Eventually this pandemic shall become a thing of the past but then all kinds of challenges will be posed for home buyers.
It’s difficult to estimate how much the home industry will rebound but there are a few things we know.
Firstly, the home industry has not collapsed, it’s just gone into hibernation.
It’s not that home prices have taken a hit, nor have they really risen all that much.
It’s the market that has frozen.
That impacts the housing market in a totally unique way.
So for parents that would like to help their children get onto the housing ladder, you might be wondering how you react post-pandemic?
But we don’t really know what is going to occur when the economy fully gets up and running again, which is probably due in a year or so.
We do recommend however that you put your name down as someone who is very interested, for any home that you fancy.
Let the realtor know that you would like to talk about a property they are offering.
If they cannot organize a viewing right now or that they would like to wait to attain true value for the home, just let them know that you would be willing to be the first customer to be given a shot at buying.
Analyze the price
Some neighborhoods will be hit worse than others.
That means that in some cases, where remote working is more viable, such as good internet access, the house prices might go up.
Larger homes will also be better for working from home because the home office will also be larger than average.
So when you are buying a home, always compare the prices, per neighborhood.
You can spot trends in these neighborhoods and they will indicate certain features that only exist in the local area.
It could be the first neighborhood to be fitted with 5G internet, or perhaps, better internet service providers, or better disaster-proof features like local power generators, etc.
Mortgage education
The most important task for parents is to teach their children about all the various mortgage options available to them.
Money is always the most important thing about buying a home, and thus, not getting involved in a property that you know you cannot finance, is crucial to their success as homeowners.
There are joint-ownership mortgages, whereby the lender owns part of the property until you have paid off the loan, but also, family-ownership loans whereby you split the responsibility between you, and guarantor loans whereby the parents become the safety net for the lenders.
Helping your children get onto the housing ladder is a very noble act but it must be done sensibly.
Take the time to educate them about mortgages and study the properties they are interested in before they register their interest.
Our readers found these articles useful: Need a Mortgage Calculator to Learn What you can Afford, Reverse Mortgage Financial Help and How to Buy a Home to Make a Profit.
