10 Things No One Tells You About Buying Your First Home in the Philippines

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According to a survey done by The National Economic and Development Authority (NEDA) last 2016, approximately eight (8) out of every ten (10) Filipinos strive for an easy, warm, and secure lifestyle around the year 2040.  Moreover, almost all Filipinos considered home ownership as a lifelong dream and goal. Nowadays many ambitious homeowners, however, are discouraged from reaching their goals due to the high expenses of buying a home for the first time and the laborious procedures of applying for a home loan, along with several other factors. Fortunately, there have been real estate developers that produce relatively affordable homes, bringing this dream within reach of an average Filipino. BRIA Homes is one of these developers. BRIA Homes takes delight in providing affordable house and lot packages in blissful and appealing regions where homeowners can live a joyful and purposeful lifestyle with their loved ones. Bria Homes sells houses and lots at extremely reasonable prices. A two-story townhouse or a single firewall home can be purchased for between Php 7,000 and Php 12,000 per month. The main draw is that Bria has over 50 project locations countrywide, so you may buy and rent a Bria house anywhere in the Philippines.

Buying a home for the first time is an incredible feeling that should be completely cherished, however, the enthusiasm may eventually turn to disappointment if you do not understand all of the processes of buying a home for the first time. You should not find out about this the hard way. As early as you can, conduct your studies before buying a home for the first time. Keep in mind that real estate agents or developers face challenges as well.

Here is a rundown of 10 things no one tells you about buying your first home in the Philippines:

  1. You will have a variety of homes to decide upon

When you begin your search, you will be overwhelmed with hundreds of real estate properties available for purchase in the Philippines offered on various internet platforms. Make sure to find a reliable real estate website through referrals from friends, reading testimonies, or extensive study. BRIA Homes primes itself on developing affordable house and lot packages that cater to ordinary Filipino families who plans on buying a home for the first time. It had become the perfect choice for average Filipino workers who wanted to invest in a high-quality and affordable home. Visit the BRIA Homes Official Website to reserve your own property today!

  1. A pre-owned home requires a lot of upkeep

Such is certainly relevant if you neglect to check the home you are purchasing and are unable to identify issues that require repair or restoration well before the property is handed over to you. Be certain that you do a thorough investigation of the house you are thinking about buying. You may either create your own checklist or get an expert to carry it out for you.

  1. It is challenging to choose the best real estate agent for you

Prepare to speak with a number of real estate experts at the start of your experience in buying a home for the first time, although only one will be capable to suit your needs. In engaging with them, be gentle and truthful. You may also check for entities that can assist you to choose the best real estate agent for your preferences.

Read also: Relevant Questions to Ask Your Agent Before Buying a Home

  1. The disposition of your realtor or estate agent might have an impact on your property choice

You need not go with the first real estate agent you encounter. As per a study of aspiring Filipino homeowners, around seven (7) out of (10) property buyers are likely to call it quits if their real estate agent or sales representative gets inattentive or rude during the purchase. Hence, you should obtain referrals from peers or from a reputable internet real estate market. However, should you desire to complete it yourself, make sure to conduct a comprehensive and thorough search on the realtor you meet.

  1. You will be perplexed by the many lingoes you may come across during your property hunt

Some terms you will encounter in buying a home for the first time are amortizations, contracts of sale, and down payments. While researching, check for frequently used real estate terminologies. Doing so will allow you to stay on track with your real estate agent throughout your conversations.

  1. You are allowed to negotiate the selling prices of real estate properties

Developers and real estate experts may be accommodating when you are buying a home for the first time. Sometimes real estate agents are ready to sacrifice commissions in order to give special offers on available properties.

Read also: 4 Signs That You’re Financially Ready To Buy A House

  1. You can pay the down payment in increments until the work is done

Most real estate developers are working to expand more affordable payment conditions, such as the option of paying for a down payment in installments. In addition to the down payment, keep in mind to possess three months’ worth of monthly payments set up. You have already saved up for the fourth monthly payment within that period.

  1. You must pay Real Property Tax (RPT) on your home every year after you purchase it

Real property tax rates in the Philippines differ based on where the property is situated and its assessed value, as per Section 233 of RA 7160. Real estate taxes in Metro Manila are fixed at 2% of the estate’s assessed value. A few municipal governments provide reductions if you settle your RPT in advance. In contrast, if you are unable to pay your RPT, the government may auction off your home. When looking for a property, it is equally important to consider the location. If you are interested in buying a home for the first time, check out the new properties of BRIA Homes in Mindanao. BRIA Homes Digos and Kidapawan provide homeowners with multifunctional spaces for socializing, children’s playgrounds, and expansive green areas that welcome tranquil walks with the children. Read more here: BRIA Homes Digos and Kidapawan End 2022 on a high note

  1. You will be required to obtain Mortgage Redemption Insurance (MRI)

Mortgage Redemption Insurance (MRI) provides protection for potential homebuyers and house loan debtors. It is a type of insurance for which benefits, when paid, are used to settle the insured’s outstanding house loan. Mortgage Redemption Insurance (MRI) safeguards both the borrower and the lender by covering the mortgage debt in the event of the borrower’s death. In the Philippines, an MRI is now required when obtaining a home loan.

  1. When you apply for a home loan, the lending institution will not necessarily cover 80 or 90% of the complete sale value

The loan amount is determined by the appraised value of your home and your net income. In a broad sense, your borrowing ability is measured by subtracting your income from your costs. The number of dependents in your household, any existing home or personal loan repayments, as well as other financial responsibilities such as health care insurance, can all have an influence on your expenditures. Request a sample payment computation from your real estate agent. After which, depending on this calculation, request an estimate from the bank for the value you can borrow. Although it does not represent the exact amount, it will provide you with a reasonable approximation of your expenditures.


Buying a home for the first time is truly a fulfilling yet challenging experience. It entails a great deal of financial discomfort and distress. The more financially aware you are, the easier the process will be when it comes to buying your family home for the first time. Consider consulting an experienced homebuyer and gathering as much data as necessary before embarking on your journey to buying a home for the first time.

Written by MC Sanchez