Buying a house should be an exciting time. It symbolizes the start of something new. Whether you’re moving for family, work, or school-related reasons, moving house is a big deal. Are you right to think of buying a House right now?
Sometimes moving house can’t be helped and therefore needs to happen sooner rather than later. In today’s climate, it’s reasonable to wonder what the advantages and disadvantages are when it comes to buying a house.
In the wake of the coronavirus pandemic, the way in which people buy, sell, and even move into houses has had to change. With this change, there are inherent advantages and disadvantages. Therefore, anyone tempted to buy a house should weigh up their options.
Pros of buying a house right now
For some, this may be a great time to buy a home. There will be less competition and therefore the prospect of getting a good deal. However, in order to buy a house right now, you do need to be financially secure.
That said, if you are considering to use your property as an investment vehicle for rental purposes, then it is important to be aware that being a landlord does come with a lot of responsibility.
It’s reasonable to think that in a global health pandemic, the real estate market isn’t going to be a flat strap. Yet, because the real estate market is quite robust, the true effects of this pandemic won’t be realized for months.
However, while this means that housing prices won’t necessarily fall across the board for a few months, it does mean that fewer people will be inclined to look for houses. This is because a lot of people may have lost their jobs and can’t afford to move right now.
For people in a good financial position, it’s a good time to look for a house to buy or consider building a kit home. It will be a less competitive experience as the majority of people aren’t in a position to buy a house. Therefore reducing the prospect of losing your dream house to another buyer.
Potential of good prices
As mentioned above, the prices on the real estate market won’t move for a few months yet. However, this doesn’t mean that sellers won’t reduce the price of their house if they are desperate to sell.
Sellers may incentivize buyers by offering a good deal. This may be because the seller has already purchased another property or because they need to move for work. The remote possibility of getting a good deal is enough reason to discuss buying a house right now.
Real estate agent’s dedication
Real estate agents work on commission. Under normal working conditions, they are dedicated to selling houses. This mentality will be tenfold during a global pandemic because they will need the commission to take care of themselves and their families.
This dedication to their job will ensure that buyers are shown the best houses on the market. In an effort to get the sale, real estate agents will also be more open and honest about price ranges and accepting offers.
Cons of buying a house right now
It may not be the best time to buy a house during the global health pandemic. That’s because the global economy has just entered a recession, and as a result, the full effects of housing prices are still yet to take effect.
The rules around showing houses, when these appointments can take place and how long for, will vary drastically depending on local health regulations. However, it’s a safe assumption that most real estate agencies will still be conducting virtual inspections.
This is a negative in the home buying sense because buyers can’t get a feel for a place online. Only viewing a home online also opens the buyers up for surprises later when they see the full view of the house and realize it really wasn’t what they were expecting at all.
Inflexible nature of open houses
Rather than showing up to open houses on designated days or calling the listed real estate agent for a spontaneous house showing, everything must be scheduled. With such a regimented showing process, it can be hard to get the feel of a home.
Of course, during open houses, people will need social distance. Anyone who enters an open house will also have to sign health waivers and disclose symptoms. While this is all in the name of health and safety it can take the shine off looking for a new home.
Under normal circumstances, buying a house is a big undertaking. Thanks to the COVID-19, buying a home has become an even bigger task. There are of course financial considerations along with the health implications of walking into someone else’s home for an open house.
Deciding whether or not now is the right time to buy a house is a very personal decision. However, it is a decision that requires debating all of the pros and cons in order to reach the most suitable outcome.