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Unit 3220, Mandaluyong (2026)

21/01/2019

How to buy Properties in the Philippines: A Guide for OFWs an Filipinos Abroad

How close are you to buying your own home? Most OFWs dream of going back home to the Philippines. A lot of times the process or the lack of understanding of the process involved in buying a property is the only hindrance from fulfilling this dream. It’s not money, it’s time. Do you really have to dedicate your entire precious vacation handling the process? Can you do it while abroad? How can you make sure that the person you entrust to represent you is not getting a runaround by the different agencies you need to secure forms for?

What is “consularization”? Who is the attorney-in fact? How much are the other expenses involved? These are the most asked questions when you plan to buy a property as an OFW. At some point, it feels dumbed down, but the assumption that you can tell a fake document from a real document is not fully helpful either.

Step-By-Step Procedure on Buying a Philippine Real Estate Property for OFWs/Filipinos Abroad

You will have a representative and he/she will be called attorney-in-fact will reserve the unit for you. He/ She will sign the forms (reservation form, special power of attorney and authorized representative form) as well as pay the reservation fee.
The property agent will then send you the Special Power of Attorney (SPA) for you to sign and consularize. This is the legal document authorizing your attorney-in-fact to act on your behalf.
Consularize/consularization- is a required process that authenticate the documents by the Philippine consulate. It usually costs 25 USD per document and varies from which country you’re working from. The documents will have a seal and a red ribbon over it. It’s non-refundable.

Once reserved, here are the requirements that you need to submit within 30 days:

1.The SPA (Consularized) – this must be authenticated by the Philippine consulate
2.Income Proof (3 months)
3.Proof of Billing (here in the Philippines)
4.TIN (for verification. If you don’t have a TIN # in the Philippines, the property specialist may do this for you)
5.CEC (Certificate of Employment and Compensation) – needs to be consularized as well
6.Employment Contract (should be in English) – must be with the seal of the employer as well as a signature of the authorized personnel (HR manager, etc…). Can be photocopied as long as it is certified as true and correct.
7.Post dated checks (PDCs) for the down payment. Requirement may change to some developers. If you don’t have a checking account yet, your attorney-in-fact may open one in his name. If you have a local savings account, you can request for a checking account thru your representative.
8.Photocopy or scanned copy of your passport and IDs
9.Your attorney-in-fact will apply for a housing loan with the bank (if bank financing), developer (if in-house financing), or Pag-IBIG (if Pag-IBIG financing).
10.Send back all the requirements on step 2 via courier to your agent/ property specialist.
11.The property specialist will then submit all the documents together with the PDC’s to the developer and that is all there is to it. All you need to do is fund the checking account and continue to pay the monthly amortization.
12.The steps above will vary depending on the terms of the developer and the bank.

When Buying Condominiums
A down payment of 10%-30% is usually required. Ownership of condominium units is evidenced by the Condominium Certificate of Title (CCT) but the transfer of title is usually not executed until the property is fully paid. Foreigners can only own up to 40% of a condominium project.
The Other Costs
Get your calculators ready for computing these on top of the actual price:

Real Estate Transaction Costs in the Philippines

Purchases from Individuals:

Philippines Capital Gains Tax – According to the Bureau of Internal Revenue, CGT is 6% of the actual sale price or the zonal value of the property, whichever is higher.
Philippines Documentary Stamp Tax – 1.5% of the actual sale price or the zonal value of the property, whichever is higher. It is paid depending on the agreement between the buyer and the seller but is usually paid by the former along with the Transfer Tax and Registration Fee.
Philippines Transfer Tax – It varies from 0.5% to 0.75% of actual sale price or the zonal value of the property, whichever is higher, depending on the location of the property.
Philippines Registration Fee – It is computed using the Registration Fee Table of the Register of Deeds and is based on the actual price of the property.

Purchases from Developers:

Philippines Capital Gains Tax – 10% of actual sale price. This value might be expressed as part of the sale price.
Philippines Documentary Stamp Tax – 1.5% of the actual sale price.
Philippines Transfer Tax – 0.5% of the actual sale price.
Philippines Registration Fee – 0.25% of the actual sale price.
It is always a good practice to inspect the land/property you’re going to buy. Inspect not only the physical location but also thru the Register of Deeds to ensure that everything about the property is in the right place and legally documented. Register of Deeds will help you verify the authenticity of the title and the legitimacy of the owners selling you the property.

