There are over 7,000 islands in the Philippines. That means this country is filled with idyllic beaches, long stretches of coastline, and seemingly endless waterfront property. Despite the gorgeous seawater and white-sand beaches, the Philippines has not seen the huge number of international tourists as other Southeast Asian destinations such as Thailand, Bali, and parts of Vietnam. For many it is less charted territory, but that is sure to change as social media and travelers share images of the gorgeous natural beauty to be found here.
Buying Beachfront is Uncertain
Visiting this incredible country is very different from purchasing a home or taking a long-term lease on property in the Philippines. This is partly because the Philippines are an international destination with different laws and policies regarding property, but also because buying waterfront property comes with certain unique considerations.
There are a number of uncertainties when it comes to buying beachfront property. It can be even more expensive than your primary residence, but carry more risks. At the same time, beachfront property in a developing country has many rewards. In the Philippines, you will likely be closer to the beach and with more space than if you buy a second home domestically. Much of the property to buy in the Philippines has both these increased risks and rewards. It can be difficult to balance both without the knowledge of the Philippines housing market. Therefore, use of an online resource can help navigate past some of these risks and find a home with amazing rewards.
Keep Climate in Mind
The climate in the Philippines is an important consideration, regardless of what island you are looking to purchase a home on. It is possible that adverse weather or erosion could affect your home or change the coastline that made your home such an attractive purchase. Contact a professional who has knowledge of the island, beach, and neighborhood you are considering for your holiday home to better understand how the climate may affect your home in years to come. Also, make certain that if adverse weather, such as hurricanes, is likely that your home is constructed with the proper protection to withstand the weather.
There are two markets that you need to consider when buying a holiday home. The first is the current status and projections of the buying and selling market. This includes whether there is a lot of demand for private residences in the area and island on which you are looking and whether future developments are likely to drive the price of your home up or down. A real estate professional is best able to evaluate the future market potential. However, many people depend on rental income to keep a holiday home and pay the mortgage on the property. Therefore, it is important to understand whether or not your new beach house is likely to be rented, and how often.
The Philippines is still an emerging market for foreign property ownership. There are a lot of moving pieces that will change in the next year and this can put you at the forefront of international ownership and investment, but it is important to keep in mind the risks in order to choose the right property.