If you’re planning to enter Cebu’s real estate market with low capital, consider buying a foreclosed property. Although it comes with risks and hard work, the below-market price and potential earnings can make the purchase worthwhile.
Buying a foreclosed property is one of the low-cost ways to enter Cebu’s real estate market. This purchase doesn’t come without risks and hard work, but you can expect great returns when choosing the right property.
Foreclosed properties in Cebu are prominent mainly because of their affordability. These options have below-the-market prices since they were previously occupied by owners who couldn’t keep up with payments. Foreclosed properties for sale in Cebu are on the market “as is.” That means that interested buyers shall purchase these properties regardless of their existing physical and legal conditions. The trick then, to find the best one, is to do all the necessary inspections.
Cebu province is a hotspot for natural wonders in the form of majestic landscapes, relaxing falls, and tropical islands. Some of the Mother Nature’s best hits you’ll find around the area include:
Meanwhile, in the main urban center of Cebu, also called Metro Cebu, a range of modern facilities await. A large concentration of shopping destinations is in Cebu City. The most popular ones are Ayala Center Cebu, SM City Cebu, Gaisano Country Mall, and Robinsons Galleria Cebu.
Metro Cebu is also the location of top-rated universities, hospitals, and business parks, making it a desirable home for students, young professionals, and starting families. The province’s main international airport is also within Metro Cebu, the Mactan-Cebu International Airport in Lapu-Lapu City.
The starting price for a foreclosed property in Cebu is P580,000. Options worth less than P2 million are usually vacant residential lots, townhouses, and condo units. Agricultural lot plots have higher prices, reaching up to P37.8 million.
Prices for foreclosed properties for sale in Cebu usually depend on their type. Foreclosed residential lots, for example, are among the most affordable, with a starting price of P580,000. There are also residential lots with existing structures costing around P1 million to over P10 million. These options are aplenty in the area of Tisa in Cebu City. Also in the area are foreclosed condo units, with prices starting at P2 million. Unit price can reach over P6 million if the floor area is more than 80 square meters and if located within a business district.
For agricultural or industrial-type foreclosed lots, expect the price to reach P37.8 million. The most high-priced lots are vast agricultural lot plots measuring around 18.9 hectares.
In the urban center of Cebu, foreclosed properties are ideal for starting families and young professionals who want to enjoy living a dynamic, convenient lifestyle minus the high cost.
More savings await you upon choosing the right foreclosed property. So at the core of your search, it’s essential to reflect on your goals before making the purchase. Consider getting a foreclosed house and lot or a condo unit in Cebu City for residential purposes since the area has virtually everything you need.
Meanwhile, foreclosed properties outside Metro Cebu are ideal for those seeking vacation homes for personal and rental use. Vacant lots are best for fully customized houses, and they may require fewer inspections compared to properties with existing structures.
For an income source, consider fixing and flipping a foreclosed property in Cebu. You can also build your vacation home on a foreclosed lot and lease it out when not in use.
Aside from renting out a vacation home, Cebu is a place for other exciting real estate investments. For instance, a vast agricultural lot in the province is suitable for a farming business or an agri-tourism destination. There are also foreclosed houses and lots in Cebu apt for the fix-and-flip strategy. This means purchasing the properties to upgrade and resell them for a profit.
Yes. Foreclosed commercial properties in Cebu City may cost over P10 million.
There are foreclosed residential lots in Cebu City below P2.5 million. The most affordable ones cost around P780,000 to P930,000.
For residential lots, sizes range from 58 to 675 square meters. If agricultural or industrial, the land size often goes above 1,000 square meters.