Purchasing a home can be a stress-inducing time during any season of life, but there is no doubt that this process has been made even more difficult due to the ongoing COVID-19 pandemic. Not only is it more challenging to get into see new homes in person, but the economic uncertainty surrounding the health crisis is also complicating the situation for many prospective home buyers. Here are four tips to keep in mind when buying a home during a pandemic.
Err on the Side of Conservative Finances
Along with the health implications of the pandemic, the crisis has left the global economy in disarray. Even with the promising vaccine news, there is still a cloud of uncertainty surrounding the implications of the pandemic on the economy. When deciding how much house you can afford, you would be wise to be conservative with your finances. You do not want to be put into a position where you cannot afford to make your house payments if your own personal financial situation changes as a result of the pandemic.
You should also be ready for a higher level of scrutiny by your lenders. With so much of the economy in a state of turmoil, lenders are understandably getting tighter with what they offer. This means that you are going to have to be diligent about demonstrating your personal financial responsibility.
Turn it Over to the Professionals
Because of so much uncertainty about the risks of moving during the pandemic, is more important than ever to put your move in the hands of the professionals. A moving professional will know all of the tricks to ensure a safe moving experience, even if it happens during the height of the pandemic.
For example, the professional South Florida movers are equipped to help you with your move while adhering to all COVID-19 health protocols. This will take the worry out of your hands so that you can focus on the details of your move. You do not have to put your own health or the safety of your family at risk just to complete your move. Turning the logistical aspects of a move over to the professionals is a wise decision considering the current circumstances.
Conduct as Much Business as You Can Remotely
The continuing health crisis has certainly thrown a big wrench into the home buying process. In order to protect your health as much as possible, you need to look into conducting as much of the process as you can online.
Rather than heading out to open houses without doing much research, it is a better idea to look at pictures and virtual tours to help to narrow down your choices. You can then only enter homes that you are certain are at the top of your list.
It is also recommended to ask your realtor and lender if any of the business can be conducted online. For example, many professionals in the industry are now offering opportunities to sign closing papers virtually.
Be Prepared for a Bidding War
As more people decide to hunker down due to the pandemic, there is an inventory shortage being felt in housing markets all over the country. When paired with the low-interest rates that are motivating some people to want to move, it can be challenging to find a home that meets your needs. And when you did find it, there is a good chance that other prospective buyers also have their eyes on it.
All of these factors add up to a high potential of a bidding war. This means that you need to prepare yourself in advance that you may have to go to battle to win that home. Despite the competition, it is important that you do not skip out on the traditional contingencies just to put yourself in a better position during a bidding war. Skipping your due diligence could just lead to more headaches down the road.
Buying a home during a pandemic definitely presents an interesting set of challenges. However, with the right plan and execution, you can make this process as easy as possible. With a little luck, you will be settled into the home of your dreams in no time at all.