10 Tips in Choosing a Residential Lot for Sale - M

You realize you don't mind waiting and you want to have your dream house built i.e. the right number of rooms, the right number of slots for cars also also all the nice to haves =) So you have settled on getting a vacant lot to meet your needs.

Here are a couple of items to take into consideration when reviewing options for vacant lots.

1. Location - As always location is a prime factor in deciding where your dream house will be built. Take into consideration the different things that you are able to access given a location be it a school, church, supermarket, entertainment, hospitals etc. Or you might be the type who needs to be far away. Use google earth or get a vicinity map.

2. Shape - It's easier to develop and maximize use of a regular shape lot i.e. rectangular or square. Though there are ways to still maximize an irregular shaped lot as well leave it to the architects.

3. Facing direction - There is no house yet but you may want to take into consideration which side of the lot has the gentle morning sun and which side has the hot afternoon sun.

4. Lot type - For those who enjoy more frontage on the street for parking or what not, get a corner lot. For those that value quiet get a regular lot.

5. Topography of location - Lots in a given subdivision may have different elevations. If an area is prone to flooding then the lots at the lower elevation will tend to flood.

6. Perimeter - Lots are the perimeter of the subdivision tend to have easy access to entering and exiting the subdivision. The trade off here is the noise due to the outside activities as well security.

7. Creek/Waterways - As with any subdivision there maybe creeks or waterways that snake through. These tend to have a distasteful smell as well as a breeding ground for insects. As such people tend to build a high wall to shield the property off from these ill effects.

8. T junction - This is what people in the Philippines call "tumbok". Properties at the T junction naturally witness more traffic, activity and noise since cars and people pass through.

9. Price - Lots are easy to check on prices if there are other lots for sale or lots with very very old houses past its economic life, these comparables should give you an idea of the typical asking price of vacant properties. If still unsure do ask an appraiser to appraise the property.

10. Amenities - as with any subdivision there maybe great amenities at your disposal so being close to these has its trade offs from noise, accessibility, security, safety.

11. Citizenship - please note if you are a foreigner, the only way to own land is to marry a Filipino and buy land, or if you create a corporation and you maintain foreign ownership of the corporation at most 40% cause the rest has to be at least 60% Filipino owned . If you want to maintain full ownership suggest to buy a condominium instead. Condominiums maintain 60% ownership by Filipinos as well , but as long as this rule is not broken, foreigners are free to purchase units that comprise the remaining 40% ownership.

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