Three Tips if Covid-19 Put Your Homeownership Dreams on Hold

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Three Tips if Covid-19 Put Your Homeownership Dreams on Hold

Covid-19 has put a lot of plans on hold in 2020. If your plans involved buying or selling a home, giving that up, for now, can be a big disappointment. We hear you and have some tips to share on how to deal with it.

1. Give yourself time – then plan again

First, don’t minimize the effects of the pandemic on your life. Allow yourself to grieve for the life you’re missing and the plans you may have had to change. Then, take this opportunity to make changes that can make your investment even more suitable for your new situation.

2. Re-evaluate your wish list

One potential silver lining is that a delay could turn out to be a chance to re-evaluate what matters to you in a house. If your daily life looks different now than it did pre-pandemic when you originally created your wish list for a new home, does the list need to change as well? For some homebuyers, priorities have shifted. Has outdoor space for the family moved higher on your list? Living space indoors for games and movies? A quiet spot to study or work? Meanwhile, maybe other items move further down the list. It may be a blessing in disguise that you can choose your home based on your current needs.

3. Talk to your Account Executive about finances

Then, if your financial situation has changed, reconsider your financial options. Speak with your Guidance Residential Account Executive to explore whether other options may be available. If lost income cuts into your downpayment, ask whether any programs are available allowing for a lower downpayment. Depending on the circumstances, a downpayment as low as 3% may be possible.

Your dream may be on hold, but that won’t last forever. We hope your patience is rewarded with something even better than you hoped before and look forward to supporting your next steps.

Your Guidance Residential Account Executive is here to help with any questions. Looking to refinance or purchase? Rates have dropped to historic lows!  Have a friend or family member who is looking for a home? Call 1.866.Guidance, or start an application today!