It’s more than just putting furniture together, it’s about living smart without compromising style and function. Below are 7 tips to maximize your condo living experience.

Use multi-purpose fixtures or furniture – There’s a certain truism to the adage less is more. The smaller the furniture or fixtures you use the more space you can save. Allowing you to think of other stuff to bring in. If you are looking at bringing in large furniture, rethink your decision. There is a ton of other stuff which can be placed instead of those bulky cabinet or television set of yours. Fixtures or furniture are already available in the market that can literally shape-shift – a sofa can be a bed, a small table can be a dining table set, a coffee table with shelves, and many other more. You just need to be prepared financially as they don’t come in just mere hundreds of pesos.

If you have enough budget and planning on amping the function of your furniture to suit your taste, there are a variety of stores or companies that accommodate custom fabricating it for you.

Use pegboards – If you are working on a tight budget, then consider hanging things on the wall or making artificial walls. Pegboards or small wall décor holder normally does the trick. Coming in different sizes and easily customizable based on your preference and needs, these metal fixtures can be placed anywhere, used for anything, and a good organizer of stuff. What’s more, they are ambulant, should you decide to redecorate your unit, they are easy to take down and attach to a new wall.  Using prongs, you can fit in anything to the pegboard. From organizing your books, kitchen backsplash, accessories, keys, and other stuff these handy metal friend of yours has got you covered.

Don’t forget to paint these pegboards! 

Use colors that make your unit bigger – deception is everything. Paints help create optical illusions that make confined places look spacious and cozy. It is a generally known fact that light colors make rooms look lighter, brighter, bigger and more inviting. Soft tones such as off-white, blue, and green normally do the trick, while darker shades tend to absorb light making the room smaller and tighter. One caveat is to use lighter shades on wall trims and moulding. This makes walls appear farther back making your unit look spacious. To add to that, the right colors set the mood in the room. It can be a natural therapy for the eyes to reduce stress and boost your creativity and gives you more bandwidth to finish all your deadlines. But it all still depends on you. Choose the color that best reflects you as a person.

Use lights that promote a cozy ambiance – Cliché as it is, but proper lighting is everything. It affects the ambiance of the place and keeps the ball rolling for everything. Be it a dinner romantic date, studying for school, and beating all those deadlines, good lighting helps you achieve that. The psychological effect stimulates the creative region of our brains translating all those creative juices to your output.

If you have access to natural light, allow it to enter your room. It contributes to making the room bigger and admit it, nothing beats natural lighting!

Don’t forget the greens – while it can be a handful to take care of ornamental plants, but keeping one breaks the drudgery of life. Plants are natural stress relievers. It restores the balance of a chaotic place and the inner core of a person. On top of this, plants promote wellness. It reduces the chances of getting coughs, colds, and minor diseases. Enabling you to stay focused and ready for the daily grind.

Zone things – it all boils down to planning things out at the onset. By identifying and dividing your unit into areas based on needs and function, it is much easier to decide which furniture to buy, what are the things to add, and how much space do you need for each area. If you are in the creative industry, placing your workstation near the window helps you reboot your mind. The buildings, skyscrapers, the skies above, and glamorous lights of the city in nighttime can help stimulate something to cook up. If you live with a family, dividing the place will be a bit of a challenge but it will help you to plan well.

Always reinvent – redecorating is not just an avenue to maximize your space, but an opportunity to earn. Annual refurnishing allows you to revisit the things you still need and things you can dispose of. It helps you start anew and upgrade the furniture and assets you acquired the previous year/s. Online apps are available to help you dispense these lucratively.

Every great investment starts with a great deal. Investors looking to start their real estate portfolio or even a bachelor planning to buy his first condominium unit must learn how to spot a great deal to make sure that their hard-earned money will turn into a valuable investment.

Here are some tips to remember if you want to spot a good real estate deal.

It’s a numbers game.

According to real estate blogger Brandon Turner, property hunters have to understand that snapping up good deals is largely a numbers game. You have to check out tons of listings in a specific area and narrow the leads down according to your preference.

For instance, if you are looking for a good deal in Mandaluyong, try to determine your own pre-qualifications. Should the property be near major throughways? Should it be below PHP 2 million? Should you consider foreclosed properties?

Once you have narrowed your choices, you have to analyze the value of the properties. Which among them do you think would appreciate in a reasonable amount of time and for what reasons?

