Most of us think about property when the word investment is mentioned. If you are new to the property market, here is what you need to know when navigating your way to buying the right property during the lockdown.
Do your research
When it comes to house hunting, the lockdown can be seen as a blessing in disguise in the sense that it will help you take time with your research and sifting through property listings to find the right fit. You will have adequate time to compare prices and features to get the best deal possible. It can also give you legroom to negotiate in a market that has been cooled down due to the lockdown.
Prices could swing in your favour
With the lockdown restrictions still in place, it means that you will not be able to view the property in person. However, you can still view it online with some companies even offering virtual video tours and panoramic views. It also means that there are fewer buyers in the market, pushing sellers to sell at realistic prices, which you can to your advantage. Having a real estate agent help you can make the process of buying a house less daunting.
Find out your affordability
Taking this opportunity to assess your affordability by doing an assessment on how much you can afford with your home loan can help you avoid setting unrealistic expectations on what type of house you can afford. You can also use this time to check your credit score to assess if you will have enough room to negotiate a competitive rate. If your credit score is not where it needs to be, you can use this time to improve it.
Protect your investment
Buying a home is not an easy process and the last thing that you want is not being able to seal the deal when it comes to your investment. Always be prepared by doing your research and comparing your options, but it is also important to have something in place that will protect your investment.
Having life insurance in place can give you a better standing when it comes to lenders as this shows that you are prepared and have security in terms of having your mortgage paid off in the event of death. You can get an obligation free quote in a few minutes here. Always remember to do your research, improve your credit score where you can and compare your options before settling.