Buying house in Coronavirus times: Is it a good time?

4 minutes

Drafting

Tracuator

The coronavirus has changed our way of moving, buying, having fun, relating and even working.In short, our way of living.No one knows for how long, but the fact is that in this rare "new normality" we are forced to do many things differently from how we did them before the pandemic.A reality that the real estate market does not escape.Because COVID-19 has also brought changes to the housing sector.And not only in relation to construction or a possible price drop, also in consumption habits when looking for a new home, with new preferences and needs of buyers.

And it is that the acquisition of a home is a vital decision, which should not be taken lightly-and less in context marked by a pandemic and an economic crisis of uncertain duration-since it will affect your economy in the coming years.However, as can be seen from the last consumer confidence rate published by the CIS, corresponding to November 2020, the pandemic has not affected the intention to buy housing in our country.7.4% claimed to have plans to buy a home next year, two tenths more than in November 2019.Therefore, if you are one of those who has decided to embark on this adventure, you have to know that buying a house in Coronavirus times is possible and, in addition, doing it in a safe way, without putting your health at risk.

In this sense, the phases of purchase of a home have not changed, but the COVID-19 and the safety and hygiene measures that have been imposed to stop it have forced the real estate sector to reinvent themselves and introduce changes in the sale process.And it is that care and precautions are never too many in the time of pandemic.

Desde Tracuator, te mostramos qué pasos seguir y te aportamos una serie de consejos para que superes con éxito la compra de una vivienda en tiempos de coronavirus.

Analyze your circumstances and the operation

Can you really buy?This question is not a novelty and you had to do it before the pandemic.However, given the current circumstances, it becomes more relevant.To answer this question, analyze your employment and economic situation and prove that it is stable.Before throwing yourself at the purchase of a home, you should examine your short or medium term prospects.We are in a moment of uncertainty in which the temporary employment regulation files or the reductions in working hours and salary are the order of the day.Study the circumstances of your company, in case these measures can affect you in the near future.

Calculate the budget

The calculation of the budget for your future house is the same as in old normality.Because your financial situation remains a fundamental factor that you have to take into account before throwing yourself at the purchase of a home.In this sense, you must take into account which budget you accounts and adjust to it.And if it was already important, now it is more.You can even consider adjusting it to maintain a security zone.In any case, you must calculate what expenditure level will the operation mean and study if you can assume it.

If the answer is yes, you must calculate what savings you have to pay the entry and sale expenses.And if you are going to ask for a mortgage, the maximum amount you will grant to you will be 80% of the price of the house you are going to buy, so you will need to have this 20% money and calculate that around 10%more to deal with the expenses of the sale operation and the hiring of the mortgage.

Define your needs well

After the state of alarm and the weeks of confinement, many habits have changed and also the needs and preferences when choosing a home, giving more value to some aspects that you did not consider before, such as having spaces to work, areasexteriors such as terrace or balconies, natural light or its energy efficiency.Therefore, you must identify what characteristics you want your new home to have and look for one that fits them (or approaches as much as possible), yes, without passing the budget you have marked.

In search of the best house

It is clear that buying a home is a very important decision that will condition your next years, hence it is essential that you choose the best house for you.To do this, it is normal to see it, go and check what your sensations are in it.Before the pandemic, you would surely visit more real estate than you were interested in, to convince you that you are making the best decision.But, with Covid-19, that has changed.With which, the first thing you have to do is a list of those homes that fit what you are looking for and your budget.To do this, you can use the different real estate portals that exist or the website of real estate agencies, promoters or construction companies.

Once you have selected the homes that fit what you are looking for, analyze their characteristics well and make a virtual visit to each of them.Real estate have had to adapt their work routines to the new normality and, in this sense, the digitalization of the sector has been key.At present, Internet puts at your disposal different digital tools that will allow you.Another option is the possibility of making a video call.Performed this exam and selected those that really interest you, you should make a face -to -face visit.

The visit to the house

To buy a house it is necessary to see it.However, face -to -face visits to houses are another point that has conditioned the coronavirus.You should avoid unnecessary meetings and those you do, either with the seller directly or with a promoter or real estate agent, you have to do them fulfilling a series of safety and hygiene measures, in line with which you apply in the rest of your daily activities (mask, safety distance and hand cleaning).

In addition, you must make the most of each visit, looking good at the most important aspects.Points all the doubts and issues that arise, and then transfer them to the seller or agent by phone or video call.The shorter your exposure time, the less contagion options you will have.In addition, the seller should prevent other visitors and ensure that the house is well ventilated.

‘Clausula Covid’ in the AIR contract

After all these steps, you have finally found the house that you want and it is time to sign a contract of AIR.This private agreement allows you to reserve the house advancing an amount of money- in signal concept- until you get the necessary financing to acquire it.The seller undertakes not selling the house and you buy it.Of course, the resignation of either of the two will have different consequences that you must know.

But what happens if a regrowth of COVID-19 prevents you from completing the purchase?Pandemia is modifying social and economic reality every day and, in this context, the real estate sector is introducing changes in the ARRA contracts, including the so -called 'Covid Clause', which allows you to extend the deadline to formalize the transactionAfter the date established without any additional charge, in the event that you find an unforeseen assumption derived from the coronavirus that prevent you from making it effective.

Ask for the mortgage

It is time to seek financing, which is usually the most relevant step after the choice of housing.Although, today, virtually all process procedures can already be done with the same agility as before the pandemic began, most entities offer information and advice via digital, telephone or face -to -face.At a sanitary moment like the current one, it is recommended.You can even send an online application to know if the bank would grant you the mortgage.In the event that you prefer a face -to -face meeting, you must arrange an appointment.

Además, para facilitarte la búsqueda y encontrar las ofertas de hipoteca más atractivas del mercado sin salir de casa, puedes utilizar el comparador de hipotecas de Tracuator.In a matter of seconds you will know the details of the mortgages that best adapt to your financial situation and, in addition, you can use your advice service and clear your doubts about your mortgage.

Signing of the mortgage and writing

Approved financing, you are one step away from closing the acquisition of your new home.Only the signing of the deed of sale and that of the mortgage remains.At this time appears the figure of the notary that, as established by the new Real Estate Law, will have ten days - before the firm - to advise you on any questions you have about what you are going to sign.The notary must ensure that when you ask for a mortgage you know the terms, what you imply and that you understand well what it puts in the mortgage loan.This procedure remains face -to -face, just like that of the signing of the Scriptures.

But you should not worry.From the General Council of Notaries they have stressed that the minimum security distances will be guaranteed in any visit or appointment and both in the access areas to their offices, as in the waiting and attention places to the public.

Find the best such as

Find the best such as

Drafting

Tracuator

Share it in networks!