The choice to purchase your own house or condo is one of the most exciting and important ones you will have to make as an OFW, much like getting married or purchasing your first automobile. In fact, it could be the largest purchase a person ever makes.
Many aspects must be taken into account, particularly for first-time homeowners. There are more considerations you should make in addition to the price and need. Here’s a quick list of questions you have to answer yourself to ensure that you’re prepared.
Am I willing and am I ready? When it comes to purchasing your first house, you should put your willingness and readiness first. Be aware that moving into that house will usher in a new chapter in your life, so you had best be well prepared. Once the home-buying process gets underway, you’ll have a lot of responsibility and, unavoidably, spend a lot of money, time, and effort. To commit to buying your house, you must be both mentally and financially prepared.
Am I speaking with a good real estate developer? The next question on your list should be selecting the ideal community. Your perfect community will depend on your demands and lifestyle. Therefore, you could wish to live in a master-planned community where all of these are close by if you like a house close to business organizations and transit hubs or is placed near access highways.
How much can I allot for my property? You need to consider your budget – especially since OFWs have bills to pay on their own, as well as back home in the Philippines to support their loved ones. There are several different costs associated with buying a home, including the reservation fee, down payment, amortization, and move-in costs, which include the cost of the home’s repairs, improvements, and furnishings. Along with those already stated, you also need to spend money on furniture and equipment to furnish your house. Making a list of the essential expenses first will help you save the most money for your property. In the long term, more house additions and upgrades may wait.
The Philippine Property and Investments Expo (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
