Overseas Filipino Workers (OFWs), the nation’s modern-day heroes, impacted not only the life of their families but the Philippine economy as well. These people strive and endure all the hardships of working abroad with hopes of molding a better future for themselves and their families. Perhaps, the lack of employment opportunities and high standards for a worker in the Philippines pushes Filipinos to look for better offers abroad. Primarily, the main reason of choosing a career abroad is the lower standards of employment yet higher salary compared to the professional work here in the country. With this, having financial stability might be the ultimate goal for families in order to provide their daily necessities. Included in the basic needs of a family is having a home that will provide peace and comfort for each member. This might not only be a shelter for the members of the family but the biggest investment and symbol of hard work of the OFWs. If you are confused on what property to buy or the techniques on becoming a wise property buyer, here are some of the homebuying tips for OFWs.
Read Also: Affordable Housing Programs in the Philippines for OFWs
1. Deciding on the location
This is the top homebuying tips for OFWs as this is the most important consideration in buying a property. For any real estate investment, location dictates its long-term value. Purchasing a place near amenities like malls, schools, and different modes of transportation appraise the value of the property. You will be luckier if your chosen real estate is near central business districts as professionals will surely compete in renting your property if you decide to make it available for rental. However, if property rental is not your option and you want your real estate property to be your home, location is still important. Having easy access to different amenities gives comfort to your families as each does not have to worry of their needs like when supplies ran out, or the hassle of going to schools or workplaces. Basically, this should be the most considered homebuying tip for OFWs. Remember, you are in abroad and wish to give the most comfortable living condition for your family so why not focus on deciding the best location of your home?
2. Choosing the Real Estate Developer
Upon deciding on the location of your potential property investment, you might want to check and research on the reputable real estate developers in that area. One of the rising real estate developers in the Philippines is Bria Homes. It is a subsidiary of Golden Bria Holdings Inc. which is owned by Manny Villar. Here is a quick fact about Manny Villar. He is indisputably the biggest property developer in the Philippines as he owns one of the largest home building companies in our country, Vista Land & Lifescapes. This developer offers a wide range of properties from affordable house and lots to luxurious homes. The Villar Group does not only focus on developing homes as it starts to build its reputation to compete with the biggest mall operators and business tycoons in the Philippines. Surely, with this reputation, your property investment will not be put into waste as the Villar Group knows the needs of its potential investor and the importance of real estate ownership.
3. Budget and Financing
With the variety of property developers to choose from and locations becoming more accessible to different amenities, another important homebuying tip for OFWs is the budget. Primarily, you need to take note of this when budgeting for your potential real estate purchase:
- Reservation fees and down payment
- Mortgage Fees
- Real Property Tax
- Association Fees
- Property Insurance
By considering these expenses, you will have a rough estimate of the total cost you will be paying in the upcoming years or after settling your contract with the property developer, real estate broker or agent. However, you do not have to worry about completing the total cost of your property purchase. It is enough to save an adequate amount for the initial payments. For the remaining amount, there are different financing methods to choose from like Pag-IBIG Housing loan and bank financing. Availing a property through financing gives you an ample time to pay for the total cost of the house and lot through staggered payments with reasonable interest rates. Not only that, it also offers you the privilege of enjoying your new home while you are in the process of completing your payments.
4. Exploring and Deciding on Different Property Types
Condominiums, townhouses, and house and lots are the common types of residential properties to choose from. Each of this type has its own pros and cons. For condominiums, it might not be ideal for people who do not want to live on high places but the major advantage of availing a condominium is its ease of access to amenities like malls, schools, and workplaces. For townhouses or house and lots, most of these properties are located far from business districts. Perhaps, this property investment is perfect for resting spaces of a family or as a retirement house of an OFW. Though despite of the varying pros and cons of each property type, you will never go wrong with investing on real estate properties especially in the long run.
5. The Importance of a Real Estate Broker or Agents
If you do not want to transact directly with property developers or you are eyeing on purchasing a personal property of others, this might be a useful homebuying tip for OFWs. Real estate brokers and agents are well-trained in the field of selling properties. These professionals also know the legal matters to consider in buying any type of property. As an OFW and with the limited knowledge of buyers in purchasing their home, these individuals will help you prevent being fooled with the different fraud schemes. It might be costly to find and hire a broker or an agent but isn’t it costlier when your hard-earned money is put into waste because of a scam? Hiring a real estate broker or agent gives you a reasonable assurance and guidance on the legitimacy of your real estate purchase so why not consider having one?
You might check this to learn more about the perks of transacting with real estate agents.
6. Ultimate Homebuying Tip for OFWs: Be Wise
Even with proper knowledge from experts or reading articles online about your potential property investment, there is still a possibility that you will be entrapped by fraud schemes like the real value of the real estate or the long-term cost of maintaining such property. These five tips are just a guide on having a clear picture of your property purchase. After having a clear picture of your real estate purchase preferences, you must carefully decide whether to continue investing or finding another property of bigger value to suit your taste and the needs of your family. Remember that this is your hard-earned money and a big long-term investment. Being wise is important as there are considerations which online articles cannot resolve or even experts. Knowing your taste and the feel of the environment are the subjective aspects of purchasing a property. Having a wise mind gives you the skill of properly weighing the objective and subjective aspects of buying a real estate property. For real estate investment, it is not always important to lean on objective aspects like ease of access to amenities nor its value appreciation. Your property must give you peace and comfort because you never know if it will stay as a rental property or become your home in the future.
Check out Bria Homes for your affordable housing options that would be a great investment and retirement home.