4 things OFWs need to know before buying property

There are still overseas foreign workers (OFWs) are buying property, although the number is less than it had been in previous years. Attractive investment returns coupled with affordable real estate prices in the Philippines have seen OFWs become increasingly active in the country’s property market. And with prices falling and discounts widely available, OFWs with cash in hand may be able to take advantage of some favorable deals.

However, preparing for the property buying process isn’t always easy if you’re an OFW. Burning vacation days flying home to search for and purchase a property isn’t ideal. That is valuable time you could be spending with friends and family. But if you’re prepared, buying real estate in the Philippines from overseas doesn’t have to be troublesome. Here are five things OFWs need to know before buying property.

1) Start your search

If you are living outside the Philippines, there are a number of websites where you can search for properties back home. For example, Dot Property Philippines – the very website you’re on – has the country’s best selection of real estate spanning the entire country. You can search for a property based on your budget, location and multiple other factors making easier to find the right condo or house no matter where in the world you happen to be.

2) Pick the right seller

These days, some property developers and real estate agents specialize in working with OFWs. If you want a smooth process, it is best to find one of these sellers. Not only can they advise you on common issues OFWs must deal with, but they may also be able to facilitate a deal that doesn’t require to be in the Philippines.

3) Get your documents ready

Don’t procrastinate getting all the necessary paperwork ready. If you want to buy a property, you will need to have all of these documents:

  • Signed and consularized Special Power of Attorney (SPA)
  • Photocopy of important IDs (passport, driver’s licenses, etc.)
  • Proof of billing of utility bills
  • Proof of income
  • Tax Identification Number (TIN)
  • Certificate of employment

4) Understand how the property will generate income

Chances are, you want your property to generate income while you are overseas. Maybe you are planning to have family live there and this isn’t a concern for you. But if that isn’t the plan, someone will have to manage your property in order for it the generate rental income. It’s important to understand how this will work before you buy.

A number of condo developers now offer property management services meaning they will find someone to rent your unit and take care of it for a percentage of the revenue generated. Alternatively, the are several companies who can do this as well. Whatever you decide, make sure you have done your research ahead of time to ensure you aren’t stuck with an empty property.

lifted from: https://www.dotproperty.com.ph/blog/4-things-ofws-need-know-buying-property?utm_source=ActiveCampaign&utm_medium=email&utm_content=4+Things+OFWs+Need+To+Know+Before+Buying+Property&utm_campaign=DP+Philippines+Newsletter+24FEB2021&vgo_ee=jwsNAJBEZx3iDwqabbNmVdSYFmrMikCwlKFARSZoYAo%3D

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4 Tips to help you get the Best Price during real estate negotiations

Getting the best price during real estate negotiations doesn’t have to be a painful process. In fact, it can be a very hands-off affair if you hire the right real estate agent. The key is knowing what to do and when to do it.

There are two important things you should note. First, don’t take things personally. This is about getting the best price during real estate negotiations, not making new friends. Second, you should have an idea of what is acceptable regarding terms before starting any negotiation. This will ensure you can reach a positive result.

Tips to help you get the best price during real estate negotiations

1) Let your real estate agent do the heavy lifting

Unless you like negotiations or are good at them, you don’t really need to be involved with much of this process. Your real estate agent is more than capable of fighting to get you the best possible deal. A lot of buyers end up costing themselves money by being in the room. That’s because they either give away just how much they like the property or are afraid to drive hard bargain.

2) Respond quickly

If a seller names a price or gets back to you with a counteroffer, respond as soon as possible. The more time you take allows them to field other offers from potential buyers. You don’t need to get back to them right away, but you can lose the upper hand in a negotiation if it takes weeks to respond.

3) Don’t put all your eggs in one basket

You have no idea how negotiations will play out. It is vital you keep your options open or at least appear to be doing so. Failing to do this allows the seller to negotiate from a position of strength since you don’t have any backup plans.

4) Walk away and let the seller come back to you

If you really want to get the best price during real estate negotiations, sometimes it pays to walk away. If the process has reached a standstill where no progress is being made on a deal, stepping away from the table may be a way to break the deadlock.

