How Can Filipino Millennials Make the Most of a Buoyant Real Estate Market?

Millennial looking at his phoneFilipino Millennials who want to engage in a steady real estate market should look into mixed-use developments outside Metro Manila. In Cavite, these properties include the Lancaster New City. Reviews from an online search portal have been helpful to consider buying a unit without the need to see it in person.

Millennial Approach

One of the best ways to buy a house involves a zero-interest down payment from developers that can usually be paid within two or three years. Rent-to-own units serve as another option, although interested buyers would often have to transact with individual owners in this case.

Developers that offer pre-selling contracts could be another way to realize your dream of owning a house, as it provides you with more time to have your financial ducks in a row. However, take note that you would need to invest more effort to look for the right property. This also lets prevents you from falling victim to a home builder with a track record of late project deliveries.

Financing a Deal

Most people turn to a Pag-IBIG housing loan to finance a home purchase. This year, the government agency expects more low-income people to apply for a P450,000 loan with its lowest annual interest rate at 3%. While this may not be enough to cover a purchase in Metro Manila, it will be helpful for a potential deal in other markets near the metropolis.

Those who plan to apply for regular housing loans will also be able to take advantage of a 5.375% yearly interest rate for a one-year fixed re-pricing period, according to the agency.

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Home prices in the country may be quite expensive due to the strong demand for properties, but it shouldn’t stop you from searching for properties. Consider looking for homes in second-tier cities in provinces such as Cavite, where there are many affordable options with the same features found in urban communities.