Basically, a house gives security, control, belonging, identity, and privacy for you and your family. We buy a house so we can have a place that will provide us with centering—a place from which we leave when the sun goes up and to which we go back to rest when the sun goes down.
When the house becomes a home it also becomes the most important place where we teach our kids the most important values in life. These values that a family instill in every member help increase harmony and peace among them.
This is how important a house or a home is for a person or a family, which is why we would always want to have our own place and space. But when an unexpected disaster such as this pandemic hits us, it also interrupts our plan to start house hunting. We also start to question if we can really afford paying the mortgage on time.
Worry not, because there are still ways you can work toward buying your dream home. Amidst this outbreak, you can still achieve your goal by taking a look at the benefits and advantages of buying a new house despite economic breakdown. Here are a few tips to help you make informed financial decisions.
More Time to Research the Market
Because of lockdowns and restrictions, we are now spending more time inside the house. If you are just starting to look for a house to buy, do a research of the areas where you want to move, including the area’s home values and the average selling prices. It is also a perfect timing to get yourself familiar with real estate terms and listing abbreviations so you can easily browse listings. You may also check out online reviews so it would be easy for you to make a short list of real estate agent candidates to interview.
Take Note on Less Competition and More Flexible Price
Because of this pandemic, a lot of regions are on a lockdown, movements are being limited; therefore competition for the houses in that area is more likely to be less and sellers might be more flexible on price.
Take this as an opportunity to thoroughly hunt virtually or shop online. Get ahead and take the advantages of this pandemic in finding a home you love within your price range.
Consider Mortgage Preapproval
A serious buyer gets a mortgage preapproval before house hunting. Since much work is done at home or online because of the pandemic, consider looking into that option of getting preapproved online. Organize your information so that your lender can prepare for your mortgage preapproval easily.
Take Advantage of Virtual Home Tour
Most businesses nowadays are going online or virtual for you to feel or experience their products or services much easier, more convenient and safer. Real estate businesses, is no exemption. There are virtual tours of properties for sale on their websites and on social media, so you get a realistic view of the unit and the area.
This way, you can view houses on the market right from the comfort of home, and at the time that is most convenient for you. By touring homes virtually, you can also see many more than would be possible in a single day with your real estate agent.