In the past, many Filipinos were left with less than ideal housing options. You may know people who spent decades living with their relatives under the same roof or in the same lot. Some rented small rooms; others built homes in lands they didn’t own. As the economy improved in recent years, aspiring homeowners are now enjoying more choices such as an affordable house and lot or an affordable condo unit.
The improvement in economic living also opened to a wider range of options. There’s also an increasing number of young adults who are already planning to buy their first property sooner instead of later. This growing demand comes with major changes in the home preferences and real estate investment of Filipinos.
More of Living, Less of Cleaning
A spick-and-span home is a little paradise after a tiring day outside. However, isn’t it absurd if maintaining it is making you more stressed?
Photo by RODNAE Productions from Pexels
These days, more parents prefer to give fair time for both their careers and families. Likewise, many single individuals want to make the most out of their independence by going on adventures or learning more. There are also those who don’t mind a busy schedule now to accumulate wealth and retire sooner.
For these people, too many chores are burdensome. Hiring a helper or a cleaning service is a remedy. Some invest on appliances like automatic washing machines, dryers, dishwashers and robotic vacuums. But still, these tools aren’t enough. Another solution is to simplify.
That could mean living in a clutter-free house. To achieve this, many Filipinos try out tidying methods like KonMari, FlyLady and 27 Fling Boogie. They can also consider a Lessandra home which is easy to maintain due to its simpler layout. By living with less, people can have more time for fulfilling activities.
Owning Now, Paying Later
When you’re just starting to become independent, it makes sense to rent for the meantime. Obviously, this is more affordable than buying a house soon. This is also a training ground for you on how to handle your finances. If you remain a tenant for years though, you’re bound to spend an amount that’s enough for a decent property.
Thankfully, developers nowadays present flexible financing schemes. This way, Filipinos don’t have to endure rental fees until their senior years or pass the burden to the next generation and get to invest in their own properties.
To purchase sooner, some Filipinos get a PAG-IBIG housing loan. The government-owned and controlled corporation offers relatively low interest rates and simplifies the process of loan application.
One advantage of taking a PAG-IBIG housing loan is that the interest rates are either fixed or rarely adjusted. This is helpful when you’re budgeting your monthly repayments.
By now, many homebuyers saw the disadvantage of trying to save for the overall cost of a property. The cost of construction materials may increase exponentially over the years. This leads to a higher property value. For buyers, this means they had to save for a longer time. In such instance, if you’ve saved enough to cover the down payment and monthly payments, it’s more practical to take a home loan and buy sooner.
Sharing for Profit and for Pride
Instead of just a need or a dream, many Filipinos nowadays consider homes as real estate investment which could be a source of income. One way to earn from them is by leasing.
Such idea isn’t really groundbreaking. However, some homeowners only think of locally employed individuals as their market. Couples who are starting to build their families are also sought. Before the pandemic, those who have properties near colleges and universities catered to students.
Then, there are homeowners who see the demand for temporary accommodations near travel destinations. Many travelers choose room rentals or transient houses as they feel homier than hotel accommodations.
Homestays get even more popular thanks to online marketplaces for lodgings. With Airbnb, the potential market isn’t limited to locals. Foreigners who are visiting for work or for leisure are possible clients, too. It’s also beneficial that the process of becoming a host is simpler.
By accepting guests, homeowners have a chance to showcase their unique homes. For creatives, this is as important as gaining a return of investment. After all, some visitors like relatives and acquaintances are not pleasant to be around as they nitpick styling choices. On the other hand, those who choose to pay as guests are usually more appreciative.
For homeowners who are busy working and renting elsewhere, getting paying guests means someone or some people can look after their home for the meantime. Furthermore, they can use their profit to cover for their rent in other places or the property’s mortgage.
There’s another way of sharing your home: through social media. You’ve probably seen or heard about celebrity house tours on YouTube, Facebook or lifestyle blogs. Such content is usually monetized. The audience can benefit by being entertained and getting interior design ideas.
Celebrities aren’t the only ones posting photos and videos of their homes. Even regular folks take pride in their interiors and finds by sharing them on their social media accounts. Home Buddies, the hit Facebook group, has high engagement ratings because of the great interest towards styling ideas.
A house’s design will always be a buying consideration. What changed, however, is that some prospective buyers try to visualize how they can use their homes for their online presence. They think about what could serve as their work-from-home stations which they can post about. They imagine what the background will be like for photos and virtual meetings. For aspiring content creators, they mull over the places in their homes where they can shoot.
Avoiding Crowds, Pandemic of Not
People want to show glimpses of their personal spaces to the world through social media. However, it’s a different story when neighbors wish to pry anytime of the day. As such, an affordable house and lot in the Philippines seems like a luxury if it’s not in a crowded community.
Increasing urbanization in various cities in the Philippines indicates that the local economy is thriving. This attracts more investors and workers into the area. However, this comes with a price: crowds.
