4 Ways To Search for Property During Pandemic
The COVID-19 pandemic has turned our world upside down. From the old normal where you can pretty much do anything you want and go wherever you want to go, suddenly you have to adapt to the new normal where the first order of business is safety.
That means quarantining at home, and in case you need to venture beyond your front door, you have to wear protective gear to keep yourself and others out of harm's way.
After more than a year of the new normal, you have probably gotten accustomed to the way things are now. But that should not be an excuse for you to be complacent, especially when it comes to your financial plans.
For instance, there's no need to postpone the expansion of your investment portfolio. If you have sufficient money saved for a downpayment, it is as good a time as any to purchase real estate.
After all, the pandemic's not ending soon. While herd immunity is in the offing after enough of the population has been inoculated, it does not guarantee the total eradication of the COVID-19 virus. There's no point in biding your all too valuable time.
But first, you need to partner with a competent real estate broker in the Philippines. Also, you may want to follow these recommendations on how to search for a property while under a pandemic.
1. Maximize video tours
You do not have to risk your safety to search the real estate market for viable investment opportunities. Realtors have become crafty in response to health precautions brought about by the pandemic. Now, they conduct video tours for potential buyers.
Make the most of these virtual property tours, at least to weed out offers that don't appeal to you. Once you've narrowed down your options, you can schedule an actual property tour.
Request for your realtor to follow strict safety guidelines and protect yourself by wearing a face mask at all times and bringing 70% rubbing alcohol.
2. Do not dismiss fixer-uppers
Just because a property looks like it needs some serious repairs does not mean it should automatically be crossed off your list of viable options. That's most true if you are in the market to turn a profit from your purchase and not for a primary or secondary residence.
You can easily flip a fixer-upper. You might be surprised with how certain repairs could vastly appreciate the selling price of a house. Something as minor as a new paint job could do wonders on a property's market desirability.
Just make sure you study house flipping first before pursuing it full time. There are inherent risks to this business model, too.
3. Trust your gut
The pandemic has led to a widespread loss of employment. To cite an example, many seafarers have been stranded on land for more than a year. Some of them had to give up properties whose monthly mortgage they could no longer afford to pay.
That means a bargain deal is out there. It will likely come from a seller who's strapped for cash. You just need to know where to look. Once you spot what seems like a lucrative investment, trust your gut and make an offer fast. Remember that you are competing against many buyers, some of them seasoned real estate investors, and you can't afford to be derailed by indecision.
That goes without saying that the whole process should not be rushed if there's no valid reason to. The key is to have a flexible timetable, one where you are ready to make an offer tomorrow if the property warrants such or in the next two months if nothing tempting comes along.
4. Look into the possibility of remote transactions
A real estate agent worth their salt knows how to adjust to the needs of the times. For example, they will find ways to allow remote transactions if a buyer is afraid of going out for when papers need to be checked and signed.
Ask your realtor if, for instance, there's a chance for online notarization of pertinent purchase documents. Keep in mind that once you decide to close a deal, you will have to gather several papers from different offices. A competent agent will make the process easier and safer for you.
Find a property, even amidst a pandemic
Pandemic or no pandemic, your financial security should be of the utmost priority. Every opportunity you get to expand your investment portfolio, you must grab with an equal dose of care and audacity.
The former you pull off by following pandemic-related safety guidelines, doing ample research, and working with the best agent in the industry. The latter you accomplish by simply believing in your instinct as an investor and knowing that, at the end of it all, any kind of investment is all about taking informed risks.
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