Guide for OFWs When Choosing a Home

For us working here in Qatar, one of the motivations for doing so is to send the children to school and ensure their welfare. The other reasons are to save and maybe even start a business. Yet another reason is to finally getting our own home.

ALSO READ: Where Should OFWs Buy a House?

When we manage our money properly, we would be able to save enough to afford a piece of land (or even a condominium unit) that we can call our own. And nowadays, having a place to call home can be a great investment in the long run.

How to Get More Out of Your Home

An article that appeared in Pilipino Star Ngayon acknowledged our kababayans’ aspirations of being able to afford their own home. The convenience of owning a home means that the family will not have to worry about paying the rent to their apartment or room.

A financial literacy advocate said that the house can also be a source of income for the owner if it will be used as an apartment or converted in a rental place. Let’s discuss the essential points from the article on how the property can bring in money for you:

Find a property near a school, university, or commercial area. It will be a good location because there will be plenty of people looking for a place to rent.
It’s also important to remember that having an apartment or boarding house near a university will mean that you can have a new set of occupants every four or five years. With this set-up, you know that you will have borders all year round.
Getting a property in the city, such as Quezon City, Makati, or Paranaque could bring in more income for you because of the number of people who would be looking to rent a space. Remember that these places are home to many establishments and learning institutions. It means that some employees and students will be flocking to the place.
It could also be a good idea to look for a property in CALABARZON (Cavite, Laguna, Batangas, Rizal, and Quezon) because of its emerging economy. The population could increase in the future because of the incoming businesses.

Points to Remember for Landlords:

When buying a property, the owner should have enough funds for the monthly amortization. Aside from the down payment, the monthly payment is another expense for the land owner to anticipate. Always pay on time to avoid paying additional interest.
There should be enough funds to cover repairs to the property. Although some of the expenses could be charged against the occupant, there will be times when the owner has to shoulder the cost of repair. This is to ensure that the place will remain attractive for future renters.
The owner should also have enough funds during the lean season. Sometimes, the unit won’t have any occupants so the owner will have to pay for the utilities in the meantime. Thus, it is good to have some savings set aside.

Knowing all these could help you prepare to get a property and earn from it. You could also compare stories with friends or relatives who had a similar experience. Keep on getting as much information as you can so that your resources will not go to waste.