One of the biggest purchases a person can make in his lifetime is buying a home. For Filipinos, it has always been an aspiration to be able to afford and live in your own home. It is a source of pride and accomplishment for them when they tell others that they managed to secure their own home.
A necessary sacrifice
The majority of Filipinos who have decided to be OFWs did so because of their desire to earn more and improve the lives of their families. Given this improvement in their financial situation, home ownership is closer to becoming a reality. “It would be good if an OFW is able to set aside a portion of his hard earned money towards a purchase of property. Be it an investment or principal residence, it is bound to appreciate overtime,” said Michael Anthony C. Mendoza, Assistant Vice President, Retail Loans Product Management Head of BPI Family Savings Bank.
Mendoza adds that it can also provide the OFW a source of income in the form of rent and eventually a home he can live in once he decides to move back permanently to the Philippines. A number of banks, through their financing programs can guide an OFW in making the right choices when it comes to investing in real estate.
“Any worthwhile investment does take a significant amount of time and money. Whether it is a vehicle, children’s education, a business and yes, even a home,” said Mendoza. With proper financial advice, an OFW can learn to set aside his hard earned money regularly that can go towards the acquisition of real estate.
Fulfillment of a dream
OFWs must also be made aware that investing in real estate is worthwhile given the high probability that over time, it will appreciate and even earn an income if the OFW decides to rent it out. “Ultimately, it should be seen as a dream fulfilled for an OFW that after working overseas and overcoming the odds, he has managed to save money to provide a home for himself and his family,” said Mendoza.
