If you’re currently looking for a home to buy, it’s important that you make sure you’re protected against COVID-19. Buying a home is a huge undertaking, one that can be quite stressful at times. But when you add the stress of dealing with a pandemic, it becomes even more nerve-wracking. Due to this, many potential buyers will put their plans on hold until the pandemic is over. But if you still want to move forward, here are some tips to help you navigate the process during COVID-19: 

Define Your Priorities

Sellers are currently being very selective when scheduling showings of their homes out of concern for their health and that of their family’s. This means fewer in-person viewings, so you need to clearly define your priorities. Once your Realtor knows exactly what you want, he/she can schedule showings of homes that only meet your criteria. This avoids wasting the time of everyone involved. So, you need to decide what’s really important to you in a home before starting to look.

Do Not Take on an Excessive Mortgage

Due to the unpredictability of the U.S. economy right now, and the threat that this could go on for quite some time, it would be very risky to overextend yourself on a mortgage. Are you sure you won’t lose your job as the economy continues to struggle? Should that happen, the last thing you want is to be stuck with mortgage payments you have no way to pay. The lower your monthly payments, the better.

Do Not Deplete Your Savings on the Down Payment

Under the best of circumstances, it would be very risky for anyone to use up their entire savings on a down payment for a home. It would even be riskier to do that during a recession, which is what we’re in now. Make sure you have enough of a financial cushion to support your family for a good six months, should you suffer a loss of income. Also, if you are a first-time buyer, you may have no idea how costly it is to maintain a home. This is another reason why you need make sure you have enough in the bank to manage your financial obligations.

Prepare for Heavy Competition from Other Buyers

Due to the pandemic, a lot of potential sellers are waiting to list their homes until the health crisis is over. Some just do not want all the hassle of disinfecting their homes after showings. Others, just want to maintain stability during these tumultuous times.

The upshot is that there’s a limited amount of inventory on the market, making it a sellers’ market. Therefore, if you were planning to find a home to buy in the next few weeks or months, you could end up in a bidding war with other buyers that causes you to overpay. Is this a risk you want to take right now?