Overseas Filipino Workers are often looking for ways they can invest their money back home. A growing number of OFWs are recognizing the need to invest their money in businesses and other investments instead of using them up by buying and spending. One of the most popular investments among OFWs is in real estate such as buying properties for sale in the Philippines and then reselling them or offering them for rent. If you are one of the many OFWs who would like to invest in real estate, below are some tips that could help you.
- Inspect the property. Before buying any property, make sure that you can make an actual physical inspection of it. Whether it is a condo in the Philippines, a farm in the province, or a house and lot in Metro Manila, it is essential that you can see for yourself what you will be investing in it. This statement means that you will be doing your inspections during your few trips home. Although an actual, physical examination is ideal, some OFWs have had to make do with asking someone they trust to inspect them and then just asking this person to send pictures or videos of the property.
- Check the value. The selling price associated with a particular property for sale is not necessarily its actual market value. Make sure that you have an idea of the real market value of the property you want to buy. Either estimate by checking the cost of other features in the area or you can have the property valued by the city engineer’s office. Aside from the current market value of the property, consider also any factors that may increase or decrease its value such as future developments in the area.
- Get a good agent. If you plan on making other future investments on real estate properties, it is a good idea to look for a good and reliable real estate agent or someone who has been successfully investing in real estate for quite some time already. This person will be the one you can turn to whenever you need any advice on the real estate market. He or she can also guide you and give you tips especially if you want to invest your earnings mostly in real estate.
- Consider bare land. Although getting a condo unit, a house, or an apartment that you can easily rent out to tenants is more convenient, there is also a large investment potential in a bare lot. You can use a bare lot for constructing a commercial building which you can rent out to various businesses. Other uses of a bare lot are a park, resort, and a parking lot, among others.