Should You Buy a Home During COVID-19?
The global health crisis seemed to have halted real estate rentals and purchases, but buyers are out to say otherwise. So, should you buy a home during COVID-19? It seemed that the pandemic didn’t hamper property searches.
More so than ever, people are advised to buy the right one now. Here are some insights you need to weigh in when you ought to purchase one!
Advantages of buying a home during COVID-19
It seems like there’s no better time to invest in a home, apartment, or condo unit. There’s a sudden rise in property seekers due to the country’s repatriation of OFWs and locally stranded individuals. Why?
- Families are coming home and looking for a safe space to dwell in.
- Purchase a home from low virus-hit areas.
- Rentals to accommodate work out of office.
And many more!
Lower prices and better rate negotiation
Real estate brokers offer lower rates and flexible payment options for homebuyers this pandemic crisis. Money is tight these days and agents understand people’s needs to reallocate their budget for essentials.
Likewise, talk to a broker about the following when buying a home:
- Mortgage rates
- Monthly prices and payments
- Possible interest rates
- Payment options and backup plans
- Any first-month rental fee or upfront fee
Less competing buyers
While there’s a surge in property demand and purchases, not all home seekers are looking for listings. As finances are on the fence now, others too, have prioritized their budget for groceries, taxes, bills, schooling, etc. So, some decided to wait to buy a home.
Similarly, you have fewer competing buyers looking for at the same listings as you do. There’s an increase in the seller’s market, but a few buyers can only shake up the real estate game.
Tour homes digitally
Many brokers opt to tour the house digitally to impose COVID-19 health protocols in social distancing. This saves time, effort, and money for the buyer to drive by to an open showcase. These days, brokers have set limitations on house tours and open home showcases for prospects to curb the number of people inside.
However, some home buyers prefer to visit the unit in person. If this is you, remember that brokers will schedule a time for you and limit showcases in a day.
Factors affecting home buying experience during COVID-19
Whether you’re looking for a new place to stay, know the factors of purchasing a home amid the COVID-19 crisis. Be more inquisitive about property management, safety premises, and engagements in the community.
Local restrictions and compliances
No matter how much you want to buy a house right away, you need to know whether local restrictions in your area have been lifted. You also need to comply with the 14-day quarantine if necessary when traveling across the borders.
Your finances
Take into account your situation before buying a home. Will you still have enough savings after making a down payment? Can you set aside a monthly payment for your new home in these trying times? Or, how about some expenses in case you lost your job?
How the community engages
If you or someone in your household got sick, it’s best to stay in your quarantined environment. Likewise, if you’re in a community or building where residents ignore social distancing protocols, you might want to think twice about buying a home.
Communication is the key
Uncertainty in the real estate market is common when purchasing a new house during a pandemic. For a seamless experience, you may contact us to help you get the best and safest deals in the market.
We’ll guide you during this tricky time, so you can be confident in your purchases. Call us at (+63) 02 8365 7430 and sales@arreorealty.com and we’ll look at the best options conducive to your needs.