Everything You Need to Know About the Homebuying Process in 2021

MANILA, Philippines - Since the pandemic began a year ago, more than 50% of today’s millennial population have expressed intent on buying a new home. According to a recent study, “The disruptions caused by the COVID-19 pandemic have pushed millennials and Gen Zs to save more of their incomes and be more future-focused.” While this means more Filipinos are starting to open bank accounts and exploring investment tools, a huge number of them have also looked into real property investments prompting an increase in reservations for condos for sale in recent months.

As the home buying process has shifted from actual site viewing to virtual walkthroughs, what else has changed between the home buying process pre-pandemic and the new normal? 

To help you, we have enumerated the top five things you need to understand in buying a condo for sale in 2021 amid the changing business landscape.

START YOUR SEARCH AND CONNECT ONLINE

Your inescapable first step when planning a huge investment is to always start from getting the right information and talking to the right people. Buying a home is considered more of a strategy than a luxury, so you need to align it with the outcome you wish to achieve years from now. 

The good news is that today’s reliable developers are also connecting with you online! They have been proclaiming great deals, offering value for your money, and promoting homes that will fit your budget and needs. It’s easy to connect with them through their official social media accounts and published email addresses too! 

In 2021, real estate agents have also adapted to the times and have become more visible, engaging, and valuable in your home buying journey compared with the old times. It’s easier to check for the legitimacy of a project, and a seller and most agents have HLURB accreditation or are under accredited brokers to give you peace of mind in all your transactions.

SEE THE PROJECT

Pre-pandemic, it’s easy to schedule an actual site viewing. But because everybody had to comply with safety regulations in 2021, you may opt to request an exclusive home tour instead! 

Today’s technology has allowed property developers to present the actual site of the property you are eying for even behind the comfort of your phone or desktop. A stable Internet connection may be required so you can see the walkthrough presentations more clearly and interact with your property consultants more easily. 

It will be to your advantage when the agent you talk with is equipped with the suitable visual materials like videos, e-fliers, and walkthroughs so you can truly get the right look, feel, and information on the home you wish to buy.

SIGN AND SUBMIT THE DOCUMENTS YOU NEED

Every developer has a list of paperwork to help you finalize your investment. Some will require post-dated checks, a reservation form agreement, a contract to buy and sell, identification documents, among other things. These requirements don’t change even in 2021! Some forms may have only been digitized but essentially still contain the same things for the same purpose. A word of advice, make sure all your details are correct and accurate to avoid any mishap, especially when processing your ownership across various government agencies!

CHOOSE A FINANCING OPTION AND COMMIT TO TERMS

The next thing you’ll need to finalize is how and when you should pay. The good news is that you can choose a combination of in-house financing and bank financing where a portion of the down payment or equity may be paid for directly to the developer and loan the balance to any accredited bank after some time. Make sure you keep up with your monthly amortization to save you from payment hassle at any point in your journey.

MOVE-IN

Depending on the type of property you choose, a set time frame for move-in will be followed. For Ready-for-Occupancy units, move-in can take place from two months to six months depending on the terms discussed, availability of units, availed promos, or the readiness of the as-is-where-is unit you wish to acquire.

For pre-selling developments, homebuyers of 2021 must be aware of the allotment of the construction period and a one-year turnover period. During this time, it is best to put your faith in the property developer and look at its records of completed projects to boost your confidence as you patiently wait for the time you can enjoy your new home!

Do keep in mind that there are different processes and schedules for every developer. But this should not keep you from finally having the right investment to achieve your goals this year! It is always advisable to connect with a trusted agent and property developer who will be patient enough to guide you through your decisions.

Empire East has just launched an exclusive virtual walkthrough that you can view right on your mobile phone!

After reading this article, head over to our INBOX and send “HOME TOUR.” We’ll queue you for our exclusive home viewing right away!

Happy home shopping!