorable as hell). Unlike N America the introducing "Broker" (who is most times not a career specialist anyway) is not really involved in much more than the back and forth on pricing. After that its lawyer time.
What Your Budget Will Buy You in Iloilo, Philippines
Obviously price depends on location and amenities as well as whether you are buying turnkey, furnished, semi furnished, a condo or building from scratch. There are places here in the Barangays in the provinces for $15k - to half a million or more if you want. Mostly I would say in Savannah a modest 4 BR will average $80k
Before You Buy a Property in Iloilo, Philippines
Research on the ground. Listen for dogs next door (oh there will be!). Roosters (not if but how many and how far away!?). Obviously crime (Iloilo is very cool in that department). Use a lawyer, check title, make sure you are buying in the name of a Filipino (foreigner cannot own land here which is why they can own condos). DO NOT expect the process to be fast or "like home". You aint in Kansas Toto.
Lawyer is a must. Its not a question. Negotiate a flat price or they will try to get paid a % of the sale. If raw land have a survey done and check it against the plot map that's on file.
Costs Involved in Buying a Property
Costs vary depending on the transaction. Generally the buyer pays the transfer cost and the seller the capital gains (there are often two different numbers here - just sayin). Lawyer fees for the actual contract are split.
Foreign Property Ownership
As stated only Filipinos can own property - land.
Steps in Buying Property in Iloilo, Philippines
- Find a place
- Negotiate a price
- Make a hold fee (deposit) pending due diligence - secured with an agreement called a Contract to Purchase.
- Pay whatever your initial payment will be to go to full Deed of Sale
- WAIT WAIT WAIT