Close-knit family ties are a common feature in Filipino culture. However, some of our compatriots are left with no choice but to suffer the sorrow of separation from their loved ones by attempting to make a better life for themselves and their families abroad.
Filipino migrant workers—nurses, domestic servants, construction workers, teachers, engineers, waiters, and others—leave their nation in quest of greener pastures, working for foreign employers to earn enough money to send their children or siblings to school and meet their family's requirements.
Remittances from overseas Filipino workers (OFWs) also contribute to the Philippine economy. It's little surprise that they're being acclaimed as the country's modern-day heroes.
From April through September 2019, an estimated 2.2 million OFWs worked abroad, according to the Philippine Statistics Authority.
Personal remittances from overseas Filipinos reached a record high of $33.5 billion in the same year, according to figures from the Bangko Sentral ng Pilipinas. However, the COVID-19 outbreak may have harmed their employment opportunities, forcing some of them to return home and lose their source of income.
Our modern-day heroes wouldn't want their sacrifices and hard-earned money to go to nothing after enduring years of homesickness, racial discrimination, and horrible working conditions.
So, in addition to transferring a large portion of their earnings to their loved ones at home for everyday needs, many of them invest in real estate, stocks, and enterprises early on to achieve their long-term financial goals.
Purchasing a premium condo is something worth considering if you're an OFW searching for property investment possibilities in the Philippines. It might be your dream house, a great place with lovely amenities and a secure environment that you can enjoy after retirement. You can also produce passive money by renting out your flat to tenants. We'll go through what OFWs search for in a condo unit in this list:
ACCESSIBILITY TO KEY INFRASTRUCTURES AND STRATEGIC LOCATION
Whether you're looking for a condo unit to use as a family home, a source of passive income, or something to resale in the future, location is one of the most important factors to consider. It is also a significant determinant of the asset's value.
Long-term capital appreciation may be possible with real estate investments in key locations, especially if the property is close to major infrastructural expansions.
Buyers like residences that are close to main roads, highways, and regions that are easily accessible by public transportation. For a more convenient and comfortable lifestyle, the condo's closeness to schools, hospitals, workplaces, banks, churches, commercial businesses, leisure facilities, and business areas is also critical.
Condo living is an attractive choice for OFWs and other investors because condo homes are frequently located near educational institutions and workplaces. Family members residing in the condo, for example, can save time and energy by eliminating long journeys and traffic bottlenecks.
It can make their sons and daughters less anxious and more productive in their studies or careers, and, more crucially, it can allow them to spend more time bonding with them—something OFWs lacked when working abroad. Also, because of the high demand for these strategically positioned flats, the owner may find it easier to lease them out for cash flow.
RESIDENCE ON A LONG-TERM BASIS
After years of hard labor, many OFWs aim to acquire their own dream home where they can comfortably retire and make up for lost time with their families. Purchasing a condo as a permanent abode is a visible manifestation of the blood, sweat, and tears of Filipino migrant workers.
As a result, it must be a comfortable and secure environment that fits their lifestyle, with 24-hour security for their peace of mind. It is also advantageous to have access to local business strips and recreational centres for their convenience and vital demands.
A condo is also a suitable retirement home for an OFW because there are shared spaces and recreational amenities in the condo village where they may socialize with people from their home country.
OFWs must also think about holistic health and wellness when looking for a new home so that they can take care of their mind, body, and spirit.
For those looking for a respite from the hectic metropolis and a neighborhood surrounded by fresh pine trees that provides a refreshing suburban air, an excellent pine estate condo in Tagaytay is worth checking out.
SPACIOUS VACATION HOME
Imagine sipping a glass of wine at your family's magnificent vacation home near a beautiful beach, or owning a piece of paradise outside the metro where you can escape anytime you need a break.
Our dear OFWs can experience being a tourist in their own country during their holiday or retirement, exploring panoramic sites with their loved ones, thanks to breathtaking vistas and tourism attractions within walking distance of the condo complex.
Perhaps the prospect of paying high hotel and Airbnb rental fees makes you squirm, or you don't want to be freaked out by last-minute reservations during peak seasons.
If this is the case, you might want to explore purchasing a condo property as a second home after assessing the benefits and drawbacks.
OFWs seeking respite and relaxation can consider renting a resort-style condo as a vacation home. They may reconnect with nature while living in a safe and secure environment that offers a good combination of city and suburban living.
Their family will be entertained by the property's exquisite amenities, which are comparable to those found in high-end hotels. This pre-sale apartment in Bacoor, for example, includes an infinity pool, meditation garden, clubhouse lounge, picnic areas, and an al fresco exercise park, among other amenities.
Aside from personal stays and family holidays, you might rent out your vacation home to help pay for your bills while you're gone.
SUSTAINABLE PASSIVE INCOME SOURCE
In general, the value of real estate improves over time, especially when demand for it rises, making it an appealing investment for OFWs seeking financial security.
Condominiums can also be used as a source of passive income, especially if they are located in high-traffic locations. Renting out your condo unit to renters such as young professionals, vacationers, businesspeople, students, and starting families can provide a consistent revenue flow and supplemental retirement fund for OFWs like you.
That way, instead of working for money once you retire, you may make money work for you.
To make it more profitable, consider purchasing a condo near tourist attractions, universities, workplaces, and core business areas. Advertise your unit to long-term tenants that require a location close to their school or workplace. Another strategy to generate
passive income is to list your condo unit on Airbnb and take advantage of the Philippines' increasing tourism industry.
You can also inquire if the developer provides leasing services, which you can use to generate rental income even if you are thousands of miles away.
HIGH QUALITY AND VALUE FOR MONEY
For OFWs who have given up many years of their lives to seek better opportunities abroad, every penny counts. As a result, they must choose an investment carefully and wisely based on their budget.
Which house can you afford to buy without going into too much debt, given your other financial obligations? You may also look for ones that offer various payment options for more seamless transactions.
Aside from the price, you must also evaluate the quality of the real estate property you are purchasing and conduct research on its reputable developer. It's not just about going with the cheapest option; make sure you're getting greater value for your money.
Condos are generally less expensive than a house and lot, especially if they are located in excellent areas such as downtown business districts. Despite the fact that they take up less area than houses, condominiums offer a variety of appealing lifestyle benefits and amenities such as swimming pools, clubhouses, and gyms.
In addition, you'll have access to standard services and utilities, as well as decreased maintenance costs and a safe neighborhood.
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