Skip to main content

Professionals whom OFWs should talk to when buying real estate

I talked to a lot of overseas workers in my 8 years of practice as a real estate broker/agent. Most of them prioritize buying a house or a condo once they earn abroad. Who wouldn't be excited to buy when you see your co-workers buying property at home. For those who lived through the 90s, it was common to know someone who knew someone who purchased a big house upon arriving from the middle east or elsewhere after a contract.
Today, given the low monthly payment, no spot down payment requirement, of builders selling property, the faster transfer of documents and funds from one country to another, it is easier for those who are earning abroad to invest in property faster. While the real estate industry offers opportunities to save for retirement or increase wealth, OFWs should take care to ensure that what they are investing with reliable builders who can deliver the property they purchased.
Here are the three types of professionals OFWs should talk to before buying or investing in real estate.
  1. Their real estate brokers.
It is common to meet real estate brokers and/or agents offering property of builders. It is necessary however, to look for your own real estate broker. If you are investing in the millions, it is best to have someone to look after your property investment plans while you are away and advice you whether a property is in a good market location or not. Sometimes, when we get overly excited with the project and imagine it earning for us, we overlook details which a professional can easily spot. For instance, if you are looking to buy a property in a place where you grew up, chances are you know the place. However, you may not be aware of the the current and future developments of the area. Would it be prone to flooding in the next 5 years? Does the government have plans of putting up a railway there in the future? A broker acting in your behalf will have your best interest in mind when looking at property you are interested in.
2. Their real estate attorneys.
There are legalities when you deal with property. Your lawyer will be able to look at and explain to you the details and your obligations in the contract you are planning to enter into, Your lawyer will also be able to check whether the development has the necessary permits of license to sell. If there will be concerns as to the transfer of the property in your name or if there will be breach of agreements with the seller of the property, your lawyer will be able to foresee and advice you to avoid them or, if there is already such a problem, he or she will be able to help you solve it.
3. Their property managers.
What happens after you have accepted your property? You will have to market and manage it so that you will be able to earn from it. If you are still employed abroad and you cannot go home to do it yourself, you will be wasting time and opportunity. It is necessary to have someone look after your property while you are away. A property manager will facilitate your rental contracts, remit your income, and advice you on maintenance of the property. Prior to purchasing a property, ask yourself who will manage the property once it is transferred to you.
Remember that while you are miles away, it is best to work with a team of professionals. These professionals would help you reach your goals and free you from worries in managing your property.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

How to prevent foreclosures

While browsing foreclosed property for sale by a bank, I chanced upon a condominium unit with a familiar unit number.  I checked my email and I found that the property being sold is the same property which was referred to me by its owner several years back, asking me if I could sell the unit within weeks. Since competition is tough in the area at that time with lots of development being sold, it was difficult to sell the property within the time frame provided by the client. Now I am seeing it foreclosed and on sale. How can a person eyeing to buy a condo unit avoid foreclosures? First, before you buy, determine your end goal. Envision your end goal in mind. Are you buying because you want to lease? Are you buying because you are using the unit? Are you buying using bank financing or are you paying in cash? If you are paying using bank financing, how much are you supposed to be earning at the turn over date in order to pay your bank obligations? Second, set realistic and co...
Post a Comment
Read more

5 ways to avoid property scams for OFWs

Investing in real estate is one of the main dreams of the ordinary Filipino. Thus whenever an opportunity presents itself for one to invest anywhere, investing in a house or a home comes to mind. There were several instances when, after working hard to save money to invest, an OFW gets scammed into investing into non-existent property or those involving fake titles. OFWs can protect themselves by knowing these 3 ways to avoid being victimized by property scams.  1. If you are buying condominium units, you can check whether the property has an existing license to sell number before you proceed with your purchase. If it has no license to sell yet, avoid investing. This is to protect yourself from putting money into a project that has no permit yet to sell to the public.  2. Check out the documents.  The best way to check whether the title is legit is to get a certified copy from the Registry of Deeds. Make sure you ask the seller for a copy so your conveya...
Post a Comment
Read more

Right to refund of buyers of undelivered condominium units

Q: I have paid my downpayment in full and I relied on the promise of the developer that the unit I bought will be delivered last year. I found out that at the time I signed the reservation agreement, there is no license to sell yet, worse there was no building stated by the developer. Can I ask for a refund? Answer: If the developer sells property without the required license to sell issued by the HLURB, the developer will be violating PD 957.  The remedies for a buyer of the property are stated in Section 9. It provides: SEC. 9. Revocation of Registration Certificate and License to Sell. -The Authority may, moto propio or upon verified complaint filed by a. buyer of a subdivision lot or condominium unit, revoke the registration of any subdivision project and the license to sell any subdivision lot or condominium unit in said project by issuing an order to this effect, with his findings in respect thereto, if upon examination into the' affairs of the owner or dealer during a h...
Post a Comment
Read more