What Are The Steps To Buying A House Or Condo In Cebu?

Buying a house or condo in Cebu? Exciting, pero medyo stressful pud, di ba? Chill lang! Prestiq makes it easy with a clear, step-by-step guide—from budgeting, choosing the perfect home, to handling loans and paperwork without headaches. Get the clarity, stability, and peace of mind you deserve. Ready na? Tara, let’s dive in!

Thinking about buying a home in Cebu?

Excited na ka? Syempre! (Are you excited? Of course!)

That’s a huge move — Congrats daan! (Congratulations in advance!)

Whether this is your first time or a long-awaited upgrade, you’re not just buying property — you’re investing in your future.

Para sa imong pamilya. Para sa imong kaugalingon. Para sa peace of mind. (For your family. For yourself. For your peace of mind.)

Pero honestly, medyo kuyaw pud siya dala kulba, uy! (But honestly, it’s kind of scary and nerve-wracking too!)

Pero unsaon man ni? (So how do you go about this?)

Basin excited ka pero naglibog pud—asa ko magsugod? Unsa akong kinahanglan? Unsaon paglikay sa scam? (You might be excited but also confused — where do I start? What do I need? How do I avoid getting scammed?

Normal ra gyud na. (That’s completely normal.)

This process can feel overwhelming, especially kung OFW ka or first-time buyer. (if you’re an OFW or a first-time buyer.)

Pero ayaw kabalaka — We are here to walk you through it, step-by-step. (But don’t worry — we’re here to help you through it step-by-step.)

Amoa ning gi-simplify tanan. (We’ve simplified everything.)

From budgeting to site visits, loan approvals to turnover — klaro, safe, ug walay libog. (clear, safe, and hassle-free.)

Kay dili lang ni balay imong gipalit. (Because you’re not just buying a house.)

You’re buying clarity. Stability. Confidence.

Ready? Tara. (Ready? Let’s go.)

We’ll guide you through every stage.

Pre-Purchase Stage

Clarifying Your Budget and Financing Options

We all get excited about the big balcony or the corner lot, but let’s ground it first.

How much should I prepare for the downpayment? Usually, mga 10-20% sa total price (around 10–20% of the total price).

Kung ang balay ₱3 million, expect ₱300,000-₱600,000 nga ready cash (If the house is ₱3 million, expect to prepare ₱300,000–₱600,000 in ready cash).

Pero (But)—and this surprises a lot of people—you don’t always need to shell that out in one go.

Especially for pre-selling projects, developers usually let you pay the equity (that 10–20%) in installments over 12 to 36 months.

That means instead of dropping half a million right away, you could be paying something like ₱15,000–₱25,000 per month, depending on the project.

Murag lay-away plan, but for your future home (It’s like a lay-away plan, but this one leads to your future home).

This makes the property more reachable. Mas hayahay sa bulsa (Easier on the wallet). And you get time to prepare for bank financing later on.

Of course, the more you put down upfront, the smaller your loan — and that means smaller monthly payments when you move in.

Less utang, less stress. Peace of mind gyud (Less debt, less stress. Real peace of mind).

Spot cash, in-house, or bank financing? Kung gusto nimog dakong savings ug kaya ra sa kapasidad sa imong bulsa, spot cash ang mas maayo (Spot cash, in-house, or bank financing? If you want big savings and it fits your budget, spot cash is the better option).

Pero kasagaran sa akong clients, bank financing gyud—low interest ug predictable ang payments(But most of my clients go with bank financing—low interest and predictable payments).

In-house? Okay siya kung dali ra imong gusto, pero mas mahal ang interest (In-house? It works if you want a fast transaction, but the interest is higher).

Typical bank loan requirements (Local vs OFW)? Local ka? Payslip, employment cert, IDs. OFW ka? Special Power of Attorney (SPA), kontrata sa trabaho, remittance slips.
(Typical bank loan requirements—local vs OFW? If you’re local: payslip, employment certificate, IDs. If you’re an OFW: SPA, work contract, remittance slips.)

Medyo hassle pero dali ra ni ma-comply. Naa ra pud mi para motabang (It may feel like a hassle, but it’s manageable—and we’re here to help you every step of the way).

