While there may be a global pandemic happening, life events still need to go on. People are going to relocate and they are going to need to upgrade their homes in some cases. These are some tips for buying a home during the pandemic. Shalom Lamm reviewed these tips and found that they are a good measure to take when looking to purchase the pandemic.
When looking for a home virtual tours are increasing in popularity. This is a great way to see a home while social distancing. Most real estate agents are offering virtual tours. They will go to the home and stream a video so that the buyer can see it. This will help a person narrow down their choices while staying safe.
When seeing a home in person be sure to wear personal protective equipment. This can include a mask and gloves. Between showings, the real estate agent should make sure that the home was properly disinfected. A person should only go to a home they are serious about buying. They should also bring along some extra hand sanitizer and try to avoid touching things in the home
Check with Several Lenders
Mortgage rates are at record lows. Before accepting an interest rate a person should work with several lenders to get the best rate. If they are facing issues such as reduced hours they need to find a lender that is willing to work with them at this time.
At this time it is better to get a fixed rate mortgage than an adjustable-rate mortgage. The fixed rate will remain the same no matter what happens in the economy. The adjustable rate can go up or down based on the economic conditions. With uncertain times it is better to go with the fixed rate than risk the chance of the interest rate increases.
Get Pre Approved
At this time some real estate agents will not work with a buyer unless they have been preapproved for a home. Times are tough and they do not have time to waste on people that are not able to get a mortgage loan. The preapproval process will also allow a person to know the price range for a home. Shalom Lamm has some tips for homebuyers.
Check the Prices
If a person is looking for a home in a specific location they should check the prices of the homes around the area. This will allow them to get an idea if the price they are looking at is fair.
During the pandemic, it is important to have an emergency fund. A person should have the down payment, moving expenses, and an emergency fund to cover six months of living expenses saved. If they have this money put aside they can continue with the home search.
While it is possible to purchase a home during the pandemic some extra precautions need to be taken. A person should take measures to stay safe and get a good price on a home that is for sale.