4 Money Saving Tips For Buying A House During The COVID-19 Crisis

If COVID-19 has not ruined any of your future plans, you didn’t have any to begin with. No one anticipated just how off the rails this year would go. For those of us making big life decisions, it has been particularly challenging to navigate the crisis.

This is true both for those buying and selling homes. Finding and moving into a new home right now has become impossible for some and incredibly difficult for others. However, if you are still planning on purchasing a home, here are some tips to keep in mind.

Get pre-approved

Do you understand the costs of purchasing a new home? With the economic outlook having changed, and your own financial realities possibly different too, you will want to understand all fees before entering the real estate market.

It is a great idea to get pre-approved by the bank before looking for a home. This way, you know exactly how much you need to budget for and can look for properties within those boundaries.

Keep in mind that you don’t need to spend as much as your bank is willing to pay. You should make sure that your monthly mortgage payments would fit into your budget, leaving you money for unexpected home expenses.

Negotiate

A listing price is never set in stone, but this is more true now than ever before. With so much uncertainty, many sellers are willing to take a significant cut to get their home off the market. They would rather have money in the bank than hold out for a bigger offer that may never come.

They also understand that almost everyone is strapped for cash and dealing with the uncertainty of COVID-19 right now. No matter how much you have in savings, or how secure you feel your paycheck is, 2020 has shown us that nothing is safe.

Don’t negotiate just for the sake of it – the seller needs the money too – but don’t feel guilty about getting a deal. Today’s reality is that we can all do with as much money in the bank as possible.

Get a home warranty

No matter what is going on in the world, regular home maintenance is always important. However, in this day and age, it is impossible to be certain that you will have funds available when your home appliances and systems are short of a total breakdown. A home warranty ensures you are always covered, protecting you from high out of pocket expenses.

A home warranty covers repairs and maintenance for an affordable monthly fee. Here’s a review of the best home warranties in 2020. It’s important to look for an option available in your area with guarantees, excellent service, few exclusions, and quick response times.

A home warranty also ensures that if you do need to sell the home in a few years, it will have retained its value. In a world as unstable as this, that is the least you can ask for.

Consider your health

Although it may seem obvious, choosing a home that does not put your health at risk is more important than ever. COVID-19 has shown us that almost anyone is susceptible to getting sick, and being vaguely healthy is not enough to keep us safe from viruses.

Homes with poor insulation, a lack of reliable heating options, dust, lead, and so on, can put you at a health risk. This is especially true for families with young children, as pollutants and other factors can create chronic health problems for them.