This is risky and it is a strategy you need to discuss with your real estate agent beforehand. Some sellers may not come back, especially if they have other offers out there. However, those serious about selling and without other buyers will likely return willing to negotiate.

lifted from: https://www.dotproperty.com.ph/blog/4-tips-help-get-best-price-real-estate-negotiations?utm_source=ActiveCampaign&utm_medium=email&utm_content=4+Tips+To+Help+You+Get+The+Best+Price+During+Real+Estate+Negotiations&utm_campaign=DP+Philippines+Newsletter+24MAR2021&vgo_ee=jwsNAJBEZx3iDwqabbNmVdSYFmrMikCwlKFARSZoYAo%3D

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Why Real Estate Is The Best Investment For Retiring OFWs

by Silingan, a Primary Homes blog

Being an Overseas Filipino Worker is not easy. It takes a lot of sacrifices and you can only imagine how difficult it must be to work in a foreign land away from your loved ones. OFWs endure the loneliness and hardships just to give their families a better future.

As the years go by, you realize that you cannot be an OFW forever. You eventually want to rest and retire but of course, you need to make sure you have enough funds to do this. Saving is most people do but is it enough? Here are the reasons why investing in real estate is the best way to go:

  1. Real estate is a safe investment. The value of land always keeps appreciating. With the volatility of the stock market these days, you would want to invest your money into something that is tangible and real.
  2. Can be used as leverage. Say there is an emergency and you need to get a loan as soon as possible. Owning a property means you can use it as leverage to get a loan. Lenders usually check your credit history, income, debt, and credit score to verify if you could pay back the money you loaned. By owning a property, you can secure the loan by having your property as collateral so that you can surely get that loan approved.
  3. Can be monetized. You can earn a passive income by having your property rented. Many applications in this digital world can help you earn money by allowing guests to stay in your place for a limited period of time. This is perfect because you can still use your place any time but if when nobody is using it, at least there’s money that goes in which you working extra hard to make it happen.
  4. You can use it. You don’t need to worry if you too tired to go home after a long day with the kids. By owning a property in a prime location, you can rest easy knowing that you are not wasting your precious time being stuck in traffic on your way home!
  5. Legacy Investment. Real estate is one of the common things passed down from generation to generation. Bypassing it on to your kids you can assure them that no matter what happens in life whether the economy is booming or not, they will be assured that there will always be roofs on their heads and they have a place to call home.

The original article is lifted from this site, all credits are yours: https://silingan.com.ph/why-real-estate-is-the-best-investment-for-retiring-ofws/

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How To Boost ROI For Your Rental

by Charlene Virlouvet

Whether you own a condominium, townhouse, duplex or single-family home, maximizing income is always a high priority for any investor. A routine property check is vital to maintaining your rental, but it won’t necessarily get you top dollar when competing against other properties on the rental market. Doing the minimum will usually lead to minimal returns in terms of money and time of tenant occupancy.

Here are a few tips for maximizing the ROI for your rental property:

Market Your Property Well

How you market your rental determines the number and quality of applications you receive for your property. There is a number of marketing strategies you can use to increase exposure and get more tenants. 

Look for different real estate investing websites and list your property on more than one platform. The internet is the first place tenants search for properties so be sure to strategically market online.

Depending on the location and type of rental property you own, you can also target a specific group of tenants that may be likely to rent out your property such as university students if your property is near schools, or employees if your property is near businesses.

Carefully Screen Your Tenants

Choosing qualified tenants to rent out your property is vital to maximizing the ROI of your rental. Having an unqualified tenant can cause problems and can be one of the most draining mistakes any property owner can make.

In your screening process, include a background check, verification of income and employment, rental history, criminal check, and reference check. It’s better to be safe than sorry when renting out your property.

Curb Appeal

It all starts at the curb, the first impression of a home and a spot most investors neglect. Many forgo the fresh coat of paint, leave the dilapidated fence up, forget to wash the driveway, and spruce up the yard. This is not a good sign of potential renters and is a reflection of how they see your maintenance style.

While some property maintenance is generally out of your hands when it comes to condos or townhouses, you have to ensure your monthly homeowner fees are put to good use and funds are allocated to exterior maintenance.

Making Smart Upgrades and Updates

The most important areas of the house to good tenants will be the kitchen and the bathrooms. You don’t have to do complete renovations of these areas, but make sure you take care of little details that renters will find appealing.

Invest in good, high quality, matching appliances as it is among the first things a renter usually looks at after entering a potential new home. Older appliances may require unending maintenance and will cost you more in the long run. 

A little paint goes a long way, and fresh paint on the walls and cabinets will make your rental look new and welcoming. Use neutral colors that will match any furniture that your incoming tenants may have.

Investing in higher quality light fixtures, adding new ceiling fans, upgrading all faucets will give the rental property a more polished pulled-together look. Tenants notice door handles, locks, and window blinds. If your condominium is set up with a laundry area, you can add a washer-dryer set to increase the value of your property.

