When overseas Filipino workers leave to make a living in a different country, more often than not they have loved ones who are left back in the Philippines whose lives they want to improve and are the reason why they are trying their luck elsewhere in the first place. Between sending them to school and/or providing for their daily expenses, there are many ways OFWs go about this, with none more grand than buying a home which they and their family can call their own.
Indeed, being able to buy real estate is a significant measure of success. However OFWs should never stop short of just buying their loved ones a place to live. When approached as an investment, real estate can actually play a significant role in overseas Filipinos being able to build wealth quicker and coming back home sooner to be reunited with family.
1. Property consistently appreciates in value
Whether it is the home you purchase for your family or other properties you buy from your earnings overseas, real estate can be counted on to almost always increase in value over time. Land, after all, is a non-renewable resource, and is the reason why property is part of the investment portfolio of most of the wealthiest people in the world.
By purchasing property from overseas, you’ll own an asset that is all but guaranteed to be far more valuable than when you originally bought it. Taking into consideration that you’ll be spending a significant amount of time overseas, owning real estate in the Philippines gives you something that is earning value on its own while you are away making a living.
2. It is an investment that can earn you rental income
Speaking of earning, another benefit to buying real estate in the Philippines-particularly a home that won’t be used by your family-is you’ll be able to augment your income by renting it out. You can do this even when in the midst of paying for the property loan you used to acquire the property, where it can even be ‘paying for itself’ as your rental earnings can be what’s used to cover those monthly dues.
Another aspect to earning via rental income is it can be done as long as you own the property, and can be a source of finances long after your tenure overseas is done. So in investing in real estate, you both set-up yourself to earn more as you work overseas as well as establish a financial asset that will allow you to not have to stay far from home for too long.
3. Have a vacation property that is safe and secure
Whether we admit it or not, the ongoing Covid-19 pandemic has drastically changed many aspects of life, among them the way we travel. By investing in property that is in addition to your family’s main home, you are able to provide yourself and your family a place to travel to and have short vacations without the risk of exposure to strangers in traditional accommodations like hotels.
Only time will tell if vacations will ever be back to the way they were, but until then, having Philippines property investments will provide you places to go to and stay in with indoor environments that you can better control. In addition, if your property investment will be used as a vacation home, you can also earn rental income from it, but this time as a shorter-term vacation rental.
4. Have an investment that can withstand unfavorable economic conditions
In addition to having an additional safe space to stay, another benefit to investing in property in the Philippines during the pandemic (and long after) is that real estate continues to prove to be a reliable asset even during times of crisis and/or unfavorable economic conditions. Property values continued to appreciate in 2020 and now in 2021, as opposed to other types of investments which have been more volatile as a result of the challenges caused by the pandemic.
Through real estate, you have a safe investment that allows you to get great value from your hard-earned OFW salary, can provide you and your family with a great place (or places) to live in, and can be relied upon to help maintain a good financial flow for you even at times that the economy is not doing well and/or knock-on-wood you or anyone else in the family temporarily loses their job.
Ready to begin looking for property to buy in the Philippines? Visit the Ohmyhome Buying from Overseas page to find all the information and assistance you need for quick and secure real estate transactions even while you’re abroad.
Through Ohmyhome you can find the best and latest properties for sale in the Philippines. The listings on the website are homes in communities by the country’ most notable real estate developers, and can be viewed conveniently and from almost anywhere via the Ohmyhome app.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down the choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options, but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.