A lot of buyers have the tendency to follow prevailing opinions and conventional wisdom. But this can end up costing you a bundle of unnecessary money which you don't need to spend. Here are a few suggestions which might help you save a lot of money.
[1] The conventional wisdom is that it is a good idea to buy a property in installments. But in effect you are raising the price of the property by 40 percent or more. Some clients will haggle over the price of a property and then go on to pay in installments, effectively adding a huge unnecessary margin to the price. Rather than buy in installments, it is, if possible, a better idea to save the money and make the purchase using cash.
[2] Often clients are told that Beverly Hills and Maria Luisa Estate Park are the best subdivisions. But prices in these subdivisions are higher than elsewhere because of the brand value. While it is perhaps socially important for some to live in Maria Luisa, for others it is a needless waste of resources, since a better property can be found elsewhere at much better value. In the expansion stages of Maria Luisa, the view is often not good and cellphone reception is bad, and it is quite hot even though you are in the hills, because the property is in a valley. Yet the price will be quite high because the property is in Maria Luisa.
There are a number of little-known subdivisions in Cebu that for whatever reason haven't clicked the way Maria Luisa have. But your property there can still be just as useful and comfortable - if not more - than in a brand-name subdivision.
[3] It is usually far cheaper to buy the land and build the house, than to buy a house and lot. If you already have a place to live, and can supervise the building process, then it is a good idea to buy the land and have the house built by a contractor of your choice. You can save as much as 20-30 percent - but you do need to spend a lot of time on the project.
[4] Go for a condo rather than a house. If you compare the price per square meter of floor space (by checking the listings on this website) you will find that the cost for a condo is far, far higher than for a house. This is not surprising, due to the engineering and construction that goes into a condo. But it doesn't make much sense to be paying a higher amount for your floor area if you can get a house not far from the condo. Essentially, at a condo, you are paying for the view. While it might make sense to go for a condo in cities such as New York or Hong Kong, in Cebu there is plenty of affordable housing within a few minutes distance, so spending a lot on a condo will get you less floor space for your money.
[5] If you get a house in the hills with a nice view, you will be paying more for the view - but less in electricity bills. The hills of Cebu are much cooler than the ground on sea level, and you won't need to keep your air conditioning running 24/7. The savings in electricity bills will probably make up for the higher amount you pay for the view.
