It seems that wherever you go around the world,
you would be able to see Filipinos working or trying their luck in foreign
countries to be able to provide a better future for their families.
Overseas FIlipino Workers (OFW) are known to be very hardworking and are said to be the most dedicated workers as compared to other nationalities. Filipinos are recognized for their work ethics as well as their passion and dedication in what they do. All these they do for the sake of their families.
But aside from the goal of providing a better life for their loved ones, there are other reasons why OFWs choose to leave the country and work abroad.
- Higher pay - With the low salary structure in the country, a lot of Filipinos are finding a hard time making ends meet. So the opportunity to earn a higher pay becomes so attractive even if it means leaving their families and exploring a foreign country.
- Better career opportunities - Our country is able to produce some of the best professionals who can excel in their respective fields. However, given the limited career opportunities in the country, most professionals are now exploring working abroad where they are not only paid higher but are also given better career development opportunities.
- Discrimination - Believe it or not, there are industries that turn down applicants who do not have good credentials and connections. While some look at physical appearance as one of the criteria in accepting applicants. Such discrimination leads most Filipinos to pursue working abroad where they feel more welcome and accepted based on the skill sets they possess.
- No longer feel safe in the country - the pandemic has triggered some people to make major changes in their lives. It has also made a lot of Filipinos think about their sense of security in the country, the weak healthcare system, and the big difference of migration to another country.
- Families are living abroad - this is another reality of working abroad - when you have no choice but to follow your family and live abroad with them. There are some Filipinos whose families migrated earlier and were just waiting for the right time or the right opportunity for them before they decide to go abroad.
- Dream of traveling abroad - Many Filipinos, especially the younger generation, dream of traveling abroad. Work opportunities abroad give them the chance to experience working in another country and at the same time explore places they have never been to.
- Family and peer pressure - Almost all Filipinos who work abroad are encouraging their friends and family members to work there too so they can be together, thereby lessening homesickness and loneliness.
- Financial stability - This is the most common reason why Filipinos decide to work abroad. They want to be able to save money, support their family, and invest for their retirement.
What are the benefits of working abroad?
A lot of us believe that working abroad will enable us to earn a lot of money and secure our future. Some have probably experienced a change in lifestyle or were able to invest their money. Working and living abroad entails a lot of challenges but when you think about the future of your family and make them your inspiration, everything will be manageable. Here are some of the benefits of working abroad.
● Filipinos who work abroad can earn higher and be able to save more money for their future
● Being able to learn and experience different cultures is incomparable
● The opportunity to travel to other countries and move to another country for work
● The chance to learn about different languages
● Possibility of settling down abroad
● The opportunity to bring their family to the country where they work
● Enables you to enjoy independence and responsibility
What are the disadvantages of working abroad?
Working abroad brings us a lot of opportunities but it also has some disadvantages that we should be aware of. Being far from our family and friends will surely give us a feeling of loneliness. You might feel that you want to give up and go back from where you came from.
● It is difficult to find true friends
● You do not feel comfortable with the culture and the new environment
● In some cases, you must learn their language to be able to communicate with them well
● You miss your family and friends a lot
● You miss the important holidays and celebrations at home
● If you are sick, there is no one to take care of you
● The risk of having difficult and abusive employers
No one wants to be away from their family and be an OFW forever. If you are an OFW, you will experience or realize the need to go back home at some point in your life. You might have missed a lot of milestones that you should have spent with the family or you might be preparing for your retirement. Whichever the reason is, you have to make sure that by the time you retire, you will be able to enjoy the fruits of your labor and continue to grow your money even when you are home. Investing can help you achieve this goal.
While you are earning well, it is important to set your investment goals to be able to secure your future. One of the most stable and secure investments is real estate.
“Owning a home is every Filipino’s dream.”
Who wants to retire without a place to call your own? Who does not want a secure and comfortable place for their family? This is why investing in real estate is one of the most important things that an OFW should consider.
Some might ask, why buy a property if you already have your own home? Investing in a property like a condominiumis a tangible asset that can grow your money over time. You can either use it and live in it, rent it out to earn passive income, or flip it and sell at a higher price.
