Despite the many problems encountered in working overseas, such as loneliness and racial prejudice, our modern-day heroes prefer to seek better pastures thousands of miles from home in order to secure their family's future and meet their daily requirements. Being an Overseas Filipino Worker enables our kababayans to make a living and send their children to school. However, their time as an OFW would inevitably come to an end. And when (or even before) that occurs, it is prudent to achieve debt-free status and financial stability. This manner, individuals may enjoy the life they've worked for while retiring comfortably at home with their family. One method is to get an OFW investment that will contribute considerably to income sustainability and growth.
OFW Investment Opportunities in 2022 That You Should Consider OFWs have a lot to look forward to in 2022. The following are some financial advice and prospects for OFWs: 1. Educate yourself on the many OFW investing alternatives available. For others, discussing OFW investments might be scary. However, this does not have to be the case. Why not broaden your knowledge and understanding of money and finances by participating in OFW-specific webinars or forums, reading OFW investing books, listening to podcasts, and visiting your favorite financial adviser for advice? 2. Take into account the possibility of launching a small company. Consider prospective business ventures that might provide a sustainable source of income for your family. Certain enterprises may now be operated online, allowing you to do important activities while traveling; alternatively, you might consider delegating management/operations of the firm to a trustworthy and capable family member. It may be a diner and sari-sari store for your parents, an Internet café for your tech-savvy brother, or an online bakery for your sister, who bakes delectable pastries. Franchising (e.g., food carts) is another time-tested method of growing your money. 3. Be cautious with your money. Setting realistic objectives and communicating them to your family as an OFW is beneficial. This will help you avoid splurging on items that are unnecessary. While it may be tempting to indulge your loved ones with costly parties, vacations, and presents that bring immediate delight, it is prudent to focus what genuinely matters. Maintain a portion of your earnings for personal savings, life and health insurance, and OFW investments. Maintain an emergency fund (most experts suggest accumulating three to six months' worth of expenses) to serve as a financial cushion in the event of a disaster or unexpected expenditures such as medical costs. Maintain strict adherence to your spending strategy. 4. Invest in developing new skills. Investment is not limited to monetary gains; you may also begin investing in your own abilities. Investigate available programs that promote entrepreneurship and skill development via government agencies such as the Technical Education and Skills Development Authority (TESDA), the Department of Labor and Employment (DOLE), and the Department of Trade and Industry (DTI). Through short-term courses, seminars, and workshops, you may enhance your existing abilities or acquire new ones. Photography, dressmaking, baking, driving, and bartending are all examples of them. This way, you may continue to develop your abilities, monetize them, and explore new possibilities. 5. Recognize your choices. You'll never run out of investment opportunities for your hard-earned money. These entail varying degrees of risk, so always do research and educate yourself on the fundamental ideas before making financial decisions to prevent frauds. Additionally, avoid putting all of your eggs in one basket. As an OFW, you have the option of investing in stocks, mutual funds, UITFs, crowdsourcing, and bonds. Real estate is another common investment choice for our modern-day heroes. Many OFWs want to possess a property they can pass on to their children, a wonderful holiday house, or a location to retire and create new memories with their family. Additionally, it may assist OFWs in generating passive income. They may acquire properties such as flats, homes, or condominium units with the intention of renting them to tenants or reselling them for a profit.
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Perhaps the ultimate contemporary Filipino desire, particularly for first-time condo owners, is to own a house. It instills a feeling of security in every Filipino family, assuring that regardless of what occurs, a roof over one's head would always exist. However, as with any desire, the journey to accomplishing this objective is usually intimidating, and the first-time homeowner is nearly always tempted to settle for the first property that fits within his or her price range.
