OFWs remain a strong, highly ideal market for developers to tap
Being one of the largest contributors to the robust growth of the local economy, overseas Filipino workers (OFWs) now make a highly ideal market for firms to tap.
Their remittances, which reached close to $26 billion last year, have been among the biggest drivers of the Philippines’ consumption-driven economy and had partly helped sustain the country’s healthy fiscal position. These also allowed the country to remain resilient despite the challenging developments in the global economy.
The significance of these so-called modern day unsung heroes and their valuable contribution to the local economy cannot thus be understated.
However, the dim reality is that there remained a number of OFWS who end up deep in debt or even cash strapped for that matter, without anything to show for, despite the many years they’ve spent working abroad. These are the OFWs who were unable to put their hard earned pay into a wise and practical investment that can generate at least modest returns in the long run. But there are others who are able to invest wisely and eventually end up living a truly satisfying life when they retire.
Investing wisely
Seeing such two very distinct scenarios should prompt government agencies and other institutions to come up with programs that could help educate more OFWs how to better manage their funds and finances.
Initiatives such as regular seminars, fora, and short courses could help in providing OFWs different options on how they could use a portion of their savings to invest wisely—be it in a new business venture or even a new home from a reputable real estate developer.
But it is not only be the OFWs that would need to be reminded. The family members of the OFWs themselves—the one who receive and manage the remittances made by the OFWs—should also be made aware of the different options available for them.
One of the most basic investments that OFWs should consider should be those whose value will appreciate over time. For instance, a house is an investment that can be considered practical as it does not only provide roof over one’s head, but it can also, at the same time offer a property whose value can increase in the long run.
Of course, investing in a large ticket item such as a house entails a lot of planning and budgeting and as such, OFWs and their families must know whether or not they are ready to take on this option. Cost and budget, while considered as topmost concerns, should not be the only factors that one should look at.
The quality and amenities of the development, the reputation and credibility of the real estate firm, and the kind of financing options offered should be regarded as well.
“Empire East believes that every hardworking Filipino deserves to own a decent home and this is why from our end, we are working non-stop to ensure that we do not only give them the high quality homes, but one that would also fit their budget and would not leave them with an empty pocket,” explained Empire East President and CEO Atty. Anthony Charlemagne Yu.
“We value the hardwork and sacrifice our OFWs put in that’s why in our own little way, we try to help them make the most of the money that they earn by coming out with promos and payment terms that wouldn’t really burden them but rather enable them to realize the value of owning a decent home,” Yu added.
No rush
Empire East however noted that before one jumps into such huge undertaking, the individual must be fully aware of the deal he or she is getting into. After all, getting home is not exactly cheap.
As such, the company would often remind OFWs about the major concerns they should take into consideration before signing the contract.
“We don’t rush them to buy. But what we do is to first make them understand how the whole thing works and after that, allow them to study the proposal, look into the development that best fits their needs and budget, and then we discuss the best possible payment scheme,” Yu related.
“The company is not just here to build and make money. We are here to partner with Filipinos who aspire to raise their way of life and pursue their dreams. We give them something that no one else can take away from them and that is the pride of living their dream, of seeing a concrete proof of the hard work they’ve rendered while enduring the heartaches of being away from their loved ones,” he added.
Guidelines
Meanwhile, here are some guidelines which might help OFWs identify the things they need to consider as they take up on the challenge of investing in a decent home:
- Assess your finances
This, according to Yu, should be the number one consideration of many OFWs as this will help them see if they are indeed ready and have the capacity to pay for a home.
It is critical for one to carefully make calculations about his or her income and expenditures to see whether investing in a home will not be a burden nor will it make them sacrifice on obligations that are also needed to be fulfilled.
One should also remember that a hefty savings account alone is not enough for one to think that he or she is ready to buy a home. A proper evaluation and projection of future expenses and eventualities must be taken into consideration.
When one realizes that he or she can still financially manage with comfort throughout the payment period, then that’s the time to find a development that will best fit the budget.
Trusted name
Yu advises OFWs to go only for companies that have a solid track record and favorable reputation. It pays to put your hard earned money in a development built by a company that has long established credibility in the industry.
One must conduct a background check on how the developer operates and what its strengths and possible weaknesses are and from there, one can decide if this developer is worth their while.
It would also be wise for would-be buyers to familiarize themselves with the developer of their choice so that expectations are met and disappointments are avoided.
Structural integrity
An OFW or any homebuyer for that matter must conduct a background check on the quality of homes that were built by their developer of choice.
Better if they could ask around or go and talk directly to long time homeowners and ask for their honest feedback on the property they are eyeing and the developer itself.
The OFW buyer must also be inquisitive enough to ensure that they’re getting the best deal out of their hard earned money. On-site inspection is highly recommended and so would be a thorough scrutiny as to how the developer operates.
Practical amenities
Empire East believes that when buying a home, one is also buying a particular lifestyle and as such, it is crucial to check the amenities offered as these would speak volumes about the kind of life that awaits homeowners.
A good home investment, according to Empire East, is one that would allow you to just relax, unwind and retreat after an excruciatingly tiring day at work.
And this especially works true for OFWs who spend most of their time looking after the needs not only of their employers but also of their families back home.
Perfect deal
How many times have we heard of individuals falling prey to fly by night developers?
Given the OFWs’ desire to provide the best for their loved ones back home, it is sometimes easy for them to get lost in the frenzy of investing in what they think is worth their money, and sign a contract without actually reviewing the fine details of the contract.
Such scenario often ends up with the OFWs spending unnecessarily more without getting anything of value in return.
In this light, Empire East often reminds its customers that in buying a home, it is not practical to rush and finish all the paperworks to immediately seal the deal.
It is better that one goes through the whole process carefully, read thoroughly the terms stipulated in the contract before affixing your signature on that sheet that will give you and your family a new home.
Deserving
All things considered, the OFWs, much like all Filipinos, deserve to be provided with the best and most practical deal, a convenient and easy transaction process, and most of all, be handed with a truly high quality development.
And this is what Empire East has since committed to fulfill: provide every homebuyer an experience that would make them see and feel the ease and value of investing in a home.
Empire East Land Holdings Inc. continues to create developments that promote a balanced quality of life.
Having provided homes to a number of hardworking Filipinos, the company, for more than two decades now, has also helped the government achieve its goal of giving its citizens a better and higher quality of life through its developments.
The company is not just here to build and make money but to partner with Filipinos who aspire to raise their way of life.
ADVT.