Location, location, location!

Getting a good real estate deal all boils down to the location of the property. This does not necessarily mean that it should be at the heart of a business district or even along its peripheries. After all, location is also about connectivity and accessibility.

The key is to identify areas where it is easy to travel to and from major places of interest. For example, if you want a property that is accessible from Metro Manila, then you should consider scouring nearby provinces where costs are lower and there are plenty of options.

Always check out deals in these lower-priced markets as they possess potential returns especially when space demands in city centers become too saturated, pushing home seekers to look for alternative locations.

Why it’s wise to invest in foreclosed properties

Great deals may sometimes come in unexpected forms—in this case, in foreclosed properties. According to MyProperty.ph, a foreclosed property is a good money-saving option for its below-market-value price. The reason foreclosed properties have relatively low selling price is that banks are often swift in disposing these assets. You can expect them, therefore, to offer surprising discounts.

There are a few things you need to consider, however, as not all foreclosures are worth the money. First, inspect the condition of the property. Does it need a lot of repairs? Where is it located? Can you flip the property to make it marketable again? Additionally, you also have to know the terms in which the bank would sell the said property.

Try searching social media for leads.

Most people are now on Facebook, so it is easier to connect to potential property buyers. Indeed, some of the greatest deals can already be found via social media. You may not land the perfect deal at first try, but posts by individuals looking to sell their properties or marketing campaigns of real estate listing services would definitely give you an idea where to look further.

Consult listing sites.

There are a lot of listing sites out there that let sellers connect easily to potential property buyers. MyProperty.ph and Lamudi.ph are some of these listing sites that provide property owners with a platform where they can reach their prospective buyers.

Since these listing sites have their own gatekeeping system, the deals posted on the platform are all legitimate. It is a matter now of analyzing the merits and risks of acquiring a particular property viewed on the platform.

Should properties be at their prime condition?

It was already mentioned that when looking for foreclosed properties, the quality of the asset must be checked. In some cases, you might find diamonds in the rough that just need a little bit of flipping to turn into a true gem.

However, there are still considerations to ponder on such as location, accessibility, and price tag. If the slightly debilitated property is in a major city, check if it has an attractive neighborhood. You should also make an effort to see if the location is easily accessible. Regarding the price tag, you would have to discuss with the seller and bargain if you must.

Early birds get the best deals.

If you spot a listing you believe has potential, you better grab it quickly before the demand swells together with the selling price. More often than not, the one who calls and locks in the property first gets the ideal price.

In times when the seller already entertains multiple buyers, you should still act fast. Your offer must meet or even exceed the seller’s expectation of the value of the property for you to emerge victorious.

Do your research.

To land a great deal, it pays to do your assignment. Before looking through listing sites, you have to do your part and get to know the market in general. Learn as much as you can about the current trends and make yourself well-versed with the concepts that surround the market.

Finding a great deal is not a talent—it is just a combination of the knowledge you have of the market, the practical mindset, and the creativity and ability to see things in another perspective.

One of the main reasons why overseas Filipino workers (OFWs) are willing to sacrifice being away from home is because they would like their families to have better and comfortable lives by earning more money. Saving more money means having more budget to buy and own a property.

Real estate trends based on Lamudi’s latest White Paper shows a promising growth in real estate investments. According to the report, the number of people searching to buy versus renting gives evidence of a fairly higher number. These facts do not eliminate the chances of OFWs buying and owning a real property as well. Remittances from overseas Filipinos either living or working abroad have hit a new record high of $2.56 billion in December of 2016, and is projected to increase further.

Given all the facts and figures of the rising economic growth, marketability, and demand for real estate properties, what should be the proper financial preparations that an OFW must consider when preparing to buy or own a property?

Determine Location, Potential Improvements, and Property Type

This may sound a bit odd but it can be considered as part of being financially prepared. Why? Because anyone living and working abroad for a long time will not have much idea about the assessed and market value of a property. It is essential to know the location, whether it is in an established prime area, an up-and-coming neighborhood, or an area that has the potential to become an “it” location in the future; and what property type to buy, whether it is a land, condo unit, townhouse, or a single-detached house.

Likewise, OFWs should study potential areas really well because the provinces that surround Metro Manila, such as Rizal, Bulacan, Laguna, and Cavite, improve really fast with new infrastructure projects, new roads and expressways, and some even become cities after a few years. These are factors that will give ideas about pricing and how much an OFW can afford and how much he is willing to spend.

