The novel coronavirus is affecting every aspect of our lives, and that includes home buying. The housing market is fluctuating, and mortgages and interest rates have also been on something of a rollercoaster.
If you are looking to purchase a home right now, you will probably face some new and unexpected difficulties. While we at Smart Home Construction can’t get rid of these difficulties, we can help you understand them. Your Port Isabel smart home builders are here to help!
How to Make the Most of Purchasing a Home During COVID-19
1. Weigh Your Economic Concerns
With the stock market yo-yoing, many potential homebuyers have their savings in regular savings accounts. This is a good idea. The home market is nearly as volatile as the stock market right now, but that just means that great opportunities may come and go very quickly. Because of this, it’s a good idea to keep your savings in an accessible place in case an opportunity arises.
However, just because you have money in savings doesn’t mean it would be best spent on a down payment. You may wish to keep a hold of your savings until it is more clear how the coronavirus will affect your finances. Unfortunately, you may be perfectly able to put a down payment on a house this year but not have enough income next year to make ends meet.
2. Start Early
During the pandemic, everything takes a little longer, and that includes home buying and loan application processing. Banks and other lenders are facing an influx of borrowers, and some of them are having to turn qualified borrowers away. However, it’s not just lenders who are being affected. Expect every aspect of your buying journey to take longer than usual.
3. Ask about Virtual Tours
The name of the game across the world today seems to be avoiding contact with others. Many realtors are canceling open houses and tours to help slow the spread. However, this doesn’t mean you can’t check out houses before you buy one.
Virtual and video tours have become widely used during the pandemic. Sellers or agents can walk you through a home via live chat. Some companies even have the technology to produce virtual tours for buyers. If you are interested in purchasing a home but either don’t have access to a virtual tour or don’t wish to use one, the seller may agree to let you tour the home alone so long as you wear proper protection.
4. Have a Backup Plan
If the coronavirus has shown us anything it’s that uncertainty is unavoidable. From interest rates to down payments, every aspect of home buying and selling is currently in flux. Opportunities may arise for some but not for others, so you should be sure you have something to fall back on in case your sale or purchase falls through or never happens. You may find that the market has reduced the price you could get for your house or that it has caused prices to rise out of your price range. In either of these cases, you will need another plan to follow.