Can foreigners own real estate in Cebu? Sa condos ra gyud pwede. Pero kung house and lot imong gusto, kinahanglan naa ka’y Pinoy nga mo-handle sa title or corporation ang gamiton. (Can foreigners own real estate in Cebu? They’re only allowed to buy condos. But if it’s a house and lot you want, the title has to be under a Filipino’s name or through a corporation.)

Getting Prequalified or Preapproved for a Housing Loan

Prequalification murag window shopping (Prequalification is like window shopping)—it’s a rough estimate of how much you might be able to borrow based on basic info you give the bank—no documents, no commitments yet.

Preapproval, mas hayag-hayag (Preapproval is much clearer and more solid).
Dala naka og cash ready (It’s like walking in with cash on hand).

You’ve submitted documents, and the bank has officially reviewed your finances. Mas confident ka ug dali ma-approve sa sellers (You feel more confident and sellers are more likely to approve your offer quickly).

Best banks for housing loans? BDO, Metrobank, BPI, Security Bank—mao ni akong highly recommended (these are my top recommendations). Easy ka-deal ug dali maka-approve (They’re easy to deal with and have quick approval times).

Documents needed for OFWs or retirees? OFWs: SPA, employment papers, remittance (OFWs need a Special Power of Attorney, job documents, and proof of remittance). Retirees: Proof of pension, savings statement (Retirees need documents showing pension and savings). Dili kaayo lisod kung andam lang daan (It’s not too difficult as long as you prepare in advance).

Choosing the Right Property Type and Location

Condo or house and lot? Ganahan kag convenience ug less maintenance? Condo. Ganahan kag dako nga lugar para pamilya? House and lot. Depende sa imong lifestyle ug plano sa kinabuhi. (Do you prefer convenience and less maintenance? Then a condo might be for you. Want a bigger space for your family? Go for a house and lot. It really depends on your lifestyle and future plans.)

Best areas in Cebu? Families—Banilad, Talamban, Talisay. Investors—Cebu IT Park, Cebu Business Park. Retirees—Mactan Island, south Cebu nga duol dagat. Safe, comfortable ug convenient. (For families: Banilad, Talamban, and Talisay are great choices. For investors: Cebu IT Park and Cebu Business Park are top spots. Retirees usually love Mactan Island or the southern part of Cebu near the sea. These areas are safe, comfortable, and convenient.)

Pre-selling vs ready-for-occupancy units? Pre-selling—affordable ug dako ang appreciation, pero mas dugay ka huwat. Ready units—instant move-in pero mas mahal. Ang pangutana, unsa ka ka-willing maghulat? (Pre-selling units are more affordable and tend to appreciate in value, but you’ll need to wait. Ready-for-occupancy units let you move in right away, but they cost more. So ask yourself—how long are you willing to wait?)

Property Search and Selection

Working with a Licensed Real Estate Professional

Why PRC-licensed agents matter? Avoid scams gyud. Licensed agents ensure nga smooth imong transaction—klaro ug legal tanan. (Why is it important to work with PRC-licensed agents? To avoid scams. Licensed agents make sure your transaction is smooth—everything is clear and legal.)

What agents help you with? Tanan—site visits, loans, papeles. Maka-relax ka kay sila mo-handle. (What do agents help you with? Everything—from site visits, loan coordination, to paperwork. You can relax because they’ll handle the process for you.)

Shortlisting and Viewing Properties

Tips for online property search? Virtual tours, video calls—mao ni imong best friend kung abroad ka. Pero mas maayo gyud kung naa’y trusted representative diri sa Cebu. (Searching online? Virtual tours and video calls are your best tools, especially if you’re abroad. But it’s still better if you have someone you trust here in Cebu.)

Things to look out for during visits? Unit condition, accessibility, dalan, amenities—dili lang pictures. Klaroha gyud unsay imong makuha. (What should you check during site visits? Look at the actual condition of the unit, accessibility, roads, and amenities—not just the pictures. Make sure you’re clear on what you’re really getting.)

Evaluating Developers or Sellers

Buying from developers? DHSUD license, previous projects, ug client reviews—double check gyud. (Buying from developers? Always check their HLURB license, past projects, and client reviews—double check everything.)

Resale or brokered properties? Verify clean title, owner identity ug condition sa balay. Ayaw gyud pasagad—inspection gyud importante. (Buying a resale or brokered property? Make sure the title is clean, the seller is legit, and the home is in good condition. Don’t rush—inspection is very important.)

