Frequently Asked Questions of OFWs Buying Their First HomeOctober 27, 2021
Having to work abroad in order to build a better life and home takes a lot of faith, courage, and hard work. Being away from your loved ones causes you to miss out on important events in your family’s life, but eventually, you will learn how to cope with these sacrifices to achieve your goal.
Before you decide on buying a new home, you should start with self-assessment. Check your disposable income, because aside from the mortgage payment, there are other stuff and responsibilities that you have to consider. Keep this in mind to help you avoid financial setbacks in the future. It is also important to know what exactly you are looking for in a property, so searching can be easier. When the vision is clear, and you already have the means to make your dream home come true, the next step would be knowing the “how’s”.
For starters, inquiring with a trusted real estate service practitioner would be the best, easiest, and most practical thing to do. They can provide you with a tour in any location you desire, and answer your questions without incurring any cost. But, should you want to know and learn a few things first on your own, here are some of the frequently asked questions by OFWs who wish to have their own home:
1. How can I buy a property in the Philippines while I’m working abroad?
You should assign a trusted person (preferably a family member) to be your representative and act on your behalf. Through a Special Power of Attorney (SPA) — a document that proves the representative’s authority to perform or do all the necessary work — he/she can sign documents and complete the home-buying process.
Fact: In documentations, the chosen representative is labeled as the Attorney-in-Fact.
2. How much is the property?
The price of the property varies depending on the type and location you are eyeing. Homes in cities like Metro Manila cost more than its neighboring provinces.
Fact: Based on figures from the Philippine Board of Investments, the Estimated Price Ranges of various Market Segment from 2012 to 2030 are as follows:
|Market Segment||Estimated Price Range|
|Socialized Housing||₱ 400,000 and below|
|Economic Housing||₱ 400,000 – ₱ 1.25 Million|
|Low-Cost Housing||₱ 1.25 Million – ₱ 3 Million|
|Mid Cost Housing||₱ 3 Million – ₱ 6 Million|
|High-End Housing||₱ 6 Million and above|
3. How do I buy a property?
The buying process starts with completing your requirements, such as signing the information sheet, supporting documents (e.g. proof of income, valid IDs, etc.), and then paying the reservation fee for the property you chose.
Much like the total cost of the property, reservation fee and payment scheme may also vary depending on the unit you plan to acquire. After that, equity payment follows. You should also prepare the documents required for your loan to be processed.
Reminder: Always ask for an Official Receipt when paying reservations and other necessary fees.
4. What are the documents I need to submit?
Here are some of the basic documents that most developers require to complete the purchase of your new home:
- Government-issued IDs
- Birth or Marriage Certificate
- Employment Contract, Certificate of Employment, Payslips
- Bank Statement
- Proof of Billing
- Passport (with Visa and/or Seaman’s book, if applicable)
- Special Power of Attorney
Note: Always check with the developer for other necessary documents that they may require.
5. Where should I buy my new property?
In choosing a location for your new property, you should always consider the accessibility, safety and security, household comfort, and if it is worth the price. The quality of life you’ll have once you move in matters.
Tip: If you haven’t decided on a specific place yet, you may consider looking for communities built by P.A. Properties.
P.A. Properties is a real estate developer committed to providing beautiful and safe communities with affordable housing packages. The company strongly desires to make the Filipino dream of having their own home come true. You may check their community projects in various locations and step-by-step guides on how to buy your new home.
As an OFW, having your own home is one of the best fruits of labor you want to reap someday. After several years of working abroad, it would be nice to come back to your own home with your family happily waiting for you at the front door.
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