Turnover Process
The turnover process is the most important to a new homeowner, because this is when the property finally changes hands. Because we know how important this is to you, we’d like to share some guidelines to make the transition smooth and satisfactory for both parties.

Completion of unit will commence upon issuance of Authority-To-Turnover (CLEARANCE) by Documentation
Completion date:
Thirty (30) days for single condominium unit
Forty-five (45) days for tandem condominium units
Approximately Nine (9) months for unit construction
Punch listing/inspection by the client will be scheduled after the completion date
Rectification of punch listed items will be done immediately but completion date may vary depending on the nature of the punch listed items
Client is responsible in settling all required fees & deposits prior to unit turnover
Homeowner Orientation of community house rules, policies & regulations is done during handover of unit
Handover kit and welcome gift is given to client upon acceptance of unit
Upgrade/improvements of the client’s unit will be allowed only after the acceptance of unit
Note that certain warranties may be voided by any unit material alteration

Sources:
FAQs from Philippineembassy-usa.org

20/01/2019

Saving for a Home Downpayment while Renting

Most, if not all, people dream of leaving the cycle of having to pay rent and owning their own home instead. The burdens of renting can get exhausting as it limits space and savings.

The only way one can purchase and move into a home is by beginning a savings plan for a downpayment while renting. There are several cost-effective strategies that could help one’s savings plan without burdening a person. Of course, this entails a shift in lifestyle. But the sacrifice should be worth it as the ultimate goal and motivation behind it is to inch closer to purchasing a home. It’s not impossible, as many people are “renting their way to their dream home” – which basically means renting for a limited period of time with the intention of saving enough to purchase a home.

The key to saving for a downpayment is knowing where to start and what to do. Thankfully, there are several ways to start saving that are simple and practical. It’s all a matter of sticking by them long-term to see its results.

Save more
The 50/30/20 principle dictates that 20% of a paycheck should go to savings, 50% to necessities, and 30% to discretionary items. Adjust percentages and allot an additional 5% to 10% to accelerate savings growth. Don’t jeopardize what’s needed for day-to-day expenses, but adjust the money apportioned for “wants.” Cut down costs wherever possible and redirect that money saved towards the savings plan.

Skip splurges
It feels good to splurge on items once in a while – some even do it as a form of relaxation! But when working on a home downpayment, splurging on items could greatly affect one’s savings, sometimes leaving them with even less money. When purchasing, try to look for the best quality at the most affordable price. Don’t buy items all at once as well. Instead, spend on a maximum of one to two items each month. Remember: some items can wait!

Eat out less
Dining out with friends, ordering takeout at night, and purchasing a fancy cup of coffee on a daily basis could drastically affect one’s finances. That doesn’t mean completely giving up dinner, drinks, or a night out with friends – it just means limiting them to a minimum.

Manage utilities
Unplugging appliances such as cellphone chargers, the television, and the microwave are especially important as they use lots of energy when they remained plugged.

The simplest way to cut down on utilities is to be wiser in using the air-conditioning system. Turn it on only when about to sleep and switch it off immediately once awake. Electronics that go into “standby” mode still draw electricity unless switched off.

Avoid debt
Good deals at little to no interest are absolutely tempting.

A credit card has its benefits, but unwise usage of it will greatly affect one’s savings. To avoid this, there must be a clear cut resolve to reduce spending through the simple swipe of a credit card. In fact, it would be better not to use it at all unless absolutely necessary. Look at the credit card as a mode of payment to help in urgent or emergency matters and not as a free pass to spend – and then spend some more. Avoid being in debt and having to automatically set aside money to pay it every month.

Source:
www.hoppler.com.ph

19/01/2019

Real Estate Details to Pay Attention to Before a Purchase

Are you considering purchasing a new house? This is certainly a major turning point for many people. However, a great number of population can only dream of it since it is financially very challenging. On the other hand, if you are seriously thinking about it, then there are some real estate details to pay attention to before a purchase. This article will strive towards enlightenment of these details. Hopefully you will find them useful. With the help of several pieces of advice, you will be able to handle the process of buying like a pro.

We suggest you take some time to read what we have listed below. There you will have an opportunity to have an insight into the most important things related to the purchase of real estate.

