Buying a home during COVID-19: Is it a smart move?

The year 2020 has brought in great uncertainties. The still raging coronavirus disease (COVID-19) pandemic has reduced people’s mobility and threatened their health and job security, among others, with some are left wondering if now is the right time to purchase their dream home.

The effects of the pandemic on one’s ability to make that investment are worth pondering upon and should be thoroughly considered before embarking on this venture. However, while it may look like home purchasing is not yet practical during these times, it can actually turn out to be a good move.

One reason is that, ever since the pandemic began, real estate prices have considerably gone down. Homebuyers can scout for incredibly affordable deals that are not previously available a year ago. Sellers have also been taking advantage of the slow market activities to look for new residential homes being sold in premier areas at competitive rates.

Low home loan interest rates are another reason to factor in when making a decision. Capitalizing on record-low rates enables homebuyers to enjoy great savings in total interest payable.

There are many silver linings to find during this pandemic. A lot of people are now more than willing to stretch their budget a little further if it means owning a safe and secure property during this trying period. When buying a home, what is critical is that all pros and cons are weighed in to ensure that it is the right path to take at this moment.