Reservation and Documentation

Reservation Process

Typical reservation fee? Usually ₱20,000–₱100,000. Non-refundable kasagaran, so hinay-hinay lang pagdesisyon. (Typical reservation fees range from ₱20,000 to ₱100,000. They’re usually non-refundable, so take your time before making a decision.)

Documents needed? IDs, proof of income, signed forms—basic requirements ra gyud ni.
(Documents needed? Just the basics—IDs, proof of income, and signed forms.)

Contract to Sell (CTS)

What to check? Price, penalties, turnover date, payment terms. Basaha gyud tarong aron walay mahay. (What should you check? Price, penalties, turnover date, and payment terms. Read it carefully so you won’t regret anything later.)

Downpayment and Payment Terms

Spot cash, deferred, installment? Spot cash—makabarato. Deferred—hinay-hinay lang bayad pero no interest. Installment—monthly payments nga manageable.(Spot cash, deferred, or installment? Spot cash gives you discounts. Deferred means gradual payments with no interest. Installment lets you pay monthly in amounts you can manage.)

Financing and Loan Process

Housing Loan Application

Steps for bank financing? Apply → Appraisal → Approval → Release. Usually 2–3 months tanan, gamay nga patience needed pero worth it gyud. (Steps for bank financing? Apply → Appraisal → Approval → Release. The whole process usually takes 2 to 3 months. You’ll need a bit of patience, but it’s definitely worth it.)

Turnover and Title Transfer

Turnover and Unit Inspection

Turnover day? Receive keys, inspect unit. List repairs kung naa. Ayaw kaulaw mo-request kay imo ning balay. (Turnover day? You receive the keys and inspect the unit. List down any needed repairs. Don’t be shy to ask for fixes—it’s your home, after all.)

Title Transfer and Taxes

Timeline for title transfer? Usually 2–4 months. Buyer mo-cover sa transfer tax, documentary stamps. Seller usually ang capital gains tax. Pero naa pud uban mag sabot-sabot lang (How long does title transfer take? Usually 2 to 4 months. The buyer covers the transfer tax and documentary stamps. The seller typically pays the capital gains tax.)

Post-Purchase Considerations

Move-in Preparation and Furnishing

Condo renovation rules? Usually strict, klaroha una. (Renovation rules in condos? They’re usually strict, so make sure you clarify everything first.)

Utilities? Dali ra gyud—electricity, water, internet connections, apply lang early. (Utilities? It’s pretty easy—just apply early for electricity, water, and internet connections.)

Homeownership Responsibilities

Monthly dues and taxes? Yes, expect condo/subdivision dues, property tax, insurance. Ma-manage ra kung andam ka. (Monthly dues and taxes? Yes, expect payments like condo or subdivision dues, property taxes, and insurance. It’s manageable if you’re prepared.)

Renting Out or Reselling Later

Renting on Airbnb or leasing? Allowed usually, pero permission needed.
(Planning to rent out on Airbnb or for long-term lease? It’s usually allowed, but you’ll need permission from the admin or association.)

Documents for resale? Title, tax clearance, contracts—organized ra dapat. (Selling the property later? You’ll need the title, tax clearance, and contracts—all should be organized.)

Wrapping It Up — Take Your Time, No Pressure

Buying a house or condo in Cebu? Big decision gyud. (It really is a big decision.)

It’s not just about payments or paperwork—it’s about finding a place where you’ll feel secure, stable, and at peace.

Yes, there are steps. Yes, it can feel like daghan kaayong buhaton (so many things to do). But trust me—it doesn’t have to be complicated.

Take one step at a time, at your own pace.

While you’re still exploring, feel free to check out the listings on our website.

Use our Prestiq loan calculator to get an idea of what’s comfortable for your budget.

And if you want to get a better feel for some of the homes, we’ve uploaded property tour videos you can watch anytime—whether naa ka sa Cebu or abroad (whether you’re in Cebu or overseas).

And if ever you feel ready—bisan gamay ra nga readiness (even just a little bit ready)—you can fill out the buyer form on our site. No pressure, ha.

We’ll simply reach out, have a quick conversation, and help you figure out what fits best for you.

Tara, storya ta. (Let’s talk.)

Explore first. Ask questions. Take your time.

We’re just here when you need us.