In the early ‘80s the word BalikBayan emerged. It was a way to lure old timers and Filipino professionals who moved to the US in the ‘60s and 70’s to come back and visit their homeland by giving incentives. So the term BalikBayan was introduced, Soon the Balikbayan box was offered, one box one flat fee regardless of weight to send to families in the Philippines. This started the pilgrimage of the Balikbayan, going back and reuniting with families and friends in the Philippines.
Fast forward, for the last decade, more and more Filipinos are going back to the Philippines and discovered that living part time in the Philippines with their pension check gives them a better lifestyle and liberty. Watching their parents aging in care homes with minimal care and surrounded by family, they seek and realized that living in the Philippines gives them a better purpose reuniting with families and friends. They engage in social activities like golf tournament, medical missions, reunions, political advocacy for better government and more. These gives them a more fulfilled life after 55.
Being part of the Baby Boomer generation and in the business of helping families venture on one of their largest investment of their lifetime for the last 26 years in Real Estate, I observed and experienced that this trend increase and will keep on going on which can be for the better or the worst if one does not take the proper precaution and diligence.
Real Estate market trends project that the Baby Boomers are cashing out on their equity, moving from their big 2 story homes to a more suitable one and even invest the rest toward a better, healthier, more luxurious lifestyle as they get closer to retirement and yet active lifestyle.
With so many Senior benefits offered in the Philippines, lots of recent real estate developments like the Bonifacio Global City, Tagaytay, Cebu and many other major cities. Balikbalikans have more options to choose from to enjoy the lifestyle they have always dreamed of…going back and giving back to thier hometown.
Gone were the days when one hits 55 years old you are old and sickly and nearly broke. The new retirees are more active, seek to achieve a “bucket list” and still active and perhaps making even more. For the Filipino American Baby Boomers, most of this generation seek to live a higher luxurious lifestyle wanting to make a difference and creating a new pilgrimage, going back and forth to their beloved country, the Philippines. This is the generation who are more professional, more successful, educated and yes, wants to make a difference through charity and patriotic acts to improve and better the Philippine economy sharing time and talent they acquired living overseas. I call them the BalikBalikans.
Ideally Bay Area Baby Boomers can sell their present home they owned for at least the last 25 years, buy a property in more affordable but luxurious communities like Sacramento, El Dorado and Solano Counties where newer suitable luxury communities costs 50% -60% less than their home in the Bay Area. For example, a home in South San Francisco of 4 bedrooms 3 baths along Westborough averages at $1,200,000. Sell this and buy in gated communities of Folsom, El Dorado Hills or selected areas in Sacramento will pay an average of $450,000 for the same size, but single level newer home. They will still have equity left for investing for a second home. Luxury 2 bedroom condos in the Philippines by Ayala Land sells at $200,000 located in the best setting for luxury rural quiet living at Nuvali in Santa Rosa Laguna or high end city life at Bonifacio Global City community with amenities within walking distance.
So, are you a BalikBalikan? Do you want to be a BalikBalikan? I can show you how. There are programs available that you can avail of, when used accordingly, can be the best pathway towards a meaningful retirement with a healthy, wealthy and luxurious lifestyle by leveraging on equity you earned just because… you lived in California and cautiously preserved your equity.