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Is it Lucky to Buy a Home in 2016?

Is it Lucky to Buy a Home in 2016?

2016 is the Year of the Fire Monkey. Is it lucky to buy a home this year? “Suwerte ba kumuha ng bahay ngayong taon?”

year of monkey

It’s 2016 already. For those of you who happen to be planning on buying a home in the new year, or even just trying to, there’s a whole lot to celebrate. Why? Here are five lucky to buy a home reasons:

 

Reason No. 1: Interest rates are still at record lows
Even though there may be some difference depending on the Bank, interest rates on home loans are at historic lows, at 5 – 6%
Bank interest rates in the Philippines got as high as 21 % during the 1997 Asian Financial Crisis. With the low Bank interest rates now, home buyers could easily save hundreds of thousands of pesos over the life of the mortgage.

 

Reason No. 2: Rents are Going Up, Up, Up
Another reason home buyers are lucky in the Year of the Fire Monkey, 2016 is that rents are going up, up, up. In fact, monthly home payments is most of the time cheaper than monthly rental rates.
Since monthly rents are sometimes bigger or equal to monthly home mortgage payments, doesn’t it make more sense to put those money into your own appreciating asset rather than handing it over to your landlord and saying goodbye to it forever?

 

Reason No. 3: Home prices in Suburban Areas are Affordable
Suburban areas like Cavite is booming. It’s distance to the Metro and airport makes it an ideal place to live in. Government is spending a lot to make Cavite a success, Like:
Road infrastructure like Cavitex makes traveling to Cavite a lot faster. Future and on-going projects of Cavite-Laguna Expressway will further increase accessibility and progress.
Upcoming mass transport system, extension of Light rail transit will also soon serve the residents of Cavite.

 

Reason no. 4: Down Payments don’t need to break the bank
Probably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment.
But today, that chunk of payments can be smaller, thanks to a variety of payment schemes aim to ease of buying for the future homeowners. Monthly payment as low as Php 7,000 monthly can be sufficient in purchasing a 3 bedroom house and lot.

 

Reason No. 5: Cavite is the Next Big thing
Cavite is the next big progressive suburban in the Country. Some of the big name Developers are developing in Cavite. Industrial parks, commercial areas, as well as malls are being built here. Plans for future airport is planned to be put up in Cavite.

 

For homes that are near the Metro. Lancaster New City in imus Cavite

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Johnny Chua

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