OFWs buying property in the Philippines can face challenges that don’t exist for those who already live here. For starters, you can’t simply visit a condo, house or, in the case of pre-selling projects, showroom. And while technology has simplified some things, such as the search process, it is not perfect.
That means OFWs buying property in the Philippines need to be prepared. Especially when it comes to starting the process. With this in mind, here are five steps to purchasing real estate that can help get you on your way.
Watch: The Pros and Cons of Buying an RFO Condo Unit in the Philippines
5 steps OFWs buying property in the Philippines can follow
1) Set your budget and prepare finances
Before you even start looking, OFWs buying property should set their budget and get all finances in order. This isn’t to say you need to run through every possible calculation or be ready to handover a down payment immediately. However, having a general idea of what you can afford and how you’ll pay will save you time in the future.
2) Start your search
If you are living outside the Philippines, there are several websites where you can search for properties back home. For example, Dot Property Philippines—the very website you’re on—has the country’s best selection of real estate spanning the entire country. Our platform allows you to search based on your budget, location or any factor.
3) Pick the right seller
Several property developers and real estate agents now specialize in working with OFWs buying property in the Philippines. These sellers will understand common pain points others in your situation face and have the knowledge to help you avoid those problems. This shouldn’t be the only factor you consider when picking an agent or developer. Ultimately, you must select the one you’re most comfortable with.
4) Get your documents ready
Don’t procrastinate getting all the necessary paperwork ready. If you want to buy a property, you will need to have all of these documents:
- Signed and consularized Special Power of Attorney (SPA)
- Photocopy of important IDs (passport, driver’s licenses, etc.)
- Proof of billing of utility bills
- Proof of income
- Tax Identification Number (TIN)
- Certificate of employment
5) Prepare for what comes next
If you’re going to have family use your property, what comes after buying isn’t a concern for you. But if that isn’t the plan, someone will have to manage your units in order for it the generate rental income. Make sure you know who that is before taking ownership. Otherwise, you’ll be left scrambling to find someone to do it which costs you money.
Keep Reading: 4 things to know about Philippine property investment in 2022