If you do it right, real estate investing is one of the most lucrative ways to grow your money. You can be able to enjoy passive income or benefit from long-term wealth. You can invest in real estate in various ways such as flipping or buying, fixing up, and selling of a property, purchasing a property and renting it out to long-term tenants, purchasing and renting out vacation homes or short-term rentals, real estate stocks and real estate investment trusts (REITs), and the increasingly becoming popular crowdfunding deals.
If you are considering investing your hard-earned money into real estate, here are some reasons that would help you understand why real estate is OFW’s best retirement investment.
You are able to build equity
As you pay for your mortgage or as the property’s value increases, you start to build up equity, which you can cash in later. This may mean selling the property for a comfortable retirement place or using it to buy another property and diversify your portfolio.
You can earn passive income and have a steady cash flow
Rental properties can provide consistent and reliable passive income. If you have your 9-to-5 job, having a real estate investment can mean an additional source of income. For some, it can also mean an entirely new career or a business to manage.
Real estate investment is a great way to help supplement retirement funds that you might already have in place.
You can diversify your portfolio
If you have already invested in stocks, bonds, and other investments, real estate offers a more secure and stable way to diversify your portfolio and mitigate risk. Remember that by spreading your funds across a number of investment vehicles, you can effectively offset losses, should they occur.
You might have a new house or vacation home out of it
If you invest in a vacation rental property, your family will be able to use that home or condo the next time you plan for a weekend getaway. Meanwhile, if you purchase a longer-term rental or a fix- and flip-type of property, you could even find yourself having a new residence in the long run.
What are the drawbacks of investing in real estate?
We have learned about the benefits of real estate investing but we also have to know the drawbacks and risks before purchasing any property. Here are some disadvantages to real estate investing that you should be aware of.
It requires high capital
Buying a property is not cheap. You will either need plenty of cash or secure a loan to be able to buy a property. If you finance the property, you will still be required to pay a downpayment. Additionally, if you decide to flip the property and rent it out, you will be needing funds to fix it up and promote it.
It requires a lot of time
Buying, selling, and flipping a property requires a lot of time, dedication, and patience. Some hire a property manager to take care of leasing management but it will entail additional cost on your part.
So, if you want to save money, take time to learn the ropes, and be patient in managing your property.
It is highly-dependent on the market
Your ROI will depend on the specific real estate market that you buy, sell, or rent out your property in. So, you have to choose carefully, otherwise, you could end up with serious losses. Before buying a property, you have to do a lot of research to make sure you are getting the right property.
The property requires regular maintenance and upkeep
If you decide to hold your property and lease it out, you need to have extra cash for use in maintenance and upkeep. This will be used in repairs, cleaning, or fixing the property up between tenants.
Your money becomes less liquid
When you invest your money into a real estate property, you won’t be able to easily access it should you need quick cash. In order to dispose of it, you have to exert time and effort to fix it up, list, promote, and sell it before you get your money back.
How can I mitigate the risks in real estate investing?
Any kind of investment entails risks. But there are various ways to mitigate that risk in real estate investing. Before buying a property, make sure to get a thorough inspection during your scheduled property tour. Be ready with an exit strategy. You should have a back up plan should the market turn or if the time comes that you will be needing quick cash. Will you be able to turn it into a rental property? Will you use it?
One of the most important considerations in buying a property is choosing a trusted developer that has been in the industry for decades. You have to choose your property wisely. Work with an experienced real estate agent, compare rates, examine the location, and make sure you are making the right choice for the long-term.
Ready to get started as a real estate investor? Check out Vista Residences condominium properties.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., which offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that are strategically located within inner-city areas, in close proximity to premium universities and developed business districts.
At Vista Residences, condo unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre selling condo projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.
Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, andVista 309 Katipunan. It also has pre selling condo projects in the said city such as Hawthorne Heights and Vista Pointe.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
Vista Residences is part of Vista Land’s roster of vertical housing brands that cater to millennials and young professionals. The other vertical brands include Camella Manors, COHO, and Crown Asia.
For more information on Vista Residences, email [email protected]ph, follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and Youtube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.