We found this fantastic article on buying a house in the Philippines. If you are an OFW working abroad you need to check out the excerpt below, and visit the original post with the remainder of the story:
….The property agent will then send you the Special Power of Attorney (SPA) for you to sign and consularize. This is the legal document authorizing your attorney-in-fact to act on your behalf. Consularize/consularization- is a required process that authenticate the documents by the Philippine consulate.
It usually costs 25 USD per document and varies from which country you’re working from.
The documents will have a seal and a red ribbon over it. It’s non-refundable.
- Once reserved, here are the requirements that you need to submit within 30 days:
- The SPA (Consularized) – this must be authenticated by the Philippine consulate
- Income Proof (3 months)
- Proof of Billing (here in the Philippines)
- TIN (for verification. If you don’t have a TIN # in the Philippines, the property specialist may do this for you)
- CEC (Certificate of Employment and Compensation) – needs to be consularized as well
- Employment Contract (should be in English) – must be with the seal of the employer as well as a signature of the authorized personnel (HR manager, etc…).
Can be photocopied as long as it is certified as true and correct.
- Post dated checks (PDCs) for the down payment.Requirement may change to some developers. If you don’t have a checking account yet, your attorney-in-fact may open one in his name.
If you have a local savings account, you can request for a checking account thru your representative.
- Photocopy or scanned copy of your passport and IDs
- Your attorney-in-fact will apply for a housing loan with the bank (if bank financing), developer (if in-house financing), or Pag-IBIG (if Pag-IBIG financing).
- Send back all the requirements on step 2 via courier to your agent/ property specialist.
- The property specialist will then submit all the documents together with the PDC’s to the developer and that is all there is to it. All you need to do is fund the checking account and continue to pay the monthly amortization.
Aside from the great resource above, of you are thinking of settling in Luzon, south of Manila, there is a great development called Bellefort Estates where you can find single detached, single attached or Townhouse homes to call your own.
Remodeling your bathroom? Installing new windows? With a personal loan via Lending Club, you can get the funds you need for your home improvement project in as quickly as a few days. Let’s get started on your project!
Fast and easy application
Apply online in minutes and instantly review your offer, with no impact to your credit score.
Unsecured loans based on your personal credit rating and not the equity of your home. Loans deposited directly to you. That means you decide which contractor to use. If you want to add a little extra landscaping and some outdoor furniture to your total budget, no problem.
Fixed and affordable rates
With monthly installment payments, the amount you pay will never increase.
No need to go to a bank, have your home appraised, complete piles of forms or visit a notary. Get a home improvement loan without leaving your home.
Funds in a few days
Loans are directly deposited into your bank account in as quickly as a few days, a fraction of the time of a home equity loan.
Prepay and save even more
You can pay off your loan at any time and get rid of future interest payments. No prepayment penalty.
Our home improvement comes with a little bonus for us. However, not all home improvement efforts are as successful. In fact, reports Forbes, there are some home “upgrades” you think are improving your home’s value, when they really aren’t.
Which Home Improvements are Practically Worthless?
Before you get that home improvement loan or line of credit, stop and consider why you are making the upgrade, and whether or not it will really improve the value of your home. Here are six items the Forbes article points out are practically worthless when it comes to boosting your home’s resale value:
- Swimming Pool: It can actually be more of a hassle than it’s worth to have a pool at your home home. Some potential homebuyers will decide not to buy, just because they don’t want to deal with the maintenance costs and liability that come with a pool.
- Overbuilding: Creating an addition to your home can make it stand out in your neighborhood. If your home is “worth” $250,000 at the end of your efforts, says Forbes, and most homes in the neighborhood sell for $150,000, you might actually be at a disadvantage.
- Extensive Landscaping: While a nice yard can get people to stop, it doesn’t actually increase your home’s selling price. A discerning buyer understands how much costs to upkeep such landscaping — and may not want to mess with it.
- High-End Upgrades: Forbes points out that these upgrades can help a high-end home, but they aren’t as helpful in a mid-range home, where something like granite countertops may look out of place with the linoleum flooring.
- Wall-to-Wall Carpeting: After reading this, I was glad that we replaced some of our carpeting with wood. Apparently, many people are concerned about carpeting, and its potential health issues.
- Invisible Improvements: Plumbing and heating upgrades make the house livable, but they probably won’t add to your home’s selling price.
From 1991 to 1999, Tim Allen–familiar to moviegoers as the voice of Buzz Lightyear from “Toy Story”–starred in a TV sitcom called “Home Improvement.” Allen’s amusing and self-assured character, Tim Taylor, hosted a fictional TV show called “Tool Time.”
These days, millions of Americans are starring in their own home improvement shows.
In 2013 alone, Americans are expected to spend more than $551 billion–that’s not a typo–on home improvement projects, according to the Remodeling Futures Program at Harvard University’s Joint Center for Housing Studies. By comparison, Americans forked over $476.4 billion for home improvement in 2012, the center says.
Home Improvement Boom
A survey from American Express indicates 72 percent of Americans will put at least one home improvement project on their to-do lists this year, with average spending of $4,000. That’s up from $3,500 in 2012.
If you have a new drywall or wood surface that needs to be primed, you can tint the primer to match the finish coat. This will save you time on your painting project, and reduce the number of coats needed to finish.
Prevent your paint rollers and brushes from drying out by wrapping them in plastic bags. This will keep them full of paint between coats and save you money on extra paint down the road.
Let’s face it, we all just throw away our old paint rollers. If they’re too dirty to use, put it to good use. Using and extended handle, use it to clean the gutters on your house. Just slide it along the gutter to quickly remove any unwanted debris.
Dinging your wall comes with the territory during any project. Just grab a wet cloth and your clothes iron and steam out the ding. It’ll then be ready to paint in no time.
Click the link below for more DIY tips.
Source page: http://www.carterlumber.com/tips-and-tricks