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Bryle Suralta

Bryle Suralta

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So why does purchasing a second home interest you so much? Is it the opportunity to grow your wealth? Is it because the idea of having a vacation home in the province intrigues you? Or is the family getting too big for your old one? 

Whatever your motivation is, just know that the costs for buying and maintaining a second property depend on how you’re going to use both of them. Think carefully about the returns you expect, the area where you’re buying, and additional fees. You never know, those planned trips you were supposed to take next year might get pushed back because of the hefty bill. 

It’s a pretty risky investment, to say the least. Still, the best thing you can do is to just be ready. Once you have a clear goal in mind and know how to finance the property, then the real planning can start. Here are a few pointers to get you started.

Buying as an Upgrade/Investment Property

A lot of this depends on your intentions for your old house or condo.  Are you thinking about turning it into a rental property? If so, take into consideration the utilities when it remains unoccupied for longer periods of time. Examine the current state of your property, market, and location. How long would it take to find a renter for it? If it takes too long, then you’re hemorrhaging money just on utility bills alone. Make sure you have an emergency fund for this! 

You obviously need to make the house livable, too. Furniture and various housing fees add up. Seasonal maintenance, like pruning dead leaves, mowing the lawn, fixing clogs in the gutter, and more will mean that you should have a budget for upkeep. 

Investment properties require all these, as well. Remember, rental income isn’t a guarantee, especially now. Yes, flipping homes have become quite popular these days. But would it be worth it to renovate your space, given a weaker renter’s market? As we’ve all come to learn from the pandemic, vacancy dry spells happen in real estate.

Buying as a Vacation Home

Waking up to scenic views, clear skies, and beautiful seas does have its appeal. All of us would love to do that every day. What a life, right?

Keep in mind, however, that buying a vacation home in a different province or city means that you should have a decent budget for those trips back and forth between your two properties. Trust us, it’s going to cost you a lot more than you bargained for. 

Also, consider how often you’re going to visit that property. Wouldn’t an airbnb suffice if you only plan on going every Christmas break and Holy Week? Vacation rentals are great in theory, but they don’t always make the most practical investment choices. 

Buying as a Gift

Okay, this isn’t exactly for everyone. But maybe you have that kind of money to spend! Why not? Whether it’s for a family member or for someone in need, buying property as a gift is a love language in itself. Now that’s some next-level generosity right there.

If you’re looking to get a great deal for a home or condo for sale, you might want to look into promos to save more. Ohmyhome’s new Cashback program can do just that. With this exclusive offering, you can buy that second home and even earn money while you’re at it.

Hopefully, these factors to consider won’t discourage you. Investing in another property can be tricky if you do it willy-nilly, but the potential returns you get when you do it the right way are just too good to pass up. The higher the risk, the higher the reward, after all.

Are you looking to purchase a property? Get in touch with an Ohmyhome property agent today. Find out how smart property shoppers like you can save more on your home purchase. Ohmyhome’s new Cashback program gives you your money back after your downpayment! Learn more here.


Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.

Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.

Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.

The company’s real estate agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.

Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.

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Buy

Sell

Rent

For Tenants

Lease

For Landlords

Articles

Buy

get an agent

Buy with an Agent

Dedicated experts at your service

FOR OFWS

Buy a Property in the Philippines

Come home to the property of your dreams.

Buying for Investment

While you’re away, we take care of your property investment.

Buying for Home Ownership

We help OFWs find their forever home.

DO IT YOURSELF​

Prefer to do-it-yourself?

Check out how our platform can help

Browse Resale Listings

Connect with sellers through our app

ARTICLES​

Steps for First Time Buyers

Like any new experience, buying a home for the first time is daunting.

Home Buying for Your Family

Make sure you’ve thought about these things before you decide to buy a house.

Get The E-Book

Sell

get an agent

Sell with an Agent

Dedicated experts at your service

do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Post a Listing for Free

Connect with buyers through our app

Articles

Factors Affecting Home Value

Know the factors that affect property value before you buy a home.

Mistakes to Avoid in Selling

Make sure you’re not committing any of these fairly small, common mistakes.

Passive Income from Real Estate?

Real estate generally appreciates in value and can also be rented out.

Sell Your Property Fast

This is how you can attract more homebuyers.

Get The E-Book

For Tenants

get an agent

Rent with an Agent

Dedicated experts at ayour service

ARTICLES

Renting vs. Owning

Either way, it’s much easier outside Manila.

House or Condo?

Both have advantages and limitations. Everyone has different preferences.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with landlords through the app

For Landlords

get an agent

Lease with an Agent

Dedicated experts at your service

ARTICLES​

Assessing Property Value

Of course, knowing your property’s true value is key to any great investment.

Home Staging Tips

With this checklist, you get a better chance of finding a long-term tenant.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with tenants through the app

Our Properties

By Developer

SMDC

Properties from the good guys.

Robinsons Land

Raise, live, and connect.

Moldex Realty

The gateway to ideal community living.

PIK

Russia and Europe's largest homebuilder

For Ofws

What we do for OFWs

Safely secure your dream home from overseas.

Buying for Homeownership

Connecting you with the top developers nationwide.

Buying for Investment

For a seamless and stress-free property investment.

LOCATION GUIDES​

Life in SYNC is a Life Well Balanced

A good home gives good shelter, but a...

Quezon City Community Guide: Why Invest in Property in ‘QC

Quezon City is the Philippines’ second...

Break from the Metro: Why Buy a 
Home in Antipolo

While some seek their faith in Antipolo...

Buy a Home in Lipa for a Break from the Big City

Lipa continues to emerge as a good...

Finance & Investments

Your Starter Guide for Investing in Homes for Sale

Buying a home is a major expense but...

Why Employers Must Invest in Employees’ Homeownership

Employees sign-up and stay with the...

How to Successfully Save for Your Dream Home

With how high property prices are, ho...

Rent or Own? Either Way, It’s Easier Outside Manila

Manila has always been one of the co...

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