Photo by Drew Dau from Unsplash
To avoid crowds especially when commuting, some assumed that living in a condominium is enough. It’s indeed advantageous when it’s near your workplace. However, if you’re in a high-rise condominium with a high occupancy rate, you’re likely to encounter jampacked gyms and pools. Social distancing isn’t feasible in such places.
For many, the better alternatives are low-rise condominiums in the metro or house and lots in the suburbs. Both are still in ideal locations. They’re just either a short walk or a quick drive from workplaces and commercial districts.
Low-rise condos and subdivisions in the suburbs are also noteworthy for being less dense. They tend to be more peaceful as a result. Fewer people means fewer sources of conflict after all.
With Lessandra, residents are also safer as security personnel and equipment have fewer people to look after. In low-rise condos, there’s a lower risk of crowding in elevators or stairwells as compared to their high-rise counterparts.
Using amenities like pools and gyms doesn’t feel like a competition among residents, too. Kids, pets, and kids-at-heart have more space when they spend time in the parks, playgrounds, and sport facilities. Just strolling around the community is relaxing on its own.
Before, retirees often used their retirement benefits to fund a house construction or renovation in their hometowns. Many of those who retired recently or are about to retire prefer to buy a townhouse particularly those in the suburbs. Some even like low-rise condos as these are less intimidating than mid-rise and high-rise ones.
Both townhouses and low-rise condos also give off a sense of community without the crowds. This means a lot to childless retirees.
Such properties are also considered because medical facilities abound near city centers. This is especially helpful for retirees who have health problems.
Multi-generational households are normal in the country. Oftentimes, members only move out when they want to start their own families and become the sole decision-makers. It’s also possible that the elders kick a family member out due to the latter’s lack of contribution.
Nowadays, young professionals don’t wait until they’re engaged or married before they get their own place. They do it out of their own will, too. More often than not, modern-day Filipino parents are supportive of their children’s decisions to live independently. While there are still those who pressure their kids to make grandkids, many yuppies just shake this off and focus more on their careers.
Seeking Outdoorsy Scenes
No matter how many movies you can stream, you still have that itch to go outdoors. Many Filipinos feel the same way as evident in the first months of travel restrictions.
Those who are in residential buildings had to settle for their balconies. With some styling, such outdoor living space can serve as an area of relaxation. To feel less confined, some people wish for bigger windows and skylights if they don’t have a balcony or yard.
In their hunt for an affordable house and lot, many Filipinos are taking into account the availability of recreational spaces nearby. Parents and pet-owners alike want homes that are within walking distance to parks, playgrounds, and gardens. It’s also more preferable when there are trees within the community.
For years, there have been numerous complaints about the slow Internet connection in the country. Working and learning remotely further highlighted such problem. So, before buying a house, many consider the Internet service providers and technological infrastructure in their preferred locations.
Aside from options, there’s also the concern about restrictions. For instance, Wi-Fi outdoor antennas are banned in some residential buildings. There’s also the possibility that the developer or homeowners’ association has an agreement with select Internet Service Providers (ISPs).
Protecting the Planet
You can feel it yourself: the dry season is hotter and dryer than before. Rains are deadlier and more destructive. As climate change becomes more evident, support for environmental protection also grows.
Many consumers opt for reusable products like tumblers, cups, and even straws. There’s also an increasing demand for organic produce. During the pandemic, washable face masks and refillable sanitizer containers garnered fans.
Homebuyers also do their part by taking into account sustainability in their search for an affordable house and lot. Some go after houses with pre-installed solar panels. If there are few options in their preferred locations, they look for homes with simple roof designs. This way, they can envision attaching solar panels without much alteration on the roof.
Aside from a renewable energy source, there’s a great interest for energy-efficient appliances, too. Also dubbed as smart or green appliaces, these are well-liked for consuming less energy, and thus, costing less to operate.
While gardening is mainly a hobby, there are people who treat it as a way of helping Mother Nature. After all, it prompts them to eat their home-grown and pesticide-free produce. Additionally, plants utilize carbon dioxide and give off oxygen.
To no one’s surprise, a space for gardening is deemed a factor when buying a house. It doesn’t have to be big as not everyone can purchase and maintain a farm. Even those who are seeking condo units check out the size of the balconies for their potential container gardens.
Filipinos indeed changed on how they view homes and what they consider when buying. Gone are the days when it’s all about the cost or the closeness to their loved ones’ residences. Nowadays, career and lifestyle are major factors that are influencing homebuyers’ preferences.
From an affordable house and lot to a low-rise condo unit, Lessandra has a property that’s great for you. Whether you want to live solo, start a family or settle after retirement, Lessandra has the right real estate investment that’s easy for you to own and to maintain. Take a virtual tour of the Lessandra homes on the website and get a glimpse of the maaliwalas homes and communities you can invest in.
Lessandra Blog is a compilation of lifestyle, community, and home-related articles. For real estate investment and tips on how to buy house and lots in the Philippines, visit Lessandra’s Lifestyle and Home Investments section. To know more about quality and affordable house and lots in the Philippines, give the property listing section a visit. Live in best, live in Lessandra.