Guide to Property Buying for OFW
- Jerry Bitong
- Apr 28, 2020
- 3 min read
Updated: May 4, 2020
Every Filipinos ultimate goal is to have a property of their own. It is especially true among Overseas Filipino Workers who are working abroad to improve their families' quality of life. If you're an OFW and planning to buy your first property in the Philippines, don't be discouraged by the distance in between. You can still purchase your dream home even if your miles away. All you need to do is follow our guide below.
After spending years of working overseas and far a from your loved ones as an OFW, you deserve to have your own property in the Philippines – a house and lot where you can come home to. Sadly, lots of Overseas Filipino Workers are struggling through the entire property buying process.
The reason behind this is that OFWs have to go through a tedious process. They have several things to consider, requirements to meet, and had to go through some legal matters. What makes it more challenging is the fact that they're working hard overseas, making them unavailable to handle everything here.
Luckily, we are here to help and guide you on how to buy a property in the Philippines. If you’re on the same page just like the other OFW whos’ struggling to acquire a property in the country, then this article will be a great help to you. Here are some guidelines you need to know.
Determine your purpose
Figure out the purpose as to why you’re buying a property. Will it be residential for you and your family? Are you planning to rent it out to expats, office workers, tourists, or students? Do you plan to resell it in the future? It is best to identify the purpose of your purchase because it will narrow down your options. It will also help you decide the right location, accessibility, and amenities for your dream property.
Extensive research is a must
Before you invest in a property here in the Philippines, it's crucial to know the real estate situation in the country. You can easily do so with the help of today's technology and the Internet. Search and scan some property portals so you can compare prices and check interest rates. You'll also have the chance to ask professionals in the industry. You can also ask your friends living in the Philippines to recommend a reliable developer with a solid track record.
Ask a trusted immediate family member as your representative in the whole transaction
Usually, OFWs with a two-year work contract only have two months' average vacation time. That will not be enough since property acquisition is a long process and can take more time. The best thing to do is to have someone represent you in the whole process. The best candidate will be an immediate family member you can trust. Immediate family members can be appointed as attorney-in-act to sign necessary documents on your behalf. That will only be valid if you and your relative sign the Special Power of Attorney. For your attorney-in-act to be authorized to represent you and sign documents for the transaction, the signed SPA should first be notarized or consularized at the Philippine Consulate.
Prepare the necessary documents
Proper documentation is required to acquire a property. Make sure to prepare the following essential paperwork in order: • Special Power of Attorney (SPA) notarized or consularized • Photocopied IDs such as company IDs, government IDs, passport and other important identification IDs • Tax Identification Number (TIN) • Proof of remittance or income • POEA contract or certificate of employment
Figure out financing plans
If your financially capable of paying in full, then you can do so. But if not, there are plenty of payment options to choose from, such as a bank or in-house financing or housing loan through PAG-IBIG. Before you decide on which plan you would prefer, carefully weigh their pros and cons. If you want to pay via a home loan, discuss the loan application and requirement with your attorney-in-act.
Conduct property inspection
Before you take the key, talk with your attorney-in-act to have the property meticulously inspected. It would be better if your representative can bring an experienced inspector. This way, you can make sure everything is well in the property. Do this before you finalize the turnover.
Distance will never be a hindrance in acquiring your dream real estate investment. You can make it happen and start by talking with your family. The next step is to choose a trusted and reliable developer that will help you achieve the dream of having your own property in the Philippines.
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