The COVID-19 pandemic has negatively impacted economies and finances all over the world. The Philippines is no exception with businesses suffering from massive losses, and some even closing down. However, if there’s one industry that remains afloat despite this trying time, it’s real estate.
The industry has suffered blows here and there, but it remains steady as property value has always been secure. Unlike stocks which are heavily dependent on the changes in the market, real estate relies on the constant demand for property.
Although the real estate has been steady, income and other relevant factors when it comes to buying a house isn’t. Hence, if you’re going to buy a house now, is it worth it?
Low property value means more affordable homes
Since demand has seen a slight decrease, the value of the properties decreases as well. For you, this may be the best chance to take advantage of the low property value to buy an affordable home.
Nevertheless, don’t expect prices to decrease dramatically as there’s still a high demand for real estate, especially as the country transitions to the new normal.
Good investment as prices can skyrocket after the pandemic
While the prices of homes may be low now, it may not be the same scenario after the pandemic. Since businesses will return to operations and people will migrate to their workplaces eventually, prices may skyrocket to unprecedented heights.
As homes are still affordable, it’s a good investment that can be a great asset when the economy recovers.
Buying a home if you have stable income amid the pandemic
If you’re one of those who can keep their jobs amid the pandemic, then now is the best time to buy a home. This time is especially ideal for first-time homeowners who have always dreamt of purchasing a home but are always taken aback by high prices.
However, you also have to determine if you’ll be able to maintain your home when the pandemic passes. After all, home is a long-time financial commitment.
Don’t get downcast if now isn’t the best time for you to buy your dream home. Your time will come when you can finally open the doors to your brand new home. At the end of the day, something that’s worth saving is worth having.
If this is the best time to buy a house, the good news is BellaVita offers a lot of affordable options located in areas where developments and opportunities are growing. Amid the pandemic, they’re always ready to make your dream home come true.
For more information about the location of their homes and their pricing, visit BellaVita website or Facebook page.
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