- Property values usually increase over time, offering financial security for families.
- Owning a house is more affordable than renting in the long run.
- OFWs benefit from lower interest rates and flexible payment plans.
- They can also access government grants, incentives, promos, and discounts.
- Buying a house can be a source of passive income when renting it out.
Overseas Filipino Workers (OFWs) work tirelessly and sacrifice to provide for their families back home. One of their many goals is to secure their families’ future by investing in a home they can call their own. Despite the risks and challenges, owning a house for OFWs is a valuable investment, and here’s why.
Security for Their Families
When OFWs purchase a house, they secure their family’s well-being toward a brighter future. Property values usually increase over time, which means having a home of their own can be an excellent way of setting their family’s financial foundation. Furthermore, owning a house can give their children a sense of stability and permanence, which are essential for proper growth.
More Affordable than Renting
A considerable advantage of owning a house is enjoying the cost savings in the long run. The monthly payments may be larger than typical rental rates, but in the long run, owning a home takes significant chunks off a family’s expenses compared to renting. The added benefit is that the property also appreciates, which means that after a certain period, the owner can sell it and make a profit.
Lower Interest and More Time to Pay
Interest rates on mortgages for OFWs are lower than those of personal loans. Banks and financial institutions offer flexible payment plans that OFWs can use based on their capacity to pay. They would also have a longer time to pay, usually 10-25 years, to make higher monthly payments more manageable.
Property Offerings and Incentives
OFWs can access financial assistance through various property offerings, government grants, and incentives. These include flexible and affordable payment options, exclusive access to promos and discounts, and additional services to help them with the home-buying process.
Purchasing a house for OFWs is a long-term and rewarding investment. It can serve as a source of passive incoming by renting it out in case their family isn’t using it. The house becomes an asset that appreciates as time passes, which benefits their family regarding retirement planning.
Buying a House
As an Overseas Filipino Worker, investing in real estate can be an excellent way to secure a long-term future for you and your family. Regardless of whether you plan to return to the Philippines permanently or only wish to book a secondary residence, owning a home in the Philippines can be an excellent investment opportunity.
Research is key
Before starting to buy a house in the Philippines, it’s essential to do your research. This includes researching various areas and properties, looking at recent market trends, and assessing the feasibility of financing options. It is also wiser to look for real estate investment for OFWs that offer flexible and budget-friendly payment plans. Doing so can ensure that your money will be spent wisely and profitably.
One of the critical aspects of purchasing a home in the Philippines is checking the ownership documentation thoroughly. It’s essential to ensure that the property owner is legal and has the right to sell the property. Before purchasing, check with the Registry of Deeds to ensure no encumbrances or liens on the property.
Understand the legalities
In the Philippines, real estate laws and regulations can be complex and challenging, especially if you are an OFW. It’s crucial to involve experienced experts and ask for their recommendations and guidance. If you’re unfamiliar with local laws and requirements, consider hiring a real estate attorney to help you in the property acquisition process.
You must arrange financing once you identify the property that meets your requirements. It is vital to consider all financing options that are available to you. Most OFWs don’t have savings and don’t qualify for several mortgage loan options. If you are an OFW, research housing programs explicitly designed for you, or explore private lending institutions that offer to finance for OFWs.
The Bottom Line
Purchasing a house for OFWs is a practical investment in their family’s future. Owning a home offers a degree of security and employment security that renting can never provide. In addition, the advantages of property ownership allow OFWs to create a stable financial foundation and an opportunity to leave a legacy for their children. While purchasing a house entails risks and challenges, it’s an investment that ultimately pays off.