We are still living in a world where there is a pandemic. Although most countries including Singapore could overcome the hardest period of the Covid-19 pandemic, some countries are still struggling with it. This is where travelling is restricted. However other than travelling, people start looking for new options in their life. From starting an innovative business to investing in new properties, many people found ways to spend their time effectively despite the pandemic. In a similar situation, are you planning to buy your first home? Buying your first home exciting! However, buying your first home during the pandemic should be done with some knowledge in mind. It is simply due to the restrictions we have to face. Instead of physical meetings, we have to rely on virtual meetings and even virtual property inspections. Read more about virtual home tours.
Here are some of the things you need to know and consider in case if you plan to buy your first home during this pandemic.
Understand the market
Before even looking at properties available for sale, you need to have an idea about the market condition. You may even not get an opportunity to view the property physically. Are you ready to ask questions and discuss the buying process through virtual meetings with your property agent? These are some of the things that you need to decide before you proceed.
Know about your financial capability
Are you going to apply for a home loan the same as most homeowners do? You need to know your financial capability before deciding on the property you want to buy. Check your savings to get some idea of how much you can pay on top of your home loan. It is also important to understand the repayment possibilities. You can use a mortgage calculator to get an idea of your repayment options. Other than that, contact your bank and ask about available home loan options. Compare the information you gathered against your monthly income. By doing so, you will have some idea about the amount of home which you can afford.
Check the low-interest rates and government support
After the previous step, now it is time to look for home loans and your dream home. You are going to be a first-time homeowner. Be sure to check for government grants too. Most countries help first-time homeowners with grants and support. This can be helpful for you to buy your first home with available savings and mortgage loan. Be sure to check the eligibility and available schemes.
At the same time, compare the bank interest rates for mortgage loans. With such a comparison, you can choose the most affordable bank for your home loan.
Finally, you have done your homework before buying your first home. Now it is time to call your property agent. Ask him the questions you may have to choose the best option. Then start house hunting until you find your first dream home. I am sure you will end up buying the perfect home despite the pandemic.
