The global pandemic greatly affected the lives of OFWs and migrant Filipinos. Many are left with no choice but to extend their stay in the workplace. The mere thought of coming home to their loved ones after years of being alone is a driving force for them to work hard. For OFWs, the idea of buying a house and lot in the Philippines starts as a recurring thought that later transpires to be their life-long goal.
It is a lot easier when OFWs have a guide to know the important steps and considerations to take.
Here is a comprehensive guide on buying a house and lot in the Philippines.
Investment Ideas for OFW: How to Buy a House in the Philippines?
Set your standards and budget
What are your wants and needs for a house? Do you prefer a single firewall unit or a townhouse unit? Do you prefer a pre-selling unit or a ready for occupancy unit? How much of your monthly income can you set aside to save up for a house?
Recognizing your standards will help you narrow down options and identify the right location and house structure your dream property should have.
It is also important to set your budget early on because this will determine what kind of property you could buy. Tip: Take 30% of your monthly income and work around that as your monthly amortization budget for a house and lot.
Do your research
Since you have been away from the Philippines, it is important to stay updated with the current market trends and news in Philippine real estate. A simple search online about the top-performing real estate developers in the Philippines will give you an idea of which developer is worth investing.
Check it out: The 5 Most Informative Property Listing for OFWs
Prepare your documents
Do not let the long list of requirements get in the way of acquiring your dream home. Ensure that you have the following documents ready; if not, it is best if you start processing these documents right away.
- Photocopy of primary IDs such as passport and company ID
- Photocopy of Marriage Certificate/Birth Certificate
- Proof of income/remittance
- Original Certificate of Employment & Compensation
- TIN (Tax Identification Number)
Talk to a trusted salesperson
As OFWs, you should always be cautious about your transactions with real estate sellers. Remember that you are buying a house and lot worth thousands of pesos-money that you have worked hard for in several years. Set a video call with them or have a representative back home schedule a site viewing on your behalf. This way, you can see who you are talking to and the community you might potentially live in.
Close the deal
Do not wait too long before signing the papers. It is okay to take your time and discuss your options with your family. However, real estate properties are known to appreciate every month. By waiting too long, your dream property might have already increased in value.
Important Reminder: Always Communicate
Stay involved with the process even after you have signed the deal. Remember that a house and lot is not just what you paid for, but also a good customer service. Make sure that you are updated with the progress of your property. It is also best if your transactions are kept through emails or chats so that both of you have documentation of what you have agreed. If most of your conversations are done over the phone, write down what you have discussed and send it to them. It may seem unnecessary but this can help you keep track of what you have settled on.
Too much information? That is completely fine. Talk to a trusted real estate broker or better yet, a direct sales marketing staff. Get started with Vista Land International Marketing Inc. (VIMI), Vista Land’s international marketing arm, a group of trusted salespersons dedicated to provide house and lot to OFWs. With Vista Land’s wide array of real estate projects ranging from affordable to luxury properties, VIMI can provide OFWs and migrant Filipinos their dream home according to their standard and budget.
By Jedd Dumadaug