The Philippines has become a popular foreigners’ destination due to its picture-perfect beaches, thriving economy, and large English-speaking population. A foreigner may legally own a condominium unit, provided that foreign ownership in the condominium development does not exceed 40%.
If you’re a foreigner considering relocating to the Philippines and settling, here are a few things to consider before purchasing a condo.
Your Short-Term and Long-Term Objectives
Are you planning to raise a family in the Philippines or are you just passing through? Practically speaking, it is preferable to purchase a condo rather than rent one if you intend to stay for more than a few years. Additionally, if you’re looking for a reliable source of additional income, a condo unit can be a rewarding investment. Rent it out long-term and collect rent on a monthly basis with little to no effort.
Do you plan to raise your family in the Philippines, or are you just staying for a few months? Practically, it is better to buy a condo than rent one when you plan to stay for more than a few years. And, if you are looking for an additional steady source of income; a condo unit can be a rewarding investment. Rent it out in the long term and collect monthly rent with minimal to zero effort.
Since foreigners are technically not allowed to purchase a parcel of land in the Philippines as governed by law without getting married to a local. Foreigners can buy a condo in the Philippines as a solution for a practical home in the country.
Establish a budget
Prior to beginning your search, establish a budget range within which you are willing to work. If you intend to obtain a mortgage, contact reputable banks to inquire about their mortgage options for foreigners.
Apart from the Total Contract Price of the condominium unit, keep in mind the transaction fees and taxes that must be paid. By including these in your calculations, you can create a more reasonable budget.
Location, Location, Location
The neighborhood in which you choose to live can either support or obstruct your lifestyle. A condo in or near the central business district puts you close to your job, elite schools, upscale malls, and upscale restaurants. Additionally, condos in prime locations appreciate more rapidly.
But if you are looking for a more discreet and quiet area taking your property hunt outside central business districts can also be hectic not until developers right now are offering sub-urban themed condos in the country where investors can have the best relaxation away from the city noise and traffic.
Plus, if you are away from your condo, you can easily maximize your unit for rental businesses through Airbnb or through the developer’s inhouse leasing department.
Suggested Read: Why You Need to Own a Property Outside Metro Manila
A Network of Support
If you are new to the Philippines, it may be prudent to settle in an area with a sizable expat population. While Filipinos will treat you as family and make you feel at ease, it is natural for expats to seek out communities with which they can truly identify. Makati, Ortigas, and Bonifacio Global City all have expat clubs that can show you the ropes and assist you in settling in.
Outside of the capital, the areas of Clark, Subic, Cebu City, and Davao City all have a sizable foreign population. Meanwhile, apart from these areas many investors are also eyeing property investments in Caloocan, Lipa, Puerto Princesa, and Bacolod City.
A Trusted Real Estate Developer
If you are considering purchasing a condo unit during the pre-sales phase, it is critical to choose a developer with a track record of delivering units on time. Vistaland and Lifescapes Inc. is a reputable and well-known developer in the Philippines, having delivered thousands of condominium units to satisfied homebuyers.
Local Assistance
As foreigners, you may be unfamiliar with the ins and outs of real estate acquisition as a foreigner. To protect yourself and your purchase, enlist the assistance of qualified local professionals. A lawyer can assist you in confirming the authenticity of the property title and ensuring that all transactions are legal. A licensed broker or a reputable real estate professional will assist you throughout the acquisition process.
Get your Documents Ready
When taking a reservation of value, investors will need to provide identification cards apart from the reservation payment. If you are ready to take the condo reservation in the Philippines, be sure to get your passport, and other national identification cards if developer will ask you to submit at least two.
However, if you are planning to purchase a ready for occupancy condo unit in the Philippines, it will be best to prepare other items such as your identification cards, special-power of attorney (if you are not in the country most of the time), your tax identification, bank or income documents, other developers may also be needing your birth certificate.
Other than the above mentioned foreigners or multinational buyers should be filling out reservation documents and other contracts with the developer.
Suggested Read: What OFWs Must Know Before Buying a Condominium
Final Verification
Before finalizing the sale as a foreigner, conduct a final inspection of the property. Check the condition, size, amenities, and electrical and water connections of the unit thoroughly. Consult the condominium’s bylaws and ensure that you are comfortable with them.
As with any property purchase, gather all pertinent information before making a decision. Conduct due diligence and select a reputable developer with a track record of constructing high-quality properties, such as Vistaland or Lifescapes Inc.
Vistaland’s High-quality Condos for Sale
Vistaland group has recently introduced its newest brand of high-quality and exclusive mid rise condo developments that offers sub-urban themed developments with resort-themed amenities brought by the inspiration of the leading housing brand of Camella Homes, Camella Manors.
Camella Manors is strategically located to offer condo in the Philippines located in the most developed and developing business areas outside Metro manila specifically in North Caloocan, Lipa, Puerto Princesa, Bacolod, Butuan, and Davao City.
You can reserve your own first unit at Camella Manors starting at P20,000 for a studio unit. Foreign investors can find a pre selling, ready for occupancy or RFO, and even rent to own condo units in the Philippines at Camella Manors.
If you wish to find your own investment and condo in the Philippines, you can check condo for sale at Camella Manors by visiting the property section or through simply chatting directly on this website chat box.
Suggested Read: How to Check a Ready for Occupancy Condo?
