Results of the latest Family Income Expenditure Survey (FIES) show that the average Filipino “middle class family” earns a monthly income of P36,934 or P443,208 per annum. On the other hand, the average annual expenditure of each family, at current prices, amounts to P176,000. Food expenditure eats up the biggest slice of the income pie followed by other equally important expense items, such as housing, furnishing, health and transportation, and communication.
In recent years, more Filipinos are encouraged to buy a property instead of renting due to low interest rates, affordable housing pay schemes, and abundance in supply of residential units. BFS, the mortgage servicer for a portfolio of 52,000 highly delinquent loan accounts from the NHMFC, makes owning a home a reality for regular middle-income Filipino families.
BFS properties are extremely affordable. BFS makes owning a home within reach for the average Filipino family especially since BFS pre-owned properties start from as low as P150,000 per unit – unlike most residential units in the market today which typically start in the millions of Pesos. Furthermore, big discounts await spot cash buyers, while attractive payment packages are available for those that opt to pay via installment.
Whereas renting feels like throwing money into an abyss every month, buying a home allows a person to “build equity”. “Equity” is the market value of a property less debt. As one pays off the loan to the house, the “home equity” appreciates. A person who decides to finally buy a BFS property has the opportunity to further build up “home equity” whether via renovation or by adding improvements to the property. Eventually, the homeowner can actually sell the home for more than its original purchase price.
Finally, BFS homes are located in “live” subdivisions with good property values. One can choose from over 2,000 properties located in developed subdivisions that have existing infrastructure and access to transportation, as well as commercial, educational, and religious institutions. These properties are in established communities and urban centers with organized homeowners’ associations. And because the properties are in good locations, they have potential for moderate to high capital appreciation. As a result, BFS property buyers benefit in the long run as home equity is preserved.
BFS pre-owned properties are a clear alternative for those who are currently renting but want to own a home for a great deal. The full listing of BFS pre-owned properties may be viewed at www.bfs.com.ph/property.
Full disclosure: BFS is an advertiser on this site. You may also access their pre-owned properties through our foreclosed properties database.
*- Offer prices subject to change without prior notice.
**- We do not make any representations of the properties that can be accessed through the links above. We encourage interested parties to make an ocular inspection of the properties – these are sold on an “As is, Where is” basis and the pictures may vary from the actual condition of the properties.