What to Consider When Buying a Condo as an OFW?

Getting your own house is the Filipino dream. You have been working so hard abroad. Why not get your own treasured placed? Somewhere you can build your family and call it your own. Or maybe use your extra money for additional cash flow?

 

But being away from the Philippines makes it hard to scout for properties. And if you are considering a condo unit, how do you know if this is “The One”?

 

We understand your problems. We got you! These are the things you consider when buying a condo as an OFW.

 

What Do You Plan to Use the Property For?

 
What Do You Plan to Use the Property For?

Image Credit: Getty Images

 

Choosing your condominium unit will mainly revolve around what you will use it for? Do you plan to live on it or will you rent it out?

 

This will help you in considering the places within the vicinity. Is it near commercial areas, schools, or business districts? This will probably make it easier to rent out.

 

This will also dictate the amenities you might consider like a swimming pool or a gym. Or do you want a place where it’s less busy for your family’s peace of mind?

 

Whatever that is, you must know what the property is for.

 

Who is Your Target Tenant?

 
Who is Your Target Tenant?

Image Credit: Asian Review

 

If you are planning to rent it out, know who your target is. If you are targeting students, you might want to lower the prices and maybe consider a “per person” basis (like a dorm) for the rentals.

 

If you want expats, you might be able to charge higher but the amenities and location of the place should be on par with the price tag you will put in. In short, you must know what your target wants and plan and purchase accordingly.

 

Assign a Trusted Representative

 

If you know what you want, it’s time to look for a trusted representative to carry out your wishes. Just give him/her a special power of attorney to transact for you. With it, s/he can reserve the unit for you, perform ocular checks, and even apply for the bank loan on your behalf.

 

Try looking into this on how to get a home loan as an OFW and you’re good to go.

 

Find a Reputable Property Developer

 
Find a Reputable Property Developer

Image Credit: Shutterstock

 

It’s not enough that a condominium is cheap. You should also consider buying from a reputable property developer. Not to be discriminating, but this is your hard-earned money. If you’re going to invest your precious millions, you should trust someone who has the track record.

 

Not only are you sure that the project will be finished, you also benefit from the development surrounding the building. The reputable developers cultivate the community around the property.

 

So expect not only a condominium tower but also other infrastructures like malls or offices that might increase your property’s value further.

 

Association Dues

 
Association Dues

Image Credit: Shutterstock

 

Most condominium buyers do not consider this, but there are association dues when you live in a condo. This is used for the overall maintenance of the building aesthetics and amenities.

 

It is usually expressed in peso per floor area. For example, P100 per square meter amounts to P4,000 pesos for a 40 square meter condo. Don’t forget this expense as some get shocked when a random bill goes with through your mailbox.

 

Rules and Regulations

 
Rules and Regulations

Image Credit: Shutterstock

 

Lastly, know the rules and regulations of the property. Some may be deal breakers like not allowing pets in the unit or some may stop you from painting the walls for decorations.

 

Better ask for them because you don’t want to release your pet dog for just a condo, right?

 

So with that, I hope you find the condo of your dreams! Have fun hunting!

Leandro Eclipse

Leandro Eclipse is an entrepreneur who loves to travel. He believes in building multiple Location-Independent Sources of Income. Because if you are going to work anyway, might as well do it while exploring the world. Self-proclaimed foodie and tech geek. Follow him on IG @mikoeclipse.

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