Investments OFWs Must Have Before Retirement
OFWs are our modern-day heroes, leaving the country to find better opportunities for their families. They sacrifice living abroad in a strange and foreign country, living away from their loved ones and missing countless occasions just to provide a better future for those they leave behind. So OFWs owe it to themselves to create a sustainable retirement plan so they, too, can enjoy the fruits of their hard work.
A lot of OFWs dream of coming back to the Philippines and reuniting with their loved ones, which makes investing in property not only a wise choice but also one that makes sense.
OFWs can choose to buy a pre-selling house and lot in Cavite while land prices are relatively low, and have it rented out while they are abroad working. Once they come home, they can either sell the home (which, at this point has already appreciated in terms of land value) and purchase a new one to live in or live in the one they bought years prior.
No matter which options an OFW chooses, it’s clear that investing in real estate is a smart move.
Here are the 4 steps how OFWs can invest in Philippine real estate.
1. Choosing a location
The first step you’ll need to do once you’ve decided to invest in property is choosing a location. A booming economy in the Philippines right now is actually not Metro Manila – it’s further south. While Metro Manila remains the seat of the economy, cost of living and land prices are very high. The south, however, is much lower in both in comparison. On top of this, residents get to enjoy a laidback lifestyle while still living close enough to the Metro so they can easily drive back and forth daily if work requires it.
2. Researching a developer
Investing in real estate requires a big sum of money, so you don’t want to throw it away on a sketchy developer. Take the time to carefully research options to find one that’s reliable and can deliver on their promises. If you need help choosing one, we’ve written a guide on how to spot a reliable developer.
3. Conduct a site visit
If you can, it’s always a good idea to visit the actual property site to see what the current development and amenities look like. You can also ask a trusted family member to check it out for you. If you can’t, not to worry! There are some developers, like Micara Estates – Tanza, that offer virtual tours which are almost like the same thing that give you a glimpse of everything you need to see in the development including the home, the community, and nearby establishments.
4. Prepare the paperwork
As with any contract, expect a lot of paperwork and documentation to come with purchasing property. If you choose a reliable developer, they can easily help guide you through this process, making this one an easy and hassle-free step. Just expect to submit photo IDs, tax returns, certificates of employment, and the like to complete your purchase.
While you’re abroad looking out for your family’s future, don’t forget to look out for yours, too. Invest in real estate in the Philippines while it’s still early so you can save enough money to enjoy your sunset years living leisurely back home with your loved ones in the Philippines!