The high degree of uncertainty we are living through, on account of the coronavirus, brings forward more questions than usual regarding the purchase of a house. Some weeks ago, in this blog we wrote an article about buying a house in pandemic times. In that article, we stated that in spite of the difficult and unstable times we are experiencing, the fact of investing in a house should not be a risky matter. This health crisis has led to many difficulties in the real estate sector but it has also resulted in opportunities to purchase, a situation that may favour some buyers. It will all depend on each personal and economic circumstance. What is absolutely unquestionable is that we are living through exceptional times on account of the coronavirus and that practically everything has changed in the world. Therefore, it is logical that when it comes to considering purchasing a house more doubts than usual arise, because of the economic instability which makes us move with caution in any kind of investment. The great question that arises in the mind of a property investor is whether, because of the coronavirus, a significant drop in prices will take place. According to experts, the answer is no. It is obvious that there has been a price adjustment as regards housing. Nonetheless, new adjustments, in the future, are not ruled out. However, analysts agree on the fact that great price reductions are not to be expected in the real estate sector.

ANSWERING SOME QUESTIONS

Currently, the homebuyer has an unsettling question: what happens if the evolution of the pandemic prevents the deal from completing? Let us imagine that the buyer and the seller reach an agreement but then a rebound of the virus takes place, having a direct influence on the work situation of the buyer who, as a result, cannot deal with the purchase of the house. For such cases, lawyers recommend including a clause in the contract whereby a possible change of scenario is considered, in order to solve the situation so that the buyer does not lose the invested capital of the deal. Another question that arises is: has the virus changed the situation when it comes to undertaking a mortgage? Is the mortgage hard to get? Even though it is true that financial entities review in detail, more than before, the financial standing of the buyer, in general, the situation has not changed regarding mortgage lending. What has logically changed, is the way of serving the public: at present, visits are spaced out to avoid many people gathering there at the same time. Thus, it is indispensable to arrange, by telephone, the meeting beforehand. With regard to the way of viewing property, and the precautions that must be taken, in the blog of Estate One we explained the safety measures that we carry out. Indeed, the buyer must not worry about this issue if he/she goes to a real estate agency that provides guarantees. A serious and reliable real estate agency takes all the necessary measures to avoid possible contagion.

ALWAYS FOLLOWING THE PROTOCOL

When purchasing property, it is unavoidable to visit a notary. In the same way, for Estate One it is inexcusable not to take all the precautions we have mentioned when visiting property so as to avoid contagion (wearing a mask, using hydroalcoholic gel, keeping one´s distance etc.). What happens once the purchase has taken place and the new owner wishes to move to the property? Then the same procedure will be followed; that is, both the moving company and the new owner must follow the same protocol when they intract with each other so as to avoid contagion.