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Top considerations among OFWs planning to purchase a home in PH

Whenever a coworker asks you to join their house blessing or when you watch a video on Facebook of a friend’s ground breaking ceremony for her new house in the province, you might be caught in your thoughts, wondering, “When am I going to be ready to purchase a home for myself?”

While there are many more choices available these days, especially for OFWs, it is far preferable for you to examine your readiness for such a long-term commitment. Before you decide to buy a house, ZipMatch has prepared three easy but significant questions for you to answer:

How prepared are you to make a house purchase? – Consider your present issues and commitments: would purchasing a house be a burden to your current way of life? Are you able to appoint someone to act as your representative in the Philippines to process paperwork while you’re away?

Have you set aside enough money to cover the monthly payment, or are you planning to do so? – Have you set aside enough money for a downpayment, which is always the first step in buying a home? While the payment conditions are reasonable, do you have a steady work that will allow you to pay this additional expenditure without having to make significant sacrifices or, worse, turn to loans?

Based on your budget, how much can you spend? – You may have seen your friend’s luxury apartment or another friend’s three-storey home with a large garden, but check with your wallet to see whether this is something you can afford, or will you settle for a smaller home for the time being?

An honest self-evaluation can help to determine whether or not buying a home at the soonest is the best option for you. Can you afford it right now, or can you put it off for a few more months or a year so you won’t lose it? Do you intend to live in your new house for at least five years? Will you be relocating to another nation in the near future? The idea is to think forward and examine your life plans for at least the next decade before you make your decision.

The Philippine Property and Investment Exhibition (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 2022 at 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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