A lot of Filipino families are able to have a good life because of family members who are working overseas. Families like these are not uncommon for Filipinos especially with the millions of overseas Filipino workers or OFWs. With the large sums of money that these OFWs are bringing in to the Philippines, it is only apt that most of them choose to invest their money.
Among the many options for OFWs is to invest in real estate by buying a property in the Philippines for sale. There are many reasons why real estate investment is a good investment for OFWs. It is quite easy enough to invest in and requires very little management unlike if they choose to start a business. Below are some tips for OFWs who choose to venture into real estate investment.
- Get a good agent - Your real estate agent will be your partner when it comes to your real estate investments. It is very important that you get someone who is experienced, trustworthy, and reliable. OFWs are almost always out of the country which is why it is vital that you trust your agent fully.
- Consider vacant lots - Some OFWs want to purchase a condo or a house for sale in the Philippines, not thinking that these are properties include space that they will not be able to use. Unless they choose to rent out the property, having an empty condo or house for most of the year will only lead to maintenance costs to keep up the condition of the house or condo. On the other hand, if you choose to purchase a vacant lot, you do not have to worry about such things. You can just choose to let the value of the lot appreciate then sell it off in the future or you can choose to have your house constructed only when you are ready to go back to the Philippines for good.
- Consider other locations - Do not fixate on a single location when looking for a property you can invest in. Consider other areas where property prices are lower such as those in the provinces. This is particularly good for those looking for a property where they can retire to. Since prices are lower, you can afford to purchase bigger properties such as small farms or a decent-size rest house. You may also consider properties in areas that are slowly showing signs of commercial developments with the intention of turning your property into a commercial one as well.