The coronavirus pandemic has ruined innumerable plans, and buying a house may be one such plan for some people. However, now with lockdowns easing in most parts of the country, people are gradually starting their lives again. This means that many people are now beginning to get back to their paused plans.
Even though buying a house is a tale as old as time, it is still as confusing and challenging as ever. People who are investing in a property in such uncertain times have to consider a number of things, including the economy, health risks, and the changing governmental policies.
So how does one buy a house during this chaos? Luckily, it’s not impossible. This post tackles the process of buying a house during a pandemic. So, read on.
Financial Aspects
The current pandemic has led to a global economic downturn. Despite this, a few areas still remain unbothered by the health crisis, including the housing sector.
Interestingly, there has been no significant drop in the number of homes currently being sold. In fact, the US economy is now recording historically low mortgage interest rates, which have given a push to home sales. A low-interest rate ultimately guarantees lower monthly payments when an individual buys a house. This means that buying a house now is more economical compared to before the pandemic.
Currently, many potential buyers are leaving the more populated cities and heading for the suburbs. For this reason, it is critical that serious home buyers get pre-approved by a recommended lender and have all their financial “ducks in a row”. This way, should there be multiple buyers interested in purchasing the same suburban property, the buyer able to demonstrate their financial strength will be at a huge advantage.
Safety-Related Aspects
People are also trying to avoid coming in contact with potential COVID-19 carriers, and this may make buying a house more challenging. Many cities have banned open house showings. Even where these aren’t banned, a one on one appointment is required for a home viewing to minimize contact with other people. Viewing through an appointment can slow down the process of looking at houses, but it lessens the chances of viral contraction.
Another safe way people are buying homes now is through a virtual tour. Potential buyers are now provided with photographs, video vignettes, and 3-D online tours to make it easy for them to decide whether or not they like the house.
Lastly, health concerns have also changed the documentation work related to buying a house. People buying and selling a house during this pandemic have to sign a disclosure claiming the absence of any viral symptoms and ensuring they have had no connection to anyone with symptoms.
Conclusion
Buying a house during the pandemic is not impossible. One just has to take extra care and try adapting to the new changes. Doing so will make sure that they own a house with a minimum probability of contracting the disease or bearing any other loss.
For more specific guidance on buying a home during this pandemic, please call Realty Executives Exceptional Realtors® at (866) 742-5732 or email us at ClientCare@RealtyExecutives.com.
