PMT Forum
Do you want to make money today? :)

Finding a Home Away from Home

sandramaze · 1 · 345


  • Probie
  • **
    • Posts: 17
    • Likes Received: +0/-0

Real estate buying tips for OFWs from the Professionals
Nowadays, it has become commonplace for Filipinos to find work abroad in search of greener pastures. Figures from the Philippine Statistics Authority reveal that from April to September 2018, there were 2.3 million overseas Filipino workers (OFWs). Within the same period, total OFW remittances amounted to PhP235.9 billion, making them a driving force in the Philippine economy.

With all the sacrifices that these modern-day heroes have to make, it is but natural for them to want to make the most out of their hard-earned money. One way to do this is by buying real property, whether it be a lot, a house, or a condominium. However, making such an investment when one is away from the country most of the time makes it more challenging for OFWs. Below are some tips from Cebu-based real estate professionals on how OFWs can ensure that they make a sound investment in real estate.

1. Find a broker and agent who understands your needs.

A trustworthy real estate professional can guide you through your purchase.
Brokers and agents have gained a bad reputation for being eager only to close the sale, or not disclosing important information to the buyer. As such, it is important to find a real estate broker who can find a suitable development for OFW clients based on their needs, not based on the fact that they work abroad.

Joy Casimiro of Leohrine Real Estate Brokerage (LREB) believes in giving property recommendations that are tailor-fit for every client. For OFWs, one of the things the asks if they want to buy property which is available right away, or if they want one that is in the pre-selling stage. She also asks about their future plans, such as how long the OFW intends to work abroad.

“There are a lot of things that I need to understand so I can give you the right advice. For example, if you come to me and you have the funds, that’s a different story. I have to find out what’s the budget and what’s the best location for you. If you just started working abroad and you have a contract of five years, then I have to find something that would be appropriate for your plan. It’s a case-to-case basis,” she says.

2. Consider prevailing interest rates.

Inflation has affected home borrowing rates this year.
Another factor that OFWs need to consider is the prevailing mortgage interest rate. Rappler reports that aspiring homeowners who plan to buy property in 2019 should be prepared to pay “ridiculously high” rates of up to 10% fixed interest for property that is payable in 10 years. This is due to interest rates which reached a peak of 6.7% in September and October of 2018, a figure which was not seen for the past nine years.

Despite high interest rates, Casimiro thinks that it is still wise to buy property. “I think real estate is the best investment for me because it’s tangible. Once it’s yours, you have an asset that you can mortgage or resell. Yes, the interest rate right now is not very competitive. I normally advise them to select a good project for them,” she advises.

One way to work around these high-interest housing loans is getting a self-liquidating asset. Casimiro cites as an example a condominium which one leases out. Under such a set-up, the initial investment would be the equity, and then the buyer can use the rental payments to pay off the amortization. This would allow the buyer to own the property while putting in minimal equity and not exhausting his income to pay for the property.

3. Check the developer’s track record and do a site visit.

See the property for yourself to compare your expectations with reality.
As part of their due diligence, buyers should do research on the developer and choose those that turn over projects on time. They should also check the track record of the sales agents and brokers that they deal with. Doing a site visit to see the property being offered as well as the common areas helps buyers avoid surprises down the line.

Cirilo Congson, managing partner of Polaris Realty and Development, recounts of a story where a buyer rushed into buying a property upon the assurances of the broker that it is in a good location. The buyer intended to build a house a year after buying the property. However, what he did not know is that the property is a cut-and-build property, or one that needs some clearing before it can be developed into buildable property. As such, it will take five to six years before one can build a house.

For OFWs, it might not always be feasible to ask for a site visit. What they can do is to execute a special power of attorney in favor of someone they trust, making said person their attorney-in-fact. Their attorney-in-fact can then do the site visit, ask the questions the OFW buyer has about the property, and take notes about the development that may be of concern to the buyer.

The decision to buy real estate is not an easy one to make. But with these tips, buying real property would be less of a gamble for hard-working OFWs.



PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • Jayjayqwe: hi po
    Feb 19, 2020, 11:27 PM
  • tirs d pip: hello
    Feb 18, 2020, 02:32 PM
  • Ace1105: Hello sa lahat...  :hello:
    Feb 07, 2020, 09:46 AM
  • FREYAHYARA: Anyone knows where Ig shops like, thriftme, instashoppeavenu and the likes get their items for selling. Would like to venture in the same business but would like to know where and who the suppliers are
    Jan 28, 2020, 09:38 PM
  • Niel Jhacoubs: To bpc85 kung nakalagay ang inyong names sa beneficiary list ng iyong ama kay may makukuha po kayo.
    Nov 28, 2019, 02:18 PM
  • Niel Jhacoubs: Hellooooo, its been a while. :)
    Nov 28, 2019, 02:16 PM
  • miakashidou31: hi , meron po ba ditong nagta transfer sa paypal?
    Nov 05, 2019, 01:46 PM
  • whennedy: good noon po
    Oct 18, 2019, 12:04 PM
  • edzlpdac: goood day po sa lahat!
    Oct 12, 2019, 03:37 PM
  • bpc85: ask lng sana ako kung may makukuha ba kami ng Mama ko at ako or mga kapatid ko sa benepisyo ng aming Ama bilang membro ng AFPSLAI. thank you po.
    Sep 27, 2019, 12:52 PM
  • bpc85: Hi guys, im new here,.
    Sep 27, 2019, 12:52 PM
  • Anaperdi: Hi just want to know if meron dito who is into boundary hulog ng motorcycle? For mga riders ng courier. Pwede ba magpashare how it works? Naisip ko lang baka pwede ko ibusiness, meron na pala mga posts online pero di pa clear ang system sa akin. thank  you sa makakapansin
    Sep 21, 2019, 11:32 AM
  • Anaperdi: Hi newbie here..
    Sep 21, 2019, 11:19 AM
  • jprios: May contact ba kayo kung sakali?
    Sep 18, 2019, 06:11 PM
  • jprios: Sino pwedeng mahiraman dito?
    Sep 18, 2019, 06:09 PM
  • kfg52: Present!
    Sep 15, 2019, 07:26 PM
  • juju31: san po ba may nag papahiram dito
    Sep 14, 2019, 07:18 PM
  • juju31: hello
    Sep 14, 2019, 07:18 PM
  • FutureGizmo: Thanks julz! Medyo ganun nga trabaho namin ngayon, to monitor spam posts kasi ang daming spam bots. But thanks for reporting. Auto-ban agad ang spammers sa amin haha
    Sep 07, 2019, 12:17 PM
  • julz: @FutureGizmo si @nikkikv18 just posted more than 10 posts about porn sites. hay, spam.
    Sep 03, 2019, 01:05 PM
  • Cid_brent: sino po dyan pwede magbigay send ng paypal funds and I will pay you using gcash?
    Aug 25, 2019, 08:58 PM
  • Meghan91811: Sino po may alam about Rice Farming...
    Aug 25, 2019, 07:44 AM
  • roselove: hello po sa inyo... newbie here
    Aug 06, 2019, 03:31 PM
  • Niel Jhacoubs: Sino palaging active dito?
    Jul 30, 2019, 04:15 PM
  • dagocjasonrey: Anong update dito?
    Jul 22, 2019, 08:49 PM
  • mark_Lee: anong bago dito
    Jun 28, 2019, 01:03 AM
  • mark_Lee: balita
    Jun 28, 2019, 01:03 AM
  • Lovelyprincess72: hi everyone , I'm newbie here
    Jun 27, 2019, 02:36 PM
  • Niel Jhacoubs: Musta?
    Jun 26, 2019, 01:43 PM
  • Forexanalysis: Hello
    Jun 25, 2019, 06:33 PM
  • Niel Jhacoubs: Hello sa mga online jan! :)
    Jun 15, 2019, 02:58 PM
  • oragon: :applause:
    May 20, 2019, 03:53 PM
  • FutureGizmo: Thank you for reporting those spam posts, oragon! Spam posts now deleted.
    May 20, 2019, 01:59 PM
  • oragon: Admin kindly monitor some peps! posting and sharing inappropriate nude photos and website links
    May 20, 2019, 01:52 PM
  • @culinary10: Hello I am new here! Regarding sa bdo life insurance for 8 years, pwede pa kaya ma refund yung binayad ko na 50k last year? Gusto ko sana icancel kasi lack of financial na, last may 15 2018 po un nag start ako ng life insurance, pinili ko annually kaso etong may 15 2019 wala nako ma ipay so gusto ko sana icash out, may alam ba kayo kung pano marerefund?
    May 17, 2019, 07:56 PM
  • FutureGizmo: Hi Sonny, the posting issue is now resolved. Thanks for informing us! We're currently testing a new, mobile-ready theme so let us us know kung may problema pa sa Forum. :)
    Apr 04, 2019, 10:40 AM
  • sonny.wapak: Nakaka receive din ba kayo nito pag gawa ng new post? "Please try again. If you come back to this error screen, report the error to an administrator."
    Apr 03, 2019, 10:56 PM
  • leonine_zafiro: what product nun?
    Apr 01, 2019, 10:25 PM
  • dhondiex27: hi
    Mar 30, 2019, 10:55 PM
  • lusart: jayrob i agree 200%. hulog ng langit organico. legit na legit
    Mar 29, 2019, 09:08 AM
  • palemelch: Hi
    Mar 28, 2019, 04:08 PM
  • O.C.W._AK: Magandang Araw sa Lahat! Blessings! (",)
    Mar 28, 2019, 08:42 AM
  • thor15: hello everyone, newbie here
    Mar 25, 2019, 01:47 AM
  • captjaylo: present newbie here
    Mar 22, 2019, 10:06 AM
  • balboagilbert26: hello Guys .. Newbie here
    Mar 21, 2019, 10:55 PM
  • businesswoman2019: @jefsanity nag inquire na po ako pero di sila nagdidisclose. Yung branch po kasi na target ko, currently building pa.
    Mar 21, 2019, 04:27 PM
  • jefsanity: @businesswoman2019, much better inquire ka na lang sa admin nila.
    Mar 21, 2019, 01:51 PM
  • businesswoman2019: Hello! Any idea how much ang stall sa waltermart. 2m x 2m
    Mar 21, 2019, 08:28 AM
  • John Neil: Looking for an accredited iron foundry
    Mar 17, 2019, 03:19 PM
  • jayrob: Mark_Lee ung organico legit po yan..  Member din AQ..
    Mar 17, 2019, 12:57 AM