Buying Pag-IBIG Foreclosed Properties in the Philippines
Foreclosures are affordable assets that may get you into investing in the real estate market. While they might be risky properties to invest in as they are sold as-is, foreclosed properties allow you to explore expansive spaces and buy them for lower prices. Plus, you might even score a mint-condition Pag-IBIG foreclosed home for sale in your ideal neighborhood and surrounded by your dream amenities and trappings. Now that will be one great investment opportunity you wouldn’t want to miss.
Where can I Find Pag-IBIG Foreclosed Properties for sale?
The Pag-IBIG foreclosed properties for sale are available in various locations all over the Philippines. Some of the sites you can look out for are residential areas outside of Metro Manila, such as those in Laguna. A quick search in Lamudi will lead you to prime neighborhoods in the province, namely Calamba, Santa Rosa, Los Baños, and Santa Cruz. The foreclosed houses and lots in these places might just be the perfect suburban home you are looking for to detach from the daily rush and noise of the city.
If you are looking for a new home in Metro Manila, the ideal residential hotspots you should look for are Quezon City, Pasig, Parañaque, Las Piñas, and Muntinlupa. Buying a Pag-IBIG foreclosed property in these areas will bring you closer to all sorts of essential establishments and facilities.
Average Prices of Pag-IBIG Foreclosed Properties for Sale
While most Pag-IBIG foreclosed properties for sale are houses and lots, you will find most of them sold at lower prices than their original retail value. However, the cost of your potential Pag-IBIG foreclosed property may still vary depending on its location and outdoor amenities that may come with the property.
For example, let’s say you are eyeing a foreclosed house and lot in an exclusive subdivision in Quezon City. Some of the properties may cost around PhP 4 million up to PhP 11 million. The higher price may be due to the property’s proximity to prime establishments and thoroughfares of the metro. Additionally, homeowners’ fees and exquisite amenities may also account for the slightly heftier prices of foreclosed properties in Metro Manila.
On the other hand, if you buy a Pag-IBIG foreclosed house in San Pedro, Laguna, you might find a similar property priced at Php 2 million to Php 4 million. These houses are also offered with well-crafted amenities catered to leisure, wellness, and convenience.
Tips On Buying a Pag-IBIG Foreclosed Property
Even if you are buying a Pag-IBIG foreclosed property, it is vital to take note of these tops to avoid investing in a money pit you’ll regret later in the future:
Set a Budget
Plan how much you want to spend on your new home. Doing so helps you narrow down which Pag-IBIG foreclosed properties for sale will fit your budget and housing needs.
Choose a Location
Location is vital in any home search and buying. You’d want to move into a home that is private, quiet, and safe while being comfortably close to essential establishments, namely schools, hospitals, offices, churches, and public transportation hubs.
Partner with Licensed Agents
Keeping in touch with a licensed broker aids you in finding the right Pag-IBIG foreclosed property for sale. Plus, you’ll also have someone to ask about additional fees, legalities, and other concerns about your investment.
Consider Remodeling and Doing Repairs
Since foreclosed properties are sold as-is, be prepared to spend for possible repairs and renovations, should you want to change parts of your property to suit your needs and aesthetics.