Facts about House and Lot for Sale in Baguio City that You Should Know
Known as the Philippine highlands, Baguio city is loved for its picturesque scenery, cool weather, and laid-back community. Many are aspiring to buy a house and lot for sale in Baguio City to be able to constantly enjoy the views and experience in a more relaxed way by living in one of the top tourist destinations in the country. Interested in doing the same? Here are some facts about living and owning a house and lot in Baguio City:
- Buying a house and lot for sale in Baguio City is the same as buying property anywhere else in the Philippines. You need to pay real estate taxes and other related taxes like documentary stamp tax and transfer tax. You also need to go to the Registry of Deeds to nullify the previous title and create a new title with your name on it. You can obtain a photocopy of the title as well as the tax declaration from the assessor’s office.
- Water can be a concern for some areas in the city. This is the highlands, after all. You need to pick a house and lot for sale in Baguio City that has a steady supply of water to make your everyday living hassle-free. Some villages and subdivisions have their own deep well water to provide usable water for the community.
- Foreigners cannot own a land as per Philippine laws. If you are not a citizen of this country, one way to gain a real estate property is by partnering with a Filipino to buy the house and lot for sale in Baguio City under his or her name. Another option is to put the name of your Filipino spouse (if you have one) as the owner of the property.
Owning a house and lot in Baguio City opens a lot of opportunities. You can live in it or rent it out, and even sell it for more down the line. Be wise in choosing the right property to protect your investment.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., is an online platform for real estate, addresses the unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.
