HOUSE UPDATE: 3 WAYS COVID-19 HAS IMPACTED PURCHASING MY FIRST HOME
Happy Friday everyone!
1) Interest rates
Interest rates have dropped significantly during this pandemic which has benefited us during our home purchasing journey. As new home buyers we have the opportunity to decrease our mortgage payments. Though this puts pressure on us to hurry up and purchase a home, it is still a blessing that we have the opportunity to experience low interest rates during this time.
2) Savings
Covid-19 allowed us to save much more than we ever have. The ability to work from home allowed us to save on things like eating out and purchasing gas. You don't realize how crucial saving that extra $300-$500 a month can be to your savings goal.
3) Delays
The biggest impact we have experienced during this pandemic are delays that come with purchasing a new build. Homes that where supposed to be complete in 2022 have now been postponed to 2023. Our signings that were supposed to be last month are now "to be determined" due to delayed lawyer reviews, non-mandatory construction and more.
Though we have been able to save thousands of dollars towards are home purchase, we have significant delays that might not allow us to utilize the perks of purchasing during the pandemic such as low interest rates. With this disadvantage we are currently staying optimistic, saving more money and looking at various options incase these delays do not subside.
Hope you enjoyed!
-Coll