It came as a surprise to many, but the property market throughout Australia has proven to be remarkably resilient amid the uncertainty of the COVID-19 pandemic.
Many things contribute to success in the market; one of them is the incredibly low interest rates. Another is that people are working remotely. As a result, many buyers no longer need to be near their workplace.
If you are in a position to buy, here are five practical things to consider before you purchase a home during the pandemic:
Although the property market is currently thriving, there is a chance that the number of buyers may decrease due to unemployment rates and financial instability. If you believe you are at risk of losing your job, you may not be able to pay your monthly payment on a new house.
Find the right agent
If you are planning on buying a house, it is important to find an agent that you can trust. With much economic uncertainty, you want to ensure that he or she has your best interests in mind.
Many people prefer to work with an agent who uses property management software, making them informed and educated on market trends. Buyer’s agents will help protect and prepare you for the entirety of the home buying process.
Ensure safety protocols are in place
If you are going to an open house, make sure that the seller will keep all doors open and adhere to social distancing measures. If you are completing inspections, make sure masks are worn by everyone, and all surfaces have been cleaned properly.
Expect design changes
Many houses have gone through renovations and changes over the past few months. Expect to see changes in kitchen design and, if you anticipate practising social distancing for an extended period, be on the lookout for homes with open floor plans and patios.
Be ready to act quickly
If you are looking to buy quickly, make sure that you are prepared and pre-approved. In this climate, you will likely have to put down an offer soon after a house goes up for sale.
Source: www.realestateview.com.au Property News