As an OFW, you deserve a place to call home. Unfortunately, purchasing a house and lot can be a difficult process for many people who work abroad. There are several requirements and legal matters to consider, and it’s often difficult to figure out all of these essentials when you’re working abroad.
To get the most out of your property ownership experience, it helps to know which factors to consider, the steps to take, and the options available for you.
Here are a few tips that may help OFWs like you make informed decisions.
1. Do Research.
Assess the Environment. Does the neighborhood where the development is located meet your needs? This is important if you’re buying a house and lot for your growing family.
Amenities and Common Areas. What are the amenities and common areas that are included in the price of a property? This especially applies to houses and lots in the Philippines which happen to be located within subdivisions.
Location & Accessibility Is the property accessible to transportation, schools, hospitals, malls,etc.? Even as an overseas worker, you still need to keep this in mind when you return at some point. Location can have a substantial effect on the price of a property for a house and lot.
When you are looking for a new home, it’s a good idea to get information from as many sources as possible. Talk with the developer or broker who is selling the property and find out what other homeowners and buyers have said about the development. If you know any OFWs who have moved into the area recently, ask them about their experiences there; this can give you valuable insight into how much your desired house and lot live up to their sales pitch.
2. Plan your finances.
Before you make your reservation, be sure that you can afford the down payment and monthly amortization as well as other fees associated with buying a house. Assess your finances, so that you don’t end up with more debt than you can handle.
Many OFW jobs are not permanent. It is a good idea to have a backup plan in case you lose your job, or if it stops paying as well as it did at first. Moreover, study the different housing loan options available to you. These include Home Development Mutual Fund/PAG-IBIG, bank financing, and In-house financing.
3. Appoint your Legal Representative
Since you will be out of the country most of the time, an OFW needs to appoint a dependable attorney-in-fact or legal representative. Most OFWs appoint their spouses or relatives, as their authorized representatives.
4. Submit all the Needed Requirements.
You need to fill out a few documents and provide multiple copies of specific requirements to be able to proceed with your purchase.
5. Open a Checking Account.
Post-dated checks will be your primary method of payment for your house and lot. Be prepared to open a checking account or convert your existing bank account.
So, before you start exploring your property options, consider the tips above. Chances are, you’ll find a piece of property that’s perfect for you.
If you are still on a hunt for your dream house and lot, consider working with Ciudades Development Corp. We have various projects that may be the property that you’re looking for.
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