While we Filipinos are known to be close to
our families, a lot of us decide to leave home and work abroad for greener
pasture. Overseas Filipino Workers (OFWs) are long considered to be modern-day
heroes because of their sacrifices for their loved ones, just to be able to
provide a more comfortable life for them.
They are willing to take the risk of exploring a foreign country, take on a new and unfamiliar job, and miss important occasions with the family, just to pursue their dreams of building a better future for them, even if it means being miles and miles away from home.
For many, payday Friday comes as a time to treat themselves but for OFWs, it is the time of the month to send money to their family in the Philippines and save some for their next trip back home.
Based on the 2019 Survey conducted by the Philippine Statistics Authority (PSA), the total number of OFWs is currently 2.2 million, which represents a large number of Filipinos who decided to leave home to work abroad for greener pasture.
Filipinos are known to be loving and generous. They are willing to brave loneliness and homesickness to be able to provide a more comfortable life and secure a better future for their family. And because the future is at stake, they plan things carefully to make sure that the money they send will not go to waste. Most OFWs have surely been thinking about investing - to secure, and grow their hard-earned money.
As an OFW, you want every cent of your hard-earned money to be well-spent. But more than the tangible indication that you have finally made it through your sacrifices, you should understand that investing in real estatehas its own set of advantages and challenges. You should learn about these to be successful in real estate investing and bring yourself closer to your dream of a better life and future for you and your family.
In most cases, OFWs look into real estate for substantial and long-term investment even though they have little knowledge on how the condo industry works. While there is a lot of information available online, OFWs still have a lot of questions in mind. If you are an OFW, you might have asked yourself some of these questions or if you have not pondered on investing just yet, this might be the right time for you to ask yourself if you should be investing your savings in real estate.
Why should I buy a property?
Once you acquire a house or a condominium, you are not just acquiring an asset but an investment since the value of real estate increases over time. The most basic reason why people invest in real estate is to have a home to call their own. For us Filipinos, ownership of a home has remained the topmost motivation for working hard.
OFWs often invest in a property so they can have a place to reside in when they come home once in every few years to spend time with their families or celebrate an important milestone. For some, they consider investing in a property to have something as a fall back in case of emergency - a potential source of passive income.
There are also OFWs who invest in real estate to fulfill their goal of having a property to come home for good, retire, and spend time with their family and friends. A retirement home that they can call their own and would remind them of their hard work and sacrifices.
Before buying a property for investment, try to ask yourself, why you should buy in the first place. Some OFWs find this easy to answer such as having a home to call their own, while others would answer, for passive income. You can look at buying a property based on these reasons - you can either rent it out or hold on to it until the market value increases and selling it with the intent of earning from the sale.
This question will eventually lead you to your purpose - to the thing that you really want to do with the property and the type of property that you need to buy. If you plan to use it as a family home, you might want to consider the needs of your family such as location, community, and size of the home, among others. If you plan to have it rented out, you might need to consider the type of tenants that you prefer - are they students, young professionals or starting family? You have to consider their needs as well when looking for a property to invest in.
How should I know which developers to look into?
Buying a property takes time and effort to research about the property, location, community, market/resident profile, and the developer. This will give you enough information on the quality of the property, its amenities, reputation of the developer as well as the feedback of existing residents.
Every developer has its strengths that perfectly fit the lifestyle needs of each homebuyer. You have to carefully choose which of these developers you trust the most and which of their properties suit your purpose.
You may check the developers website for more information on their projects and credentials. There are also a lot of property listing sites where you can compare the existing projects of these developers. Allot some of your time to research and compare.
Is an actual site visit necessary?
It is recommended for you to do an actual site visit. It is important for you to see the property because it can be different in photos or videos.
Although developers nowadays provide 360-degree virtual tours and actual videos of their properties, it is still best that you see them in actual.
By doing an actual site visit, you can be able to personally assess the community, the location of the property, observe the people who live there, get a feel of the area, and evaluate if it is really something you want and need for you and your family.
You can schedule the property viewing during your next vacation or you can get your family or relatives to do the site viewing for you, if you really cannot make it. Just make sure that the person you will ask to view it will give you reasonable options and give feedback without bias, to help you come up with a more informed decision.
Who will manage the property?
In some cases, OFWs buy a property with the intention of having it rented. While it is one way to earn passive income, it also posts the challenge of managing it and ensuring that the unit is rented.
Working abroad, away from your family, can be very challenging, especially if you have a rental property. In instances like this, you might want to hire a property manager to look after the property and see all the business side of the property leasing on it. This may include helping you find a renter and placing your property on listing sites. They can also do the necessary background check and interview, drafting of contract, and discussion of payment terms for both you and the renter.
Some developers have their own leasing arm to help their condo unit owners in renting out their properties. You might also want to check on that for a more secure and hassle-free option.
Advantages of real estate investing
Times can really be uncertain. If you are an OFW, it is really best to properly allocate your hard-earned money. As you look for more stable investment options, it is good to know that there remain to be stable investment opportunities in real estate.
With or without crisis, real estate proved to be a smart investment option. With real estate, you can secure the money you have saved for your family’s future.
When seeking for an OFW investment opportunity, you have to remember that you should be eyeing options that can turn into profits. With real estate, you are putting your money in a safe and crisis-proof venture. It is also where you can get your hard-earned money working for you especially during your retirement years.
You have to remember that you will not be working forever. It would be best if you can enjoy the fruits of your labor through passive income that you can generate from real estate.
Another advantage of putting your investment in real estate is its profitability. The property value appreciates over time. The amount that you will invest now would be double or triple the value by the time you return to the country. It is really possible to earn profit from your real estate investment without having to modify it.
Lastly, real estate is a good source of passive income. Whether you are still active or retiring, you can convert your home into an income-generating property.
If you have purchased a condo unit, you can have it leased especially if the property is in close proximity to offices, universities, or tourist spots. If you are looking to rent out your property, you have to take into consideration its location and amenities that can easily attract tenants.
Whether you have purchased an old property or one that needs remodeling or improvement, you can still convert it into an income-generating property. It might require additional funding but the potential for it to be a regular source of income would be worth it.
Real estate investment is more than just having a house or a business to call your own. It is a concrete and tangible investment that you can eventually earn great returns from. This can help you support your family back home, help you save extra, and be able to invest in more ventures.
There is no perfect time to enjoy the fruits of your labor than now. After all, all the years of your hard work and sacrifices need to pay off in the end, and you deserve to enjoy every single bit of it while you can.
Meanwhile, if you are planning to buy or invest in real estate, now is the best time to do so because of the flexible payment options and big discounts that property developers are extending to homebuyers.
Vista Residences, the condominium arm of the country’s largest developer, Vista Land & Lifescapes, Inc. 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 developed business districts and prestigious universities. Brittany, Crown Asia, Camella, Lessandra, and Lumina Homes on the other hand offer houses and lots nationwide.
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 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, and Vista 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.
Vista Land and Lifescapes Inc. is the largest homebuilder in the country that offers horizontal and vertical dwellings.