Delaying Your Home Purchase due to Covid-19 (Coronavirus)? What to Do While You’re Waiting

Published On: August 18, 2020|Categories: Buyers, Buying Tips, Covid-19 (Coronavirus), First Time Home Buyers, Home Buyers, Jasper IN Real Estate|Tags: Coronavirus, Covid-19, Covid-19 (Coronavirus), Covid19, First Time Home Buyer, Home Buyers, Home Buying|

There are many people who want to make the big decision to buy a home but haven’t begun their search because of the Covid-19 pandemic affecting everyone across the globe. There could be financial issues holding you back or fear of coming in contact with someone that may have Coronavirus while out shopping for a home or maybe there aren’t many of homes on the market to choose from, or you want to save up a little more for a down payment.

Whatever the reason for putting off your home purchase, you can take the time before you start the actual search process to prepare and plan. It could be valuable time spent truly considering what you want in the next home and coming up with a definitive wish list. The better prepared you are, the more you will enjoy the home you eventually buy.

If you’re delaying a home purchase, here’s how to build your wish list while you’re waiting.

Pick apart your current home

Whether you’re upsizing, downsizing, or making a lateral move, there are likely things about your current home that you like. There are also things you probably dislike.

While you’re making a wish list for your next home, it can be powerful to carefully consider what you like and dislike about the place you’re living in now. If you can come up with an honest critique of your current home, it can help you know exactly what you want to include in your new home and what you want to avoid.

If you have a growing family, then you might want more bedrooms. That’s fairly obvious. But also evaluate whether you have enough space in general. Carefully consider the floor plan and how your house flows. Does it work functionally for you? Is there enough storage space?

It might be helpful to write out a list of all the things you like about where you live now and what you dislike. Jot down every little thing, and then maybe even pick out what your favorite and least-favorite features are. A complete and true assessment of your current situation will go a long way in building a wish list for your new home.

Consider the location

Homebuyers sometimes fall in love with a house so much that they de-emphasize the importance of the area they’re moving to. Such a situation can contribute to buyer’s remorse.

A house you fall in love with isn’t the ideal house if its location suddenly makes your life less convenient or more stressful. If you want to be close to public transportation, or want to walk to the grocery store, the outer suburbs might not be perfect even if a house is. If you want privacy and a large wooded lot, then living in a larger city probably won’t be your thing.

It’s important to take stock of school systems, access to health care, shopping locations, and dining and entertainment options when you’re considering an area. You can change a lot of things about an existing home, but one thing you can’t ever change is its location.

Think outside

Thinking about only the interior of a house is a mistake some homebuyers make. Just as you might consider the neighborhood your dream home is in, you should also think about the lot that it’s on.

First-time homebuyers who’ve never mowed a lawn or weeded flowerbeds can be in for a rude awakening if they’re suddenly in a home on an acre or two. Conversely, someone who loves gardening might truly miss it if they move somewhere with no space for a garden. Buyers who love an actual house might say, “Oh, we’ll figure those things out.” But they don’t always figure them out.

When you’re building your wish list, you can also think about how you want your yard to function. Is there room for a patio or deck? Would you want a swimming pool? Can it accommodate that outdoor kitchen you’re dying to build?

The bottom line: A home purchase can be the biggest purchase you’ll make in your life. While waiting to begin actively searching for a home, you can use the time to really nail down what you do and don’t want in your new home. The delay could help you build the best wish list possible.

Are You Thinking of Buying a Home in Dubois County?

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