How to Invest in Property While Abroad — A Guide for Overseas Workers
Global pandemics have greatly affected the lives of OFWs and migrant Filipinos. Many are left with no option but to extend their stay in the workplace. The mere thought of coming home to their loved ones after years of being alone drives them to continue working hard.
There is a lot to consider and learn when buying a house and lot in the Philippines. Here is a comprehensive guide that will help OFWs.
Set your standards and budget
Understanding your standards will help you determine the right location and structure for the home you want. You should also set your budget early since it determines what kind of property you might be able to afford.
You might want to read: What Factors Affect the Price of a House?
Do your research
You need to stay updated on the latest trends and news concerning real estate in the Philippines since you have been away. An online search about the best performing real estate developers in the Philippines will give you an idea of which developer to choose.
Check out: What Are The Challenges When Investing In Real Estate?
Prepare your documents
It is important that you do not let a long list of requirements prevent you from acquiring your dream home. Make sure you have the following documents ready; if not, you should begin processing them as soon as possible.
- Copy of Primary IDs such as Passport and Company ID
- Copy of Birth Certificate/ Marriage Certificate
- Proof of Income/ Remittance
- Certificate of Employment and Compensation
- Tax Identification Number
Talk to a trusted sales person
You should be cautious when dealing with real estate sellers as OFWs. You are buying a house and lot that are worth thousands of pesos, money that you have worked hard for over many years. Consider scheduling a video call with a Professional Sales Person or have a representative back home arrange a site visit so you can meet them in person and see the neighborhood you might live in.
Close the deal
Signing the papers won’t take too long. It’s okay to take your time to think things over with your family. However, property values increase monthly, so if you wait too long, the value of your dream house might already have risen.
Important Reminder: Always Communicate
Even after you have signed the deal, be sure to follow the progress of your property. A house and lot are not just a purchase, but also a good experience. Make sure to ask for updates about how your property is going. Emails or chats are also ideal because you can document what has been agreed upon by both parties. Whenever possible, write down what you have discussed over the phone and send it to them. While this may seem unnecessary, it can help you keep track of what you have chosen.
Visit Vistaland to know more about how you can invest in an affordable property.
Hope you learned something from this.
