What OFWs Should look for a Condo Investment?

What OFWs look for a Condo

OFWs or Overseas Filipino workers such as nurses, domestic helpers, construction workers, teachers, engineers, and wait staff, among others—leave their homeland in search of greener pastures, earning enough money to send their children or siblings to school and provide for their family’s basic needs. Through their remittances, OFWs also contribute to the Philippine economy. It’s unsurprising that they’re hailed as the country’s modern-day heroes.

According to the Philippine Statistics Authority, between April and September 2019, an estimated 2.2 million OFWs worked abroad. Personal remittances from overseas Filipinos reached a record high of $33.5 billion in the same year, according to data from the Central Bank of the Philippines. However, the COVID-19 pandemic may have impacted their employment, forcing some to return home and lose their source of income.

After years of homesickness, and for some, racial discrimination, as well as substandard working conditions, our modern-day heroes would not want their sacrifices and hard-earned money to be in vain. Apart from devoting a sizable portion of their earnings to their families’ daily expenses, many of them invest in real estate, stocks, and businesses early on.

If you’re an OFW looking for property investment opportunities in the Philippines, purchasing a condo is something to consider. It can be your own dream home, a lovely place with lovely amenities and a secure space that you can enjoy after retirement. Alternatively, you can rent your unit to tenants and earn passive income. We’ll discuss what OFWs should look for in a condo property in this list:

Best Location and Accessibility

Strategic Location for OFWs
Strategic Location for OFWs | Photo from Pixabay in Pexels

Whether you’re looking for a condominium unit to serve as a family home, a source of passive income, or something to resell in the future, location is critical. It is also a significant determinant of the asset’s value. Long-term capital appreciation may be possible for real estate investments with a strategic location, particularly if the property is within striking distance of new infrastructure developments. Buyers typically seek properties that are easily accessible via major roads, highways, and areas serviced by public transportation. Additionally, the condo’s proximity to schools, hospitals, offices, banks, churches, commercial establishments, recreation centers, and business districts contributes to a more convenient and comfortable lifestyle.

Condo living is an excellent choice for OFWs and other investors because it is frequently located near educational institutions and workplaces. For example, family members who stay in the condo can save time and energy by avoiding lengthy commutes and traffic jams. It can help their sons and daughters become less stressed and more productive in their studies or jobs, and more importantly, it allows them to spend more time bonding with them—something OFWs missed while working abroad. Additionally, due to the high demand for these strategically located units, the owner may find it easier to lease them out for cash flow.

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Permanent Address

Permanent Address for OFWs
Permanent Address for OFWs | Photo from Pexels

Many OFWs aspire to own their own dream home where they can retire happily and make up for lost family time following several years of hard work. Purchasing a condo property as a permanent residence is a tangible validation of the blood, sweat, and tears of Filipino migrant workers. As such, it must be a comfortable and secure space that fits their lifestyle and provides 24-hour security for their peace of mind. Access to nearby commercial strips and leisure hubs is also advantageous for their convenience and basic needs. Not to mention, there are shared spaces and recreational facilities in the condo village where they can socialize with residents from their home country, which is another reason why a condo is an excellent retirement residence for an OFW.

OFWs must also consider holistic health and wellness when looking for a new home in order to take care of their mind, body, and spirit. A magnificent pine estate condo in Tagaytay is worth considering for those seeking respite from the bustling city and a community surrounded by fresh pine trees that provide a refreshing suburban atmosphere.

Vacation Home with Resort-themed Amenities

Resort-themed Amenities for OFWs
Resort-themed Amenities for OFWs | Photo from Sarah Schorer in Pexels

Consider sipping a glass of wine in your family’s dreamy vacation home near a beautiful beach, or owning a slice of paradise away from the hustle and bustle of the metro, where you can retreat whenever you need a break. The condo property is also close to breathtaking views and tourism hotspots, allowing our dear OFWs to experience being a tourist in their own country during their vacation or retirement, exploring panoramic sights with their loved ones. Perhaps the thought of paying rental fees to high-end hotels and Airbnb makes you cringe, or you’d rather avoid the stress of last-minute reservations during peak seasons. If this is the case, you may want to weigh the benefits and drawbacks of purchasing a condo property that can double as a second home.

A resort-style condominium is an excellent vacation property for OFWs in search of respite and relaxation. They can reconnect with nature while living in a community that is a nice blend of city and suburban living. Their family will also enjoy the property’s luxurious amenities, which are comparable to those found in posh hotels. For instance, this pre-selling condo in Bacoor features an infinity pool, meditation garden, clubhouse lounge, picnic areas, and an al fresco fitness park. Apart from personal stays and family vacations, you may wish to rent out your holiday property to offset some of the costs associated with your absence.

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Passive Source of Income

In general, real estate values increase over time, particularly when demand increases, making it an attractive investment for OFWs seeking financial security. Condominiums can also be used to generate passive income, particularly if they are located in high-traffic areas of the city. OFWs like you who wish to generate a steady cash flow and supplement their retirement fund can rent out their condo unit to tenants such as young professionals, travelers, businessmen, students, and newlyweds. This way, you can make money work for you rather than you having to work for money after retirement.

Consider purchasing a condo in close proximity to tourist attractions, universities, places of employment, and central business districts to increase your profits. Advertise your unit to tenants looking for a long-term lease—those in need of a location close to school or work. Another way to earn passive income is to list your condo unit on Airbnb and capitalize on the Philippines’ booming tourism industry. Additionally, you can inquire about the developer’s leasing services to see if you can use the property to earn rental income even if you’re miles away.

Property Viability for Business   

Every penny counts for OFWs who have given up years of their lives in search of better opportunities abroad. That is why they must exercise caution and prudence when selecting an investment that fits their budget. Which property, in light of your other financial obligations, are you capable of purchasing without incurring excessive debt? For more convenient transactions, you can also look for merchants that accept a variety of payment methods.

Apart from price, you must consider the quality of the real estate property you are purchasing and conduct due diligence on the developer. It’s not just about getting the best deal—ascertain that you’re actually getting more for your money. Condos are typically less expensive than a house and lot, even if they are located in prime locations such as central business districts. Although condominiums take up less space than houses, they offer a variety of desirable lifestyle perks and amenities such as swimming pools, clubhouses, and gyms. Additionally, you’ll have access to standard amenities and utilities, as well as lower maintenance costs and a safe neighborhood.

Exclusive Condo for OFWs

Buyers Contract
Buyers Contract for OFWs | Photo from Rodnae Productions in Pexels

If you are an Overseas Filipino Worker or OFW, finding the right condo property to invest might be difficult. But, considering a trusted developer in the country like Camella Manors, will eventually shortcut the tedious process of finding a condo for sale with all those elements listed above to consider reserving or buying a condo.

Camella Manors offers exclusive and high-quality condo for sale in the Philippines across the most developed and developing cities outside Metro Manila specifically, in Caloocan, Lipa, Puerto Princesa, Bacolod, Butuan, and Davao City.

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