Know the range of your credit score
One of the most important real estate details to pay attention to before a purchase is to determine the creditworthiness. Before you take any further steps towards the purchase, you must be certain whether your score qualifies you to ask for a loan. In case of a good score, you can even save as much as tens of thousands. If you are not sure where you are standing regarding this matter, we suggest you request a copy of the credit report from the credit bureau. The list should give you some information such as belated payments. Make sure there are no errors in the record of your credit score.

Be aware of the fact how much you can afford
The rule of every shopping venture says that by any means, you should not spend more than you actually have. The same goes when thinking about buying a property. Therefore, you should not even be considering looking into properties that exceed your annual income more than two to three times. If you stick to this rule, it will help you not get into a trap of taking a mortgage commitment that is a lot larger than the one your budget can support. But here’s a thing. Once you lay eyes on a real estate, ask for an inquiry.
Another thing you should keep in mind is that once you set the deal for the purchase, you will be obliged to pay a monthly mortgage payment. In case you have more things to pay on monthly basis, make sure your installment is as low as possible so you wouldn’t have problems paying regularly.

Have some money left for additional work around the house
One more on the list of real estate details to pay attention to before a purchase is to think about all the additional work that potentially would need to be done. If a house needs any types of renovations or you simply would like to decorate it differently, then we suggest you put everything on paper and do the math. On the other hand, set priorities. See what is more important for you at this moment. If this renovation is not high on your list of priorities, then leave it for some better times. For instance, if you are relocating home to Japan, then you might want to adapt the style and some authentic details specific to the region. Perhaps this is the right time to plant that bonsai tree you have always wanted

Choose between location and space
If you have a limited budget, then this might be a tough decision. Refer to your priority list once again and proceed towards a more logical direction. If you are a first-time buyer what is more important to you – location or space? This decision could also depend on a reason you are purchasing this property in the first place. Is it because you are relocating there or for the reason of renting it? In the end all comes down to a budget. Just be aware that the more you are in the centre of happenings, the prices will only go higher. The proximity to schools, shopping areas, restaurants, etc. can truly affect the value of the property even if it’s not of the best quality.

Are you really ready for shopping for real estate?
This question usually strikes after you had bought a property. In some cases, it’s too late to reverse the process. Therefore, before truly committing to everything that such a great financial outlay brings with itself, think through! Consider every aspect and every detail. Take a realistic look on the overall situation and know what your obligations will be once you’ve signed that contract. Buying a property will not only include paying for mortgage, but also taxes, insurance, and other fees. So, ask yourself: are you truly ready for this?

Try negotiating the price
If by any chance you see the possibility to lower down the price, do it! One of the ways to do so is by inspecting the place and notice whether the building or the house have some flaws that might give you a perfect reason to get a better deal. Get some information from the professionals in this field, what are the most important things you should pay attention to before purchasing your property. The more cash you save, the more you will have for any additional things you have planned

Source:
www.hoppler.com.ph

18/01/2019

Sapphire Bloc, Sapphire Road Ortigas Avenue Pasig City.

Just in front of Marco Polo Hotel, Ortigas City.

If you want to know more, just shoot me a pm. Thanks.

18/01/2019

What Do Expat Home Buyers in the Philippines Need to Know?

With picture-perfect beaches, great climate, nature in the plentiful, and a low cost of living, it does not come as a surprise that the Philippines has become home to a significant number of expats. While buying a home in this country as a foreigner might not be as easy as it is in your home country, doing a little groundwork will hold you in good stead.

Can Expats Buy Property in the Philippines?

There are some restrictions when it comes to buying property in the Philippines as an expat. Legally, foreigners may purchase units in condominiums or apartment complexes, provided at least 60% of the block is locally owned. Buying land as a foreigner is not as straightforward, although you might be able in some scenarios.

-You’re a former Filipino citizen who now has foreign citizenship
-You buy land in the name of your Filipino spouse
-You’ve married a non-Filipino citizen but have retained your Filipino citizenship
-You enter into a long-term lease of up to 50 years
-You are a co-owner of corporation registered in the Philippines
-If you plan to purchase land through your spouse or a corporation, the maximum you may purchase limits to 1,000 square meters of urban land or 10,000 square meters of rural land.

The Country’s Property Market
Property prices in the Philippines witnessed a downward swing in 2008 and 2009, but the market has largely revived since then. From the first quarter of 2015 to 2016, prices of condominium units increased by almost 13%. However, the high-end condo market around Manila hasn’t been doing particularly well in recent times.

