It may not be the grandest investment compared to stocks or business assets, but residential land can also yield high returns.
In real estate, there are different types of properties OFWs and migrant Filipinos can acquire. House and lot units in the Philippines are the most common type of real estate property typically bought for primary residence. Condo units for sale in highly urbanized cities like Metro Manila are also top commodities. It’s an in-demand investment option for most OFWs since it’s near the airport and main government offices. However, not many Filipinos are quite familiar with investing in a plot of land. It’s been perceived by many that investing in land alone doesn’t reap benefits because your property is just idly sitting.
Contrary to popular belief, land investment in the Philippines has great returns if you carefully plan out your income-generating strategies.
Here is a rundown of micro topics about land investment if you are thinking of acquiring one.
It isn’t easy finding the right home for your family. Especially for OFW investors who want the best house and lot property in the Philippines, it’s hard not to see the actual house unit during a virtual site viewing.
If you opt for a lot only property, there are several advantages that fit an OFW’s needs and wants in a home. Here are three of them.
Freedom is a main advantage of investing in a residential lot property because you can build your dream home according to your design. You get to call the shots. When the lot is legally yours, you can start the timeline of your house construction. Whether it’s as soon as possible or five years from now, you have the full authority to decide what to do with your investment.
With the right neighborhood, you have a great opportunity to build your dream home that you’ve always wanted. You get exactly what you want when you’re building your own home from scratch. The home aesthetic, wall color, number of bedrooms, and size of each room is all up to you.
Compared to buying a home, building a house allows for greater space for upgrades and customization. Need more guest bedrooms? Want smart technology features in your home? You get to plan for these things with your own team of contractors, engineers, architects, and interior designers. Also, building your home from the ground up assures quality control.
What makes a lot property a perfect tangible investment is that you can leave it alone and its value would still continue to appreciate. Lot only properties usually generate passive income even with little to no maintenance, given that you have initially researched about the land’s location, history, developer or owner, and size.
Ideally, land investment is a great option for OFWs and migrant Filipinos since they won’t have to worry about the maintenance of the property. If they’re not yet in a hurry to move into a home, they can invest in land first and build a house when they return to the Philippines to retire.
Related article: 5 Advantages of Investing in a Residential Lot Property