Scott McGillivray On The COVID Housing Market: "Scarcity Drives Behaviour"

What you need to know about the COVID housing market before you jump in.

Tip #1: Real estate choice and WFH

When looking for a property, especially if you’re working from home now, it’s key to find a space for a home office. By doing so a downtown location may likely be less important now given that there may not be much more to do even in an urban area. You may find that a suburban location may function better for you!

Tip #2: Buy within your budget

It may not be the ideal time to get yourself tied up in debt and realistically a long-term commitment in a time of such uncertainty. Therefore, be sure to only purchase a home that is in your price range. If not you can find yourself in a nightmare worse than Covid-19! WI

Tip #3: Buy for the long-term

Your current definition of your dream home may eventually change with time. Think about what you make be looking for for the long-term rather than what works for you in this given time period!

Tip #4: Consider compromising on the dream

Maybe a turnkey home is what you’re looking for, and that’s the dream. But, don’t rule out the idea of buying a home that you can work to turn into your dream home. This gives you the ability to customize things how you want them, and also save some money by putting in some sweat equity. Look for potential in a home you would deem as less than perfect.

Tip #5: Not a bad time to be a buyer

Because of Covid-19, it is not a bad time to be a buyer. Lots of things are changing about the way we live and work, so this could be a good time to buy a home that works for your future. However, keep in mind that with the level of uncertainty at the moment, it may not be the best time to overextend your budget.

Tip #6: Any first-time buyer can attain their dream home

Every home you live in should be your dream home! Especially since your idea of your dream home will definitely evolve over time and throughout your different stages of life. But let’s be real, your dream home at 28 won’t be the same as your dream home at 78!