Homebuying under the COVID-19 pandemic

The isolation and the pandemic has greatly impacted our lives. Most of us are struggling with the loss of income and livelihood. It forced us all to rethink and evaluate our priorities. It affects some of our major decisions in life presently.

As the number of coronavirus cases surge, the coronavirus puts mass gathering and holiday celebrations in jeopardy. We have witnessed how these social functions have often turned into superspreader events.

These get-togethers have led to a new high in coronavirus cases. The potential spike in infections stemming from local transmission of new COVID-19 strain variants is also another cause of concern. Philippine hospitals are facing a crisis-level shortage of beds as the rising COVID-19 infection rates puts the local health care system on the edge of breaking. The hospital halls and wards are now overwhelmed with COVID patients.

Nowadays, more and more people are moving out of the major cities into the suburbs as COVID-19 cases rise. Filipinos are keeping their distance from the epicenter for fear of transmitting the virus among loved ones. But living in the rural areas might not be ideal for some in this pandemic situation. Survival amidst this lockdown depends on several factors.

Planning your move

We have been renting for ten years now. Since we haven't really decided on staying permanently in the neighborhood we are in, getting an apartment unit seems to be the more appropriate set up then. Given the limited mobility following quarantine restrictions, renting gives us some short to medium-term financial advantages as it is near our work location. We find it more important to hold on to cash as the COVID-19 situation remains uncertain.

And now that we are staying home for an extended period of time in abeyance to safety COVID-19 protocols, it gave us time to evaluate our homebuying and renting decisions anew. We are looking into investing our hard-earned money into buying a property.

A lot of factors come into play when buying or renting a space for the family. Moving into a home can be costly and so it requires longer commitment from prospective home buyers.

If you're stuck in a dilemna of whether to buy or rent, it helps to identify common advantages and disadvantages of investing in a property. Home mortgage payments can sometimes be higher than rental payments. Property taxes, association dues and house maintenance costs go over the expense of your mortgage. Home repairs and more can impact your savings quickly.

Using a mortgage calculator shows you the complete picture. It gives property hunters the foresight to make informed decisions on property investment based on income requirements. You get to see expenses that goes into buying a property. Mortgage calculators will help you decide which move makes more sense and which will work out well for you in the long run. Try to rate-shop with the banks to get the best deal. It is a good idea to get lender options so you can get the best deal at optimal savings.


Homebuying soars during pandemic

A majority of Filipinos find it wise to buy a home under lockdown. According to Lamudi, there is a significant increase in traffic on their platform relative to properties for sale after the implementation of community quarantine (ECQ). Filipinos investing in houses continue to climb since mid-2020, with foreclosed properties getting the highest leads. Moreso, the trends in real estate indicate home buying preferences for connectivity and quality of life as major consideration in purchasing properties. Property seekers look for amenities such as Wi-Fi connectivity, balcony, swimming pool and air-conditioning provisions in their searches. 1


Filipinos are taking advantage of the dip in residential property prices. With the slump in home value, would-be homeowners consider buying a property in this economic recession as a wise investment. Low interest rates make purchasing a house more realistic for first-time buyers. Low mortgage rates make it much easier to spend and borrow.

This pandemic can be an opportune time to buy a home if you are secure about your ability to cover your mortgage.



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¹ https://www.bworldonline.com/potential-house-buyers-on-the-rise-during-lockdown-period-lamudi/