If you were planning on buying a home in the near future, then you may be wondering how the impact of coronavirus could affect the process. The good news is that it doesn’t have to derail your plans.
While there are still stay-at-home orders in place throughout most areas of the US, this doesn’t have to affect the home-buying process. It just might mean that how you do it is a little different. Fortunately, the Department of Homeland Security has classified residential real estate as essential business, so in most areas, you can carry on moving towards your dream home. Even in California, where strict regulations are still in place due to the pervasive spread of COVID-19 in the area, San Diego realtors are still finding a way to keep property transactions active.
There could even be some benefits to buying a house during lockdown—there is a better financial landscape for buyers, after all. You may have already been partway through the home-buying process, or you might have decided that the favorable property prices means that you’re thinking about investing in a property. In this article, we’ll take a look at some tips that will make the process as smooth as possible under current circumstances.
Make the Most of Technology
This pandemic would be much more difficult and devastating if it weren’t for the many technological resources we have access to. Thankfully, the internet exists, which allows us to remain entertained and to carry on with business as usual in areas that would have previously come to a standstill.
New technologies mean that many aspects of the home-buying process can be completed virtually. If you’re curious about a home but don’t want to leave your property to see it firsthand, then you can ask for a virtual showing. This will help you to get an initial idea of the place, especially since the cameras used in virtual showings are high-quality.
Other important steps that can be handled virtually are the home inspection and signing. You don’t need to be involved in the home inspection; you can just get the final report sent to you, while the inspector can complete the process using thorough safety precautions. And the same goes for signing all the important documents. With a trusted e-signature platform, you can sign all the necessary documents.
Take Precautions
If you find a property that you’re interested in buying, then you can still go to see it in person. It isn’t recommended that you ever sign a contract without seeing the property in person, so if you want to make a purchase, this step is still necessary.
But even when you do visit in person, you can take measures to greatly minimize the risks and significantly reduce the chances of infection. When you visit a home, you can wear a mask, keep your distance from the person showing you the home, and avoid touching anything. Some walk-throughs have been done with every door in the house left open so that no one has to touch the handles, making for a completely hands-free experience.
Rent-to-Own Option
Even if you prefer to own the property outright, it may be a good idea to see if there’s a rent-to-own option available if you are unable to see it in person first. With this, you’ll rent the property for a period of time, and then purchase it—though you’re not locked into the purchase.
It’s an attractive option for people who are interested in a property but are currently unable to risk meeting with a realtor for an in-person walk-through. This way, you don’t have to sign a contract to buy the house without seeing it first, but you still have the option to buy once you’ve lived there for a period of time.
When you make the most of technology, take proper precautions, and discuss your options with an experienced realtor, you can still move forward with home purchases during COVID-19. Happy house hunting!