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5 Fundamental Principles for OFWs in purchasing an investment property

Last Update: Feb 12, 2018 @ 12:09 pm
investment property

Working away from home is a daunting but very rewarding circumstance. You need to abide with these 5 fundamental principles in purchasing an investment property so as not to put your hard earned money into waste.

Purchase a real estate investment intentionally

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Overseas Filipino Workers have sacrificed their time away from home, family and loved ones for the common good of establishing a good and decent family life. Though money is not scarce for these group of people, It is smart if each purchase is done with a well-studied and researched purpose. Intentional buying could be challenging for some who care less of money spent but for OFWs each foreign dollar is hard earned as it could mean missed birthday, wedding celebrations or missed family time. Know the essence and purpose of purchasing an investment property through a thorough research of the developer. You may ask real estate agents anything about the property being sold.

Do a self-check

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Make sure to have personal knowledge regarding the property. It will be best if you have checked it yourself. Know the location and the advantages or disadvantages it comes with. Have the title seen or have someone you trust check the property from the Philippine Register of Deeds. This is to eliminate bogus titles. This principle will safe guard your monetary investment. Learn the precautionary methods before jumping into decisions with poor sense of judgment.

Choose a trusted developer

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It is very essential to choose a developer that could sustain it’s real estate properties. OFW buyers must learn how to properly choose a developer with a good track record for turning over high-quality projects and units on time. Large developers usually have websites where you can see check for the progress on the property you are considering to purchase. It is suggested to make use of people close to you who have experiences in buying properties. It is never harmful to go check on reviews about the real estate you are buying. The importance of choosing the property developer cannot be realized enough as it plays a very vital role in the sustainability of property. An established developer is well funded and can avoid doubts in the process.

Be a picky buyer

image source: realtor.com

Money is not all easy abroad so you must take into consideration where these will go. Make sure you have the details of all information you need to know as an OFW buyer. Have someone who knows the step by step process so as to make the process smooth. It is always the buyer’s right to ask so never hesitate to make necessary questions regarding the real estate property.

Have a trusted family member to be your broker

investment property - trusted family member to be your broker
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In the process that you can not do the oculars yourself, as many OFWs can’t. Have a close family member look up on the site of the property for you. Have them take photos and videos of property and what surrounds it. Let them take note of the nearby conveniences or firms built near it. Ask them about public transport, schools or hospitals near the area. Be as thorough as you can be in asking relevant questions about the property.

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