When OFWs leave the Philippines to work here in the UAE, one of the recurring bills that they pay every month might be the rent of a house that their family might not even own.
Upon securing a secure job that pays well, OFWs can start ticking these three signs that will help to guide them to get ready to take the leap and move their family in the Philippines to a permanent home that they can call their own:
Monthly amortizations that fit your budget. Most often that not, OFWs will always check if they can afford the monthly payment first, instead of the entire contract price. If you believe you can set away at least 30% of your salary, which is also the monthly payment for the house and lot, you are ready to buy it.
Sufficient funds after expenses. For every OFW’s monthly salary, they have to deduce that the payments they will make will be enough, after they deduct all of the monthly expenses that they have especially for their remittance to their family, and bills they have to pay here in the UAE.
Setting emergency funds. However, before you sign that contract to purchase a house, it is highly advised to prepare your emergency funds that are worth at least six months of your expenses. This will help cushion the impact of any kind of unforeseen circumstance that you might face ahead of time.
The Philippine Property and Investments Expo (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
