Should You Buy a Property Amid Pandemic?

I also wonder myself if it is the best time to buy a property now that we are facing a crisis? I did actually considered buying another house or lot and planned on building a house on it. The one reason is that my family is living with my brother's family. I just felt that we were too cramped in one place and we stayed at home almost everyday when lockdown started.

image of a door and window of a house

Considering my job security and my current situation now that I am working from home, I think it is the best time for me to plan and buy another investment. There is a large cut on spending so much on transportation, ordering food outside and other leisure expenses outside. 

According to the information given by Lamudi Philippines, there are several changes on the real estate sector in the midst of pandemic that has tormented the Philippines since the beginning of 2020. It also shows on their data that there are new trends on interest in real estates from property seekers. They are those who wants to adapt and adjust to a new place with the ongoing quarantine and finding that place that they can stay long term.

If you are still wondering, pondering and looking for that motivation if you should buy a property even with Covid, here are a few facts to check.

This Pandemic Is Not Going Anywhere Anytime Soon

Given the situation, a lot of working Filipinos are looking somewhere they could actually stay and be distance from anyone. What is the best thing to buy? Owning and buying your own house. People need to have a shelter and a better place to live in. A lot has actually came to realize that having a property is the safest investment that they could have.

Real Estate is a Hot Topic Now

According to Manila Times, houses, condominiums and even foreclosed properties showed a strong performance during the ECQ (Enhanced Community Quarantine). During this quarantine too and the current index prices, interest in buying property rose to 68 to 74 percent and property seekers contributed to almost 56 percent of inquiries on the platform during the ECQ. This shows that property seekers have an intention to buy, but followed through with rental inquiries.

Properties Prices Went Down

Compare to the previous year, condominium prices went down. According to property consultancy firm Colliers International Philippines, residential prices are expected to drop by 13% by yearend, as vacancy increases to 15.3%.

Low Amortization Rates

One of the struggles on owning your property is if you can really afford it. There is still a required atleast 10% downpayment if you decided to get a mortgage. You can use a loan calculator online to determine if you are qualified to get that mortgage based from your income. Basically this loan calculator can help you determine if you can really afford to buy a house now given your monthly income. It can estimate mortgage affordability based on one's income.

Even if there is no pandemic or not, owning a house is not impossible. This pandemic has brought us a lot of realizations especially on owning our own space. I hope you still get inspired and start to save up for that dream home.

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