If you’ve put your house buying plan on hold during the pandemic and thinking of buying now, post-pandemic, the below pointers are for you.
Choose a cooperative real estate agent.
It is time to be safe in every way possible. So better to look into photos and videos of your desired property rather than making multiple visits. Your real estate agent should be ready to send the necessary photographs/videos and connect with you through video calls for a house tour whenever required. They should be able to establish proper communication channels with the seller as well. So if you have selected any real estate agent pre-pandemic, you need to vet them again to see if they are accommodative enough for the recent pandemic changes.
Re-evaluate your options and needs
From the type of properties to the financial investment for the property, you need to re-evaluate everything post-pandemic. Firstly make sure you’ve enough emergency funds before investing in a property. Third-wave or another pandemic – we will never know what can hit us. The next crucial thing is your source of income. The job market seems to be still unpredictable post-pandemic. So make you will have a steady source of income till you pay off the mortgage.
Then, look into the neighborhood/ area and type of property you want. If you are working from home, buying a house in a suburb can be a better choice. The property price will be lesser and, suburbs are getting equipped with facilities as much as the cities, post-pandemic. Not comfortable sending kids far away for schools? Then look for a property in a neighborhood with good schools. When it comes to the type of property, it depends on how you feel post-pandemic. For example, a condo might give a sense of community in difficult times or, it can be risky to stay with many people closer. So before you decide, evaluate all the pros and cons by accepting that we may end up in a similar situation in the future.
Market research
We have talked about the importance of market research in our previous blogs as well and, it is more important now than ever. It could be a seller’s market – nevertheless, you can get a better deal as a few people are keen on selling properties post-pandemic. The key here is to extend your search and don’t jump into the first deal that comes. The sale price for a similar property can vary from place to place, so have some room for flexibility to get your desired kind of property. The important thing to include in your research is the interest rate. Look out for lenders who give mortgages with a reasonable interest rate. Also, look for a pre-approved mortgage from your lender. As the market is uncertain, a pre-approved mortgage will make you a front runner among buyers.
Housing policies post- pandemic
There are certain policy changes regarding housing post-pandemic. Make sure to know the current policies prevailing in the state/province you’re looking to buy a property. Change in interest rates, liquidating through banks and lenders, time extension in handing over the property are a few things you need to know.
