The COVID-19 pandemic has drastically changed the way the world functions. In fact, many of my clients have asked me this: is now the best time to buy property? Before racing ahead to buy a piece of property during these pandemic times, first answer these three questions to truly decide if buying now is the best decision for you.
1. Do you have job security?
First things first, do you have the job security and financial capability to afford a new piece of property? COVID-19 has affected jobs in many ways, and some occupations suffer more greatly as compared to others. Take a hard, firm look at your finances and ask yourself if you have the financial stability and job security to undertake a huge investment of purchasing a new piece of property.
2. What are your reasons for buying?
Second, clearly sketch out your reasons for buying property. Are you looking for new launch condominiums for property investments? Or are you looking to upgrade your current HDB flat? That will determine what type of property you are buying, and leads on to the next question.
3. Do you need to buy?
This is the most crucial question of all: do you need to buy property now?
Some of my customers have told me that they prefer to wait until prices drop later on due to the continued impact of the pandemic, and then buy. Nonetheless, I don’t see a drastic movement in the market and waiting is not going to help you buy something cheaper. Do you think the property prices will drop in 6-8 months’ time? We don’t even know when the pandemic might improve, which would bring with it an increase in property prices. Everything is uncertain.
Instead of waiting around for the ‘best bargain’, the key question you need to ask yourself is: do you need to buy? If you so, it’s always better to buy earlier than later if you need to buy.
Ask yourself these three questions to ascertain if buying that piece of property now is the best decision to make. Don’t blindly assume that prices will drop with the COVID-19 pandemic. Instead, make informed decisions with evidence-backed advice from trusted peoples, such as professionals like myself.
I’m always happy to share the insights gathered from my years of experience so do contact me for expert advice when buying or selling property!