The COVID-19 crisis has forced individuals and families to stay indoors at the onset. Because of this, they have realized the ultimate value of a home. They have thought that a house must be the most attractive, functional, comfortable, and safest place to stay.
So while some households have pursued home improvement projects, others have considered making a home purchase in the new normal. That said, here are crucial factors to consider when buying a house during this pandemic:
- The Real Estate Market
The real estate industry has long been booming. It makes sense as people look for a property to stay for good instead of renting a house. It appears, however, that this industry has a temporary hiatus amidst the COVID-19 crisis. But while the novel coronavirus is here to stay, the real estate market is gradually bouncing back. And people are thinking about investing in a pandemic-proof house. In fact, Forbes claims that now is the right time you should consider buying a property. However, it won’t hurt to carry out research and due diligence before taking the plunge.
- Home Vision
When deciding to purchase a residential property, it all starts with a home vision in mind. Chances are, you and your family have long been wanting to buy and own an ideal house. The COVID-19 pandemic has further reinforced this deep-seated longing. But before making a decision, consider the following variables:
- House age: Check the property’s age unless you plan to buy a newly constructed one. Sure, you may want to have a classic home. However, old houses need regular inspection, maintenance, and repair. For the most part, you must update some house parts and systems.
- Lot size: Make sure not to only focus on the house itself. Pay particular attention to the size of the lot as well. It’s a crucial factor if you’re looking to have a vast outdoor space. However, it will influence the overall house price.
- House location: The location of your chosen property is a top priority, especially if you and your family will stay here for good. Of course, you want your house close to your workplace, children’s schools, public market, parks, and commercial establishments.
- The number of bedrooms: Consider the headcount of the whole household. As much as possible, the number of bedrooms must accommodate the entire family.
- Kitchen and bathroom style: The kitchen and bathroom are the most used and abused. When buying a house, be sure to factor in its aesthetics, functionality, and overall safety. For instance, consider a kitchen complete with systems and appliances. On the other hand, you can also opt for a Zen or spa bathroom.
- Outdoor landscape: Think of how you can use your outdoor space. Chances are, you want to have a lawn, garden, hardscape elements, and pavement features. They can boost your property’s curb appeal and home value.
- Pandemic-proof house: Consider home design trends that are relevant to the pandemic. These include an open floor plan, multi-purpose space, home office, dedicated study area, and even a house gym.
Investing in a residential property is no problem if you have the financial means. But for the most part, individuals and families don’t have the money to purchase a house outright. That’s where a mortgage comes into the picture. However, you must shop around and look for the right mortgage offer. From there, work with the best mortgage lenders who can finance your home purchase. Below are home loan features to take into account.
- Interest: Opt for a prospective lender that offers a lower interest rate, whether a fixed-rate mortgage or an adjustable-rate mortgage (ARM). Some banks and financial institutions have lowered their rates during this COVID-19 pandemic. You might as well take advantage of this!
- Loan term: You can choose either a 15-year or 30-year mortgage. However, it all boils down to how much you can pay every month. So be sure to review your loan agreement.
- Monthly contractual payment (MCP): The MCP covers the principal, interest, and escrow accounts such as taxes and insurance (optional). Your lender will determine your MCP based on how much income you earn.
- Real Estate Process
The real estate journey isn’t a walk in a park. There are a couple of steps to take, from starting with a home vision to seeking financing down to closing a deal. That’s why you need to work with a real estate agent who can help you every step of the way. When buying a house during this pandemic, take the following steps:
- Hire a real estate agent, like Chad Dunn Buyers Agent Newcastle
- Get a mortgage pre-approval
- Search for a residential property
- Make an offer for a prospective house
- Perform a home inspection
- Secure and complete all your paperwork
- Close the deal
At this point, you now know what it takes to buy a house during this pandemic. Consider the crucial factors outlined above, from the real estate market to the real estate process. It’s best to work with a highly reliable realtor who can assist and guide you in your home-buying journey. Doing so will help you make the best home selection and real estate decision. Ultimately, you’ll be able to make your dream home come true!