The Guide to House and Lot Buying for OFWs
After you’ve braved homesickness and worked hard abroad to secure your family’s future, you definitely deserve to come home to your own house and lot in the Philippines. However, house and lot buying for OFWs isn’t as straightforward as one wishes it to be. There are many choices to consider, several requirements to meet, and legal matters to go through. With you still based oversees, it can be difficult to handle all those for yourself.
Buying a lot and building your own home is one of the most important financial decisions you’ll ever make. We’re here to help you out with our tips in buying a house for OFWs.
OFW's Checklist Before Buying a House and Lot
Start with Extensive Research
Since you have lived abroad for a few years, it’s crucial to know the situation of real estate in the Philippines. Factors such as your ideal location and property type all help you narrow down your search. With today’s technology in the palm of your hands, you can easily search on Google to check property portals and websites of real estate developers to compare prices, browse through home models, check interest rates, and chat with professionals.
For instance, Micara Estates, the very website you’re on, has Cavite’s best selection of affordable residential properties – making house and lot buying for OFWs more accessible and convenient. Check out our house models complete with price and sample computations.
Figure Out Your Finances
Once you’ve found your dream house and lot, make sure you can afford the down payment and monthly amortization fees. This is one of the most important tips in buying a house for OFWs – giving yourself an honest financial assessment. You wouldn’t want your dream house and lot to become a problem you can no longer afford in the future.
It also helps to compare available financing institutions like bank financing and PAG-IBIG/Home Development Mutual Fund.
Ready Your Documents
When getting all the necessary paperwork ready, it’s best not to procrastinate! These are some of the documents needed in an OFW’s checklist before buying a house and lot:
- Photocopy of important IDs (passport, driver’s license, etc.)
- Signed and consularized Special Power of Attorney (SPA)
- Proof of income
- Proof of billing of utility bills
- Certificate of Employment
- Tax Identification Number (TIN)
Download the complete list here.
Select Someone to Represent You During the Homebuying Transaction
As an OFW, it’s only natural for you to assign your spouse, child, sibling, or a close family member to represent you in the homebuying process. Just make sure your representative is also ready with multiple photocopies of your passport, visa, IDs, and other documents for personal identification.
Inspect the Property
Before taking the keys to your new home, make sure your representative or broker (if you have one) thoroughly inspect the property. Ask them to check for roofing problems, broken tiles, and electrical provision among others. This is just to ensure nothing is amiss before the turnover is finalized.
Find Your Dream House and Lot at Micara Estates
Now that you’ve gone through our house and lot buying tips for OFWs, it’s time to turn your dream into a reality.
Even if there’s a thousand miles between you and the Philippines, the dream of having your own house and lot in your motherland is not impossible. Browse through our house models today and take the first step towards owning an affordable house and lot in Cavite with great amenities, 24/7 security, and a welcoming community.