A Quick Guide To Buying or Selling Property In Pandemic
The current situation of a pandemic has affected almost all businesses. Due to uncertainty and the new rules and regulations imposed by the state, have made it difficult for industries to cope up. The Covid-19 has also impacted the commercial real estate market. Thus buyers and sellers are flooded with numerous worries. Is investing in real estate advantageous at this time? Will the government restriction impact my sale?
On the other hand, being locked up inside the house has also raised certain questions in the minds of people. Whether the current living space is comfortable for our family? Isn't a little more space required for children to enjoy? So despite many limitations, the real estate market is slowly and gradually bouncing back. So if you are considering selling or buying a property now, follow these simple tips.
Tips for buying and selling a property.
Setting priorities:
Buying a property is always exciting. But the pandemic has led to a certain deviation in shopping around for a residential property. To simplify your hunt, enlist your priorities regarding the type of house, location, and price. This would shorten your search on various Google sites. If various housing website doesn't appeal you then personally drive or walk around to get a feel of a certain area. If a property enlisted on the Google site fits your choice then check out the surrounding area through Google map. The property should be in close vicinity to the market place, hospitals, schools, and other places of daily need. Also, it should be well connected to roadways and railways for an easy commute to the workplace.
As a seller, you can market your property by listing the videos on various websites and social media to attract potential buyers.
Hire a good real estate agent:
Keeping in mind the current situation of Covid-19 various states have laid strict rules and health protocols. Thus rather than navigating alone hire professional commercial property management service providers with thorough knowledge about the present scenario. And benefit in securing your dream house without any hassle.
For those intending to sell their property, hiring a real estate agent is again a better option. Use editing tools to create good videos of your property and send them to your agent. Who in return will showcase your property to different buyers in a better manner by organizing Zoom and Google-meet. Also, he will satisfactorily answer the different queries of the buyer.
Virtual viewing of Property:
Personal viewing of property is not recommendable during this situation of a pandemic. Commercial property management service providers will shortlist the property as per your priorities for virtual showing. Thus you can tour the different houses safely from your comfort zone. But, if a certain property appeals to you and you want to inspect it personally then you can do so with the required precautions.
Wear a mask,
Maintain social distance,
Sanitize your hands before and after entering the house.
Have a small and quick tour without touching anything.
As a seller, get a health document signed by the buyer and agent if personal viewing is requested by the buyer. Keep your property well maintained and clean. Also, keep the doors open and switch on the lights before the buyer's arrival. Sanitizing the entire house before and after buyers viewing is highly recommended.
Make proper financial planning:
Before making a final decision keep your finance ready. You might resort to use your own hand saving for funding your property or disinvest your investments. If not, you can resort to borrowing funds from financial institutions. Be clear about the down payment and EMI's you intend to pay. In the current pandemic, all financial institution provides a contactless solution such as easy online application and quick approval processes, so make use of it.
Closing the deal:
The pandemic scenario has made the human-race embrace more technology than before. Both buyers and sellers should opt for video conferencing for all conversations. After the property is approved and terms are finalized send the contract electronically for signing. Also, funds can be transferred using online transfer methods. If completion of legal formalities requires a personal meeting with a lawyer then it should be done keeping in mind the health protocols viz. wearing an N95 mask, gloves, and sterilizing pen and paper before and after signing.
Summing it up:
To put it in a nut-shell, as a buyer or seller if you are still skeptical about the entire property investment process then all you need to do is take professional help. GW Partners, the most trusted full-service real estate agents will help you settle a deal in a safe and distanced way without any kind of hassle. Feel free to discuss your matters at a virtual coffee with us.