5 Tips for Condo Buying During COVID-19May 18, 2021
What are the tips for condo buying during COVID-19?
- Select condominiums in the best location
- Look for markets with the property price decline
- Take advantage of property discounts and low-interest rates
- Check out developers’ listing websites
- Buy new normal ready units
With the continuing uncertainty about the COVID-19 pandemic, people have been more cautious about handling their finances. Yet surprisingly, there are others who are buying from the best condo developers in the Philippines. For a good reason, the current crisis offers numerous lucrative opportunities for property investors as long as they follow the tips for condo buying during COVID-19.
If you have substantial savings, keep in mind that the real estate industry remains one of the best and safest investment choices. Condominiums, to be specific, are seen to garner increasing investment values due to the high occupancy rates in the Philippines. This being said, we’ve rounded up the best condo buying tips amidst the pandemic.
Select Condominiums in The Best Location
Whether it be for moving in or renting out, buying a condo unit with a strategic location is essential in order to make a significant return on your investment.
With the ongoing financial uncertainty that comes with the pandemic, people are looking for the best possible value for their money. They want to ensure if they are buying a condo and taking a financial risk, it will fulfill all of their needs. If you are buying a property as a means of investment, tenants will look for condo units nearby essential establishments such as hospitals, schools, workplaces, public transportation, markets, malls, and many more.
If you’re looking to buy a condo, you might want to target Megaworld Manila’s Kingsquare Residential Suites, which is close to Manila’s University Belt, popular hospitals, workplaces, and major transport hubs. It is located at the center of the country’s capital making it an ideal condo for students, teachers, doctors, and other professionals, including families who have kids.
Look for Markets with Property Price Decline
To take advantage of the current real estate situation, condo buyers should target markets with the highest drops in property prices. This tip has numerous benefits. For one, buying cheaper condo units lowers both upfront costs (downpayment, total contract price) and the recurring monthly expenses (mortgage, taxes, insurance, etc.) you have to pay. In turn, this enhances your return on investment. Moreover, the markets which took the largest price plunges will also likely experience the highest appreciation rates post-pandemic. If you buy a condo right now, you will save yourself from having to pay more for the same property.
Take Advantage of Property Discounts and Low-Interest Rates
Along with the demand for properties with a strategic location comes the need for property developers to compete for market share. In addition, sellers will also offer discounts, low reservation fees, and low down payment terms. Take advantage of these!
In an attempt to counter the ongoing economic recession brought by the pandemic, markets are shifting and central banks are lowering down interest rates. While it may not be as low as they were in parts of 2020, interest rates are not seen to increase until after 2023. This is greatly beneficial for property buyers.
Interest rates impact the cost of borrowing money and consumer purchasing power. In general, the lower the interest rates, the cheaper the cost of loans. You are provided the advantage of the ease in borrowing, which means there is more budget flexibility. It might be the perfect time for you to secure a property loan and own that condo unit you have always wanted.
This means this is the perfect time to get a property loan. You can easily purchase that dream home you’ve always wanted.
Check Out Developers’ Listing Websites
It is not advisable to move around excessively while looking for “For Sale” properties. For obvious reasons, the threat of the COVID-19 virus still exists. Developers have accredited sites where you can gain all the information you need to decide if buying a certain condo unit is an ideal option with high investment values. There you can also ask about the amenities, advantages, and discounts being offered currently.
Buy New Normal Ready Units
The pandemic resulted in a shift in the way people choose their homes. Lifestyles have drastically changed and people now likely prefer to buy condo units that offer comfort, convenience, and safety. Some of the new normal buying trends seen today are greener open spaces, better indoor air quality, sanitation-ready condos, internet connectivity, and an environment conducive to an overall healthy lifestyle.
Condo units from Megaworld Manila’s One Uptown Residence are receiving a lot of attention among property buyers and investors primarily because the building’s architectural inspiration is nature. The stunning 43-story residential property features water cascades, several sky gardens, artificial lagoons with lush gardens, a yoga and pilates room, a gym and aerobics room, and many more. Aside from providing a refreshing diversion from the highly urbanized metro location, it is also equipped with administration teams that implement health and sanitation protocols.
When it comes to the tips for condo buying during COVID-19, the five we’ve stated above will ensure you get to take advantage of the current market situation and ensure you get the best value for your investment. Amidst the uncertainty of the pandemic, the real estate industry offers its silver linings. In the long run, property appreciation will provide financial security and stability.
Just remember that when it comes to condo buying, the priority is to seek the best properties. At Megaworld Manila, our world-class residential projects are guaranteed to garner high investment value. If you want to inquire about our properties, click here!