Should I buy a property during the COVID-19 pandemic or wait ?

When is the best time to purchase a home? Should I wait or buy a house during the COVID-19 Pandemic? Many people have asked these questions since the Coronavirus pandemic outbreak. This is the kind of question I answer for Credit Hub clients. It’s not easy to decide whether to buy now or wait, especially in the context of property purchases and COVID-19.

It’s a lifetime dream to own a house. However, as this is a significant investment and commitment, it’s vital to research and consider all factors. In this time of uncertainty, it’s not surprising that investors and first-time home buyers have started to get cold feet.

The impact on the real estate market

Our property market will not be immune from the Coronavirus’ economic fallout. However, I don’t believe that this means property values will plunge. Property experts believe that the value of the home may drop a bit in the coming months. Yahoo Finance: “The evidence to date, including the most recent auction clearance rates and price data, indicate that the property is holding up in the face of the virus crisis.

Should I purchase a home during COVID-19?

When everyone runs around, thinking that the world will end soon, it’s natural to be confused and in a panic. You may also find it hard to decide to buy a home now. The current uncertainty may present a good opportunity for buyers. Albert Einstein once said that “in the middle of every crisis lies a great chance.” For those who are ready and willing to purchase, the time is right. You will be able to get historically low cash rates, lenient loans, as well as many other offers and deals from builders, banks, and developers.

When am I ready to purchase a property?

Those who are prepared will buy at the lower end of the market. When determining if you are ready, it is important to consider a few factors. Your financial situation is the most important factor.

  • Be sure to have enough money for the downpayment.
  • You should have a stable job and a well-organized financial plan. This will allow you to afford your mortgage payments on a long-term basis.
  • You should have an emergency plan to ensure that you can afford your mortgage if anything goes wrong.

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