From being a health crisis, the COVID-19 pandemic has become the culprit for major economic disruption. Travel restrictions were raised. Several businesses had to close down. Many employees were laid off. Even so, dreaming of buying a property, even an affordable house and lot at that, have unceasingly crossed the minds of many in the past months.
If you’ve thought about home buying, this is an ideal time to do so. Even if you are a first-time homebuyer, the time is advantageous if you have savings and a secured job or a stable business. A new house for you and the family is a big investment, but one that comes with a number of benefits.
Advantages of buying a house during pandemic
Down Payment Promos and Other Offers
To cater to the buyers' needs, real estate developers offer various (and flexible) payment schemes such as lower down payment, longer payment terms, and many other deals. If you’ve saved a portion of the down payment for a property, weigh on the advantages of getting a home loan to make up for the remaining amount and the disadvantages of waiting and trying to save.
These deals also cover flexible payment options. Homebuyers can pay through banks and payment centers. During the pandemic, online payment facilities have become available and widely acceptable. With these, even OFWs who are unable to come home can now purchase properties and pay them online. Real estate, as an OFW investment opportunity, has become easier to attain.
Buyers leaning for a home with an affordable price range can benefit even more with the low down payment currently being offered by many developers or longer payment terms, which can result in a more manageable monthly payment.
Interest Rates are Lower
Banks and other lenders are also trying to attract buyers by providing lower interest rate for housing loans. Furthermore, many of them allow deferring payments with no to little penalties. Several service providers are also following suit. Keep in mind, however, that it’s not advisable to compound your unpaid loans.
In the coming months or years, lenders are bound to raise their interest rates to avoid bankruptcy. This makes it more ideal to get a loan now, provided that it’s for an investment like a real estate property.
Availability of Digital Tools
One of the good things that came out during the pandemic is the improvement in online transactions. These days, you can order food and other goods with just a few taps on your mobile screen. You can pay by using your e-wallets, credit card, or debit card.
These tech advancements have reached the real estate market, too. House hunting has become easier. You can quickly check the list of quality and affordable house and lots for sale nationwide online. Developers such as Lessandra further take your search to a new level by offering virtual 3D home tours. With these virtual tours, you’ll get to see both the exterior and sample interior of homes. You can also view community amenities such as the clubhouse and open spaces.
The best part is that the walkthrough as it is is readily available on the website. No need to sign up and no need to secure an appointment to access it. In case you want to view the actual property, you can schedule a virtual site viewing with a marketing representative or your real estate agent. You can still visit the property personally or do a home inspection after securing an appointment online.
It doesn’t stop there. Even reserving and paying for your property can be done online through the safe and hassle-free online payment partners of developers. It’s also worth noting that you may also take advantage of Lessandra’s home loan calculator to get an estimated computation of your desired house and lot.
Easy and hassle-free payments through various Payment Facilities
Recovery Strategies May Be Unfavorable to Homebuyers
Various industries are bound to recover soon. In a few months' time, the low-interest rates and flexible payment terms may also be lifted as soon as the economy returns to its normal activity.
Prices of construction materials may rise as part of the recovery, and as such, the prices in the housing market will also increase. As a result, future homebuyers will be left with less-than-ideal deals compared to what is offered now.
Property value also increases continuously, and so it is expected that the price of even the affordable house and lot would also increase. The difference is the availability of the promos and various payment schemes that help homebuyers purchase their properties at a better deal.
As buying a house is a big investment, it’s prudent to study the competitive market now and make a purchase. Assess your personal finance and consider the mortgage rates, monthly payments, and monthly mortgage, and also your other expenses.
Your home purchase now can serve as an asset. In the future, you can even rent out, resell, or use your property as collateral when applying for a loan. As much as possible, take advantage of your earning capacity and loan availability, such as Pag-IBIG housing loan and bank loans, to get better investments.
Learn more of Pag-IBIG housing loan in Pag IBIG Housing Loan and Loan Restructuring Program.
Demand for Rental Properties May Increase.
Staying at home is supposedly a way to keep yourself safe during the pandemic. However, this isn’t the case for those who have to deal with stressful living conditions.
With the pandemic happening, homes have been extended from being a family space to a home office. It also offers a breather as going outside unnecessarily has been discouraged. Even a small space in the garden or backyard provides a break from the current pandemic situation.
People want to have more space but not everyone has the capacity to buy a house yet. Their temporary solution is to rent.
If you purchase a house and lot during the pandemic, you may consider getting a tenant as a way to recoup expenses and/or gain a return on investment. Make sure you set rules regarding your living arrangement if you’re just leasing out a room. If you’re offering the entire property, sign a leasing agreement that details what your tenant can and can’t do, what he should do as a tenant, and what you should provide as a landlord.
Owning a Home in the Time of Pandemic
The home buying process has been easier as a way to cope with the current times, more so for first-time homebuyers. The housing market has remained stable and competitive, especially in offering promos such as a low down payment.
As a major investment, buyers should take into account the possible risks of home buying. It is important not to forget the basics of home purchase: the location, home prices, down payment, mortgage payments, property taxes, your purchasing power, and even your credit score if you will take out a home loan.
It’s always advisable to depend on a reliable real estate agent and munch more on a reputable home developer, whether you’re purchasing a preselling property or a ready-for-occupancy unit. They should look after your best interests.
Aside from reliability, you should also take into account the affordability of the developer’s offers.
If you’re after quality and affordable house and lot developers, check out what Lessandra has to offer. From the most trusted in the real estate industry, Vista Land, Lessandra is tagged by the London-based website Start Up Pill as one of the best residential startups globally. Offering the best homes in the best locations, Lessandra assures homeowners a maaliwalas and worry-free living.
If you can purchase your own home now, take advantage of the still lower rates and get your dream home. As the popular anecdote says, don't wait to buy real estate. Buy real estate and wait, and you are assured of reaping great returns.
Lessandra is an affordable house and lot developer. For an array of affordable house and lots for sale in the Philippines, check out Lessandra Project Listing. For more information on how to own a house and lot in the Philippines, visit the Lessandra Guides and FAQs section!