Whether you are looking to sell, buy or rent a property, the confusion around COVID-19 has only increased over the last few weeks. But the real estate industry managed to adjust at a rapid pace and switched to a mostly digital environment.
So what is possible or not in a COVID-19 environment? How can things be done? And who can help me? In this guide, we will look at the impact of the new restrictions on the property market and answer all the questions you might have.
How can I buy a home during COVID-19?
Yes, you can still buy a home or an investment property.
Because of the COVID-19 restrictions, you may even get access to more information than ever to help you make the best decision. Most sellers will create virtual tours for their properties so buyers can still view the property.
If you find your dream home, or if you would like to know more about a property that retained your attention, get in touch with the real estate agent by email or on the phone to discuss the next steps.
How can I inspect a home I am interested in?
Virtual tours and videos are tools that more and more sellers will start using. These are perfect to give potential buyers a great insight into the home they are looking to purchase.
However, if you really wish to inspect the property in-person, most real agents will be able to offer one-on-one home inspection by appointment once the alert level is lowered to level-3 or below. These private inspections will be conducted following all government social distancing and hygiene regulations.
How can I make an offer on a home I would like to buy?
If you wish to make an offer on a property or start negotiations with a seller, you can do it the exact same way you usually would. The only difference is that most activity during your buying journey will likely happen online and over the phone.
If you are unsure about how to proceed, or if you wish to get the ball rolling, simply get in touch with the real estate agent in charge of selling the property.
Is there a risk in buying a home only using online tools and resources?
No matter how you buy a home, you need to seek independent advice. However, even before the coronavirus outbreak, many people were purchasing properties sight unseen. The reasons were that they might have been out of the region, overseas or simply unable to attend an open home before buying it.
These days, in a COVID-19 environment, the way you inspect a property has changed, but not the way you actually purchase it (even if this happens with an online auction). Indeed, what matters most when buying a home is making sure that the property is structurally sound and is all that it appears to be on the surface. Despite the lockdown, all the standard procedures and checks remain (such as building reports).
Can I still get a home loan in a COVID-19 environment?
Interest rates are at record lows and banks are still very eager to lend and secure quality borrowers, this makes getting a loan easy, as long as you have a secure job, good credit history and can meet any other criteria your bank may have eg; provide a valuation of the property you are looking to purchase.
Should I wait after COVID-19 ends to buy a home?
Because of the uncertainty surrounding the COVID-19 environment, some buyers will hold off on deciding to purchase a property. Therefore, it could be a good time to look for a home or an investment property as competition from other buyers could be softer.
The coronavirus pandemic could also create opportunities to make better deals, as some homeowners may need to sell to free up assets. These sellers can be people who might have already bought another property to live in or found another job elsewhere.
Just like it was the case before COVID-19, buyers can also benefit from interest rates at record lows. This means that if you are financially stable, now could be the best time to buy a home.
