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Now that the -ber months have rolled in and 2023 is just a few months away, people are excited to get their hands on their Christmas bonuses and 13th month (even 14th month) pay. Aside from spending all your hard-earned money on buying gifts for your family, friends, and yourself, it is wise to invest your cash on investments that will give you more value for your spending.
If you are an OFW, perhaps at one point, you are looking forward to retiring in the Philippines and enjoying the fruits of your hard labor and sacrifices overseas. Take a step closer to making this dream a reality by investing a part of your bonus and salary in a real estate property.
If you are wondering what type of property you can invest in, consider beach houses for sale in Iloilo.
Why Live and Invest in Iloilo?
Iloilo is one of the best provinces in the Philippines to settle down, retire, and possibly start a business. Here are some reasons why Iloilo should be the place you would want to invest in real estate properties:
Urban Yet Laid-Back Setting
Iloilo, especially Iloilo City, is continuously developing. The province is home to numerous commercial buildings and residential communities. And yet, the city’s parks and green spaces make Iloilo’s urban city feel laid back and relaxing. The traffic is always light to moderate in the city, so expect less noise, pollution, and overcrowdedness here, perfect for OFWs who want to live in a relaxing yet convenient location.
Gateway to Beaches and Other Destinations
Iloilo is home to numerous beautiful beaches, such as Bulubadiangan Island, Marbuena Island, and Sicogon Island. Moreover, when you invest in and live in a beach house for sale in Iloilo, you get the chance to live close to the famous tourist destinations in Panay. These include San Joaquin, Mt. Napulak, Guimaras, Isla de Gigantes, Boracay Island in Aklan, and Mararison Island in Antique. Aside from local destinations, you conveniently fly abroad since the Iloilo International Airport offers international flights to popular tourist destinations.
Business Opportunities and Economic Growth
Iloilo City has been attracting more and more investors each year. With ongoing infrastructure projects on their way in the city, other business establishments and malls, BPO companies, hotels, resorts, and restaurants have sprouted here and there in the city. This opens plenty of careers and opportunities for its residents. There is also a growing number of entrepreneurs in Iloilo, so once an OFW settles down here, you can start a business and enjoy life at the same time.
Healthy Lifestyle
You can live a healthy life in Iloilo because the city has well-maintained, tree-lined bicycle lanes and walkways that encourage people to ride bikes and walk. The city also has numerous jogging trails, recreational paths, and free Zumba classes offered to the public. The adventure is endless when you live in Iloilo because there are natural wonders you can explore and visit, including beaches, rivers, waterfalls, caves, and mountains.
Reasonable Cost of Living
Iloilo’s goods and services are much cheaper than in other bigger cities in the Philippines, such as Metro Manila and Cebu. Here, you get the same quality of goods at an affordable price. Real estate properties are reasonably priced in Iloilo but because of Iloilo City’s continuous growth, expect the market value of these will increase as the years go by. Since there’s an abundance of open, green spaces in Iloilo, you can plant vegetables and fruits in your home, which can also be an additional source of income or food for your family.
Why OFWs Should Own a Beach House in Iloilo
Real estate investments, such as a beach house for sale in Iloilo, can be an income replacement for OFWs. A real estate property’s value is sure to appreciate over time. That said, if you still plan on working abroad, you can rent your beach house in Iloilo to earn additional income from your property during your absence.
Since Iloilo is one of the hottest tourist destinations in the Philippines, you can be sure that there will be a number of local and foreign tourists who would be interested in renting your beach house. You can also rent your home for intimate special occasions such as weddings, anniversaries, corporate events, and team-building activities.
Once the prices of real estate properties in Iloilo go up and you find a better beach house or another real estate property in Iloilo you would like to invest in, you can resell your property at a higher price than you originally bought.
Another advantage of owning a beach house in Iloilo is that if you are in the country for vacation, you can use it as your vacation home, where you can unwind and enjoy the beautiful nature Iloilo offers. Once you retire as an OFW, your beach house can be your permanent, luxury home.
What OFWs Need to Buy a Real Estate Property in the Philippines
When buying real estate properties in the Philippines, having enough budget and researching the property and location are not enough. Here are other things to consider:
Reliable Real Estate Broker or Property Developer
When you seek properties in real estate online platforms such as Lamudi, you can be sure to find trustworthy real estate brokers who will guide you through your property purchase. To determine if your chosen developer is legitimate, you may check all their legal documents, such as a license to sell or an application for a license to sell in HLURB. You may also visit the Professional Regulation Commission website to verify your real estate broker’s professional license.
Representative or Attorney-in-Fact
Suppose you are going back abroad to continue your work. In that case, your real estate broker or developer will provide a Special Power of Attorney for you to sign and have consumerized to grant your chosen representative or Attorney-in-Fact the power to sign legal documents on your behalf during your absence.
Complete Documents
Here are the documents often required by real estate developers for OFWs to purchase real estate properties in the Philippines:
- Consularized Special Power of Attorney (must be authenticated by the Philippine Consulate)
- Proof of Income (for three months)
- Proof of Billing in the Philippines
- TIN Number
- Consularized Certificate of Employment and Compensation
- Employment Contract (must be in English and has the seal of your employer and the signature of the authorized representative)
- Post-dated checks (PDCs) for the down payment
- Photocopy or scanned copies of your passport and IDs
Checking Account (and a Loan if needed)
You may open a checking account to pay for your monthly amortization if you do not wish to pay for your beach house in Iloilo in cash. In addition, consider applying for a housing loan offered by the developer, bank, Pag-IBIG, or SSS. Your representative or Attorney-in-Fact can do this on your behalf during your absence.
Are you ready to invest in your next real estate property? Check out the available beach houses and other properties posted on Lamudi.
For more tips on the Philippine real estate market, check out other related journals on Lamudi here.
