Perhaps for years you’ve dreamt of owning a place in the country â€“ maybe a ranch in Bukidnon, or a private lakefront lot in Agusan or Surigao, or maybe your own mountain resort in Iligan City or in the nearby province of Misamis Occidental.
Today’s low real estate prices combined with great interest rates are making it possible for more people to realize this dream. Before you get out your checkbook, here are some things to consider before taking the plunge.
1. Determine what things are important to you. If you are on horse-back riding and find yourself spending the equivalent of a mortgage down payment in apartment rentals every year, maybe purchasing a property closer to the slopes is just what you need.
Keep in mind, however, you won’t have the freedom to move around, so choose a location you’ll want to return to year after year. If you’re only thinking about taking up a new sport or hobby, consider renting for a few seasons to ensure your dream still holds the same appeal once it becomes a reality.
2. What sorts of ties do you have to your current home? Do the children come to visit on weekends or holidays? How will your having a second home affect your family routines?
3. Begin to zero in on the perfect location for your rural home by making a list of all areas that fit. List your favorite sports and past times, desirable weather, geography (do you want mountain living or beachfront), available employment opportunities, ethnic or social conditions, taxes and utilities, and price range.
Next, do some research and determine which provinces are most compatible with your needs. Try to get your list down to about three favorites.