Is now the perfect time to buy a home? |
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Is now the perfect time to buy a home?

by MyProperty.phPublished: July 27, 2017Updated: July 28, 2017

SHDA believes there is no better time than the present to take the plunge in homeownership.

SHDA explains why you should buy a home now instead of renting

Owning a home is a big step, especially for those who have been living in rentals for most of their lives. Buying a property is not just a big responsibility; it is also costly, from the price of the home itself to the monthly payments if buying through a home loan. On the other hand, the country’s improving economic condition has boosted potential buyer’s confidence in purchasing a home, as pointed out by Subdivision and Housing Developers Association (SHDA) national president Christopher Narciso.

“Consider these factors: the country remains one of the strongest performers among emerging economies in Asia. We are proud to have overseas Filipino workers, whose millions of dependents are able to receive an average of $2 billion a month in remittances. We have a business process outsourcing industry that is expected to grow 9 percent annually in the next five years. And unemployment rate this year is lower than the average of 7.4 percent recorded from 2006–2015,” he said.

But for first-time buyers who remain hesitant to purchase their dream home, Narciso offers these points on owning a property versus renting.

Don’t assume renting is less expensive than owning your own home.
There are now low mortgage interest rates available. In fact, owning a home also offers the chance to increase personal wealth as you pay down the principal on a loan and build equity.

Buy what you can afford now.
There are so many instances when first-time homebuyers would say they want to wait and save more money so they can skip the starter home and move straight into their dream home. However, by waiting, they are missing out on their chance to start building wealth and equity.

Don’t hesitate to ask questions about down payments.
Homebuyers should not be afraid to ask for the terms as our people would be more than glad to present them several options.

First-time buyers should calculate a monthly payment that they can comfortably afford.
Make sure you can meet the monthly payments now and into the future.

The 4th SHDA Housing EXPO
From July 31 to August 3, 2017 at the Glorietta Activity Center in Makati, SHDA will hold its 4th Housing Expo, a one-stop-shop featuring a wide range of housing projects under one roof with sales personnel available to assist interested buyers inquiring about a unit’s features, loans and amortization, and processing procedures.

“The expo tries to dispel some myths, and aims to make homebuyers... understand that home ownership is really good. We would like to increase home ownership, especially among middle-class Filipino families, a segment of our population that has not fundamentally changed with regard to what they want to attain in life. They all share an aspiration to own a home and car, to send their children to college, and to take occasional family vacations, while maintaining health and retirement security,” Narciso explained.

According to SHDA chair Willie Uy, the upcoming housing expo aspires to lessen the country’s housing backlog, currently pegged at 5.7 million based on data from the Housing and Urban Development Coordinating Council.

“Moreover, the expo is part of our nationwide effort to stimulate homebuying. As developers, we share a vision that every Filipino family deserves to live with dignity in their own home. As an organization with more than 200 members, we work closely with government to gain comprehensive and targeted housing subsidy, we even continue to push for the accreditation of socialized low-rise buildings for informal settler families,” Uy explained.

Uy added that the upcoming housing expo shows the respect and hope that SHDA has for the Filipino: “The initiative of ensuring each and every family has the opportunity to own their own home that is as basic as having food on the table and clothes on your back, deserves a thumbs-up.”

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