To add insult to injury, the variety of taxes and fees that must be paid, as well as the paperwork that must be organized, are enough to make the first-time buyer apprehensive, confused, and frightened. As with any significant transaction, acquiring a house needs careful study, ample support, and an infinite amount of patience. Additionally, it would be prudent to examine the following recommendations. 1. Recognize Your First-Time Condo Buyer Needs Consider the following: What are your home-buying criteria? Or, more exactly, what sort of condo best fits your lifestyle, particularly if you are a first-time condo buyer? There are several condominiums available, and picking one is almost certainly the first big choice. Consider if you like a low-rise, a mid-rise, or a high-rise condominium. However, you should also evaluate the location and the availability of facilities that may be necessary for your lifestyle. Additionally, evaluate the desired level of usefulness. Are you looking for a four-bedroom condominium? How many restrooms are available? Do you want a separate family room for your children's fun or a den for your privacy? Will you need office space? How lavish or expansive do you want your kitchen to be? Arrange these traits according to their relative value. 2. Market Analysis After determining the sort of condominium you like and require, it's necessary to undertake market research to ascertain what is presently accessible. Attempt to avoid selecting the first one you come across. Indeed, the Philippine real estate industry is expanding, with developers building apartments in anticipation of future demand. Additionally, this is a good opportunity to undertake research on the subject area or location. Is it conveniently located in relation to public transit, hospitals, schools, banks, and business districts? Moreover, is the municipality or city in which the property is situated adequately prepared to protect inhabitants from floods and other natural disasters? 3. Create a budget The second stage, particularly for first-time condo owners, is to develop and stick to a budget. This necessitates an in-depth analysis of your financial circumstances. Determine the price range within which you can afford the purchase and the quantity of cash available for the deposit and other connected charges. This can help you choose the sort of condominium property that you can afford, whether it is pre-sale, ready to occupy, or even rent to own. As a general guideline, save at least 20% of the purchase price to qualify for an 80% loan-to-value ratio and an extra 5% to pay fees and other closing charges. Once your budget has been decided, you can evaluate the sort of home and area that you can afford. Are you looking for the biggest and greatest home possible in the best area, or are you content with a more prudent overhead and debt? 4. Enquire for Assistance As first-time condominium purchasers, you should, of course, seek the aid of a real estate specialist. These are the persons that can and will surely aid you in successfully completing your first condo purchase as a first-time buyer. Real estate agents will identify various properties that suit your requirements, aid you in picking the finest one, assist you in negotiating the purchase terms and conditions, and support you in general throughout the process. Additionally, mortgage brokers may aid you in selecting the most advantageous mortgage loan conditions for your circumstances. Closing services will coordinate and arrange the documentation to guarantee a seamless transaction. While first-time purchasers are typically hesitant, seeking expert counsel might help ease some of their concerns. Inform specialists of your aspirations and give them the opportunity to help you. 5. Get to Know Your Developer This is particularly true when acquiring a home that has not yet been sold. Developers fall into two major types, according to Swiss lawyer Rene Philippe Dubout, a resident of Thailand. To begin, there are the elite developers, the majority of whom are publicly listed, have substantial cash, and have a track record of success. Purchasing a property from one of these developers is almost risk-free, since they value their reputations. On the other side, you have rookie developers who, although not all of them are poor, are up against an uphill battle. Because first-time developers lack past expertise in real estate development, obtaining commercial loans to fund their projects is challenging, if not impossible. After the initial capital investment, the building and development of the project will be funded by their clientele. As revenues diminish, the developer either faces financial problems as cash flow falls short of expectations, or building of the project suffers growing delays as a consequence of hasty expenditure. These developers' chances of success are minimal, and their projects are practically guaranteed to fail owing to a lack of expertise, knowledge, and funding. 6. Financing Assurance If you want to finance your property purchase via a bank, verify that you have the necessary papers, such as tax returns, paystubs, or job certifications, as a first-time condo buyer. Obtaining a mortgage loan, on the other hand, may be fairly hard, so prepare beforehand. Additionally, seeking the aid of a mortgage broker is beneficial, since not all loans are made equal. Consider loan shopping, which means contacting many lenders and comparing their interest rates and conditions. Because loan acceptance is also greatly reliant on your credit history, you should verify that it is in good standing before applying for one. 7. Save for Financial Needs Finally, even if you are a first-time condo buyer, the process of acquiring your first property does not finish with the closing of the sale. Along with the monthly mortgage payment, there are a variety of other expenditures to consider, including repairs, association dues, and insurance - the list goes on. The usual guideline is that you should not spend more than 30% of your monthly income on mortgage payments; spending more than this will make it difficult to fulfill other obligations. Check out the Best Condo Investments for New Entrepreneurs at Camella. Camella is currently selling its high-end and exclusive midrise condominium buildings around the Philippines, with a focus on the most developed areas outside of Metro Manila, including Lipa, Caloocan, Puerto Princesa, Bacolod, Butuan, and Davao City. Camella Manors, the company's newest brand, is now providing pre-selling, ready for occupancy, or RFO, as well as rent to own, or RTO, condominium apartments. Discover the ideal location for your start-up property with Camella Manors as first-time condo purchasers or property investors in the nation. |