PropertyFeature

Top 3 common problems and viable solutions for OFWs planning to buy property for the first time

Overseas Filipino Workers often aim to fulfil their dream of getting a brand-new home in the Philippines. However, as years go by, many OFWs have learned nuggets of wisdom from those who have ‘been there, done that’ – most especially on the problems that they have faced and successfully overcame.

The Filipino Times compiles some of the most common problems of first-time property owners as well as viable solutions that OFWs can do to avoid these, as follows:

Rushing/limiting your options. Many first-time homebuyers tend to get impatient in finding a house and move into it once they’ve decided to buy rather than rent, leading them to make a hasty decision as to which property they should purchase. This might result in buyer’s remorse. Real estate is a competitive market, and you do not have to settle for the first alternative that is handy.

  • Probable solution: When looking for a place to live, take your time. Examine a variety of properties, even if you don’t believe you’ll like them, as long as they’re within your price range. If you have a specific date in mind for moving into your new home, be prepared for it to change. If you are a serious buyer, choose a house that fulfils your requirements in terms of amenities, location, price, and lending programs.

Choosing a home that’s out of your budget. Many first-time OFW property seekers have an incorrect perception of how much they can afford. Given the multiple factors that go into determining how high your home-buying budget should be, this is understandable. As a result, it’s all too easy to fall in love with a house that’s more expensive than you can afford, putting your financial goals at risk.

  • Probable solution: Consult with many mortgage lenders to discover how much monthly mortgage payments you may afford and stick within a reasonable budget! Remember that you will be paying more than just the mortgage loan payment each month, so remember to include property taxes, homeowner association fees, private mortgage insurance or homeowners insurance, mortgage interest rates, and other costs when determining your monthly payment.

Quitting your job. Once an OFW commits to buying property in the Philippines, quitting your job on a whim during your monthly payments to your home might complicate matters significantly. Even if you are preapproved for a home loan, you may be unable to obtain it if your income changes substantially.

  • Possible solution: Plan to work for the duration of the home-buying process and have backup plans in place if this is not possible. Before agreeing to supply you with a loan, you should ensure that you have a solid and predictable income.

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.

Staff Report

The Filipino Times is the chronicler of stories for, of and by Filipinos all over the world, reaching more than 236 countries in readership. Any interesting story to share? Email us at [email protected]

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