Filipinos are innately hardworking people. We work, we earn, and invest in the hope of becoming financially stable. Some even find income replacement options or scour alternative sources of income. However, saving up today has not come as easy as before given the current economic climate.
While many of us were affected by the COVID-19 pandemic, our OFWs are probably one of the heavily affected. This is why, as an OFW, it is always a good time to start looking for new ways to increase your income despite your current salary, and real estate is always a good place to start.
By owning a piece of real estate, you can be assured that regardless of what you decide to do with it, you will be getting your money’s worth. This is because real estate values appreciate over time. Regardless if you decide to rent out your property or for residential use, the value of the piece of land you own will eventually appreciate, allowing you to eventually sell your property at a higher price than when you initially bought it.
The most popular form of real estate investment often used by businessmen and other OFWs are through the form of home rentals. In this article, we will share with you the different types of rental businesses that you can choose from for your next real estate investment.
Real Estate Ventures as Income Replacement for OFWs
Condominium Rentals
In key cities such as Metro Manila, condominium rentals are highly in demand as it is convenient for people who want to live near the place they work or go to school. Students and young professionals alike have opted for condominium rentals in the central business districts not just to be closer to offices and universities, but also to be near social establishments and to save on transportation costs.
For this reason, when investing in a condominium unit, consider the nearby establishments and conduct more research on the nearest universities, work establishments, or hospitals in the vicinity. The presence of nearby establishments will allow you to eventually rent out your unit faster or even resell your unit to another buyer after a few years.
House and Lot Rentals
Many small families, especially those starting out, are often unable to purchase their own home within their first few years of marriage. This comes as a good opportunity for real estate investors who have the financial capacity to buy houses with the intention of renting this out to another family. Doing so will not only give you a passive income through home rental, but it will allow you to maintain the title to the property, thereby reaping the value appreciation of the property over time. Houses and lots in gated villages and neighborhoods are especially popular as these communities offer safety and security, especially for families with young children.
House Vacation Rentals
Tourist destinations in the Philippines such as Boracay, Palawan, and Cebu have, in recent years, become investment hot spots not just for local investors but even for foreigners who have fallen in love with the country’s beaches, people, and climate. For this reason, vacation homes have become a serious type of real estate investment. The best part is, while the homeowners are out of town, the properties become open for rent or lease. This has allowed real estate investors to benefit from a passive income through a piece of property that they would consider as a luxury.
Real estate investment is not just about buying and selling. It can be an eventual means of not just earning a passive income but can become a primary source of income if done right. Real estate investment can also be the answer to securing your family’s financial future with or without your career abroad.
Ready to jumpstart your real estate journey? Vistaland International offers a variety of real estate investments perfect for any OFW. Contact us at www.vistalandinternational.com to learn more.