Brought to you by years of hard work overseas, your first condominium in Metro Manila is more than just a property—it’s a milestone. To ensure a smooth and successful buying journey, here is the ultimate checklist tailored for Overseas Filipino Workers (OFWs).

This comprehensive guide will walk you through every crucial step, from initial planning to moving into your new home.

Phase 1: Planning and Preparation

Before you even start browsing for properties, it’s essential to lay a solid foundation for your investment.

• Define Your Purpose: Determine if the condo will be for personal use, a home for your family, or a rental property to generate passive income.[1] This will influence your priorities, such as proximity to schools and offices, or high rental demand.[1][2]
• Set a Realistic Budget: Don’t just consider the selling price.[2] Factor in additional costs like reservation fees, down payments, monthly amortization, taxes, insurance, and association dues.[2][3] It’s also wise to prepare for renovation and maintenance costs.[4]
• Assess Your Financial Capacity: Evaluate your income and expenses to ensure you can comfortably cover long-term financial commitments.[5] Having an emergency fund equivalent to at least six months’ worth of living expenses is highly recommended.[5]
• Appoint a Trusted Representative: Since you are abroad, you’ll need a reliable representative, known as an attorney-in-fact, to handle transactions on your behalf.[6][7] This person will need a Special Power of Attorney (SPA) to reserve the unit, sign documents, and deal with various agencies.[6][7]
• Research Financing Options: Explore different financing schemes available to OFWs.[5][8]
  • Pag-IBIG Housing Loan: This government-backed loan often offers lower interest rates.[5][8]
  • Bank Financing: Many local banks have home loan products specifically for OFWs.[2][8]
  • In-House Financing: Some developers offer their own financing, which may have higher interest rates but a more straightforward application process.[5][8]
• Get Pre-Approved for a Loan: Obtaining loan pre-approval will give you a clear idea of your budget and strengthen your position when negotiating with sellers.[5]

Phase 2: Finding the Right Property

With your finances and legal representative in place, the exciting search for your dream condo begins.

• Research, Research, Research: The first step to buying a condo is to do your homework.[9] Learn about the current real estate market, including property prices and promising locations.[10][11]
• Choose a Reputable Developer: To avoid scams and ensure the quality of your investment, it’s crucial to select a developer with a solid track record.[1][12] Look into their past projects and read reviews from previous buyers.[5][10]
• Work with a Reliable Real Estate Agent: A licensed real estate professional can provide invaluable assistance in shortlisting properties, arranging viewings, and navigating the complexities of the buying process.[2][13]
• Consider the Location: The location is a critical factor that will determine the property’s value and your convenience.[6] Look for areas with good accessibility, proximity to business districts, and essential establishments.[1][6]
• Assess Your Unit Needs: Think about your lifestyle and future plans.[13] Consider the size of the unit, the number of bedrooms, and the amenities that are important to you and your family.[13]
• Inspect the Property: Whenever possible, have your representative visit the actual unit or at least the model unit.[5] Pay attention to the quality of construction, fixtures, and ventilation.[5]

Phase 3: The Buying Process

Once you’ve found the perfect condo, it’s time to seal the deal.

• Prepare Necessary Documents: Get your documents ready in advance. These typically include:
  • Proof of identity (e.g., passport)[14]
  • Proof of income[14]
  • Consularized Special Power of Attorney (SPA)[11]
  • Philippine Tax Identification Number (TIN)[11]
  • Proof of billing in the Philippines[11]
  • Certificate of Employment and Compensation[11]
• Review Legal Documents Thoroughly: Before signing any contract, carefully review all the terms and conditions.[13] It’s advisable to have a lawyer check the following documents to ensure they are free from any issues:[4]
  • Offer to Purchase[4]
  • Contract to Sell[14]
  • Deed of Absolute Sale[14]
  • Condominium Certificate of Title (CCT) to verify ownership[2]
• Understand All Costs: Be aware of all the fees involved in the purchase, such as:
  • Capital Gains Tax (typically shouldered by the seller, but can be negotiated)[7]
  • Documentary Stamp Tax[7]
  • Transfer Tax[7]
  • Registration Fee[7]
• Open a Local Checking Account: Having a Philippine bank account will facilitate payments for the property and related expenses.[15]

Phase 4: Turnover and Move-In

The final stage of your condo buying journey.

• The Turnover Process: Once the unit is ready, the developer will schedule a turnover. This involves a joint inspection of the unit to identify any defects that need rectification.[7]
• Settle Final Payments: Ensure all outstanding fees and deposits are settled before accepting the unit.[7]
• Homeowner Orientation: You or your representative will receive a homeowner’s orientation and a welcome kit during the turnover.[7]
• Ongoing Responsibilities: As a condo owner, be prepared for recurring expenses such as:
  • Association Dues[3]
  • Real Property Tax[3]
  • Maintenance and repair costs[4]

By following this ultimate checklist, OFWs can navigate the complexities of buying their first condo in Metro Manila with confidence and make a sound investment for their future. For your condo home needs, Megaworld Horizon will be most happy to serve you.

Sources help

1. abs-cbn.com
2. bedandgoinc.com
3. moneymax.ph
4. upsideph.com
5. gandangbahay.com
6. vistaresidences.com.ph
7. megaworldhorizon.com
8. matchhome.ph
9. asterra.com.ph
10. vistaresidences.com.ph
11. dmcihomes.com
12. investasian.com
13. propertysourceph.com
14. taaldc.com.ph
15. inquirer.net