#Condo #Adulting101 #RealEstatePH
Hello fellow OFWs/Kabayans,
If you are thinking of buying a condo, please ask yourselves the same questions that helped me decide. As an OFW, it can be daunting to make such a significant investment, but with careful consideration, you can make the right choice.
Don't get comfortable with the phrase "it will pay for itself" , it's an investment that is based with peak or non-peak season. Yes, it will pay for itself but you have to consider the year when you set up. So the first 3 years would be crucial and needs capital aside from the monthly dues.
Here are two questions that I found invaluable before purchasing my condo:
1. Will you have a stable income for the next 20 years? Why? because most loan terms you need to pay for the next 20 years. And you have to think that in a year, how many months will you have work and no work. So, with the months without work then you need to save up for it. Do you have the capacity to pay the same amount each month in a year for the next 20 years? Unless your condo is generating a stable income already after 3 years.
2. Living abroad, you can't just go home anytime. Will you hire a property manager or do you have someone you can trust who can be a paid caretaker?
By carefully considering these two tips and doing thorough research, you can make a well-informed decision when purchasing a condo as an OFW. Remember, buying a condo is not just a financial investment, but also an investment in your future but is also a risk.
Stay tuned for more tips and insights on navigating the real estate market as an OFW. Don't forget to like, share, and subscribe for more valuable content tailored to our kababayans abroad.
Maraming salamat po and mabuhay kayong lahat!
Tagalog Translation:
Narito ang dalawang tanong na napakahalaga bago ko bilhin ang aking condo:
1. Magkakaroon ka ba ng stable na kita sa susunod na 20 taon? Bakit? dahil karamihan sa mga termino ng utang kailangan mong bayaran sa susunod na 20 taon. At kailangan mong isipin na sa isang taon, ilang buwan ka magtratrabaho at hindi magtratrabaho. Kaya, sa mga buwan na walang trabaho kailangan mong mag-ipon para dito. May kakayahan ka bang magbayad ng parehong halaga kada buwan sa isang taon sa susunod na 20 taon? Maliban na lang kung ang iyong condo ay nagbibigay na ng stable na kita pagkatapos ng 3 taon.
2. Buhay sa ibang bansa, hindi ka basta-basta makakauwi kahit kailan. Maghihire ka ba ng property manager o mayroon ka bang mapagkakatiwalaang tao na maaaring maging bayad na tagapangalaga?
Bisaya Translation:
Hello mga kauban OFWs/Kabayans,
Mao ni ang duha ka pangutana nga napahalagaan sa wala pa ako mopalit sa akong condo:
1. Aduna ka ba’y stable nga kita sa sunod na 20 ka tuig? Ngano? kay ang labing dakong bahin sa mga termino sa pautang kinahanglan nimo bayran sa sunod nga 20 ka tuig. Ug kinahanglan nimo isipon nga sa usa ka tuig, pila ka bulan ka mosulod ug dili mosulod sa trabaho. Busa, sa mga bulan nga walay trabaho kinahanglan nimo mag-ipon alang niini. Aduna ka ba’y kahibaw sa pagbayad sa parehong kantidad matag bulan sa usa ka tuig sa sunod nga 20 ka tuig? Gawas lang kung ang imong condo nagpangita na og stable nga kita human sa 3 ka tuig.
2. Kay naa man ta sa gawas, dili ka dayon makauli bisan kanus-a. Mag-arkila ka ba og property manager o aduna ka bay nasaligan nga tawo nga mahimo nga bayad nga mahimong caretaker?
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Негізгі бет Two things to consider as an OFW from an OFW before buying a condo!
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