In the Philippines, Overseas Filipino workers (OFWs) are honored as modern-day heroes. They merit the title of “Mga Bagong Bayani” due to their everlasting devotion, tenacity, and sacrifices made on behalf of their family. Their work in other nations has greatly decreased poverty and contributed significantly to the growth of our once-struggling finance industry.
Real Estate Properties Investment for OFWs
OFWs place a high importance on purchasing high-quality housing. Together with the rising number of OFW families, has led to healthy developer rivalry, which has made it possible for them to buy real estate like condos.
To fulfill market demand, properties have popped up everywhere in Metro Manila, even in the busiest areas. Nevertheless, if you are still employed overseas, purchasing all the necessary paperwork might be complex.
However, modern condo developers provide reasonably priced, completely furnished condos, sparing the condo owner to buy or move furnishings. The nation has the sixth biggest price growth in real estate, (Global Property Guide, 2014).
Yet. rising housing prices are not enough to stop potential investors from profiting from their condominium investments. Metro cities have properties with greater resale prices. Homebuyers who do not plan to remain for a while can rent it out or sell it for more money.
Buying a condo is something to think about if you are an OFW looking for real estate investment in the Philippines. It may be your dream house or ideal home, a great location with lovely amenities and a safe sanctuary you could enjoy after retirement.
A unit that is ready for occupancy enables the buyer to see the unit in person without taking the chance of investing in a home that the real estate developers of may decide not to complete. This is the reason why you should pick a developer with great reputation.
The reputation of large marketing organizations like Vista Land International is strong, especially among OFW investors looking to buy new house.
There are numerous things to consider when buying a condo unit, from selecting a location to locating the appropriate property and being approved for financing. More individuals opt to remain and use the slot the more appealing they make the condo units.
As an alternative, it can generate passive income by renting out condo units to tenants so the owner is freed from financial worries. Condominiums that generate money are comparable to the circumstance where many foreigners are seeking for accommodations with the right ambience
Real Estate Broker
Real estate agents who successfully complete extra educational requirements and obtain a state real estate broker license are known as real estate brokers. In contrast to agents, brokers are free to work alone, start their own business, and hire other agents.
Hiring a qualified broker is helps OFW to steer clear issues while purchasing condominium. Everyone do not want any mess when doing business close or getting condominium certificate and property title.
The agent will resolve legal issues on your behalf. A knowledgeable real estate broker will know the right questions to ask prior to closing even if you do not. They typically have to do with keeping to a timetable, funding, or the title to the property. Without an agent, dealing with last-minute issues might be difficult for OFW.
How to find the right condominium for you as an OFW?
Purchasing a real estate property has never been more challenging, but if you have everything you need and you are aware of all the steps to take, investing in and owning a condo will be much simpler for you. Below are OFW tips for buying condo:
1. Research, Research, Research!
Research is the first step in buying a condominium, especially if you are not physically present in the Philippines.
When signing document or make a property purchase, you should take into account three factors: the location, the style of house, and the area where the house and lot are situated.
Key locations affects OFW in investing in real estate companies. They search for houses in suburban regions like Metro Manila, Pampanga, Laguna, or Cavite if it is for their family members or property investment.
If it is for retirement, though, they might think about buying real estate in the Philippine provinces of Antipolo, Ilocos, Bataan, Iloilo, Dumaguete, and other provinces.
2. Choose Reputable Real Estate Developer
The majority of OFWs fall prey to real estate scams including double-selling, pre-selling, and bait-and-switch tactics.
It is essential to cooperate with a reputable and trusted real estate developer and agency to prevent this hardship. How?
a. See whether they have a website that appears in professional regulation commission.
b. Verify the developer’s legal paperwork carefully, including any licenses to sell or applications for licenses to sell that have been submitted to Housing and Land Use Regulation Board (HLURB).
c. Look at their past performance, including the number of finished and continuing projects, as well as the reputation of the developer or agency.
d. Discover the opinions—both favorable and negative—of their citizens.
e. Visit the Professional Regulation Commission’s license verification website at http://www.prc.gov.ph/ to check the real estate broker’s professional license, or get in touch with the broker or agent’s affiliated real estate developer.
3. Get an Attorney in Fact
Although it is best for the buyer to be there in person during the transaction, it does happen occasionally. For OFWs, this is typically the case.
In such cases, a Special Power of Attorney, or SPA, document will be provided by the brokers, agent, or developer, which the OFW or those who work abroad should sign. To allow the agent or Attorney-in-Fact to sign legal documents on their behalf, the same should be consularized.
4. Manage Legal Documents
Your designated Attorney-in-Fact or representative must now complete the paperwork required to complete the selling of the property.
The paperwork needed to buy real estate varies and is defined by the developer’s specifications, however it normally consists of the documents mentioned earlier.
Upon completion of the requirements, the representative or OFW can transmit them immediately to the developer, broker, or agent of real estate.
5. Know Your Financial Situation
After choosing a condo to purchase, be ready for the reservation fee, make the down payment, and figure out the monthly amortization.
There is a need to evaluate yourself honestly at this stage. Not all OFW jobs are permanent, so think about if you can afford to invest in the property in question.
Also, you should be prepared to develop a backup financial strategy in the event that you are unexpectedly unable to meet your obligations.
Know Your Options in Case You Cannot Pay on Time
Although it is best to make on-time amortization payments, there may be instances, particularly in emergency situations, where you will not be able to. This may occur as a result of a job loss or a personal situation that depletes your finances.
As payment delays typically result in additional fines, you should be able to understand what you can do during these periods.
Be sure to make it clear whether there are any payment grace periods and whether payment restructuring is an option to prevent foreclosure.
6. File for Housing Loan
The Attorney-in-Fact or the OFW’s agent may submit an application for a housing loan with a bank, Pag-IBIG, or SSS if the OFW is not able to complete the payment in cash.
7. Have Checking Account
The OFW should create and fund a bank account after everything is in position. This will be used to cover the monthly amortization
8. Be Ready for Monthly Expenses
Every property owner is required to pay real estate tax. The local government levies this tax depending on the market value of your property.
This is intended to pay for needs like fire and law enforcement services, water and sewer repairs or upgrades, and other basic services that affect your property.
Maintenance fees are monthly expenses necessary for maintaining the property. Depending on the features and facilities that your property has to offer, these costs may change.
If you are thinking about making a real estate investment with your hard-earned cash, you might want to think about purchasing a Vista Residences condominium.
The largest homebuilder in the nation, Vista Land & Lifescapes, Inc., offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that are ideally situated within inner-city areas, close to prestigious universities, and developed business districts.
Living in Vista Residences gives you access to three benefits: convenience (everything is essentially within walking distance of the property or is only a few minutes away); comfort (the project’s features and amenities are made to provide comfort at all times, making condo living a worthwhile investment); and security (there is 24/7 CCTV monitoring, making residents feel safe and secure inside the property).