But remember— don’t spend a lot of money on upgrades that won’t earn you more money.

Decrease Vacancy and Minimize Turnover

Find quality long-term tenants that take care of your property and pay consistently. When you find these people, do what you can to keep them. Keep in mind that rent is not the only factor that keeps tenants from moving out. The other key is customer service.

Whether you personally manage your properties or have a property manager, make sure your tenants feel respected and heard. If your tenants inevitably leave, start posting ads and spreading the word about your vacancy the minute you get a word in order to keep the transition period to a minimum. 

Increase Rent Strategically

Tenants may be more loyal if they can’t find lower rent elsewhere, but this doesn’t mean that you should never raise rents when you have good reason to do so. Moving costs tenants money too. If the value of their current rental is significantly better than the value of a new rental plus the cost of moving, you still have the upper hand.

Do a little research on other rentals in the area by checking out sites such as Locanto.ph, OLX, or Lamudi. You may find there is room to increase your revenue by, say, 1-3% every year, while still remaining competitive.

Consider the following: let your tenants know about an increase in monthly utilities and amenities fees, and have that coincide with an upgrade to your property. For instance, you may plan to upgrade the windows from single to dual pane. If you schedule the work to coincide with a lease renewal, the tenant feels they are getting something out of the deal. You may even ask your tenants what they would like to have upgraded. Not only are you increasing rent, but you’re also increasing the market value of the home. In other words, make improvements that are necessary for maintenance or have an immediate return on investment.

Add Revenue Stream

If you look close enough, you’ll find there are many opportunities for profit. Offer extra house cleaning, landscaping services, or mineral water delivery to tenants. Many people will be happy to pay for something they’d otherwise take on themselves. You can negotiate the rates with suppliers, contract them out, and collect a fee as a contractor.

The benefits of upgrading your property extend beyond appearances. It will maximize your rent, improve your return on investment, and increase your home’s value for when you may want to sell. Most importantly, it allows for a healthy relationship between you and your tenant. In such an active and competitive market, you need to find ways for your property to stand out in the listings. Quality upgrades will get your rental filled fast and maximize the income on your investment.

the original story is lifted from this article and all credit is yours: https://silingan.com.ph/how-to-boost-roi-for-your-rental/

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Taft Properties: In solidarity with Cebu

June 30, 2020 by Christian Jay B. Quilo

Horizons 101 by taft properties

FOR more than two decades now, Taft Properties has established itself as a formidable player in the real estate industry—a developer that takes time to truly understand the communities it plants roots in and what its residents need. In light of the current Covid-19 pandemic, the company gives back to the community of Cebu with a series of CSR initiatives.

The iconic Horizons 101, the tallest residential development in Cebu City and the tallest out of all its six projects, was lit in blue to show support for the workforce in the front lines during this global health crisis.

Taft Properties also partnered with the Mayor’s Office of Cebu City in distributing boxes of face masks to the city’s key health centers and other constituent institutions. For a personal touch, each box contained messages of appreciation from the company’s employees and sales partners as part of the “Taft Covid Hero” project, Taft’s way of making sure our modern day heroes know that their efforts are seen and acknowledged.

Company representatives also personally turned over boxes of face masks to the captains of select barangays in Cebu City such as Lahug, Ramos and Guadalupe.

Key facilities in Cebu were also recipients: the personnel and inmates of Cebu City Jail, as well as the healthcare workers in Bayanihan Center Cebu, a recently completed quarantine facility in the Queen City.

Taft touched base with neighboring cities as well: Lapu-Lapu, specifically the barangay of Marigondon, where Soltana Nature Residences—another Taft development—is located.

Unit owners who are frontliners also received face masks, while the company’s own frontliners—staff in departments such as security, logistics and utility—were given care packages as a sign of the company’s gratitude for their daily efforts in keeping operations running as usual the safest way possible.

With Colliers International at the helm of property management, the company has also taken great strides to maintain a high standard of sanitation and hygiene across all its properties: common areas are regularly disinfected, precautionary measures are heightened and strictly implemented, and security and maintenance personnel are housed in the building to ensure their health.

As Cebu continues to fight through these trying times, Taft Properties expresses its unwavering support for the community and its frontliners with one message: “Stay safe, be strong.”

ORIGINAL STORY: https://www.sunstar.com.ph/article/1861926/Cebu/Feature/Taft-Properties-In-solidarity-with-Cebu?fbclid=IwAR0eGJNv8zioRCy2i1xJYJLMN13cYgHmk8_elvYR_3twGvMHTMtrThfO0n4

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