- Schools are shut because of the pandemic and online teaching is taking place.
- Work From Home is an entrenched model and will last till at least the end of 2021.
- Traveling for leisure and entertainment has stopped drastically from the last year.
There is no doubt that we are living in some of the most challenging times ever. The COVID-19 Pandemic does not show any signs of slowing down. This has prompted the real estate industry to experience certain changes.
However, staying at home for long periods and not traveling is creating psychological stresses for individuals and families.
“I needed to get out. It looked as though the walls were closing in on me. A little every single day.”- this was a statement that my close friend who was working from home for the last ten months.
Americans are Changing the Notion of where ‘Home’ is:
In the past few months, the definition of what and where your home is has undergone a lot of changes. With online learning and WFH staying with us for the long haul, Americans are evolving a flexible meaning of where the home is.
In other words, vacation rental homes are becoming increasingly popular. The only requirement in such vacation rental homes is that there should be fast internet connectivity.
Most American families and individuals are moving to more natural and open landscapes to spend two or three months in vacation rental homes. This is allowing them to-
- Experience some form of an outing that they had missed out on because of zero vacations during the pandemic
- Stay away from crowded city locations to keep themselves and their family members safe from the virus
- Lose touch with all the negativity that is going around in our world at the present with the virus, deaths, and lockdowns.
More Americans are looking at Homes For Rent than ever before. Although, it should be pointed out that the normal rental income has come down significantly because of the poor economic conditions brought upon by the pandemic.
How to Choose the Best Rental Home During the Pandemic?
In this section, we are going to discuss some factors that you should take into consideration while deciding on your next rental home.
1. The Local Rate of Infection-
Managing the Coronavirus effectively has been seen to be directly proportional to the pro-active nature of the local administration. You must check for districts and communities that have a lower rate of infection before deciding on the move. This will not only help keep you safe but also be confident in the belief that the authorities are doing a good job.
2. Having a Work-From-Home Setup-
In recent months, many landlords are trying to woo residents for their rental properties by creating specific WFH set-ups. Great internet connectivity, a cozy corner of the home, and a nice table and chair located close to the window. Yes, you should look for a place that fulfills your WFH requirement as a top priority when shifting to a new rental property.
3. Low Rent and Flexibility because of the Pandemic-
There is no doubt that the average rent has come down because of the pandemic. With nearly 4 million Americans rendered unemployed, landlords are working with tenants to ensure some form of flexibility in terms of rent payments. You need to check with your landlord in advance and point out how both of you would be required to deal with such issues if problems arise.
If you are careful enough to pay attention to the above-mentioned three points, you would be adequately prepared to take the next step. Renting a home during a pandemic can be difficult, hence you need to do your research before trying to get the best rental property for your needs.
Buying a Home Versus Renting a Home: What should you do?
Many realtors have pointed out that the pandemic has resulted in a home-buying spree all across America. They point out that the need for large suburban homes is on the rise as more and more families look to move away from cities and lead their lives in open areas which have ample room for kids to play outside.
However, there are multiple questions that you need to keep in mind when buying or renting a home. Some of the major ones are as follows-
- Do you like the locality you are moving to and how long are you planning to live in the same, even after things get back to normal?
- What kind of money do you have to make the down payment? Are you using up all your savings for the same or not?
- What will you do with the property if offices go back to their normal schedule? Would you sell again or maintain double homes?
- Do you feel you are financially well-settled in your career right now and do not require a change shortly?
- Have you looked at the maintenance costs and taxation expenses that you will have to bear in your new suburban home?
The Bottom Line:
Many feel that this is the best time to buy a new home, others say that renting is the best way forward because of the uncertain nature of the future. Many individuals want to hold on to their cash and resources to see out any possible difficulties that might arise in the future.
What do you think is the best way forward? Should people look at long-term investments or try to manage during these tough times with a rental property? Drop your answers in the comments section below and help others that are confused about these questions.