12/01/2023
OFW Quick Guide: 3 Golden Rules For OFWโs Acquiring a Property
๏ฟผWhen it comes to buying real estate as an OFW, you hear the same conversations repeatedly on how complicated it is. Most leave the transaction to family members to save them the hassle. They also avoid the nitty-gritty in hopes of making everything quicker. And they certainly skip essential aspects of the process to get it over and done with.
But if youโre an OFW reading this, follow along.
Why?
Because buying real estate is more than buy and sell transactions. Itโs a long-term commitment and obligation attached to your name wherever the country youโre in. Here are three golden rules for acquiring a property when youโre overseas.
1. Be clear with your purpose
If you have the money for it, itโs easy to say yes and purchase a property without thinking ahead. Before you start the hunt, be clear with your purpose so you can narrow down your options based on your priorities. If youโre working abroad and you plan to go back to the Philippines in the future, you need to calculate your timeline so youโll know what kind of property to purchase. If itโs for retirement, make sure youโre certain of your plans and how youโll be able to maintain a property in the long run. If itโs for investment purposes or rental income, you should consider several factors such as logistics and its accessibility to the people who will manage it for you.
2. Research and Verify
Physical Inspection: The biggest challenge for buying a property from overseas is physical inspection. But it wonโt hurt to make the most of technology by checking the property via online geo maps, street views, or photos. This gives you a general idea of the vicinity or even the topography of the land youโre purchasing. If itโs a condominium unit, you can request a virtual tour from your salesperson so you can see the actual unit or building. Doing intensive research on a developerโs track record is useful whether youโre buying a pre-selling or RFO.
Documents: If youโre buying land, it is also smart to ensure that all the documents presented to you are authentic and legitimate. You can do this by verifying the titles and owners of the property from the Registry of Deeds. Other important details you need to check or tick off on your list are arrears, back taxes, liens and encumbrances, and a land survey by a Geodetic engineer.
3. Partner with the experts
For OFWs, entrusting the buying process to a trusted family member or relative is the most practical and secure way to do things. But what you donโt realize is that family or not, the risk of getting duped is still the same if youโre not an expert in the field. Working with a licensed real estate broker not only saves you from the tedious legwork but can also protect and safeguard you from fraud. Since a government body regulates their profession, you are assured of accountability, and you can sleep at night knowing that your buying experience will not turn into a nightmare.
Are you currently looking for properties to buy? Head over to 1 Propertee to check on some for-sale properties from trusted salespersons and certified brokers and developers.
