Buying a house during Covid19

baracca

I need some advice on whether to go through with buying a house or not. We are supposed to sign the contracts to buy a new build this week but feel very uncertain now given the current situation. Should we wait until house prices fall as im sure they will or just go for it????

Why would the price fall if the house is already built/under construction?
Its not as if the materials/site / labour is going to change.
Is your job going to change should be your concern.

Millionaire only not

baracca wrote: »

I need some advice on whether to go through with buying a house or not. We are supposed to sign the contracts to buy a new build this week but feel very uncertain now given the current situation. Should we wait until house prices fall as im sure they will or just go for it????

Offer them 10%less let them make up there mind !
Tell them a property u were looking at sale fell through ad u might have a look at it !
Again depends on the demand on where u are buying I guess !

Millionaire only not

BrownFinger wrote: »

Why would the price fall if the house is already built/under construction?
Its not as if the materials/site / labour is going to change.
Is your job going to change should be your concern.

Why wouldn’t it fall , 140k on the dole ths week alone ! Shares on the floor !
The rental vultures shares have collapsed, air bnb have full vacancy at the moment!
Gravey train just stopped !

darlett

I'd be very scared to buy. Prices falling a bit or not is the least of issues. I think job losses could be massive. Obviously I dont know the OPs job but I think we're all under threat. The hospitality industry has been walloped. Next will be the suspension of manufacturing industries that need imported materials that aren't arriving. Add to that companies with infected staff shutting up. The government will be able to give them all welfare???
In 2 weeks time our problems will only be beginning. Forget house buying this year I'm afraid.

drunkmonkey

I'd wait, this is going to get worse before it gets better. The curve would want to be flattening

godtabh

baracca wrote: »

I need some advice on whether to go through with buying a house or not. We are supposed to sign the contracts to buy a new build this week but feel very uncertain now given the current situation. Should we wait until house prices fall as im sure they will or just go for it????

House prices may fall but no guarantee you’ll get a mortgage

phantom_lord

Go through the possible senarios.

Is your job at risk?
How would you feel if the market goes down 10% after you close?
How would you feel if waiting and then you couldn't get a mortgage to buy it?

I think it's a big decision and the future looks uncertain.

rn

Have you got "mortgage approval" or "approval in principle"? Know the difference, as the latter probably means you can't go through.

If this is THE house you want and you can afford it, you may as well buy it. Don't go messing with price, you're either paying it or pulling out. That would be my view if in the sellers shoes.

If it's just a house to you, then hold as now is not time not to take big decisions.

drunkmonkey

godtabh wrote: »

House prices may fall but no guarantee you’ll get a mortgage

Keeping a good credit rating and an income consistent through these times will stand well. I fear there's going to be a lot of defaults from mortgages to electricity bills, it's going to be an awful mess and take a long time to put right.
There may be a lot of housing stock available unfortunately I assume a lot of the at risk would own their own homes, I really hope it doesn't unfold as expected and we get control of this quickly here on the island.