Looking to invest in a home of your own? We’ve got you covered. With careful preparation and the right tools, financing a dream house from thousands of miles away is not as difficult as it seems.
Here are some helpful tips to get you started:
Check your whys and hows
You want a home for you and your family that is not only worth your money but is also a place where you can settle down and feel secure. To get that, you have to check on how much you can afford and how much you are willing to spend.
With a budget in mind, consider your dream property’s location and features: Is it in a prime area? Is it in an up-and-coming neighborhood and accessible to essentials? Getting an idea of new roads, expressways, and infrastructure will also help determine a property’s market value. Take time to research and narrow down your choices so you can decide on what is best.
Find a reputable developer
Reputation is everything, especially when it comes to property development. Choose a developer who is credible and reliable. You can start by checking out developers’ websites and looking into their background, previous projects, and credentials. Go for companies with an excellent track record for turning over high-quality projects.
It is best to get feedback from people close to you about their experiences with home-buying. Consulting with a credible broker also helps since they know the ins and outs of the real estate industry.
Appoint a representative that you can trust
Since you won’t be here to do the home-buying yourself, you’ll need someone who will handle transactions on your behalf. You may appoint an attorney-in-fact who can best represent you throughout the process. Choose someone you trust, preferably a family member or a close friend. He or she must be knowledgeable and responsible in handling financial and legal aspects of the transaction. Make things official through a Special Power of Attorney document that must be notarized by the Philippine consulate.
Be ready for the paperwork, buying expenses, taxes
Buying a new home means complying with a ton of documentary requirements. Take it one step at a time so you don’t drown in all the paperwork. Start by making a list of requirements you need to accomplish and keep it updated.
It is important that you work closely with your attorney-in-fact to ensure timely submission of documents. Strategize how you want to go about with registration fees, notarial fees, taxes, and modes of payment. Keep in mind that you and your attorney-in-fact must be extra diligent down to the smallest details because any mistake can be costly.
Do your homework: Study housing loan options and requirements
As an OFW, you can avail of different housing loan options offered by government, banks, and lending organizations. Study them and carefully weigh the pros and cons in terms of eligibility requirements, payment terms, and interest rates.
You may also check if the developer offers in-house financing. This is an ideal option for those who do not have time to transact with third party institutions. Application requirements are also less complicated and less stringent. For example, Nurtura Land & Home offers a one-stop in-house financing deal through its Home Ownership Made Easier (H.O.M.E.) Loan. This promo is open to all house and lot units in Narra Park Residences, except for units in Block 2 and all bundled lots. In this arrangement, up to 95% of the total contract price is payable in up to 10 years with a fixed interest rate.
Keep in touch for updates
Your family members and trusted broker are the best people who can help you monitor the status and development of the project. Ask for updates, photos, and videos to check progress.
If you’re not there for the inspection, make sure your family members and broker will be as thorough as possible in checking the unit. Encourage them to do site visits often so they get a feel of what the neighborhood will be like.
Investing your hard-earned money in a home of your own is a reward for any OFW who has sacrificed so much being away from their loved ones. Smart budgeting, research, and finding the right people to trust are keys to ensure your savings for a new home will definitely be worth it.
Begin your search for a new home by learning more about Narra Park Residences, the maiden project of Nurtura Land & Home by Alsons Dev.