Tips and Resources for Buying a Home Safely During a Pandemic
If you're been waiting to buy a new home or investment property, chances are the COVID pandemic has upended your plans. However, that doesn't mean it's impossible to buy a home right now. In fact, sellers and real estate agents are doing everything they can to make the process easy and safe. Courtesy of Lancing Cotswold, find a variety of resources and online tools that will help you buy your next home despite the pandemic.
Set a Budget
Pandemic or not, it's important to have a budget to guide your search in the right direction.
● Determine how much house you can afford with an online calculator.
● Keep in mind the pandemic has affected the housing market, including prices.
● Get estimates online for the cost of major repairs you may encounter.
Touring Homes and Making Your Choice
There are many ways to stay safe while streamlining the process of making your decision.
● Familiarize yourself with the steps sellers take to stage their houses virtually.
● Make a must-have list to narrow down your search.
● Keep in mind virtual tours are part of the new normal in real estate.
● In the event of on-site tours, make sure to take precautions to stay safe.
Closing the Deal
After finding the perfect home, here's what to expect next.
● Reviewing the closing process is helpful even if you've bought homes before.
● During the pandemic, some aspects of closing will be handled virtually or electronically.
● Home inspections are still happening, but may follow different procedures.
Turning a Property into a Rental
If you've bought a home as an investment, here's what you should keep in mind.
● Make sure you understand what's involved with owning to-let property.
● Doing renovations can boost how much rental income you receive.
● Don't forget to hire a property accountant if you're a landlord.
The pandemic has changed the way we do just about everything, including buying and selling houses. Fortunately, with the right tools and knowledge, it's still possible to find the home of your dreams despite the current situation. Familiarizing yourself with the process of buying a home during a pandemic will help you make smart decisions and avoid any unwanted surprises.
How we can help
Lancing Cotswold are experts in property taxation and we can guide you along each step of the way to ensure your are maximising tax reliefs and compliant with tax law. Contact is now!