Real Estate Pointers for Home Buyers in 2021

The Covid-19 pandemic has disrupted our way of life in 2020. People lost jobs, got displaced, and put their plans on hold. As a real estate agent one of the setbacks that I’ve seen is the postponement of plans to buy a home. Now that the vaccines are here, people are starting to get their lives back on track. This includes putting investment plans and home buying in the agenda. Here are some pointers for home buyers and those who are looking into real estate investment at this time.

Real Estate Pointers for Home Buyers in 2021

First let’s take a look at why you need to set your sights on real estate investment for 2021. The real estate industry experienced some decline in 2020 but there is a positive outlook for residential real estate in 2021. The current low interest rate is also something that you can take advantage of if you intend to avail of bank financing. This is encouraging for home buyers who had to put their plans on hold last year. Buying a house doesn’t just address a basic need, it is also considered as a sound investment even during crisis. But just like any investment, you have to be smart about it. Home buyers need to consider the who, what, where and how much in buying a property.

Who will be living in the house? The type of house you choose should fit the needs of those who will live in it. For example, a single unit condominium may work for a couple who is just starting out but not for a family of four. Townhouses or apartment units with staircases may also not be ideal for those with elderly family members living with them. Identifying the profile of family members will help you determine the size and structure of the house that would be best for the family.

What is your purpose for buying a house? The travel restrictions experienced during the lockdown got some people looking into buying a second home for staycation purposes. Those who suddenly found themselves in a work-from-home or home business set-up are looking into a new home with bigger space to accommodate their needs. If you are going to buy a house, at the very least find one that can serve its’ purpose.

Where do you want to stay? Location is a key factor in choosing a house. An ideal location would be one near your workplace and your child’s school. Proximity to hospitals, churches, market, and leisure places are also plusses. If the investment aspect is equally important to you, then look for areas with potential real estate booms in the future.

How much can you afford? Your plan will not be complete without a budget in the equation. Set a budget that you can work on to make sure that you don’t get in over your head with liabilities. The most common financing method that home buyers opt for is a combination of savings for down payment and home loan. You can get a quotation from your bank or loan facility for mortgage options, or use a mortgage calculator that helps you estimate mortgage affordability based on income.

Once everything is all set get your paperwork done. Make sure that you have all the documents required to make your purchase airtight. A professional real estate agent can help you go over the list of documents you need.

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