What with the rising prices of gas, food, and basics of everyday living, would it be a good idea to buy property or close deals before prices rise again?

According to senior economist Prince Christian Cruz, if a buyer can pay in cash and the property is bought for the purpose of owner occupancy, any time is the best time to buy it regardless of the price increase of goods. If the purchase will be financed by a loan, however, the buyer will need to consider other factors like his income, savings, expenses, and the amount allotted for the monthly amortization. Although it’s easy to estimate how much income you’ll make in a year, the unstable economy makes it harder to predict how much your expenses will be. Even if prices seem stable for a week, it can increase unpredictably and without warning.

If you’re buying the property simply to invest in it, it gets a little trickier. Just because you bought the property with a 20% markup does not mean it will also be sold at a higher price. The price is determined by the demand for it, and it seems as though we are nearing the end of the housing price boom.

The best time to buy is now, according to President of the Subdivision and Housing Developers Association Eduardo Alunan. The interest rates are still low thanks to Pag-Ibig and other commercial banks, and you can still dodge increasing gas bills by carpooling or using public transport. But as the peso appreciates, the interest rates could rise as well.

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