Buying or Selling Your Home After The Pandemic? Here are 6 Tips to Prepare For It While on Lockdown
The real estate market has been put on hold right now due to the effects of the COVID-19 pandemic. Those who were planning to purchase a property or sell their current home had to postpone their plans. However, that doesn’t mean that they can’t make the necessary preparations while on lockdown.
Now is the perfect time to lay your groundwork and get ahead of the game. From getting your finances ready to renovating your home prior to a sale, here are 6 helpful tips on how to prepare for moving homes after the pandemic.
Don’t Panic About House Prices
In this time of uncertainty, it’s difficult to predict the market and forecast what will become of the house prices in the near future. However, the last thing you should do is panic about it.
As the sales figures drop, the house prices will also tend to become more unstable. This may result in a nightmare price crash, but don’t focus too much attention on the price trend. It’s normal for property markets to dip during a period of uncertainty like now, but it tends to fully recover in the medium or long term.
Organize and Assess Your Finances
Now is a good time to do a clean-up on your finances and to check if everything is updated on your credit report.
Check your household bills and look into where you could make some savings. These may be your phone bills or car insurance. You may have reverted onto a higher rate after an introductory price expired or your policy was automatically renewed without you knowing. Assessing your outgoings could give you savings that you can deposit or use to cover some of the moving costs.
By analyzing your credit report, you get a perspective of the debts that you’re trying to pay off. You’ll also be able to check for errors or outdated information, which could affect your score.
Assess Your Mortage Options
The number of mortgage deals has been reduced by half in just a span of a month. This may be caused by two base rate cuts, banks facing a big demand from customers, and prohibition of an in-person mortgage valuation. Rates for 2 and 5-year fixes remain very low, while the average rates have been slowly declining for the past 12 months.
The validity of mortgage offers usually go up to 6 months. However, you don’t need to rush since these deals are not disappearing. Lenders will be enticing the customers with their low rates when the market finally goes up.
It’s also important to find out how much you can borrow. Lenders offer up to 4 and half times your annual income.
Do Your Research
It can be helpful to scout your market. You can find out how much people have spent on their homes in your specific street. Look for listings and sold properties using the “price paid” tool of the Land Registry.
Touch Up Your Current Home
Preparing your home for new owners is pretty important. If you’re planning to sell your home sometime this year, then it’s time to get moving. It has to be in a state that could entice potential buyers. A renovation project may involve simple things like decluttering or touching up faded paint. However, some houses may need an overhaul. For now, focus on the smaller improvements and avoid spending too much money.
Calculate the Moving Costs
There are a lot of costs involved in moving homes including estate agents, surveyors, conveyancers, and removal companies. Estimate the costs of moving houses and assess what aspect you’ll be needing a professional who can help you. Make sure they’re giving you a good deal, though.
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