5 New Normal Home Buying Tips in the Philippines
2021 Oct 21 | by Apple Barretto
What are the new normal home buying tips in the Philippines?
- Select properties with a strategic location
- Take advantage of the buyer’s market
- Go for new normal ready homes
- Always tour properties safely
- Try digital transactions
Since the onset of the COVID-19 pandemic, Filipinos have started to become more cautious with handling their finances. You might be reluctant to jump into the Philippines real estate market right now. But keep in mind that these unprecedented times also further proved the importance of building long-term wealth and having a comfortable shelter. To help you make a smart investment decision, we’ve listed down some new normal home buying tips in the Philippines.
If you have substantial savings, remember that residential properties remain one of the safest investments choices that garner high appreciation values. In fact, the demand for residential properties is expected to rebound due to continuous OFW remittance growth, digital payment solutions, and developments with strategic locations.
Following the rollout of the vaccines, the economy started to recover and the real estate market’s lucrative opportunities are promising. To make sure you take advantage of the current buyer’s market caused by the pandemic, follow these five new normal buying tips in the Philippines.
Select Properties With A Strategic Location
While you might think that receiving an offer for an affordable house and sale in the Philippines is already a go signal to close the deal, you must also evaluate if the property’s location is strategic.
The COVID-19 pandemic caused global financial uncertainty, which is why homebuyers must choose properties that provide a significant return on their investment. Buying a home with a strategic location is one way to avoid any unwanted financial risk because you can assure it will provide the utmost convenience for your daily life. For example, if you choose to buy a home in Pueblo de Oro Batangas, you can rest assured you will benefit from reduced traffic congestion going to work, having access to numerous highways and arterial roads, and being nearby essential establishments like schools, hospitals, groceries, offices, public transportation hubs, restaurants, and banks.
In addition, buying a home with a strategic location will also be beneficial in attracting more tenants and buyers. If you need passive income or profit, you can easily rent out or sell your home for a higher price.
Take Advantage Of The Buyer’s Market
The economy is experiencing a buyer’s market wherein property supplies are exceeding demand. Property developers are currently competing for market share. This is why you can expect that residential developers in the Philippines will offer discounts, low down payments, and flexible payment schemes. As a buyer, you will likely have the upper hand during price negotiations as well.
In addition, central banks are lowering interest rates in an attempt to stimulate economic recovery. Interest rates are believed to not increase significantly until after 2023. In general, lower interest rates equate to a cheaper cost of borrowing money.
If you have a budget, you can take advantage of the ease of borrowing and secure a property loan. In the Philippines, several establishments offer property loans such as PAG-IBIG Fund, banks, and third-party financing companies. This might be the perfect time to buy your dream home!
Go For New Normal Ready Homes
The COVID-19 pandemic caused people to rethink the way they choose homes. Your home should be able to provide comfort, convenience, and safety all at the same time now that you’d be spending more time indoors. Nowadays, new normal ready communities offer plenty of open, green spaces, better air ventilation, regular sanitized amenities, and an overall environment conducive for leading a healthy lifestyle.
Residential projects from Pueblo de Oro are receiving a lot of attention among today’s home buyers and investors because their newly built homes are surrounded by nature. Take the Pueblo de Oro Townscapes in Malvar Batangas as an example. This private subdivision has a well-curated design that allows sprawling green spaces and other amenities to improve air quality, accommodate proper social distancing, support an active lifestyle, as well as make residents feel relaxed.
Always Tour Properties Safely
Traditional open houses that accommodate crowds of interested homebuyers are unlikely to return anytime soon. This setting compromises implementing proper social distancing measures and consequently, people’s health.
Remember the precautions you have to take when buying a home today. If you are not yet vaccinated or do not want to endanger yourself, you can always do a virtual tour of the property you like. In the Philippines, developers quickly adapted to the new normal by offering virtual tours on their websites.
Try Digital Transactions
The Bangko Sentral ng Pilipinas (BSP) is launching a new digital initiative to encourage person-to-merchant transactions using QR technology. According to the BSP, they are trying to attract more banks and establishments to join this initiative and provide Filipino consumers better convenience when paying for taxes, permits, fees, bills, mortgages, and other government obligations.
It might be the best time to try digital transactions when buying a home in the Philippines from now on. Digital transactions are undoubtedly safer than in-person transactions. Soon, you may be able to close property deals by simply using your computer or phone. You may start to receive contracts electronically and sign them online after carefully reviewing the fine print.
Being one of the top subdivision developers in the Philippines, we at Pueblo de Oro (PDO) quickly adapted to the new normal to offer residents utmost convenience and safety. In our township projects, we are introducing electronic payment methods for water dues, homeowner association dues, and other statements of accounts (SOA). Residents can securely review their payment history via email. To add to that, interested buyers of Pueblo de Oro projects can also benefit from digitized sales forms. Buyers don’t need to travel to PDO sales offices as they can reserve their chosen property with a tap of a finger through our broker’s online portal. Reservation fees can also be paid online.
The new normal home buying tips in the Philippines we’ve stated above will help you take advantage of the current real estate market situations and get the best value for your investment. Amidst the uncertainty caused by the COVID-19 pandemic, the appreciation outlook for residential properties is ever promising and set to build long-term wealth.
Looking for a house and lot for sale in the Philippines? Pueblo de Oro projects offer the gold standard of living amidst the new normal. Click here to check our properties now!