Shopping for a New Home During COVID-19
The COVID-19 pandemic has changed our lives, and it seems that things won’t return to the previous state soon. If you can’t delay purchasing a new home anymore, I have some vital tips for navigating the market situation. Here is how to stay safe while ensuring you get the best possible deal when buying a property.
Narrow Down Your Choices
If you want to protect your health, avoid touring a large number of houses. That is why it is imperative to narrow down your choices and don’t be afraid to go into details.
You should consider the desired layout of a house. Do you need a garage or carport to match your driveway paving ideas? Does it have four bedrooms and two bathrooms? Would you prefer multiple stories or all rooms being on a single level?
Apart from this, take a moment to consider the details. Is there enough room for those countertops you always wanted? Are there trees that provide shade in the backyard or will you have to consider some pergola design ideas for extra shade? And what about your neighbors – will you have the required privacy when necessary? No factor is small enough, and narrowing down your wishes will ensure you find a home that meets your expectations perfectly.
Be Realistic About Your Finances
The pandemic put many people through a rough financial patch. Unfortunately, nobody knows how the economy is going to look in the coming years. That is why you should be realistic about your financial capabilities and play it safe.
If you can buy a $200K home by paying $30K upfront and $170K via a mortgage, always stay within that maximum. Those who overstretch might end up having problems with the mortgage, which is why you should decide the max value and stay within that range.
You can take advantage of subsidies, grants, and other benefits. These regulations vary from one area to another. Try to find which regions are active in your location and use those deals to maximize the savings.
Virtual Property Tour
These are modern times, which is why you should consider virtual property tours. It is much better if you can see the house for yourself, but it is much safer if you stay home.
Ask an agent to head to the property and guide you through it. You can ask the same questions and ask them to see into details you want to see better.
If the house seems tempting and you feel like it is the right option, it might be time to tour it live.
Here are some tips when preparing to see a house:
- Always wear masks and gloves.
- Don’t touch anything if possible.
- Avoid sitting on the couch or any other personal items.
- Don’t take more than one more person to the tour.
- The total number of people present should be as low as possible.
- If you feel any cold-like symptoms, skip the tour.
Don’t Hesitate to Negotiate
Negotiating has always been an option when purchasing a home. It is the usual rule that the seller places a bit higher price so that they can lower it.
However, the rough situation during the pandemics might give you more wiggle room when negotiations. You might be able to lower the price even more. Try to be honest and don’t abuse the fact that the seller needs money. However, make sure to also secure the best deal for yourself.
Time to Close the Deal
Once the closing day comes, you will need to meet and sign some papers. Talk with your real estate agents about which papers can be signed electronically. That is a convenient way to save time and stay safer during the pandemic.
Overall, the house buying market has adapted to COVID-19. The process might seem unusual, but the important thing is that it shouldn’t stop you from purchasing your dream home.
This was sent in by Corey Tyner. Corey Tyner is the owner of Phoenix Fast Home Buyers and Arizona Cash Land Buyers. He is one of the top real estate investors in Arizona with over a decade of experience. His work has been featured on Bigger Pockets, Real Estate Agent Magazine, and several other real estate investor publications.