18/08/2025
When it comes to buying real estate as an OFW, you hear the same conversations over and over again on how complicated it is. Most just leave the transaction to family members to save them the hassle. They also avoid the nitty-gritty in hopes of making everything quicker. And they certainly skip essential aspects of the process just to get it over and done with.
But if youโre an OFW reading this, follow along.
Why?
Because buying real estate is more than buy and sell transactions. Itโs a long-term commitment and obligation attached to your name wherever the country youโre in. Here are three golden rules for acquiring a property when youโre overseas.
1. Be clear with your purpose
If you have the money for it, itโs easy to just say yes and purchase a property without thinking ahead. Before you start the hunt, be clear with your purpose so you can narrow down your options based on your priorities. If youโre working abroad and you plan to go back to the Philippines in the future, you need to calculate your timeline so youโll know what kind of property to purchase. If itโs for retirement, make sure youโre certain with your future plans and how youโll be able to maintain a property in the long run. If itโs for investment purposes or rental income, you should consider several factors such as logistics and its accessibility to the people who will manage it for you.
2. Research and Verify
Physical Inspection: The biggest challenge for buying a property from overseas is physical inspection. But it wonโt hurt to make the most of technology by checking the property via online geo maps, street views or photos. This gives you a general idea of the vicinity or even the topography of the land youโre purchasing. If itโs a condominium unit, you can request for a virtual tour from your agent so you can see the actual unit or building. Doing intensive research on a developerโs track record is also useful whether youโre buying a pre-selling or RFO.
Documents: If youโre buying land, it is also smart to ensure that all the documents being presented to you are authentic and legitimate. You can do this by verifying the titles and owners of the property from the Registry of Deeds. Other important details you need to check or tick off on your list are arrears, back taxes, liens and encumbrances, and, a land survey by a Geodetic engineer.
3. Partner with the experts
For OFWs, entrusting the buying process to a trusted family member or relative is the most practical and secure way to do things. But what you donโt realize is that family or not, the risk of getting duped is still the same if youโre not an expert in the field. Working with a licensed real estate broker not only saves you from the tedious legwork, but they can also protect and safeguard you from frauds. Since their profession is regulated by a government body, you are assured of accountability and you can sleep at night knowing that your buying experience will not turn into a nightmare.
Are you currently looking for properties to buy? Please check Axeia Properties - by Glenn Lucero or Cnc Glenn Lucero for the property listings.
Message me for any inquiries or site tripping request at 0995 958 4474
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Source: https://onepropertee.com/help/ofw-quick-guide-3-golden-rules-for-ofws-acquiring-a-property/g95nto693ysEW8Sys
