COVID has heavily impacted the real estate industry for the past few years. The pandemic has affected many industries along with downsizing its employees or closing operations temporarily or permanently. The real estate industry in the Philippines has been hampered by the pandemic but is slowly starting to recover this 2022.
In the Philippines, the demand and preference for condominiums is among the yuppies and young families in Manila with new trends starting to pick up with most of the population getting vaccinated through government efforts. The price of the real estate industry has increased by 13.6 percent in the third quarter due to the emerging trends this 2022.
The pandemic has changed lifestyles and changed preferences among potential buyers. Business groups and property companies in the Philippines are asking industries to bring their workers back to the office amid calls from outsourcing firms and their staff for more flexibility according to Bloomberg.
Due to the lockdown experience, many professionals or families prefer to put a premium on convenience by purchasing homes and establishments preferably near shops or shopping malls. Many are looking for homes or residential homes which can provide beautiful parks and parking spaces among others. A new emerging trend is that many new homeowners are looking to purchase condominiums that are willing to accept pets into their establishments and restaurants. Coffee places also remain a popular choice for professionals in making a decision on purchasing a home.
Another emerging trend is that people are looking for homes outside the city. Many would rather forgo the city life in order for them to feel closer to nature, get fresh air and a bigger space. Some of the most popular choices would be Bulacan, Antipolo in Rizal, Tagaytay, Laguna, and coastal Batangas according to a survey by Santos Knight Frank according to Business Inquirer. These areas are also among the fastest emerging tourist destinations among many locals who simply want to out of Manila for a quick staycation.
Many professionals or families are wondering whether it’s a good time to purchase a home during a pandemic. It’s a good year to purchase a home but every buyer would need to know how much they can invest in their new home. It’s also important to know if a buyer would prefer to rent or buy a property. If you need help in estimating your loan or monthly payments, you can use the MortgageCalcuator.uk as a reference. The calculator caters to the UK market but the monthly payments work anywhere around the world with just the currency units and prices being different.
The website has a feature which allows you to link to a specific calculation with the results already filled in. You just need your home price, deposit, Mortgage Amount, Interest Rate, Term-Years. The link appears below your calculated results when you press the calculation button. It will then display the Ful Monthly Payment, Interest Only, Months, Total Interest Payable, Total Loan Payments, and Total Cost.
You can do further calculations with:
Calculate Your Mortgage Qualification Based on Income: This calculator assumes a single income earner by default. If your home has two income earners, extend the “spouse or partner” box to include their earnings.
UK Mortgage Repayment Calculator With Amortisation: Calculate your monthly loan repayments for either fixed-rate or interest-only loans with this calculator. You can use your computation to forecast future interest rate adjustments, which will help you visualize how your loan payments will change if rates rise. If rates decline after your set introductory term, you can refinance at the reduced rate. (https://www.mortgagecalculator.uk/amortisation/)
These calculators would help many professionals and families help estimate their payments before making an investment in their future home. This would help avoid unnecessary losses, and stress and help you plan according to your budget before making a decision. If you would like to learn more about this helpful calculator you can click https://www.mortgagecalculator.uk/about/