How to Buy a Home During a Pandemic

Published on November 2, 2020 under How-To

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These are tough and complicated times, and it could take a while for things to resume back to normalcy. However, this does not mean your dream of owning a beautiful home should go down the drain. There are many beautiful homes up for sale, and if you make the right moves, you can land one. On the plus side, the pandemic has resulted in a drastic decrease in interest rates due to a decrease in demand. This means you can acquire a home of your dreams at a more affordable rate than you previously imagined.

Here is how to buy your perfect home during the pandemic period:

Find an Experienced Realtor

Because of the lockdown and social distancing enforcements, most of your knowledge on the real estate industry could be limited to the internet. While online resources can be quite helpful, they're probably not enough to help you navigate the market on your own. That's why it is imperative to consult with an experienced real estate agent.

These professionals have the resources to listen to you and work to find the perfect home for you and your family. Even better, they know how to flawlessly navigate the market and locate the best homes in the best neighborhoods for you. A good realtor will guide you accordingly and help you land a perfect home while complying with the COVID-19 precautions and procedures.

Engage Your Lender

You might not have saved enough to buy a home, which is why you'll need to engage a suitable lender to borrow money in order to fund your purchase. If you happen to be one of the many fortunate people who kept their job throughout the wave of layoffs brought on by the pandemic, then luck is on your side for more than one reason. Lenders are more likely to be able to service individuals with a steady flow of income. It is not business as usual, and being denied is possible, especially if you don't have a stable income. The lender will critically assess your income, employment, and credit score before providing funds. Present any relevant documents required to increase your chances of getting approved.

Know Your Limits

As you search for a home, keep in mind that this might be the wrong time to spend beyond your limits. Most people have recorded a drastic reduction in income over the pandemic period hence the need to cut on expenditure. Even if this isn't the case for you, it's always a good idea to budget responsibly. Spend on a home that will not leave you hanging by a thread financially after purchase. With the guidance of an experienced realtor, you can acquire a budget-friendly, perfect home without going beyond your financial limits.

Find a Home That Meets Your Needs

Do not let inviting offers prompt you to buy a home in a neighborhood you will regret later. Let your needs precede your purchasing endeavor. Ask yourself the most critical questions: why do you need a house? Will it serve your needs now and in the future? Think about going for a home near your place of work and in a safe neighborhood, among other important considerations. It's never a good idea to put your hard-earned income on the line for a house that will leave you with feelings of regret postpurchase.

Determine How Long You Plan to Stay

In a bid to keep your family safe from the pandemic, you might be prompted to buy a home in a less crowded neighborhood. While this is understandable, consider buying in a neighborhood where the value is likely to go up. The pandemic is not entirely a permanent catastrophe, and you might need to sell the property in the future.

Go for the Best Neighborhood Possible

A perfect home is characterized by a good neighborhood. This means it boasts good amenities, security, good schools, and is less crowded, among other desirable features. A home in such a neighborhood is not only good for your family but is also likely to have a higher value in the future. The market value might be relatively low now, but be sure that when the pandemic dies down, it will shoot up.

If you want to buy the home of your dreams, don't let the COVID-19 pandemic stop you. As long as you have critically planned for it and have your funds together, this is the ideal time to take action. Market values have rarely been lower, and it's hard to imagine a circumstance where they will be this low again in the near future.

If you are looking to purchase a home, First Savings Mortgage Corporation is your best bet. Not only are our loans the best, but they also come with terms that you can work with.

Contact an Expert Loan Officer