We all know that Filipinos working abroad, especially in the UAE, have taken a huge sacrifice just to have and provide a better life for their loved ones back home. This is the reason it is highly recommended for them to invest a big part of their hard-earned money in something that can provide them a comfortable retirement once they decide to go home.
And with many developers providing these Overseas Filipino Workers (OFWs) a chance to finally own a property through their competitive rates, it is now more than ever, the perfect time to invest. Having your own property such as condo can help you get passive income because of the growing number of renters looking for a place with amenities and accessibility. In fact, a lot of OFWs are now thinking about buying their own unit at the Philippine Property and Investment Exhibition (PPIE)—the biggest, longest running and most trusted Philippine business and investment forum in the Middle East—with many of them registering via: http://events.ppie.ae/register/.
But owning and leasing a condo are two very different things. If you want to successfully lease your unit, check out these guidelines:
Do your research
Once you have determined the kind of condo you want, research about the developers that offer them. Know which ones have bad track records, which ones are already established, as well as reviews about their properties. You can also join groups in social media and forums that tackle real estate in the Philippines to know more about its current state. It will be easier for you to find the answers you want because of the Internet.
Get a representative
One of the major problems OFWs face when buying a property is the lack of presence during the entire process. So if you’re going to buy your own condo, make sure you get a representative you can trust—such as your spouse, family member, or a lawyer to help you process the requirements and coordinate with your developer or agent. Make sure you execute a Special Power of Attorney (SPA) document to your representative so he/she can sign the necessary documents for you.
READ ALSO: How to own a condo in your 20s
Inspect and select
Find time to do an ocular inspection of the condo or property that you want to buy because photos and the actual thing are completely different and you may end up regretting your purchase. If you can’t be present for an inspection, have your representative take a video tour of the place so you can grasp the space and features of the property.
Gather the requirements
In buying a condo, attention to detail is very important especially if you’re an OFW. You are not there every step of the day so make sure your requirements are complete—from your consularized SPA, copies of your passport and other ID’s, proof of income, proof of billing in the Philippines, TIN, employment contract, and certificate of employment, as well as documents needed for the housing loan.
READ ALSO: Tips to re-sell your condo unit
Know payment terms
Talk to your agent or developer about the type of payment required so you can prepare the amount you need per paying phase (i.e. down payment, monthly installments, etc.). know the estimated total expenses and if you’re getting a loan, make sure it is already arranged as well.
Deposit diligently!
Also, make sure you always coordinate with your agent or developer about the documents and paper works involved in buying your own condo. Ask all the questions you need answers to and provide all the documents and requirements they ask from you. And finally, when you start paying for your property, make sure to be diligent in depositing the necessary fees per month so you get to see the fruits of your labor once you finish.
READ ALSO: 5 tips for first-time buyers of condos in the Philippines
