As I said previously, we just bought some land on Samal Island. I am sure that some of you would be interested in the process that we followed, so let’s have a look!
The first step was that Feyma and I started spending a lot of time on Samal Island, and we loved it out there. It’s quiet and peaceful there, and we really value that. After going there quite a few times, we started noticing when we heard about land for sale out there, in the past when we heard about that, we just tuned it out, because we were not interested in buying any land. But, once we fell in love with Samal, it just seemed that we heard more and more about land for sale there. A good friend, Maej, was buying some property on Samal, and she put us in touch with her agent that she used to buy her land.
Next, Feyma contacted the real estate agent and introduced herself. She did not tell the lady that she was married to a foreigner. For monetary reasons, it’s best to leave that part out for as long as possible, because land prices tend to rise quickly when a foreigner is sniffing around! 🙂 Soon, Feyma and the Real Estate Agent got together and went to Samal to look at some different land there. Feyma made it clear that we were looking for either View property or Beachfront property, so those are the kind of places that they looked at. Late in the day, the Real Estate Agent asked Feyma if her husband was a foreigner, and Feyma confirmed it. The prices had already been quoted by that time anyway. Most people here can easily tell that Feyma spent a significant amount of time abroad, so they generally expect that she is married to a foreigner. It worked out OK, though.
Next, Feyma and I went to Samal on our own and looked at the places that she liked from her previous tour. In addition, we found other places for sale. Our favorite, though, was a property in Limao, which is sort of in the center of the island, near the west side. It had a beautiful view. A few days later, we got together with a friend of a friend. This fellow, Rolf, is Swiss, but he has lived on Samal Island for some 30 years already. As he told us, he knows property in Samal, and he cannot be fooled, so we had him show us around a bit. We also took him to the property that we were already falling in love with for his opinion. He liked it, and gave his stamp of approval on that land too.
So, we had pretty much decided on one area, but there were a lot of properties available in that one subdivision (yet to be developed). We had a map of the different lots, and tried to decide which would be best. We hired some people to clear one part of the land, because it was really overgrown with weeds and small bushes. After the land was cleared we had a better idea of where we wanted to buy. The clearing of the land was paid half by us, and half by the landowner. It cost us less than $20 for the job, so no big deal.
After all the work had been done, and we decided on the lots we wanted to buy, Feyma went and negotiated with the land owner, and they struck a deal. Of course, we checked to make sure that the land had a title available, and it did. A contract was drawn up, reviewed by the lawyer, and payment was made. We are purchasing with some terms, under which we put down a 20% downpayment, and we have 2 years to pay the remaining 80%. There is no interest as long as we make our monthly payments on time. That won’t be a problem, and we’ll probably just pay it all off a little early, when we are ready to start making some improvements to the land.
Keep following along, we will keep you up to date with the process of building the house, or any other adventures with the land!