Everyone dreams to have a home of their own and saves money their entire life to purchase a roof that they call their own. Due to the pandemic, Covid-19, the world has turned upside down, businesses have been shut down and unemployment increased. But those changes were favorable to the seekers who were looking for an opportunity to buy their own property because the interest rates decreased during lockdown and demand for property increased. So look for house and land packages in Melbourne here.
Although the market experienced a boom recently the process of buying a home has changed and it is not the same as it used to be. So buyers have to be aware of how to buy a home during Covid-19. Here are a few considerations.
Contact your lender
Savings are not enough to make an investment in a house so you have the need to borrow money. Contact your lender beforehand because they are at stake due to an increase in unemployment. They are not ready to lend money to anyone who is not financially stable. The lender will scrutinize your income, your employment, and your credit score before he gives you the amount to invest in your home. You must be prequalified to get a loan so get all your documents ready to present to the lender. If you qualify these requirements, you are on the next level to the home buying process.
Real estate agents
Real estate agents have to deal with the high demands of properties. This increased demand has caused a decrease in the supply of property and one property has a number of expected buyers. So, you have to be quick to buy the house you have chosen before the other expectant gets his hand on it and you have to wait for the next option. A decrease in supply is an opportunity for the agents to increase the price and get more profit so it is not advisable to wait for longer and fix your bid and pay for the house.
House tours have changed
Buying a house is not the same as it used to be before Covid-19. Before this, you could easily go to visit the houses which were up for sale and select from several options, whichever you liked the most. But in times of social distancing, this process is altered. There are no open house tours.
To have a tour, you must take care of social distancing and sanitary conditions. The buyers have to wear masks and gloves and sanitize themselves before entering the house or meeting the agent. The house tours are limited to the buyer and agent only, while the family and friends cannot visit the house they will live in.
They have to rely on digital tours through pictures and videos rather than inspecting every nook and corner of their house which has reduced the excitement of buying a house but health has to be our first priority so that neither you nor the agent fall victim to this virus.