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May 14, 2021

What You Need to Know Before Buying Property During Pandemic

Buying a property during pandemic is risky, stressful, and challenging. We make the whole journey very easy for you and your family with our streamlined process for buying your dream home

Why Buying a Property During Pandemic is Risky

Many countries are on high alert because of the pandemic. A year into the pandemic, we are all still trying to adjust to this new lifestyle. Pandemic rules and restrictions have impacted the real estate market based on the city you reside in. In Toronto and the GTA, the COVID-19 periodic and unexpected lockdowns have made things very difficult for those who want to buy properties. Obviously, it is risky to purchase a property during a pandemic because of several factors, such as:

  • Low inventory of properties
  • Confused stage for homeowners about buying properties
  • Fluctuating interest rates 
  • Mortgage lending restrictions

What You Need to Know Before Buying Property During Pandemic

When it comes to buying your dream home, don't let emotions get in the way. You want to make sure you're making a smart decision, which means spending time researching the market value and house prices in the area.

Don't fall into a trap when purchasing a property during a pandemic. It's essential to make your decision based on the written details of the contract. Don't get seduced by advertised promotions from the builder or a pushy real estate agent, where fine prints and unexpected surprises can hurt you financially. Ask questions and clarify details before signing off on anything.      

The Right Way To Buy Property During Pandemic

  • Assess Your Financial Situation: Before you start planning to buy a property, asses your current financial situation. It's essential to know how much debt you can take on and how much you're spending every month. Think about what you can afford based on your current assets. This will make it much easier to determine what the next step should be.
  • Define Your Dream Home: Finding a new home is something that should be exciting for you. Start by defining what you want for your new home. Define what you need and want. Consider what makes you happy and purchase a property that fits those needs. When you and your family are happy, you'll be so much more comfortable in your new home
  • Think Long-Term to Reap the Future Benefits: A long term investment is the way to go. When it comes to buying your next home, you want to make sure you get it right. Just think about how much more money you'll make when you sell it down the line! You want to find the perfect neighbourhood or location for your new home because the location can make a huge difference in price when you decide to sell. It’s important to think long-term and invest in the right neighbourhood or location to reap the future benefits!
  • Hire an Experienced Real Estate Agent: Hiring an experienced agent will make a huge difference when it comes to buying your dream home. A seasoned and knowledgeable estate agent will make your home buying process easy. You won't have to worry about the pitfalls because they know what to watch for, and they'll get you the best deal. They'll also make sure that you find a home which you love. Getting the right help will be the best decision of your home buying journey!

Conclusion

During the pandemic, buying a home may be the only available option for you. Well, you don't need to worry about the next step. Sam Galloway makes the entire journey very easy for you and your family with our streamlined dream home buying process. In fact, he has been very busy during the pandemic helping home buyers get their dream homes. Book your free consultation and home evaluation today. Don't forget to download the free guide for home buyers on our website!

"Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world." - Franklin D. Roosevelt, U.S. president

 

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HomeLife/ROMANO Realty Ltd., Brokerage
101-3500 Dufferin Street, North York, ON, Canada M3K 1N2
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