5 Ways To Prepare For Buying A House After Self-Isolation
Do you want to buy a home once the coronavirus pandemic 'stay at home' orders are lifted? Millions of Americans buy new homes every year, but house hunting in 2020 can be frustrating due to all the changes and uncertainty. The good news is that you have a great opportunity to find the right house for a great deal even while self-isolating at home. Here are a few key moves to make right now.
1. Take Virtual Tours. Many realtors and homeowners can't show you new homes in person. But they are making virtual tours available online. Combine virtual tours with requests for additional photos, long conversations with the realtor or agent, and some online mapping tools to learn as much as possible about the house right from your living room.
2. Boost Your Credit. If you haven't already pre-qualified for a mortgage, make efforts now to increase your credit score. You might focus on quickly paying off existing revolving debt, or a vehicle loan in order to reduce the percentage of your credit use. Check your credit history to ensure that there are no errors or unwarranted blemishes. Report anything that isn't correct. While you don't have a long time to repair big credit problems, you do have time to make a few positive steps.
3. Pre-Qualify. One of the best ways to be ready to buy a house once the lockdown is lifted is to qualify for a mortgage in advance. Most mortgage lenders, like many elements of the real estate market, can do much (or all) of the work online, through telephone calls, and using video chats. Take this opportunity to shop around for the best rates and a lender you want to do business with.
4. Keep Up Your Finances. Many Americans will see serious financial challenges in the new few months, so take advance steps to keep yours in a good place. Protect your down payment, pay expenses in advance when possible, and take advantage of any special government programs to help boost your household or business finances. The goal is to maintain a great credit score, have your down payment available, and have a healthy budget to take on a mortgage.
5. Learn About Pricing. Changes in the 2020 real estate market may result in lower house prices during summer and fall. Be prepared to take advantage of these by familiarizing yourself with the current market and pricing. This way, you can set a realistic budget and know when you have actually found a great deal.
Whatever home you're looking for — from a single-family home to condo to apartment — you'll have more success if you look at your time during self-isolation as a way to learn more and prepare your finances. Then you can start planning your escape to a new home you'll love.
