Condo Buying Guide for OFWs

You may be one of the Overseas Filipino Workers (OFW) dedicating your life to earn high-paying jobs abroad and save for the bright future of your family, but investing your hard-earned savings is another story. Putting your resources in the right place and envisioning a great future often leads to should be a wise investment. Investment for real estate, specifically purchasing a condominium can be a wise choice but pose a lot of risk since you are not here to personally supervise everything. The expanding market for condominiums and easy-luxurious lifestyle with extraordinary amenities is attractive and advantageous for OFWs. If you are planning to purchase a condo, take these tips seriously to ensure you will be able to fulfill your plans and dream to secure your investment… 

Research

 It is an advantage for you to have your own research by finding out the most trusted and reliable developers in purchasing your condominium. The internet provides you with favorable information that would help you find out the best developer in the country. Everything you need to know from location, its amenities and other vital details are mentioned not only in developer’s website and other website blogs, articles and forums. You can also research about the cost of purchasing a condominium, documents needed and other payment terms included in your chosen unit. It would be wise to ask questions not only on forums, email or via online but you can talk to developers or their agents or property consultants through mobile phones, Skype or Viber to clarify details regarding your plan to purchase a condo. It is best to document your findings and research, compare the price with your chosen unit and make a wise decision what kind of unit you’re going to purchase. 

Representative

As an OFW working away from home and your family, it is advisable for you to choose your representative, presumably a family member or a trusted friend to help you gain second opinion, meet up with the developer, their agents or property consultants to explain further the details of your chosen unit and how to go through with the process of payment and to turn over required documents. Your representative should fully understand what you really want, the details you need to ensure a wise decision and protect your investment in purchasing a condominium. 

Do an Ocular

Developers provide beautiful pictures and images of their condominium units. They even have attractive images like tower or unit perspective, layout and its amenities. But to ensure that you will have no regrets in the future, have your own ocular inspection scheduled during your vacation back home. If you can’t go home for a short vacation, you can give the task to your trusted representative to have an ocular inspection of the unit, talk directly with the developer and provide you with photos or perspective layout of the unit. For pre-sold condominiums, let you representative meet the developers or their property consultants and exhaust all possible questions by updating you with everything you need to know about the project.

Requirements 

After the briefing with your representative, they will then provide you with the required documents. Presumably, you already have this prepared as a result of your research earlier. Typical requirements are the consularized SPA, copies of your passport and other ID’s, proof of income, proof of billing in the Philippines, TIN, employment contract, and certificate of employment and compensation. Your agent can usually help you obtain other requirements. You also need to have your attorney-in-fact process papers needed for the housing loan with the bank (accredited by your developer), developer (if in-house financing), or PAG-IBIG (if government-provided financing). These papers are important and so attention with details is very important. You and your attorney-in-fact should document all transactions along with related documents. This allows you to backtrack if needed. Purchasing Typically, a 10-30 percent down payment is required. This varies with developers. 

The transfer of the actual title is not until you are fully paid, but ownership of the condominium unit should already be in the Condominium Certificate of Title (CCT). You should have estimated the total expenses from your early calculations. Loan applications should be in place at this point. Other processes and requirements should be provided by the agent. Turnover The turnover process is the most exciting part for any new homeowner. Finally, you are able to see the fruits of your labor for the first time. If all payments are processed properly and requirements submitted, completion date of units can last 30 days (for single units) up to nine months (for unit construction). This should be clear to you during the briefing. Inspection will then be scheduled. Again, it is best that you do this personally. Of course, your attorney-in-fact can do this for you also. You will then be provided with house rules, policies, and regulations during the handover of unit. Any upgrades or alterations should be made clear with the developer through your agent before you actually move in. 

Deposits 

In a perfect world, you will have a perfect agent who informs you of all processes and updates you of your deposits. However, agents handle multitude of clients and process hundreds of requirements. You as a buyer should have the initiative to track your payments with your agent. You should also check your loan status. Be diligent in submitting documents and depositing payments. As a reminder, be sure to invest on reputable developers with a good history of quality projects. Do not be intimidated with paper works. Every detail should be clear to you. Your agent should provide this information or at least lead you to the right sources. 

Recommendation 

Iloilo Business Park, the 72-hectare township in Mandurriao, Iloilo City, is Megaworld’s biggest real estate project set to redefine the luxurious lifestyle and establish a vibrant business district in Western Visayas. The township’s luxurious residential towers such as The Palladium, One Madison Place and Lafayette Park Square offers stunning condominium units with stunning amenities. You can do it while working away from home and secure your hard-earned investment with a trusted company for 26 years of trailblazing success as the country’s leading condominium developer.

Invest for a lifestyle to beat, call us at (033) 330-3462, visit us online at www.iloilobusinesspark.ph or see our showroom located at the upper ground floor of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City.