Nothing beats the excitement of finally owning your dream home. Buying a property is a huge decision that can feel thrilling and overwhelming at the same time. And with a pandemic still in full throttle, many are left asking if purchasing a home is well worth it given the circumstances.
There is no doubt that luxury real estate trends have changed over the years. The pandemic has compelled homebuyers to rethink the features they want in a property and accommodate a growing need to boost health and safety at home.
The coronavirus is not disappearing any time soon, but that doesn’t mean you should give up on your dream home just yet. Buying a property during quarantine comes with unique challenges, but there are steps you can take to stay safe while home hunting without sacrificing the critical home features that you are keen on having.
Here’s what you should prioritize when looking for a new home and the things you should consider — both financially and logistically — as you search for a new place to live in during the pandemic.
Location
Location matters on so many levels. It’s important to make sure that you’re happy and satisfied with the location of your home from the start because it’s the one feature you can’t change. Find a location that fits your and your family’s lifestyle, needs, and budget.
Do your research and look into factors like the quality of the school district, the neighborhood and community amenities, security and maintenance, and even the crime rate.
Buying a home near schools is a wise decision because it boosts the home’s value. Find out all the small yet significant details about the larger community that you’ll potentially be part of — the character of the neighbors, traffic patterns, commute and transport options, community attractions, proximity to shops, restaurants, hospitals, and the like.
Thoroughly evaluating the location of your real estate prospects during the pandemic may be a bit of a stretch but it pays to be patient. Know all the social distancing guidelines and health and safety protocols in the areas where you plan to check on properties.
If you have the budget, you may try to arrange for a private viewing. In most cases, prospective buyers are required to wear a mask and sanitize their hands. Check with your realtors to ensure that the home has been cleaned and sanitized and that common spaces are disinfected. Virtual viewings have also been growing in popularity. Maximize video tours and scour the online world for all important details about your prospects.
Condition, Age, and Overall Value
If you’re in the market for remodeled properties, assess the condition of the home and carefully consider the future. Figure out how much work needs to be done on the property and determine whether the renovations are worth the time and expense.
Don’t dwell too much on the cosmetic details because they are fairly easy to deal with later on. Look out for any issues involving major systems and infrastructure — gutter leakage, plumbing issues, damaged roof, exterior cracks, mold, flooding, and any other damage. Repairs can add up very quickly and can get expensive, so it’s important to check if you can handle the workload.
Factor the long-term value or investment potential of the property into your decision-making process. Location is key to determining if a home will hold its resale value in the long run, but there are other ways to add value like eye-catching kitchens, bathrooms, and open spaces.
Design and Layout
Make a list of your must-haves when it comes to size, storage, and space. What is your ideal bedroom-to-bathroom ratio? Do you want a home with a flexible space and extra bedrooms to accommodate a growing family and lifestyle needs in the future? Or how about a large yard or outdoor space for entertaining guests and for your kids and pets to enjoy playtime?
The garage is also a vital part of the home that gets taken for granted most of the time. Many homeowners use it as a parking area or storage space. You can also customize your garage and turn it into a dedicated workspace, man cave, music room or creative studio, and anything else that you can imagine for your home.
You may also want to have high-end finishes like an upgraded kitchen layout, a large ensuite bathroom, or art and furniture pieces to make your home luxurious. Many buyers value a property that offers enough flexibility to fit their preferences and add flair, making the house look and feel more like their dream abode.
Wrapping Up
The pandemic has caused significant changes when it comes to homebuying procedures — from stricter criteria for mortgages to home inspections, the final offer, and more. It’s best to be prepared to go through lengthy processes.
Social distancing may have affected most aspects of the home buying experience, but there are concrete steps you can take to score a good deal. Just keep in mind the essential features that you won’t compromise on, and you’re well on your way to making the right choice.
About the Author
Serene Yu
Serene Yu is the Vice President of New Manila San Juan, the premiere real estate marketplace for luxury properties in the Philippines. Serene is a well-versed writer and marketer that enjoys keeping up with the latest trends in real estate, interior design, and technology. Outside work she enjoys travelling, cooking, and baking.
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