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Selling Real Estate Properties to Filipino Expatriates

July 07, 2012 | Comments: 0 | Views: 214

The OFW's and Immigrants

You can never find anybody in the entire Philippine archipelago without any relatives working abroad. This has been a common predicament among Filipinos: to have family members or entire family groups, migrating overseas. In many communities around the country, it would be easy to see which family group have family members who are either migrants or OFW's. Their houses would stand-out and look different; household amenities would be numerous and branded, and; they would be dressed differently. It would not be surprising to find Mediterranean-inspired houses in the far-flung barrios with different vehicles in their garages. These would include: SUV's, cars and tricycles among others. Household equipments would include the most recent models of DVD's, television sets, and computer systems that blares out with impunity for all the world to see and hear!

Filipinos are by nature, family-oriented. They may have roots in other parts of the world, but they are expected to come back after sometime as "balikbayan". This term is common parlance, which means "coming home". This is a most common Filipino trait, of not wanting to cut the umbilical ties from the motherland. There is always this desire to come home and be one with the family again. It is not also unusual to see that remittances from migrant workers and OFW's remain at a robust 9% of the country's Gross National Product (GNP) today. These remittances are used to support and uplift the living conditions of family members that are left back home. Hence, it would not be surprising to see family members going into better schools, and having amenities that other people can only dream of having.

Coming Home for Balikbayans and OFW's

The OFW and Filipino immigrant sectors are economic forces that help fuel the country's economic growth through inward remittances. They are one potent market where investment opportunities can be unlock by marketeers. For real estate brokerage, these market represent lucrative opportunities for them to pursue and make a sale. Condominiums and townhouses are attractive investment opportunites for the so-called "balikbayans" and OFW's. Owning a condominium is an attractive proposition for these groups: since it would mean, having residual earnings through rental income. These rental payments, if in case the property is leased out, are enough to cover monthly amortization payments, condominium bills and real property taxes. For those with deep financial pockets, it is not difficult to offer 2 to 3 units at a time to this group. The usual arrangement is that, the 2 units will be for investment purposes, and the remaining unit would served as the dwelling place for the owner if they are in the country. This is an attractive investment package for this group, since the owners would not have to worry about security and safety. These structures have the usual in-house security that secures the place from burglars and illegal dwellers.

Townhouses are ideal investment opportunities for those who want to own land where their housing structures are constructed. For these groups, investments are made through purchase of duplex units. The usual arrangement, is that one door is rented out and the remaining unit is kept by the owner as residential house when they are in the Philippines. Like condominiums, the rental from the property is enough to pay all monthly amortization, real estate taxes, and with enough provisions for repairs. The choices would vary from upscale units found in exclusive subdivisions and medium-price units found in the suburbs. The final choice would depend on personal preferences and budgets.

Coming Home for Retired Immigrants

Immigrants who are retired, have different needs. These group normally prefers living in the suburbs or in areas close to commercial centers. Preferences would include residential areas with enough ground space for them to garden and putter around. Real estate agents as a policy, have a different listing for this group. They would tend to zero-in on subdivisions with wide open spaces, tight security, and the nearness of basic amenities like hospitals, fast food deliveries and commercial centers. It is not also unusual to see these groups opting to buy agricultural land in the provinces where they can do some farming and take care of farm animals.

The returning immigrants and OFW's are one dynamic and potent group that can be tapped to invest in the country's various real estate properties. If they would want to come home and retire, there is nothing like the Philippines to come back home to. The people are friendly, the culture is great, and vast opportunities await!

Consolacion S. Miravite is a Certified Public Accountant, Real Estate Broker, Lead Farmer, Trader, Accounting Professor, Free-Lance Writer and Blogger. She has written for several companies, institutions and website owners on topics ranging from - Finance, Accountancy, Computers, e-Commerce, Online marketing, crafts, relationships, and others.

Source: EzineArticles
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