The COVID-19 pandemic has completely changed how the world operates. If you were planning to purchase a home, does that mean that this important life milestone has to be put on hold until it's run its course? Not necessarily.
What You Need to Know When Buying a House During COVID-19
The logistics of purchasing a home during the pandemic have changed. Knowing what to expect can help the transaction go more smoothly and help make the experience better for you.
Take Stock
The coronavirus has upended many people's lives to the point where emotions are running high. Before taking the step of buying a home, take stock of your own life.
It's no secret that while purchasing a home is one of the most exciting milestones, it can also be a stressing process. When coupled with the stress that COVID-19 has brought on, be sure that you are prepared for the hiccups that are likely to occur.
Social Distancing
Social distancing mandates put into place by the locality where you're interested in buying a home will dictate much of this process. These will determine things like whether you'll be able to tour a home in person and who is able to accompany you. In many cases, you'll likely need to use virtual options in order to tour a home of interest.
Social distancing will also shape the closing process. For example, instead of meeting in person with a real estate agent, it's likely that the entire process will take place online.
Buying Procedure Changes
Your ability to tour a home in person isn't the only thing that has changed because of the COVID-19 pandemic. While both you and the home seller -- or their representative -- would often have a great deal of contact and face-to-face time during the home buying process, expect much less of that during this time.
The home inspection is a good example. Previously, both you and the homeowner would be present as the home inspection performed their duties. Instead, a more likely scenario these days is of the home inspector would on their own.
Once they've completed the inspection, you'll probably receive a report via email. This report typically contains videos and photos of their findings, explanations to back them up and possibly suggestions.
Coronavirus Clauses
The coronavirus has also changed the timeliness of the entire home buying process. Previously, there were strict deadlines in place for each phase.
Because of the uncertainty that the virus presents in every aspect of life, however, it's more likely that both you and the seller will include coronavirus clauses in the contract. These are aimed at providing more leeway in terms of deadlines in the event that certain items, like appraisals, can't be completed as rapidly as they could in the past.
Now that you understand some of the changes that the home purchasing process has undergone in order to accommodate the coronavirus, you'll be more prepared.
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