It has been a year since extreme community quarantine was implemented in the Philippines. We have spent waking up at the same house, eat at the same house, and since the quarantine, people work and study inside the same house.
We have been confined inside the same corners of our houses for a whole year, and it looks like it's not going to end soon.
Should we stay or should we go?
When the pandemic hit the Philippines, Annielle Madrid stated that most of the real estate buyers backed off. Some considered that buying a new property during the pandemic is not practical as they needed to save money in case that they themselves or their loved ones acquire the virus.
Additionally, people who are still paying for their condominiums or apartment during the pandemic are greatly affected. Unemployment rates were getting high, while the expenses never changed.
With these things in mind, here is what Annielle advised us:
"The best time to buy a property is yesterday."
However, keep in mind that you should have enough money to buy a property. But, how much is enough?
One must be comfortable enough to let go 30% of their earnings every month, that is only when you can afford to buy a property without worrying about how to make ends meet.
Jobs, Electricity, and Internet
This trio is the most important combination when considering buying a house during a pandemic. Where can we find all these things? In Manila.
In order to have money, you must have a source of income, that's why jobs are important. Usually, employees move to a place where their work can be more accessible to have cheaper expenses in transportation. However, what if your job is done remotely?
You must have access to stable electricity, and fast internet. These can be found in Manila, however, another problem arises—the congestion. Work-from-home employees are not the only people who adapted to change, students all around the Philippines needed to connect to the internet too.
Adulting 101: What to do now?
Reading one article about real estate won't supply you with enough advice and information when buying a property. Real estate is one of the biggest investments a person should seriously decide in their lives. Study and go deeper, find what suits you the best. Listen to Annielle Madrid in The New Real Estate in PrevHue by The New Hue.