Your Smart Buying Checklist
The OFW’s Ultimate Checklist for First-Time Condo Buyers in Metro Manila
Navigate your first condo purchase as an OFW with our essential checklist for a smart, confident investment.
Start Your Journey
Your Dream Condo: A Milestone Achieved Through Hard Work Overseas
For many Overseas Filipino Workers (OFWs), buying a first condominium in Metro Manila is more than just an investment—it ’s a symbol of years of dedication and sacrifice.
This comprehensive guide, brought to you by Megaworld Horizon, is designed to simplify your journey, offering a step-by-step checklist to ensure a smooth and successful buying experience.
Phase 1: Planning & Preparation
Define Your Purpose: Clarify your condo’s primary use
Personal Use: Will it be your future home or a place for your family? This impacts location (e.g., proximity to schools, work).
Rental Property: Aiming for passive income? Focus on areas with high rental demand and good accessibility.
Set a Realistic Budget: Beyond the selling price, account for all associated
costs
Upfront Costs: Reservation fees, down payments.
Ongoing Costs: Monthly amortization, association dues, taxes, insurance.
Future Expenses: Renovation and maintenance costs.
Assess Your Financial Capacity
Evaluate your income and expenses to ensure long term comfort with financial commitments. It’s highly recommended to have an emergency fund equivalent to at least six months of living expenses.
Appoint a Trusted Representative
Since you’re abroad, a reliable attorney-in-fact is crucial. This person will need a Special Power of Attorney (SPA) to handle transactions, sign documents, and liaise with various agencies on your behalf.
Research Financing Options: Explore schemes tailored for OFWs
Pag-IBIG Housing Loan: A government-backed option often with lower interest rates.
Bank Financing: Many local banks offer home loan products specifically for OFWs.
In-House Financing: Offered by some developers, potentially with a simpler application but possibly higher interest rates.
Get Pre-Approved for a Loan
This step clarifies your budget and strengthens your negotiating position with sellers.
Phase 2: Finding the Right Property
With your preparations complete, the exciting search for your dream condo begins.
Research, Research, Research
Become familiar with the current Metro Manila real estate market, including property prices and promising locations.
Choose a Reputable Developer
Select a developer with a solid track record and positive reviews to ensure quality and avoid scams.
Work with a Reliable Real Estate Agent
A licensed professional can provide invaluable assistance:
• Shortlisting properties
• Arranging viewings
• Navigating the buying process
Consider the Location
Location significantly impacts property value and your convenience. Look for areas with:
• Good accessibility
• Proximity to business districts
• Essential establishments (e.g., hospitals, malls)
Assess Your Unit Needs
Think about your lifestyle and future:
• Unit size
• Number of bedrooms
• Desired amenities
Inspect the Property
Whenever possible, have your representative visit the actual or model unit. Pay close attention to construction quality, fixtures, and ventilation.
Phase 3: The Buying Process
Once you’ve found your ideal condo, it’s time to finalize the deal.
Prepare Necessary Documents
Gather these essential documents in advance:
• Proof of identity (e.g., passport)
• Proof of income
• Consularized Special Power of Attorney (SPA)
• Philippine Tax Identification Number (TIN)
• Proof of billing in the Philippines
• Certificate of Employment and Compensation
Review Legal Documents Thoroughly
Before signing, carefully review all terms and conditions. It’s highly advisable to have a lawyer check:
• Offer to Purchase
• Contract to Sell
• Deed of Absolute Sale
• Condominium Certificate of Title (CCT) to verify ownership
Understand All Costs
Be aware of all fees involved:
• Capital Gains Tax (typically shouldered by the seller, but negotiable)
• Documentary Stamp Tax
• Transfer Tax
• Registration Fee
Open a Local Checking Account
A Philippine bank account simplifies property and related expense payments.
Phase 4: Turnover and Move-in
The final stage of your condo buying journey.
The Turnover Process
Once your unit is ready, the developer will schedule a turnover. This involves a joint inspection to identify any defects for rectification.
Settle Final Payments
Ensure all outstanding fees and deposits are settled before accepting the unit.
Homeowner Orientation
You or your representative will receive a homeowner’s orientation and a welcome kit during turnover.
Ongoing Responsibilities
As a condo owner, be prepared for recurring expenses:
• Association Dues
• Real Property Tax
• Maintenance and repair costs