Know the Current Status of the Philippine Economy and Rate of Foreign Currency Conversion

It is important to know how the Philippine economy is doing and how the real estate sector is performing. Read newspapers, inquire from reliable sources, read testimonials from economists and buyers, do a lot of research, and check reliable real estate reports. Timing is everything that’s why it is best to make sure that the exchange rate is favorable (and stable) when sending hard-earned foreign currency converted to Philippine peso and the money will be saved in the bank for future use.

Find a Reliable Real Estate Developer and/or Builder

With the rate of competition among real estate developers in the Philippines, there are definitely a lot of options in finding a reputable developer/builder. OFWs should invest time and make it a point to do some research because sadly there are unscrupulous real estate developers and sellers who are bent on ripping OFWs off their hard-earned cash. The following points should be taken into consideration when choosing a real estate developer:

• Background
• Financial Stability
• Company Profile
• Track Record
• Time Frame for Project Completion
• Quality Check
• Proper Documentation for Turnover

Choose a Trustworthy Representative

Living and working abroad means that OFWs are unable to process or have limited time in taking care of all the necessary paperwork and documents needed in dealing with any real estate investment, so a trustworthy and capable representative is very much needed. A Special Power of Attorney (SPA) will be granted so that the chosen person can act and do transactions on behalf of the OFW who is the buyer. In SPAs, the OFW may execute and make Attorney-in-Fact any trusted representative who is of legal age and that chosen representative must comply with the requirements of the law. The SPA must be Notarized or Consularized if executed or signed abroad. Note that the SPA is for the trustee and that he or she will not own any part of the real property and his or her main function is to just represent the OFW.

Study Different Financial Institutions for Short- or Long-term Loan Options

Any type of real estate investment will require a large amount of money and whether an OFW will buy via short-term or long-term loan, he will still require a backing from a financial institution that will give the best mortgage terms. Although government agencies give a lot of support to OFWs, there are still requirements needed and it would be good to study all possible options before applying for any type of loan. Government agencies like the Social Security System (SSS) and the Pag-IBIG Fund and commercial and universal banks all have eligibility requirements and loanable amount computations and it is important for OFWs to check if they’re eligible and how much amount they can borrow. Private banks and real estate developers also offer housing loans and in-house financing options that an OFW can avail of. Some may offer discounts and flexible payment terms available only for OFWs.

Open a Checking Account for Real Estate Transactions Only

Anyone investing in any form of real estate transaction should open a checking account that is separate from their regular savings account and personal expenses. The purpose of having a separate checking account for real estate transactions only is for proper monitoring of expenses. This is to make sure that every check that is issued is good and funds are also properly accounted for to avoid bounced checks.

Be Ready for Buying Expenses and Other Taxes

OFWs and anybody who will buy a real estate property should realize that there will be a lot of paperwork and documentations involve. Both buyers and sellers will shoulder expenses, including capital gains tax, creditable withholding tax (if applicable), documentary stamps tax, transfer tax, registration fees, and notarial fees, among others.

After execution of the Deed of Absolute Sale signed by both the seller and the buyer, the seller turns over original copies of tax declaration, tax clearance, transfer certificate of title (or TCT) or condominium certificate of title (or CCT, if what’s being bought is a condo unit), and when all obligations are paid for, the buyer will now be able to obtain a new TCT or CCT under his or her name and a new tax declaration will be issued.

In every paperwork and documentation involved, OFWs and their corresponding trustee that holds the SPA must practice due diligence even to the smallest detail because any mistake can be costly and these transactions are not something to be ignored and set aside.

Real estate property tax is something that cannot be taken for granted because it is a government-mandated law. The legal basis for the law is found in Title II of the Local Government Code of the Philippines. Taxpayers can either pay in full or by quarterly installment. Normally, the local government issues real property tax discounts when taxpayers pay in full and done in advance before the deadline which is due on or every 31st of January of each year.

Buying and owning a real property is definitely not an easy task, especially when considering the fact that the money that will be used is hard-earned. Any OFW who has sacrificed so much of being away from home should see to it that what they have saved for will definitely be worth it. After all, at the end of the day and whichever part of the world they’ve been, OFWs have one thing in common—they will always come back home.