A condo is a good investment in the Philippines since everyone is looking for flexible income that may uplift the situation of the economy of the country since it is entered as a business that benefits citizens and the government to provide better projects for the country. If you’re an OFW looking to invest your hard earned money in real estate, this article will guide you in condominium or condo investing.
Condominium Investment for Overseas Filipino Workers (OFWs)
Having real estate properties here in the Philippines has become a huge achievement for a person since not everyone has the opportunity to make it. As a result, condominiums in the country represent the ideal place for a person who wants to keep investing, particularly in terms of safety and becoming a passive income. Overseas Filipino Workers or OFWs are a perfect example of people who really invest in their hard-earned money and may provide a double return for them, especially since time is really important to them.
With the sacrifices and hard work of overseas Filipino workers, it reflects how far they want to achieve their long-term financial goals in life. They choose wisely where to place the money that they have earned for a long time. OFW investment opportunities are shared with the right factors that provide a better outcome that holds a foundation for its reasons. Everyone is aware of how much money overseas Filipino workers value. They take risks and think twice about the decisions they make, especially if it is for the future of their loved ones. OFWs who invest in condominiums have a huge responsibility considering the time and effort it takes to find a location that suits them, the amenities of the condominium, and the requirements involved in the process.
Aside from being cautious about where to put their hard-earned money, research is one of the most necessary things to do before acquiring properties, since looking into the background of the said company or agent makes you feel secure, especially if the amount of money involved is not a joke. Acquiring any real estate property involves wise decision-making that requires the person to check every detail and avoid any misunderstanding about the process.
Read Also: Money Mistakes Every OFW Should Avoid
How to Start Investing in a Condominium as an OFW?
Condominiums are a good investment in the Philippines for OFWs since having a place in such a property that holds maintenance to take care of your unit is a good start since as an owner, you don’t have to worry with the assurance of having people to make it up for you. Aside from that aspect, you can make it a business where you use the unit as a staycation for those who seek a place where they can stay for at least a short period in the city. With the information gathered below, it will provide a guide for those OFWs on what they should do before investing in a condominium.
1. Research for Condominium Agency
As a wise buyer, you must check all the details about the condominium that you want to purchase since it involves the money that you’ve been working for in the long run. This includes the background of the agency that will manage the unit and help you to understand the unit that they sell. The more you know about their stand, the more you will feel secure and make your money worth the purchase.
2. Location of the Condominium
Part of condominium investing for OFWs is the location since it pertains to the accessibility of the place to the transportation and establishments that involve in the daily routine of the buyer. They must know that location is associated with the scenery that surrounds it and the community it has that directly reflects how solemn the property is for the peace of mind of the buyers. Having enough knowledge about the location of the condominium makes you avoid unnecessary delays when it comes to your daily routine, especially since everyone has work to do that needs fast action.
3. Price Range of the Condominium
Risking money takes a lot of courage and decision to do since it involves many what-ifs along the process. Price range of the condominium is part of this journey since many overseas Filipino workers are having doubts when it comes to the price due to the reason of condominiums that take a huge selling price yet the unit is out of the criteria when it comes to assistance, modernization, and inspection of the unit.
Aside from that, buyers are aware of the scammers including selling units by initiating other methods to misinform the client.
4. Condominiums Generate Income
One thing that makes a condo a good investment in the Philippines is that it generates a passive income since investing in a real estate property makes a huge placement for a person because it can cause some change to their life including the opportunity to make it a business. Having a passive income from this process makes the owner relieved of financial problems. The more they make the condominium unit attractive, the more people choose to stay and avail of the slot. Generating income from condominiums makes it relatable to the situation that many foreigners are looking for a place to stay with proper ambiance. Another thing is that, a place where a group of people wants to have a reunion or bond in a place that is around the main city. Having this kind of mindset is worth investing in such condominiums.
5. Appreciation Value
The most important thing for OFW investment opportunities is the appreciation value since any properties have this every year depending on the percentage that the company has. The good thing here is that the appreciation value makes your money worth the purchase since you have the opportunity to earn from it.
Overseas Filipino Workers are the modern heroes that earned money from working abroad far away from their loved ones. One of the best things about them is they know how to value the money that came from their sacrifices. Part of adulting is investment especially if you’re working for the future of your loved ones. Bringing them comfort by living in a place where they can achieve peace makes it more worth the price. Working out for a place that brings you affordable and safety around its surroundings makes it perfect.
Investing in real estate properties is one of their solutions to have other income aside from what they usually work for. Investing in a condominium is one of them due to the aspect that they need as part of their business to rent it for a staycation or either a place where their loved ones can enjoy the safety and amenities belonging to the property.
Bria Homes is one the fastest growing housing developer in the country in which provide comfort and affordable house and lots and condominiums. As part of OFW Investment, Bria becomes one of the trusted partners of them through their journey of availing affordable properties in the Philippines. Condominiums are part of it too. For more information regarding the products and services of the company, you may check it out through its official website.
Written by Angela J. Cruz