Not everybody is familiar with the ins and outs of owning vacation properties in the Philippines. People are often mesmerized by the fact that it is an archipelagic country consisted of 7,641 islands and 82 provinces which are divided into 17 regions. This beautiful place is characterized by teeming megacities, emerald rice terraces, smoldering volcanoes, colorful jeepneys, kaleidoscopic sunset and not to mention, its amiable people.
Bestowed with rich biodiversity, this country attracts millions of tourists and travelers every year. In fact, its tourism and travel industry has significant contribution in its GDP. So, it can be easily gathered that having a vacation home in this country would only benefit you in every way. Having a second home in such a lively country to escape from hectic life is the best getaway. Plus, it also sounds luxurious and glamorous.
Nonetheless, jumping blindly into any deal of vacation properties would be pure foolishness. To help you get a great deal, here is a rundown of some important considerations.
Get Familiar with the Home and Surroundings First:
Never ever think about buying a vacation property until you visit the place in question a few times. Though it sounds basic, it is better to be sure that you adore the place and won’t get bored of nearby beaches, ski village or country ranch before committing a deal since you will be spending a lot of leisure time in the future. It is quintessential because, unlike hotels, owning a vacation property in any city doesn’t provide you the option of changing destinations if you get weary of the scenery and surroundings.
Evaluate each and every cost while Setting Budget:
Just like primary residence, the second vacation home also comes with total price of ownership including insurance, property taxes and additional costs. Don’t forget that even when you will not be there, you would be charged for utilities like water, electricity, gas, trash removal, landscaping and other maintenance services. Thus, carefully include all these overhead costs into your budget.
Care and Management when you are not There:
When cost is concerned, vacation homes come with one more specific expense and that is management fees. If you will be visiting your vacation home infrequently or considering rental option while you are away, it would be best to get the backup of local property manager who looks after the maintenance of your home. It may sound costly and unnecessary to you but so will be the damage of leaky roof, broken pipeline, especially if the property doesn’t get care and maintenance for a long period of time.
You may want to Rent your Vacation Property:
A quick-witted decision would be the one if your vacation home purchase can also incorporate the rental potential. If you manage everything in the right way, some part of your cost can be offset by inviting renters when you are not going to stay there for a long period of time. If long-term investment is taken as the point of view, rental income will also allow you to build equity.
So, analyze the area, nearby vacation homes, different cities which attract more tourism, discuss with property agents and vacation rental companies to figure out which one of the vacation properties in Philippines is the best fit for your leisure time as well as rental accommodation. After all, it is a vacation home where everyone dreams of having fun and entertainment, calm and peace, luxury and relax altogether. So, you better don’t leave any chance of ruining your vacations.