Buying a property during the Covid-19 pandemic

Buying a property during the Covid-19 pandemic

Buying a property during the Covid-19 pandemic


POSTED BY Ann Paterson ON 29 Jun 2020

The Covid-19 pandemic has led to a few changes in the way we buy and sell real estate, including a temporary ban on opens and on-site auctions which has just been lifted in NSW; and social distancing requirements. However, you can still buy a new home or investment in the Eastern Suburbs and Ann Paterson would love to help you do this.

 

How do I inspect a property?

Open inspections have recommenced in NSW, so you can attend an open or book a private appointment with the agent if you prefer. Social distancing is still required and is especially important for older buyers. Ann Paterson recommends taking a thorough look at online marketing materials, such as video walk-throughs, floor plans and photos to make sure the property is worth a visit in person.

 

Is there an extra cooling-off period?

It depends on the property and the contract. If you’re planning to buy a property soon, you might consider seeking a cooling-off period of at least ten days as there can be delays with valuations and pest and building reports at the moment. Talk to your solicitor about your needs.

 

Are pest and building inspections still happening?

Yes. Inspectors are taking extra precautions in line with health and safety recommendations when entering a property to keep everyone safe. 

 

Can I move into my new home?

Yes, you can still move in as soon as the settlement has ended, even if you're moving interstate. Removalists are considered an essential business and they're also taking extra measures to ensure the safety of their clients.

Given the unpredictable nature of the pandemic, Ann Paterson recommends seeking pre-approval on your loan (and double-checking the approval if it is a few months' old now) as the banks are ramping up scrutiny of borrowers' finances and changing some of their lending rules during Covid-19.

 

If Ann Paterson Real Estate can assist you in your search, please call us today.