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How to Buy or Rent Properties During Covid-19

Written by Posted On Wednesday, 24 June 2020 13:17
How to Buy or Rent Properties During Covid-19
The pandemic that is COVID-19 has directly affected those who are house-hunting or thinking of investing in properties this year. Deals and plans are postponed indefinitely - or worse, are taken off the table. 
 
There is, however, a silver lining in all of this. Renting or buying properties can still be done in innovative and practical ways while practicing social distancing. After all, staying at home doesn’t mean you can’t shop around for a new home or property. You just need to be smart and safe about it.
 
Do Your Market Research Virtually
 
As long as you have a computer and a reliable Internet connection, there’s no reason for you to stop doing your homework. This includes researching seasonal real estate activities in certain areas (springtime is typically the busiest), and how COVID-19 will affect the buying and selling process involved. 
 
For instance, since most families are staying put due to shelter-in-place reasons, this also means that there are less typical moving about associated with school and work. In turn, it impacts different issues such as traffic, upgrading or downsizing one’s home (to accommodate home offices or schoolrooms), or ceasing construction that began before the lockdown altogether.
 
Should the pandemic continue for a couple of months more, it is safe to say that the supply and demand of homes for both buyers/renters and sellers will be severely affected. Homeowners could very well be forced to liquidate and sell their homes and avoid foreclosures or evictions if the temporary moratorium is lifted in the coming months.
 
For the buyer, this could spell out lowered house prices and interest rates. This is where your personal Internet research comes in, especially involving the areas reflecting this trend.
 
Go on Virtual House and Property Tours
 
Doing things remotely has become a best practice for work during these times. That includes working from home, and in this industry, doing virtual house and property tours. 
 
Many real estate companies already feature virtual tours even before the COVID-19 crisis began. It’s a good move to catch the attention of Internet habitues and have them schedule an appointment for an actual house tour for better coordination. Time and effort saved in the process make this a practical option, pandemic notwithstanding.
 
So go ahead and take all the virtual house and property tours you want in the comfort of your computer chair or couch. While you’re at it, make a list of the ones that you think will be a good fit for what you need and are looking for. Go through all the details, including dimensions, price, layout, mortgage options, location, amenities, and other factors before getting in touch with real estate agents for a physical showing.
 
This step is important for serious buyers because it shows your intent and organization. You will need to prepare for your mortgage preapproval, which, thankfully, you can also do online for the time being.
 
Connect with a trustworthy lender to assess your qualifications for a mortgage so they can put together a mortgage preapproval letter for you. At some point, you will likely need to meet face to face to iron out everything. But in the meantime, you can do your homework and check on your credit score to gauge your interest rates and mortgage qualifications. Then you can start preparing your documents and other information, including identification papers, bank and asset statements, income documents, etc.
 
Consult a Reputable Property Manager
 
Once you have a list put together, it’s time to consult an expert. A property manager can guide you through the process of contract negotiations and other nitty-gritty details of house purchasing or renting. This also means more free time for you to deal with other stuff in your life.
 
Though they are essentially the property owner’s partner, a property manager can be your secret weapon in finding the best home match and price for you. A professional and seasoned one will know all about controlling costs and negotiating contracts, plus all real estate management issues. But beyond having an impressive portfolio, look for one who will give you the proper time and attention. Somebody who has been known to adapt to any situation - especially of the economic and financial kinds - should be at the top of your list.
 
And while the following tips are not necessarily real estate-involved, it’s nevertheless good to heed them. Bring a mask or face shield if you are going on a property showing, and always practice safe social distancing. If the agency or homeowners demand certain health-related paperwork prior to a tour, it’s best to comply to keep yourself (and others you will be interacting with) safe and healthy.
 
 
 
 
 
 
 
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Elisha Finman

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