Meta-Description: Buying a property in these times sounds risky, but these four influences of COVID-19 to the residential property market might convince you to invest.
It is no doubt that the COVID-19 pandemic has affected all industry sectors in the world. While many have suffered from loss of revenue and closing down, the real estate industry, particularly the residential market, remains afloat and has proven to be resilient during crises.
Before thinking about the potential risks of investing in a house or a condo unit in these times, these four influences of the pandemic exhibit the opportunities you should take advantage of when investing in residential properties.
Increased Interest in Low-Density Condo Units
With the new normal entailing social distancing and prioritizing health and safety, the interest for condominiums with lower density increased. While high-rises remain popular due to their strategic locations, many buyers opt for lower-density condos because they have fewer units, which means fewer neighbors who may infect people living close to each other.
Units sold at lower-density developments may also be affordable. Middle-income families and single professionals looking for great condos to move into should explore the various low-density condominium units available for sale or rent near their area.
More Negotiable Selling Prices
COVID-19 may have slowed the real estate market down, but the market still offers negotiable prices and flexible payment terms. For example, in the Philippine property market, a Colliers International trend report cited by Lamudi stated that sellers may be more willing to offer flexible pricing and payment terms. Many developers also offer discounts, so finding the right property that fits your plans and budget wouldn’t be that difficult.
Take advantage of the negotiable selling prices to delve into the houses and lots and condominiums for sale. Consult a licensed broker before investing in the property you are eyeing so you will know which fits your budget and how to negotiate for better prices. If you plan to buy a foreclosed property to save on premium prices, thoroughly check the property first for damages so you can pencil out how much you will spend on necessary repairs. Talking to a broker will also help you avoid buying foreclosures that have unpaid dues, taxes, and eviction fees.
Increased Sales in Horizontal Developments
Other than low-density condominiums, developers have gradually gained the interest of buyers into purchasing horizontal developments because, not only have their prices dropped, but they promote social distancing among neighbors and comfortable living.
Since most house-and-lot developments are comfortably close to central business districts, homeowners will be near, but not in the middle of urban activity, where the virus will most likely thrive.
More Provisions for Open Spaces
Developers equip their projects with open landscaped spaces and pipelined developments that allow sustainable living. Open spaces in townships are suitable for spending time outdoors without compromising social distancing. Living in townships make it more convenient for you to access hospitals, dining places, shopping malls, and offices without risking being infected by traveling to downtown areas or central business districts.
When buying a foreclosed house, choose one that has a garden area. Gardening is a therapeutic hobby that allows you to have a sustainable source of organic fruits and vegetables. Utilize your open garden space to plant renewable sources of food and have an area for relishing in nature.
The residential property market continues to thrive and expand its opportunities towards economic growth. Until the pandemic subsides and everything stabilizes, it is best to maximize the windows of opportunity and invest in a residential property that promotes safety and wellness.