I’ve been thinking about this for the past few weeks. We already have a home but as the COVID cases in the metro continue to increase, I’ve been wondering if it’s a good idea to get a second home maybe somewhere in the province.
According to an article from the Philippine Daily Inquirer, many people are going for their second home in gated communities far away from the city. People seem to enjoy seaside retreats. And the demand for luxury holiday homes in places like Laguna and Batangas is increasing.
Now, if like me, you’re thinking about buying a second home, here are some things worth considering.
Real Estate Is Relatively Stable
While many of the things we buy from cars to jewelry lose their value over time, real estate prices usually just go up. That’s of course if you choose a home that’s strategic — no floods, near amenities, away from fault lines, etc.
Yes, according to SMDC.com, real estate continues to be a good investment option, since it has seen an increase in growth by about 27% at the end of 2020.
If you’re going to buy a new home, and don’t need it, for the time being, you can probably have it rented. Perhaps when all is back to normal, you can also have your holiday home as accommodation for transient travelers.
Lifestyle in the New Normal
With everybody staying and working indoors almost 24/7, you need to think about your second home’s living space.
Is there a garden for you to plant and kids to play? Would there be enough space for a home office or maybe a small gym?
Keep functionality and comfort in mind as you search for that second home.
I recently read in Manila Standard, many people want to transfer to another house so they can have a home office.
Financial Situation During the Pandemic
Of course, one of the key considerations is whether or not you afford a second home at this time. While you can get a housing loan, don’t forget that some require a downpayment.
If you’re not so sure if you can afford the mortgage, you can use a loan calculator to check. It shows how much mortgage you can afford whether you have a single income household or have 2 people earning.
Benefits of A Second Home
What’s so good about having a second home? Well for one, if you get a place in low-density areas, I think you’ve got more freedom to explore possibilities.
I’m picturing a house and lot somewhere in the province. Of course, it has to have a good internet connection. My daughter can safely ride her bike in the backyard. Maybe, we can plant fruits and vegetables too.
Right now, my workstation is in our bedroom (and sometimes the dining room) but if we get another home, I’d definitely invest in a small home office.
I want the second home to be a vacation home too. I’d love to have an area where we can put a portable pool and swim in the summer. We can’t have that right now because the water easily gets cold on our rooftop (Yes, we tried this a few times).
And maybe, we can have this second home rented out someday.
You know, it’s good to dream with all the negativity in the world.
What would your second home look like?