Top Reasons Why OFWs Should Invest in Real Estate
Overseas Filipino Workers (OFWs) leave their families and their country to pursue better income opportunities abroad. This is a sacrifice many Filipinos undergo to provide a better future for themselves and their families.
For those who have been working for years, their savings may already allow them to explore smart investment opportunities for OFWs who want to create additional sources of income. With so many investment opportunities in the country, OFWs will want to explore various income-earning opportunities.
One of these investments should include investing in real estate, and here are a few reasons why OFWs and their families can benefit from a real estate investment.
A Home for Your Family
Before looking at a property to lease or rent out, OFWs should consider investing in real estate to provide a permanent roof over their family’s head and a house to come home to when you return to the Philippines.
By giving your family a home, you don’t have to worry about your family dealing with landlords, sending money to pay their rent on time, and the possibility of increasing rent costs. Rather than having to pay rent for a home that will never belong to your family, you can simply buy a home that your family can live in for decades to come – and that money you save on rent can go to other household expenses.
Earn Additional Income
Once your family is settled, you can start looking at real estate as a means to earn additional income. The most common way of doing this is by leasing or renting your property. Post rental listings on real estate rental platforms online. Turn your home into an Airbnb and cater to short-term guests. This isn’t just limited to residential properties. You can also buy land in strategic locations and turn it into commercial properties for rent for businesses.
It’s always a good idea to have a second source of income like this as your family can have additional funds for their household expenses. Rather than relying solely on your income, your family will have a second source to supplement their needs.
Infrastructure Is Changing Now
While you’re working abroad, the Philippines is slowly developing and creating infrastructure and developments. This means that residential and commercial properties that cost a certain price now will increase in value once all the infrastructural projects are completed.
Rather than buying property when you return (and by then the value of many properties will have increased), you can grab the opportunity to buy the property now and then watch it appreciate over time. So, whether you decide to let your family live in it, lease it, or sell it when the demand is high, you and your family can benefit from real estate.
It is important for OFWs to invest in real estate because of all the opportunities it provides them in the future. Buying real estate is one of the more practical and smarter investment opportunities you can make for yourself and your family, so take it and watch your investment grow.
