Buying a House during a Pandemic – How to Handle It?
If you have been considering buying a house for a while now, you might just be in luck. Whilst the global Covid-19 pandemic has made home viewings more difficult and moving a bit more stressful, it has also simplified certain other aspects of the entire buying process.
If you are a potential home buyer thinking about buying a house during a pandemic and how to handle the entire process, here are a few things to keep in mind.
Viewing a house that you feel might satisfy your needs is not as simple as it used to be. Although virtual online tours are available, they cannot quite replace the feeling of actually being there and walking through the house.
Most agencies are able to offer personalized tours, by appointment only. Such tours will require you to make an appointment to view the house and to wear all the necessary personal protective equipment such as masks and gloves. It may seem like a hassle, but it gives you the opportunity to see the property in person. Very few people are willing to make such a large investment based only on a virtual viewing.
A pandemic brings financial uncertainty. No one really knows how the economy will react and buying a house is not a small investment. There are generally fewer potential buyers around. This means that prices might be lower than usual as a result of the supply and demand ratio. Some current homeowners are being forced to sell their properties as a result of lower income. This is good news for you as you might be able to find your dream home at a great price.
Interest rates are generally also lower than usual which means the total cost of any loans will be lower. You never quite know what tomorrow brings though. So make sure to calculate exactly what you can afford to pay, even if you were to lose an income source in the near future. Calculate what you can afford to spend and make a smart offer for the house you are interested in. You don’t want to be stuck with debt and no income. Also, try to get the seller to agree on a zero cancellation fee just in case something changes at the last minute.
The moving process
Once you have found a house that suits your needs and the seller accepted your offer, you need to start planning the move itself. Let us imagine you are moving from Los Angeles to Phoenix. Firstly, you will want to avoid contact with others as much as possible. In order to do this, consider letting a professional moving company help you move to Arizona from the neighboring state. First, pack your belongings. Once moved, consider letting them sit in your garage or storage for a week or two before taking them into your new home. This is a type of quarantine for your belongings, just to stay on the safe side of things.
Avoid unnecessary risks
A pandemic is no time to take unnecessary risks. Keep in mind that no one knows what lies ahead at a time like this. Buying a house that is under construction is a risky move. No one can really guarantee a completion date with lockdown rules changing all the time.
Once you have assessed all the risks and determined your budget, you can proceed with buying a house during a pandemic safely.