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Buying a condominium as an OFW may be tricky given that you’re abroad and you can’t handle things yourself personally. Luckily, we’ve got the internet on our side to make things smoother for everyone involved.
Most of us dream of having a home of our own. There’s a sense of freedom entailed with having a place all to yourself–a sense of comfort that you can’t exactly completely enjoy until you’ve moved out of your family’s living space. You get to call the shots about what happens in the house. You get to design your property in any way you want, as much as you want.
But, this is one of the many things people may not be able to afford given their current financial state. A place of their own may be one of them–which is why some Filipinos choose to chase after their dreams in another country. They take up a career in a foreign land in the hopes that they’d finally be able to fund their wants and needs without having to worry about going into debt. Our hardworking OFWs take extra jobs upon themselves and live as austerely as they possibly can to save up all their hard earned money for their family back home.
Some save up for single houses. Others for townhouses. Many of our OFWs, however, target condominiums. Why?
It’s an all-in-one home and financial investment.
With our fast paced working environment and the help of the internet, you can essentially use anything as a source of income. A condominium is one particular commodity that’s high in demand for the following reasons:
- Lower Down Payments
- Condominiums are more affordable compared to conventional homes, which often require higher down payments. The various condo types available won’t limit the housing options of buyers who are on a budget. Moreover, today’s developers offer fully-furnished and affordable condo units, saving the condo owner from having to purchase or transport furniture.
- Higher Resale Value
- According to the 2014 Global Property Guide, the country boasts the fifth highest price increase in real estate properties. The increasing home prices, however, are not enough to deter interested investors from making money with their condominiums.
- Properties located in key cities in the Metro offer higher resale values. Homebuyers who do not intend to stay for a long time can rent out or sell their unit for a higher price.
When you buy a condo, you don’t just buy a home. You buy a sustainable and comfortable lifestyle that you can use to house your families or as an investment for money-making endeavors. That’s why everyone wants one nowadays.
For OFWs, if you put out your condo unit for rent, it may eventually become a leading source of income. Returning back home may become more attractive to you since you’re already earning so much from your rental condominium units. You can finally spend some quality time with your family without having to worry about anything.
While people may argue that investing in a condo may lead to financial risk (i.e. no one may be interested in renting out your particular condo unit), most property and real estate experts agree that with the country’s growing demand for rental housing, investing in condominiums is something you shouldn’t miss out on.
However, once the money’s in the bank, how exactly do you go about buying a condo when you can’t view it yourself? Sure, you can fly back and shop for condo units but that may be an added expense you’re not willing to take. Also, it may not exactly be easy to take a leave from your job. There are three viable options for these OFWs: have someone you trust to buy it for you, go through real-estate portals, hire an expert.
Determine what your requirements in a condominium property.
Investing in a condo involves shelling out a sizable sum so you must ensure that it meets your preferences. You should determine which city would be the most ideal for you. From there, find the property that has easy access to key institutions like schools, markets, and hospitals for your convenience. And speaking of conveniences, list down your non-negotiable amenities. It will bring you more joy to come home to your condo home.
In terms of the size of the condo, you should take into account who will be living the property. You can choose among a studio, 1-2-3 bedroom unit, a loft, or a penthouse. This shouldn’t be too much of a concern if you’re intent on purchasing is to rent the property out.
Get your family or friends to do it for you.
Why not get someone you trust to make that investment for you? You won’t have to go through the hassle of handling things all by yourself from abroad because you already have someone you know and you trust to do it. Need pictures of the condominium unit? Need to bargain payment dates? Need to look for a possible renter? They’ll handle every single thing and they’ll probably do it for free.
The problem with this, however, is that they’re not experts in the field. They may have gotten you a nice condominium unit, but no one may be interested in buying it since it’s located somewhere almost inaccessible via commute. The value of the property may also depreciate over time, leading you to earn less than what you’ve paid for.
Browse real estate portals
Everything’s been made easier with the power of the internet. It’s given us access to unlimited resources, including real estate portals for those interested in buying properties. If you want to handle things on your own and can’t be there yourself, this is a great option for you to take.
You can easily conduct the research on your own with various units and property developers. Community background checks, local establishments, accessibility, and other factors are all available at your fingertips.
Not to mention, these portals have viewing options for the meticulous condo buyer. Some listings take the visitors through a 3-D virtual tour of a property. These tours can make you feel like you were viewing the space in person.
Last, but not least, hire a real estate professional.
Whether it’s a broker or an agent, many people recommend hiring a professional for mainly two reasons: their experts in the field and they’re good at finding exactly what you were looking for. They probably won’t come cheap, but they’ll get the job done.
You can easily do a background check on the broker or the agent through browsing their social media profiles (especially Linkedin) or even by asking your friends for referrals and what their experience was with them. Some real estate portals provide further information on these professionals by having their profiles on their sites.
This is recommended for those OFWs who don’t have a lot of free time in their hands.
Now that you have all this information at your fingertips, the rest of the process is simply having enough money to actually purchase your desired property and then buying the condo unit itself.
Buying a condo unit is definitely an investment you wouldn’t want to miss out on. It may be hard to do when you’re an OFW, but hopefully, this buying guide helped you out with your journey. If you’re still a bit lost in the process, Lamudi’s comprehensive guide in condo buying in the Philippines will help you. Good luck finding your dream property!
