05/02/2023
When it comes to buying real estate as an OFW, you hear the same comments about how difficult it is. Most people simply delegate the transaction to family members to save themselves the inconvenience. They also overlook the details in the hopes of speeding up the process. And they surely skip important parts of the process just to get it over with.
But if you're an OFW reading this, stick with me.
Why?
Because purchasing real estate comprises more than just a buy and sell transaction. It's a long-term commitment and obligation tied to your name, regardless of where you live. Here are three golden principles for buying a property while living abroad.
1. Be specific about your purpose.
If you have the money, it's simple to say yes and buy a property without thinking about it. Before you begin your search, define your goals so that you can filter down your alternatives based on your preferences. If you are working overseas and intend to return to the Philippines in the future, you must calculate your timetable so that you know what type of property to purchase. If it's for retirement, be sure you're definite about your long-term objectives and how you'll be able to preserve a property. If it's for investment or rental revenue, you should think about logistics and the accessibility of the individuals who will operate it for you.
2.Research and Verify
Actual Inspection: The most difficult aspect of purchasing a home from abroad is actual inspection. However, it won't harm to take advantage of technology by inspecting the property using internet geo maps, street views, or images. This provides you a general idea of the area or even the topography of the land you're interested in acquiring. If it's a condominium, you can ask your agent for a virtual tour so you can see the physical unit or building. Doing research on a developer's track record is also beneficial when purchasing a pre-selling or RFO.
3. Partner with the experts
Entrusting the purchasing procedure to a trusted family member or relative is the most practical and secure option for OFWs. But what you don't realize is that whether you have relatives or not, the chance of being scammed is the same if you aren't an expert in the industry.
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