How To Advance In Buying a House During Coronavirus Lockdown?
With many areas going back into lockdown as a result of Coronavirus and dramatic shifts in the housing market, many prospective homebuyers are left in the lurch. Moving house is a complex process, and the pandemic is making it even more challenging.
In most areas, there are no restrictions about moving during a lockdown. This process falls under the essential service category. However, there are many complexities to consider when deciding whether or not to move forward.
Here are some tips to help you advance in buying a house during a lockdown.
Incorporate Virtual Tour Options
While homebuyers are free to move during the lockdown, sellers cannot give tours of their homes in many areas. Depending on your location, you may be able to host a showing while wearing PPE and following strict tracing protocols— it all depends on your regional legislation. Open houses with groups freely coming and going are off the table entirely.
Fortunately, we have the technology in place to offer tours without stepping foot into a building. Sellers can use virtual tours via video conferencing to work one-on-one with a prospective buyer, answering questions, and responding to requests. For a more public "open house," a seller can use live streaming via YouTube or Facebook to show a walk-through of the home and interact with viewers.
Check Out the Financial Situation
One of the unexpected challenges that many homebuyers faced during the lockdown was that some banks abruptly stopped giving out mortgages. The logic behind the decision was simple: people were losing their jobs at an alarming rate, and the risk factor was too high. However, this blanket decision even affected some people who maintained steady employment throughout.
Before advancing in the home buying process during a lockdown, double-check to ensure that the financial support is still available. Many banks and lenders have changed their policies and minimum requirements, raising the baseline credit score and down payment thresholds. While you might have been eligible to secure financing before the pandemic, that could no longer be the case.
It's also worth having a candid conversation with your employer to determine if there are any notable risk factors. Additionally, revisiting your personal finances will indicate if moving forward is a viable option right now.
While it can be disheartening to put everything on pause, it's sometimes better to wait now as not to ruin your chances for later.
Consider the Nuances of Moving
Perhaps the biggest challenge of buying a house during the pandemic is moving day. During a lockdown, you're still allowed to move. However, you are not allowed to have groups of people in close proximity. That means you can't entice your friends with pizza and beverages to help you move your furniture.
Fortunately, many moving companies have the approval to keep working with sanitization and safety protocols in place. However, this is an additional cost to consider when buying a home during the lockdown, as reliable movers can cost thousands of dollars.
Buying a home during lockdown is quite an ordeal. If possible, consider delaying your move until the lockdown is lifted. If that's not an option, proceed with care and laugh about it later.