It came as a surprise to many, but the property market throughout Australia has proven to be remarkably resilient amidst 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 reason for the shifts in the property market is that people are working remotely. As a result of remote work, 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 a pandemic.
1: Job security
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. It is important to remember that this pandemic is not over. 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. Before purchasing the home of your dreams, try to ensure that your job is secure for the foreseeable future.
2: 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 your real estate agent has your best interest in mind.
Many people prefer to work with an agent who utilise a property management software. The agents who use property management software tools are informed and educated on market trends and can determine the wisest property purchases. Buyer’s agents will help protect and prepare you for the entirety of the home buying process.
3: Ensure safety protocols are in place
If you are looking at houses, it is essential to ensure that 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 all individuals are wearing masks, and all surfaces have been cleaned properly.
4: Expect design changes
Many houses have gone through renovations and changes over the last few months. As individuals spend more time at home, they become increasingly creative in their home design. Some people have changed their home design to encourage social distancing and safety protocols.
You can expect many changes to be seen in kitchen design. If you expect to practice social distancing for an extensive period, be on the lookout for homes with open floor plans and patios.
5: Be ready to act quickly
With interest rates low, many individuals are on the house hunt. 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.
Surprisingly, the property market is booming in Australia right now. Because of the Coronavirus pandemic, there are unique challenges in the home buying process. The property market is currently beneficial to buyers due to the dropping interest rates.
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