Spending millions of pesos in the middle of a pandemic wouldn’t be something on our minds. In fact, it’s most probably quite the opposite: The economy is in recession, and we’re all thinking about how to save more money. It can be a different story though if you’re already financially prepared at this time! To get the best deal out of your real estate investment, let’s talk about benefits of buying property during COVID-19.
How’s the property market in the Philippines?
In Knight Frank’s latest Global Residential Cities Index, Manila was ranked as the world’s top housing market in terms of growth in prices this 2020. In other words, even at a time when COVID-19 is at its peak, there’s still plenty of potential for capital appreciation just beyond the horizon.
Furthermore, there’s still a housing backlog of at least 3.9 million in the Philippines. As the demand for living spaces continues to increase, the property sector in the country has an enormous potential for growth.
Of course, living in a COVID-19 world, with its extreme measures of travel restrictions and lockdowns, brings a whole new level of unprecedented times. So, it’s only natural to feel like you need to think twice, even if you’re sure that buying property in the Philippines is a totally logical investment for you. Here are some considerations to help you ensure you’re making the right property purchase:
What are the benefits of buying property during COVID-19?
1. Property sellers are likely to offer special promotions or payment terms
For instance, we have a The Great Property Sale promo wherein you can enjoy special offers and price reductions of up to P1,000,000!
At this unique time, most property developers are more likely to offer exclusive discounts and flexible payment terms by stretching the down payment over a certain period to help home seekers get through challenges caused by the pandemic. This certainly makes home-buying lighter on homebuyers’ pockets. It’s best to take advantage of special promotions during ECQ as property buying is a long-term investment – especially since we don’t know how long this pandemic will last!
Even if it’s not publicized, negotiate. Especially if you’ve got cash on hand, you’re already well-equipped with the bargaining power to ask for better, discounted prices.
P.S. Speaking of more special promotions, you might get a chance to win a P300,000 home makeover by Elle Uy Decor. Click image below for mechanics:
2. Access more property options from developers with good reputation
Access the credibility of the property developer by looking at their past projects to see if the quality of the completed condo developments live up to what was promised.
For instance, are there frequent complaints of defects from residents? Property developers are also in charge of the upkeep of the condo, so are the amenities of their existing projects well-maintained? A quick Google search or a scan through property forums can give you a good idea of this.
Also, because of the strict lockdown measures, construction-related sectors have also been impacted negatively, which might affect the completion date of condo projects still in the works. Now more than ever, it’s extra important to make sure the condo developer has a track record of completing their projects on time.
Here some top developers your can find on Carousell:
3. Your property investment will have a higher resale value when you snag them now at a lower price
It’s largely agreed upon that COVID-19’s long-term impact on property prices would be minimal. Prices might dip because of poor economic conditions for now, but this could be an even better reason to buy a home now, given the potential of a higher resale price in the long run.
The caveat? This is true if you’re looking at things long-term. In other words, you’ll need to have holding power i.e. the ability to finance your home, even in times of crisis, until things start trending upwards again.
Enjoy benefits of buying property during COVID-19 with Carousell
Ultimately, the key is to think about your property as an asset, something you’re paying for in order to reap even more rewards later, rather than a liability, something you have to pay for.
With this mindset, if you do find a home that fits comfortably within your financial means, investment strategy, as well as your lifestyle, even a crazy time of a pandemic could prove to be a “good” time to buy property. Happy house hunting on Carousell. 🙂