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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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What Our Clients Say

  • "Don’t even want a gift card, Sam Galloway is absolutely unreal. I’ve done 2 purchases with him and he’s gone above and beyond both times. Being someone who has zero knowledge on home buying and the finance stuff around it (even still), I have full trust in his home buying and he has helped me find places I love at incredible prices...."
    DARRA NAIMAN
  • ""I’ve been getting your postcards in the past, so when the time came for us to sell and buy a house, I convinced my husband to try your home selling system. You are big in the area and I see your for Sale signs everywhere. My first surprise came when you showed up in person. I honestly thought that you would delegate our house to someone else on your team while you focused on more bigger houses Once again, I am glad to have been wrong...."
    FRANCIS G
  • "Buying and selling a house is a big decision and largest investment of your life. Sam allowed us to do both with extremely good. He exceeded our expectation from a real estate professional. We highly recommend Sam’s services."
    MARGARET PATTERSON
  • "I recently sold my house with Sam and while this can be a very stressful process, I felt 120% confident by partnering with Sam. He was candid, provided great feedback, & explain clearly all details. He managed the actual sale negotiation brilliantly. In addition, he was extremely responsive at all times. As I move forward to now with buying my next house, I am certain Sam will be the right partner to help me with this process."
    SUE LEUNG
  • "We highly recommend Sam! He helped us find and navigate the purchase of our first home. We made our offer while he was out of the country, on vacation, and he still made sure to keep in contact with us and keep us in the loop."
    MERRY C
  • "A true professional. If you want someone who will negotiate the best deal for you I strongly recommend you speak with Sam. His experience and negotiating skills are second to none. If you want a great real estate transaction you have to work with a serious real estate agent."
    SEAN SMITH
  • "I have had the pleasure to work with Sam to purchase my first condo in Toronto downtown. Sam has extensive knowledge about Toronto real estate market, which has helped me, an outsider who would otherwise have struggled through the entire purchasing process."
    MIKE CLARKS
HomeLife/ROMANO Realty Ltd., Brokerage
101-3500 Dufferin Street
North York, ON, Canada M3K 1N2
416-786-4519
Office: 416-635-1232
The first step is a consultation (virtual or in-person-at-a-distance) to discuss your goals.
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