Thinking about it excites me. It also makes me a little nervous. Though it’s a humble investment, I’m not a hundred percent sure if it’s a wise decision, or if I am ready to commit myself and my finaces to this five-year real estate installment.
While I will have it as an additional liability over the course of installment years, there is an assurance that this investment will provide good returns in the future. Prices of land appreciate over time as major developments and business establishments reach the area.
Cities get crowded, and people start to explore the outskirts for liveable spaces worth investing and for retirement purposes.
I just found myself once searching and browsing through ‘lot for sale’ ads on social media until I stumbled upon a good deal. It’s a 100-sqm cut of lot (pre-selling) in a for-development subdivision in Pililla, Rizal (or just a boundary with Tanay).
I’ve got no idea about the technicalities or legalities of real estate, but I jumped into it with just my guts. I jumped into sending chats to the sales agent, and he was just too nice to me.
I did a little research about the developer, and so far, I’ve not sensed any red flags yet. Of course, I can’t afford getting scammed.
The developer is into buying hectares of land in Rizal and Bulacan, and as per some FB shots, they have already been developing them into subdivisions, particularly those in Bulacan, in the past few years.
I even had the visits already to their office in Rizal, just in Hillside Center along Sumulong Highway, or just three short rides from my area.
As I went there one Sunday for the ‘tripping,’ I was briefed by my agent about the land. There displayed in the office were their permits, the copy of the land title, and the subdivision map.
Over the chat before the visit however, I already picked a corner lot, somewhere far from the entrance. I believed that getting a corner lot would be a jackpot.
On the same day, we had the trip to the area. It was like an hour and a hour roadtrip from Sumulong Highway to Pililla (or might be longer during weekdays or by commute). I enjoyed the trip, and the silence among five of us in the van.
Then we stopped by the Barandilla Restaurant in Pililla. The land is just behind it, just a short walk from the highway. Interestingly, there are establishments nearby like Jollibee, a college, a hospital and more.
As shared, Robinson’s is also making a development in the area. It wasn’t clear to me if it would be a mall or a residential development.
The agent explained to me the necessary details like that the original land owner was a doctor, that a commercial area would be developed right in front of the for-development subdivision, and that it would be better to have a lot just near the main entrance for views of the Pililla Windills on the mountains.
Right on the spot, I told him I changed my plan. Instead of getting the far corner lot, I would have the second lot from the corner right facing the main entrance and next to the amenities. I though about the potential business ventures right at the subdividion entrance.
Before the trip by the way, I already had the quotation. I would pay half of the down payment which was PHP35,000.00 and get a notarized Deed of Conditional Sale. The remaining half would be paid in installment for the next three months. I paid already the first of the three.
Since the total price was PHP350,000.00, i.e., PHP3,500 per square meter, the remaining after down would be paid for five (5) years or around PHP4,600.00 per month.
Now, I’m still kinda nervous thinking about five years of installment payment, although I can withdraw from the contract and have the total payment deducted by 30%. Five years is five years. That’s long though, but I will. I promise myself to make it through.
What excites me is that the development will start in two to three years, the same period that according to the contract, I can already do some light improvements with my lot. I am excited to see how big the 100-sqm lot is for my dream house. That’s 10 x 10 meters!
I just jump started with this new investment — real estate – and I still have more to learn about it.
I will make an updated post once I have an interesting and helpful thing to share about it, may it be positive or negative experience.