The pandemic derailed many of your major plans at its onset. The grand vacation, career opportunities, and big purchases you had lined up in 2020 were thrown out the window to make way for the new normal. But as the world goes back into gear, you may have wondered whether it’s time to start ticking off things on your list, starting with buying your dream house. If you’re still a bit hesitant, that’s reasonable. A house is a bold leap and a big investment, and if you’re going to shell out a huge sum during a global crisis, you’ll want to be sure that it’s the right decision.
The short answer is yes. You should proceed with your purchase. The mortgage is ready, the family is pumped up to move, and you all need the change of scenery to improve your mood. A more detailed look into why this is a good idea lies in the unique position the pandemic has put real estate in. Taking advantage of them might be what you need to set the momentum going again for the future you envisioned.
Here’s the biggest factor you have to consider: the coronavirus era just started, and there’s no telling when it’s going to end for good. New strains of the virus have been discovered worldwide, new travel restrictions are in place, and businesses are still struggling to find their footing in these uncertain times. The reality is that if you’re going to wait for the pandemic to end before you go on with your life, you might be putting everything on hold for a long time. While there are a couple of exemptions to this thought, buying your dream house or any property is not one of them so long as you have your finances in order.
If you’re looking for houses for sale to rent out or turn into a vacation rental, go ahead and make the purchase. One of the smartest moves you can make right now is to diversify your income. Having a property that you can passively earn money from when faced with uncertainty with your job security or other primary sources.
Vacation rentals are currently a hit now that traveling locally is growing more popular. Factor in how a house is practically safer than a resort or a hotel in terms of social distancing and contaminated surfaces, and you might get twice as much back for your investment.
You’re Not Alone
The real estate market is very much alive. As surprising as it may sound, you’ll be glad to know that people haven’t stopped buying and selling property despite the pandemic. This means that if you’ve just started your house hunting and you’re worried about your choices, then don’t be.
Your real concern should instead be on choosing the right home among your multitude of options. Unless your work calls for it, buying a property in the city might not be the wisest decision. Cities are still densely populated and are hot spots for contagion. Again, if you’re buying in the city primarily to have another income source, practice the same caution for your guests’ safety. Security and sanitation are now the most appealing selling points for nearly every industry and brand.
The infection rates in the neighborhoods you’re considering might not be as high, but be on the lookout for how the local government handles it. What are the current health protocols in place, and what happens in case of an emergency?
Reach out to other home buyers to see how they’re managing their big purchase despite the many concerns the pandemic brings up. You’re likely to get helpful advice that will make the process simpler and more fail-proof for you.
You’ll Love the Low Interest Rates
It’s expected that interest rates will remain low for the foreseeable future. This is good news for people who will buy now and just putting together a plan to do so. Get on the phone or a Zoom call with realtors and discuss your options, not only in the house but also in terms of payment. You might find that some developers offer more generous financial assistance during these times that suit your needs.
Talking to someone in the real estate and property management business will also give you a better idea of what to expect in case you plan your purchase to be somewhere in the next handful of years. Don’t be afraid to reach out to more than one person and consider locations you haven’t thought of before. There’s a chance that the pandemic has turned the tables around big time, and paradise is somewhere you didn’t expect it to be.
Don’t Let It Stop You
Bad things will come and go. That is just the reality of life. Now that the world is in a better state than when the outbreak started, you can begin to piece your plans together again and make them fit in today’s circumstances to your advantage.