4th expo opens new opportunity for homebuyers
Martha dela Cruz used to believe that renting was easy.
There was less maintenance and hassle—her reasons for leasing the property her family has been living in for the past 10 years.
“But now that I am getting older, I figured that owning a house is actually a great investment. Instead of paying monthly for a house that will never be mine, this time, it will be money spent on something that I will own. I prefer a small garden in front and I want to be where I could easily commute,” said Dela Cruz, a self-employed mother of two.
Thinking of buying a simple yet cozy subdivision unit within close proximity from Metro Manila, Dela Cruz appreciates the upcoming housing expo organized by the Subdivision and Housing Developers Association Inc. (SHDA).
The four-day 4th SHDA Housing Expo happens at the Glorietta Activity Center, Ayala Center in Makati City from July 31 to August 3.
One-stop shop
A one-stop-shop, the expo features a wide range of housing projects under one roof with sales personnel available to assist interested buyers inquiring about a unit’s features, loans and amortization, and processing procedures.
“The expo tries to dispel some myths, and aims to make home buyers like Dela Cruz understand that home ownership is really good. We would like to increase home ownership, especially among middle class Filipino families, a segment of our population that has not fundamentally changed with regard to what they want to attain in life. They all share an aspiration to own a home and car, to send their children to college, and to take occasional family vacations, while maintaining health and retirement security,” said SHDA national president Christopher Narciso.
Narciso shared that the country’s improving economic condition has boosted potential buyer’s confidence in purchasing a home.
“Consider these factors: the country remains one of the strongest performers among emerging economies in Asia. We are proud to have overseas Filipino workers, whose millions of dependents are able to receive an average of $2 billion a month in remittances. We have a business process outsourcing industry that is expected to grow 9 percent annually in the next five years. And unemployment rate this year is lower than the average of 7.4 percent recorded from 2006-2015.”
Insights
Narciso shares some of his insights in owning a home vis-à-vis renting:
Don’t assume renting is less expensive than owning your own home. “There are now low mortgage interest rates available. In fact, owning a home also offers the chance to increase personal wealth as you pay down the principal on a loan and build equity.”
Buy what you can afford now. “There are so many instances when first-time home buyers would say they want to wait and save more money so they can skip the starter home and move straight into their dream home. However, by waiting, they are missing out on their chance to start building wealth and equity.”
Don’t hesitate to ask questions about down payments. “Homebuyers should not be afraid to ask for the terms as our people would be more than glad to present them several options.”
First-time buyers should calculate a monthly payment that they can comfortably afford. “Make sure you can meet the monthly payments now and into the future.”
Lessen backlog
According to SHDA chair Willie Uy, the upcoming 4th SHDA Housing Expo aspires to lessen the country’s housing backlog, currently pegged at 5.7 million as per data from the Housing and Urban Development Coordinating Council.
“Moreover, the expo is part of our nationwide effort to stimulate home buying. As developers, we share a vision that every Filipino family deserves to live with dignity in their own home. As an organization with more than 200 members, we work closely with government to gain comprehensive and targeted housing subsidy, we even continue to push for the accreditation of socialized low-rise buildings for informal settler families,” Uy explained.
Uy added that the upcoming housing expo shows the respect and hope that SHDA has for the Filipino: “The initiative of ensuring each and every family has the opportunity to own their own home that is as basic as having food on the table and clothes on your back, deserves a thumbs up.”
