12/05/2023
How to Buy a Condo When You’re Outside of the Philippines?
For many Overseas Filipino Workers, or OFWs as they are more popularly known, buying a piece of residential property in the Philippines—whether it’s a house and lot, a residential condominium unit, a townhouse, or a vacant lot in the subdivision of their dreams—is usually one of the main reasons why they’ve opted to work overseas. And with the current value of the American dollar against the Philippine peso expected to maintain its strength over the next few years, the purchasing power of OFWs these days is relatively quite strong.
As more and more residential condominium buildings continue to sprout not just in Metro Manila but in several key cities across the Philippines, overseas Filipinos have become one of the more lucrative market segments among property developers these days. In fact, quite a number of property development firms in the Philippines have dedicated sales and marketing teams whose primary job is to entice overseas Filipinos to buy their residential condo units. And as the number of overseas Filipino workers continue to grow, more and more real estate companies are riding on this upsurge to capitalize on the financial capabilities of OFWs to buy a property either as an investment or something that they would return home to someday and enjoy the hard-earned fruits of their labor.
For many OFWs or overseas Filipinos, residential condominiums have become their preferred property investment. For one, condos are easier to rent out and relatively stress-free and cheaper when it comes to maintaining it compared to a typical house and lot. They are also easy to monitor and often serve as vacation homes of overseas Filipinos who fly back to the country for a brief stay. Owning a residential condo unit is a more flexible investment option than pouring in money on a house and lot. It has become one of the best investment options for many overseas Filipinos because they can either be rented out or sold at a higher price in a few years’ time relatively easily.
To help Filipinos who are living overseas search for residential condo units either as an income-generating investment or as a property that they and their families back home could enjoy, here is a simple buying guide to make the search for that perfect property easier and more enjoyable.
📌 What is the property for?
Knowing what the residential condo unit is for is important. Will it serve as a vacation home for overseas Filipinos who want a place to stay every time they return to the country? Or will it be a family home for the loved ones of an OFW? Perhaps, the condo unit is seen more an income-generating property that would be rented out either on a long-term basis or listed in AirBnB for short-term transients? Knowing who the future tenants would be would help OFWs search for that ideal condo unit to invest in. If it’s intended for expats or business process outsourcing workers, then the unit’s location would be of prime importance.
📌 Research and explore
When searching for the ideal condo, it always pays to become meticulous and diligent in doing research about the property. You have nothing to lose by comparing prices, amenities, and location offered by various property developers. There are a ton of websites and portals such as Lamudi to check and compare several condo units. You can find thousands of property listings in these sites and portals.
📌 Be inquisitive and ask a lot of questions
One important factor to consider when doing your research is the track record of the property developer. Make sure you get your money’s worth by buying property from developers whose track record speak for themselves. This is to ensure that your hard-earned money will be invested wisely. You may also want to join discussion groups in social media or forums that focus on the real estate industry in the Philippines. First-hand experiences of previous buyers are a big help when you’re finally deciding which condo unit to buy. You should also research the other nitty-gritty aspects of purchasing a property and the other expenses involved, such as the Philippine capital gains tax, documentary stamp tax, transfer tax, and registration fee. Better ask a lot of questions now so you would have a big picture on how to proceed later when you start buying the property. This will save you a lot of headaches in the future.
📌 Make sure you have a legal representative that you could trust
For most overseas Filipinos, a trustworthy relative often serves as his or her right hand when buying a property in the Philippines. That’s because close and constant communication is expected the moment you start purchasing that condo unit, especially with all the legal and supporting documents that are needed during the buying process. If you’re an OFW who can’t personally sign some documents, your legal representative will sign them on your behalf. In this case, it is inevitable that you execute a Special Power of Attorney (SPA) to ensure seamless processing even.
By investing in a condominium property, OFWs are getting closer to their dream of providing a secure future for their families—and distance shouldn’t stop them from accomplishing this.
Name a key area across Manila, and there’s an SMDC Condo there for you to invest in. Take our word on it, these condos are profitable ventures. Every single day, SM touches the lives of millions of people through its stores, malls, banks, hotels and leisure facilities.
