Being a foreigner investing in real estate can be tricky, with laws and finances playing a major role. Here's a simplified explanation on the things you need to understand if you're a foreigner looking at getting a condo in the Philippines
Getting a new property can be very exciting. If you are buying your first condo, you could be so excited that you are already looking for home decor and what color motif to decorate your new home.
You can see it. This early you know how your Friday nights are going to be. You call your friends over to lounge at the community lap pool, with beer and chilli ordered from the nearby bar and resto.
Although we commonly categorise investments into stocks, bonds, and mutual funds, it is perhaps easier to first, know what is and is not an investment, and second, consider alternative ways of investing and grouping investment types together.
Given the number of real estate, may it be condos or house and lots that OFWs purchase, we can say that Real estate is a favorite investment among Filipinos, probably because of the belief that they would never lose their hard-earned money if they purchase house and lot, farm lands, condominium units, and the like as the value of these properties increases so far. Another reason why it is the investment choice for many is the mushrooming of real estate companies that offer affordable rates and flexible financing schemes. Having a house that one can finally call their own is also the dream of many Filipinos...
What is a Real Estate?
Real estate is a property on land plus anything that is permanently fixed to it, including buildings, sheds and other items attached to the structure. Real estate may be for residential, commercial or industrial in use. Examples or Real Estate properties are undeveloped land, houses, condominiums, townhomes, office buildings, retail store buildings and factories.