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Tips for Growing Wealth Through Home buying
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Buying a home in the Philippines for the first time–or even the second, third, or nth time afterward–can be an overwhelming process. After all, there are so many steps to take, tasks to complete, and requirements to fulfill, and it is understandable why many of us become anxious about the possibility of making an expensive mistake.

Indeed homebuying can be complicated, but it is also one of the most worthwhile purchases you can make, particularly as an investment to earn from both now and in the future. 

To help demystify the process so aspiring homebuyers can get the most out of their purchases, Ohmyhome CEO and Co-Founder Rhonda Wong joined the recently concluded Financial Literacy Summit 2021: Generation Investors to share a few homebuying basics that are helpful to know for both attaining homeownership and building wealth along the way.

Save up for an INVESTMENT property

Among the first tips shared by Rhonda, is how it is beneficial to take on an investment perspective when saving for and eventually buying property. 

As many only really look into home buying when looking for a new place to live, Rhonda shared how this leads to missing the opportunity to earn from rental income and/or property appreciation from investment properties. 

Then, more often than not, homes bought for living-in or ‘own-stay’ are later on sold in favor of an upgrade anyway.

“One of the mistakes that people make is putting all their money on their own home, But what happens when doing this is, usually, most of us don’t buy the most luxurious or biggest home on the very first purchase anyway. Then, when our family grows, we still end up having to buy a new property (to meet our changing needs).”

To invest in property early and successfully, Rhonda drew on her own experience of living with her parents and then renting for some time to save money for investments and recommends keeping things simple at the start of one’s career and independence.

”It may be better to sacrifice at the start and stay in a simpler place while putting aside the savings for an investment property.”


Read: Your Starter Guide for Investing in Homes for Sale


Choose a location based on a property’s purpose

“Location, location, location.” Cliche as it seems, where a property is located is paramount in determining if it is the right home to buy and/or the right investment to make. For Rhonda, answering the question “where should I buy a new home” is determined exactly by the purpose of the property.

“When using the property for an own-stay or to live in, we look at proximity to locations that are important to us. One of the key things that are important to a family that has children is usually where are your children’s schools? You don’t want to live too far away because you want them to be able to travel back and forth safely.”

“You also want to look at where you’re working. So if your work location is quite a distance away, ‘are you taking public transport?’, ‘do you need to be near public transport?’, ‘are you driving?’, ‘which is the best route to your job so that you don’t get stuck in traffic every day?’. These are very important to think about because what we have that is most precious in life is time. So if you can save your time by being in a location that allows your children to get to school and you and/or your spouse to get to work conveniently, then that is a good place to start.”

“If you’re looking at a home from an investment standpoint, first start with how much of a monthly payment you can make, and then narrow it down to the properties that can fit within that budget. Then from there choose (which properties are in) the location which is both easy to rent out and also has high potential in capital appreciation.”

Buy property even when continuing to rent

Another question often asked by homeseekers is whether it is better to buy or rent a home. Common sense dictates that it is better to pay for something you’ll own as opposed to paying for something you never will, so homeownership is often regarded as the better choice. 

Understandably property prices aren’t always the most favorable in the places we want to live, forcing us to rent. According to Rhonda, renting in one place can be an effective way to save and invest in a home in another place.

When I was younger I rented for a long time because I wanted to keep all of my earnings and savings for investments. The reason is that one of the biggest chunks of wealth that you can build is really from property appreciation, where if you buy at say Php10 million today you hope to sell at P12-13 million in the future. 

That is the fastest way to make more wealth, compared to only saving from your monthly income. So, even if you continue to rent, if your rent is affordable (and less) than the rental income you can get from an investment property, then I suggest that you invest your earnings in a property even if you won’t live in it.

She further elaborated, however, that if one can buy a place that is in the place one also wants to live, then buying is also the best option as it will provide an investment and stop the need to pay rent.

“If you can only have one property and you’re considering that instead of renting you’ll use the money you’re paying for rent to buy a property, that still makes sense. Why pay rent for a property that is not yours when you can turn that money into property that is yours.”


Download: Best Properties to Buy at Different Budgets


Indeed, there is more to home buying than merely buying a place to live. Property is surely among the largest purchases most of us can make, and it stands to reason that we gather as much real estate information we can to make sure that it serves as an investment that is most beneficial to us. 

To learn more about growing wealth through the basics of home buying and other real estate-related advice and information, visit the Ohmyhome website or follow Ohmyhome on Facebook and Instagram for more tips, and supplemental content and schedules for upcoming talks and summits from Ohmyhome CEO Co-Founder Rhonda Wong and the rest of the Ohmyhome team.

For easy access to the latest home for sale listings across the Philippines or to conveniently connect with trusted real estate professionals, download the Ohmyhome app today.


Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.

Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.

Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.

The company’s Real Estate agents help in the shortlisting of options and provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates. 

Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.

Stay connected with Ohmyhome Philippines by following our official Facebook, Instagram, and LinkedIn accounts. 

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