You might want to consider purchasing a home in an area that already has a sizeable expat population. Some of your options include Metro Manila that comprises of Makati, Quezon, Parañaque, and Taguig, as well as Angeles City, the Subic Freeport Zone, Laguna, Clark, and Cebu.

Getting a Home Loan in the Philippines

Not all banks in the Philippines provide home loans to foreigners. Your eligibility for a mortgage also depends on the kind of visa you have and your financial stability. Metrobank and BDO Unibank are examples of banks that provide home mortgages for expats, although you will have to meet their stringent eligibility criteria. If the bank you bank with in your home country has a presence in the Philippines, you might consider approaching it for a loan.

Professional Help
Property consultants and real estate agents can help guide you through the entire process, given that they know how local regulations work. Besides, they might also be able to show you properties that have not been listed online. Hiring a local lawyer can help you address aspects such as verifying the property’s title, registering the property in your name, and carrying out all the required paperwork.

Costs

Most of the fees involved in buying a property in the Philippines are borne by the seller. The costs you will need to cover include:

-Registration fees: 1%
-Notary fees: 1% to 2%
-Local transfer tax: 0.75%
-Real estate agent fees: 3% to 5%
-When you sell the property, you will need to pay a capital gains tax of around 6%.

Making Payments
If you end up getting a loan from a bank in the Philippines, you’ll still need to make a down payment of around 10% to 30% of the home’s cost. If you’re outside of the Philippines, you may transfer the money using the services of your bank. However, since most banks tend to offer less than favorable deals, you might be better off turning to specialist overseas money transfer companies such as TransferWise or OFX.

Conclusion

Property prices in the Philippines, like in every other country, vary depending on several factors such as location, condition, size, and features. After you identify a suitable area, consider working with a professional who can provide the right kind of assistance. Make a shortlist, compare your options well, and, most importantly, do not rush into making a purchase.

Source;
www.hoppler.com.ph

17/01/2019

Pursuing Your Home Goals with Action This Year

Many view the dawning of a brand new year as an opportunity to start afresh, make resolutions, and establish new goals. It has been said that goals need to be SMART; that is, specific, measurable, achievable, realistic, and timely. It can get difficult, however, to pursue these goals throughout the year without the right mindset and the resolve to press on when problems arise.

Setting goals is much easier than fulfilling them, but it would be easier to keep going when goals are pursued with excitement and expectation. Instead of viewing it as an inconvenience to save up on a consistent basis or live a more active lifestyle or to learn a new skill, see it as an open door for self-improvement. This removes the pressure of the end goal and replaces it with an openness towards the process.

For both short-term and long-term goals, it’s important to have accountability – be it with a close friend, a family member, or a spouse. However, be careful not to fall into the trap of comparing your progress with others, most especially if your goals are the same or closely related to those of your accountability partner.

Most importantly, don’t just leave the goal as just a goal; tie the goal with action. This is not only an indication of how serious you are about reaching your goals but also with your determination despite how big the dream may be.
It may take a while, but with the right strategies, this could be the year you inch closer to fulfilling your goals.

This could be the year you start a savings plan for your dream home.
Whether or not you’ve decided if you want to build a home or purchase a home, fulfilling a dream of having your own place begins with an investment. Saving for your home begins with knowing how much you need to save, but it should also be accompanied by your capacity to save at this time while still affording your needs from day to day. Everyone can invest, but the wisest starting point is determining the time frame of this investment. Allocate an amount of your savings each month to go to this investment, based on the time frame.

This could be the year you buy your dream home.
Maybe you already have enough to make a down payment – and that’s great! It’s easy to get excited, but before finally purchasing your dream home, there are other things to consider before knowing if you’re really ready to live on your own. Be prepared not only to buy the house but to move into it as well. There are more expenses to be made and more work on that house. Ask yourself your motive for buying a home. Are you really ready to settle down? Or are you buying a house just because you can?

This could be the year you transform your house into your dream home.
The priority of renovation should be to meet your needs, while improving your home’s living conditions. Renovations require meticulous planning and entail tons of work, and it’s easy to fall into the trap of over renovating. The process of renovation begins with figuring out your finances first and getting multiple opinions from a variety of contractors.

At the end of the day, perseverance is key in whatever you aspire to achieve this year. Pursuing goals must always be accompanied by strategic action, and by doing so, these goals will become reality sooner than you know.

Source:
www.hoppler.com.ph

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