Is a 80 sq.m lot with an unfurnished 2-story 3 br / 2 ba home in Carmona, Cavite, Philippines worth PhP1.1M?

I'm planning to buy a home in Carmona, Cavite, Philippines that's 80 sq.m that has an unfurnished 2 story home. It's on a property that's being developed by Carmona Estates. But I'm not sure if PhP1.1M would be worth the investment.

errr.... heheheh!!!

Be careful what you're investing in. The purchase price of the home may be P1,100,000 (or $27,500 at P40 exchange rate per $) but you should also inquire the price of the lot itself including other hidden fees.

Without buying the foundation, the true owner of the lot can choose to demolish your home because it's on their property. If Carmona Estates does not offer an opportunity for you to purchase the lot but reserves your option to lease the lot instead, you may need to hire a lawyer to research and inspect the validity, legality, and duration of their leasing contract to avoid any hidden unlawful or unreasonable agreements.

If you choose to purchase the lot, inquire and visit the website for the Bureau of Internal Revenue (BIR) of the Philippines. You'll need to determine how much additional tax you will need to pay per square meter if you purchase the lot. The lot or foundation the house sits on can cost an additional million pesos or more.

Also, be prepared to pay additional lawyer/attorney service fees and other hidden costs necessary to close the deal.

Most importantly, do not buy property you have not seen with your own eyes and has not yet been completely developed. Some people have been tricked into buying property that looks good in graphics, pictures, or animations, but never really existed in reality.

If you're looking to invest. Consider shopping around for a good location and buying an open lot. Then look into planning and building a 2-story home that fits your needs. You can decide the style and stability of the structure that can save you more money from development and for the long run.

Hope this helps!