Buying quality homes is more challenging for OFWs. Follow these simple tips to find the perfect home in the Philippines
As Christmas approaches, many overseas Filipino workers (OFW) are expected to come home and make major holiday purchases to give to themselves or to their loved ones. Not surprisingly, one of these purchases is real estate, as most OFWs after all choose to work abroad not just to have money to spend, but also to invest.
However, a home is not a typical item thrown on a gift list and searched for and bought over the weekend. It is unquestionably the largest purchase anyone can make, and one misstep when choosing can mean an investment that is more cumbersome than beneficial. Balancing quality and affordability can be challenging waters to tread, but with the right considerations, can still be done swimmingly. Consider those right considerations the three R’s of purchasing real estate for OFWs.
1. Find a Reliable and Reputable Developer
The trend for bargain-hunting homebuyers has been to invest in new and upcoming real estate projects, because such properties are most affordable at the early or pre-selling stage. Buyers working abroad also have the luxury of being able to wait for to be completed since they are overseas.
With no property to inspect beforehand, and being away during the construction phase, OFWs must select a home from a developer with the best possible track record to make sure that they get the best finished product possible. Apart from a property’s location, a developer’s reputation and experience with respect to quality, sales administration, and after-sales service are key considerations in finding the best value property.
2. Conduct Research, Research, and More Research
It goes without saying that research is key when choosing quality and affordable homes, especially when doing so from abroad. While a developer or seller may be reputable, there are still several considerations to make to ensure the property is worth the investment.
The neighborhood and general area where the development is situated, the quality of the amenities and common areas if it happens to be a condominium or subdivision, and accessibility to services like hospitals and schools are just some factors that dictate a property’s livability, and if it is indeed worth the investment.
It is key to remember that location and other factors help determine a property’s price, so if the affordability is too good to be true, there is likely a catch that has to be researched and weighed. Information can come from sources like the developer and broker, but separate research conducted online and with other homeowners and buyers can help differentiate what’s credible from what’s just part of the sales pitch.
3. Return Home or Work with a Trusted Representative
No matter how much research is done, OFWs still have to make it a point to return home and visit the property themselves before signing on for purchase. In case one is buying a preselling property, then visiting the local area and checking out the model unit should suffice in the meantime.
In the event that coming home is not possible, then a reliable representative must be tasked with scrutinizing the properties for potential purchase. The OFW can nominate a legal representative by granting a Special Power of Attorney (a legal document especially drafted and notarized by a lawyer) to help him or her process the documents locally. In addition, that legal representative should also know the buyer’s personal preferences so that he or she can better ensure that the buyer’s preferred balance between quality and affordability is met.
Specifically, a representative who knows the buyer well will have a good understanding of what the buyer prioritizes in terms of location, total area, features, and the like, and which can be compromised over the other.
Naturally, there is more to choosing quality and affordable home, such as family size and other personal preferences. A home is a long-term investment, and as such, it is okay if one takes a a long time conducting research and working with representatives to find the right home from the right developer.
Hausland Development Corporation, a real estate developer based in Pampanga, is one such developer. With long and esteemed presence in Central Luzon and backed by experience as a former brokerage firm, Hausland continues to steadily meet the home-buying needs of overseas and local Filipinos alike.
Main image via IngImage
This article was sponsored by Hausland Development Corp.
Hausland Development Corporation started as a single-proprietorship company named Haus-Land Assets and Realty in 1986, and is now a full-fledged corporation committed to building affordable housing in Central Luzon. The company has successfully pursued real estate projects with the assistance of the National Home Mortgage Finance Corporation and the Home Development Mutual Fund (Pag-IBIG) on its business ventures in Tarlac and Pangasinan, and in 2003, it was recognized as the First Kabalikat sa Pabahay Developer of the Year. A mere decade after its birth Hausland successfully built more than 3,500 housing units in 10 fully developed subdivisions.
