Buying a new house amidst the pandemic is such a big milestone. I am proud of friends and people in my network who are updating their status and sharing their journey. 

I remember the feeling of moving in to a new house. 

A feeling that I wish I could experience again soon. 

Despite the economic crisis and impact of the COVID-19 Pandemic to businesses and industries, we still see people finding a new house, expanding or even renovating a place. 

Let’s take a deeper look at the reasons why people choose to invest in real estate property, and assess if buying a new house is something that you would consider based on your needs. It is reported that Philippine real estate is recovering from the pandemic crisis, and it may be a good indicator to invest in real properties. BSP also noted that property prices grew by 27.1 percent year-on-year in Q2 2020. Some good figures that show that the economy is recovering. 

Buying a house, as a human need. When the Enhanced Community Quarantine was announced last year, every one was expected to stay at home to flatten the curve. Sadly, most Filipinos do not have a home where they can live safely. Buying a home is one of the biggest motivation of many young professionals. 

While some rent their place and pay monthly, it is also good to consider when it is perfect to buy a new house instead (which you can purchase by making an initial payment and pay monthly). Overtime, buying a new house may be a better decision which you can own, and would give you flexibility for designing and renovating. This is especially true if the pay rent is much more higher than paying for a new house. 

Buying a new house to address family needs. When a new couple starts a family, they may consider a studio-type housing; however, as kids grow and new members of the family are welcomed, they may need a bigger house to give each member his/her own place and privacy. I remember being so excited when I got my own room – where I can work, play and connect with myself. 

Some of the houses design now even consider a room for the elders, as some families still live with their parents or grandparents. It is the close family ties that bind Filipinos, and another consideration when buying or renovating a house. 

Buying a house to address work-from-home needs or online classes. During the lockdown, we all learned how to adapt to the situation to survive. Kids are doing online classes, while adults work-from-home.  I know a lot of friends who dedicated a specific area / room in their house as the kids’ playroom or classroom where it is conducive to learning. While those who work dedicate an area for their work where they can be productive and creative. 

Personally, my dream is to have my own studio where I can do my own content creation – including livestreaming and video shooting. For now, I make do with the little space I have in my room; but it is a plan and consideration I keep in planning my new home. 

 Buying a new house as an investment. Even if we grew up in a place we can call our own, we still strive to purchase new properties as investment. However, in buying new properties, it is important to know the location, market potential, and mortgage rates. 

Investing in real property is real business, and just like buying any other item, you must know if you are ready to pay for it, maintain it and make it profitable for you. It may be helpful to check with different government agencies and bank institution, as well as watch helpful videos available online. You may also calculate for mortgage affordability and amortizations, as figures and rates play a big factor in purchasing a property. Here’s a helpful link that provides estimate mortgage affordability based on income. 

Whether you are planning to buy a new house, or considering renovating or expanding your current home, it is always good to do research and read up on the current news to help us make a sound decision for this big milestone. 

I hope you find this blog helpful. 

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