Buying property in the time of Covid-19

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By Roderick Abad May 5, 2020 (Source: BUSINESS MIRROR PH)

WHILE the whole world, not only the Philippines, has ground to a halt due to the ensuing coronavirus disease 2019 (Covid-19) crisis, property buyers are advised now is the right time to buy one.

“There’s no better time for [people to realize] the need to have a home or a condo unit than now,” Cebu Landmasters Inc. (CLI) Chief Executive Officer (CEO) Jose Soberano III said during the third episode of developer webinar series recenty hosted by property portal Lamudi.

The top executive pointed out that many people are now staying in their family homes, perhaps cramped with siblings and other relatives, due to the ongoing enhanced community quarantine in Metro Manila and other areas badly hit by the virulent pneumonia.

Given this situation, he noted that some may be considering moving out and finding their own place as they avoid mass gathering or subscribe to the practice of physical distancing so as not to contract the lethal virus.

This holds true to younger adults even before this unprecedented health emergency occurred.

In fact, most of the property seekers in this age group part ways with their family early on to live independently on their own, according to Torre Lorenzo Development Corp. (TLDC) CEO Tomas Lorenzo.

“The demographics have changed. Young people now leave their homes [during] college. They have to be near where they study or work. They don’t wait anymore for marriage before they leave. They already move out,” he explained.

Whether looking for a place to dwell for the first time or seeking to move to another one, Soberano advised potential buyers to look into the performance of the developer they’re doing business with before proceeding with the purchase.

Encouraging them to be more inquisitive, the CLI’s top honcho said that this is the right time to inquire how the developer and the property management maintains the safety in premises and engages with the community.

The TLDC CEO couldn’t agree more with him. Lorenzo said: “Property management, even now during Covid, is very important. We always post in our social-media pages about how we clean, how we sanitize our hallways, our common areas, how we take care of people who are isolating.”

Emphasizing the property management role of developers, Soberano advised them to be open on the likelihood of strengthening health-related efforts in communities.

“Is it the right time to put in nurses in your villages or condos? Can you ‘culturize’ being health or sanitary-conscious?” he asked.

Whatever their decision may be, he emphasized the need for them to step up to the challenge of being proactive in creating healthy communities, with or without crisis like Covid-19.

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