The coronavirus pandemic has fundamentally changed the situation in the real estate market. The owners of the shopping mall and office centers suffered significant losses due to the cessation of the activities of small and medium-sized enterprises. In fact, owners of the residential premises began to reduce rental prices for apartments and houses due to mass layoffs and lack of funds from tenants.
Along with the problems that have arisen, several interesting opportunities have appeared related to the acquisition of real estate at a reduced price. The owners of land, residential, and non-residential premises began to sell assets in droves. Real estate located in the city, began to bargain with a significant discount (10-20 %). Investigators acknowledge that the epidemic has made prices in the real estate market unstable. At the same time, the owners are in no hurry to contract apartments because of a potential reduction in the wealth of customers. They are waiting for the virus to decline, and the economy will recover.
Key Tips to Get the Best Deal on Residential Property
Coronavirus has created uncertainty in society and in the economy. In conditions of falling demand, investments and sales become less profitable. Dismissed employees or those who have lost part of their salary, or are completely afraid of uncertainty, will not risk buying an apartment. Accordingly, construction companies will begin the hunt for every solvent client. For instance, for better consultation, you can contact the real estate agent in Bangkok or other countries.
So, what you have to do to get the best deals on residential property amid the coronavirus pandemic. Let’s have a look at the following.
Consider your Financial Capabilities
Whether you are ready to move right now or make the first step towards purchasing home, you must consider your financial capabilities. As you know, economic problems arise due to coronavirus. And at the same time, you may also suffer from some financial issues or worry about losing your job. Therefore, it would be good if you postpone the idea of moving or buying a home. Obviously, it is a needs-based approach that you must think about before buying any house during this pandemic.
In case, if you are going to buy an apartment during quarantine, then you should not break the law and violate the instructions of the authorities. Currently, all transactions for the purchase and sale of construction projects have switched to the online format. Realtors strive to minimize personal contacts with customers and prefer remote communication. Real estate agencies offer clients to study the layout of apartments via the Internet.
Use the Services of Electronic Sites
There are a number of people that are still demanding for housing under construction. Under the state program, the buyer of the apartment will be able to apply for a housing loan at 6.5 % per annum. If you decide to apply for a mortgage, then you can use the services of electronic sites organized by credit organizations. The customer can book through a remote service housing in the secondary market or in a new building. A personal manager is connected to the application support, who answers the questions of the potential borrower and accepts a package of electronic documents. If the loan is approved, the manager sends the client a mortgage agreement and a contract of sale.
Have Look at the Competitive Market
While looking for the best rates in this real estate competitive market, it is recommended that shop at least three to five lenders and get preapproved for a mortgage before you start looking for homes. According to authorities, the program should increase the volume of mortgage lending, because due to quarantine the number of transactions decreased several times. Lower rates will lead to a temporary increase in housing demand, which will support developers. Realtors get out of the situation by organizing online broadcasts and remote negotiations between the parties. So, keep yourself updated with the competitive markets’ prices and deals. But, keep in mind that the leaders are also fighting with the effects of COVID-19, so maybe the process moves slower than normal.
Keep yourself updated
Be prepared for the process that looks different from business-as-usual. A good investment is making cool decisions. The source of uncertainty will always be different but well-functioning investment processes are designed to cope with this. They allow you to impartially seek opportunities regardless of the conditions, and also imply the choice of a long-term strategy and its implementation. Therefore, It is recommended that keep yourself updated with the state and local regulations. So, make a wise decision while purchasing or selling a home during such a critical situation.
Make Inspection of Houses
If you decide to buy an apartment during a pandemic, then you should be careful. Remember that a remote inspection of the premises will not replace an in-person visit. You may miss important details that the seller will not show during the video broadcast. Also, do not forget about fraudulent activities with electronic signatures and digital documents. Real estate is best purchased through a well-known real estate agency or brokerage company. In this case, you minimize the risks and can profitably invest free cash.
Go Through Agreement Documents
People can send all papers and documents to a personal manager or realtor. They are highly experienced and can handle the process and correct them if any mistake occurs. Registered documents will be emailed to the parties for the transaction and then the calculation between the counterparties will happen. In remote mode, you cannot only conclude a mortgage agreement but also an agreement that insured the life and health of the borrower and co-borrowers.
Whether you want to purchase a Thai property or another, it is recommended that you follow these above-mentioned tips while making a decision in the real estate market during this pandemic. In addition to economic indicators, psychological factors also influence the real estate sector. After the pandemic, many will reconsider their attitude toward housing. For example, someone will decide that they need a balcony. Meanwhile, others will choose a three-ruble note with small rooms instead of a spacious yard so that everyone has an isolated personal space. By the end of the year, it will be possible to talk not only about quantitative changes in demand but also about its qualitative transformations.
Author Bio: David Lane is working as a Realtor for Thailand Property – Which provides buying property in Thailand services to foriegn clients. Being a realtor, his exceptional knowledge of the market helped him a lot in selling properties all over Thailand. He has a passion for writing and loves to share his real estate related knowledge with people.
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We hope you found this blog 6 Tips for Residential Property During Covid-19 useful. Check out Impact of COVID-19 on Real Estate Industry for more helpful tips.
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