The global pandemic that’s been raging on for more than one year now surely disrupted a lot of industries and economies across the world. Fortunately, there are governments such as in Australia that have shown tremendous resolve and skilled handling of their COVID-19 response, which led to the dramatic decline in transmissions.
Also, local economies have now slowly recovered and workers who were once furloughed or lost their jobs are now duly employed in many industries. This resurgence in people’s purchasing power means that they can now finance investments and essential things that they had to forego buying when the pandemic started.
For example, those who are thinking of getting home would be happy to know that now is a great time to search for affordable house and land packages in quiet neighborhoods, so they can live in a place of their own. If you’re among these people, then here are five great reasons why you should pursue buying a house right now:
Low interest rates
The pandemic has significantly contributed to the steep decline in interest rates that banks and other lending institutions are putting on home loans. What this means is an altogether lower cost of loans since the interest rates that borrowers must pay are lower than usual.
Whether you intend for the house to be a permanent acquisition for your family or you plan to resell it or turn it into a rental property in the future, you should strongly consider applying for a loan soon to finance the costs associated with buying a house.
If you’re planning to purchase a house from a property developer instead of from a private seller, you’re most likely to see offers that are unusually cheaper than typical market prices. This is because developers are trying to attract a lot of buyers to consider checking out their units and buying them to get the business going amid the crisis.
The bottom line of this is that you’re in a much better position to negotiate a price that is closer to your budget. This will allow you to also have plenty of low-priced properties to choose from, thus ensuring that you’ll have the best sample size possible to score the perfect house for your family.
Flexible payment options
Among the biggest reasons why it’s great these days to consider owning a house is the openness of property developers and lenders to provide homebuyers with flexible payment options. These payment schemes mean that potential buyers can choose the option that is most financially laidback on their end. Ultimately, this makes owning a home much easier during a pandemic than in normal situations.
Supply and demand is your ally
Among the effects of the pandemic is the scarcity of building supplies and the stoppage of construction and property development projects in many countries. Additionally, many workers lost their jobs completely, while others were forced to survive with the salary they earn from reduced hours. This means that while there are still plenty of available housing units in the market, there’s a considerably low demand for them since the workers who are supposed to buy them now have a weak purchasing power to do so.
As such, this puts an excellent opportunity for homebuyers to exploit the generally low property prices before things shift to a point that properties go back to pre-pandemic prices. When the pandemic ends, there will surely be a resurgence in property demands with limited properties available, hence making every unit pricier than it is now. Don’t wait for that to happen if you have the financial means to secure a house today while prices are still within most people’s reach.
There’s enough time to do your research
If you’re among those with plenty of spare time during the pandemic, then that means you can devote more hours to researching your options in terms of available properties and lending institutions. What this will allow you to do is to zero in on the best loan and the best property, so there would be almost zero chance of making the wrong decision, especially concerning a big-ticket purchase.
Keep in mind that you will be paying for the property for many years to come, so be 100 percent certain that you’re betting your money on a winning horse.
With everything that’s said and done, the question now is whether you’ll go ahead and purchase a house or take your time to follow sensible rules in buying real estate. However you wish to approach things, just don’t wait too long since house prices could go up any time soon.