When this crisis came, many people were in the middle of real estate processes that were affected. Those who were looking for a rental, sold their apartment or were about to buy a house, had to postpone, freeze or accelerate the processes; if you are also in a similar situation, surely these tips will be very useful.
We propose several scenarios for each situation to give you more specific advice:
If you are a landlord
It could happen that your tenant tells you that they cannot pay you until a certain date. The first thing you should do in this case is to have understanding, perhaps this situation has affected him more than you think, talk to him and reach an agreement; Adjust the price or give it more time to pay you, it will always be a better option than looking for a new tenant in the middle of the crisis.
If you are a tenant
In case you have problems for timely payment, we recommend that you contact your landlord as soon as possible, he could be depending on your payment for many things, for example, the home loan. Tell him about your situation, make a proposal for a new price and set new payment dates.
If you are looking for a rental
With the isolation it is impossible to go to visit apartments for rent, fortunately you have technology as an ally; many real estate agencies are offering tour services through video calls, that is a way to visit your next home without leaving home.
You can also take this time to continue searching on portals, schedule appointments or to think of other types of different options to rent, for example, buy instead of paying a month-to-month rent, did you know that that money could be the mortgage loan installment to buy your own home?
Look at the Habit apartments we have for sale here.
The Government has taken various temporary measures to protect all people who rent, live in rent or are related to horizontal property within the framework of the State of Economic, Social and Ecological Emergency caused by the coronavirus, see here Decree 579
It is not a secret that it will be difficult to sell in the middle of this crisis, not only because you cannot receive visits from buyers, but because most of the plans regarding the economy of the people have changed. However, if you need liquidity, there are many investors willing to buy a home, they find in the properties a stable asset to protect their money, and they know that investing in real estate is a lower risk investment.
If liquidity is not a problem for you right now, we recommend you wait, this situation will pass and the market will regulate again, as you well know, the real estate industry is one of the most stable.
Buy a home
We know that your search stopped, but as we mentioned earlier with technology you can get closer to your new home, there are virtual sales rooms and 360 tours with which you can get to know every corner of a property.
If you have a credit:
Take care of your debt and your credit life, talk to your bank and ask about the benefits and grace periods they have for their clients. Many banks in the world and in Colombia have created options to provide more time and peace of mind to their clients.
If you wanted to get a loan:
Banks are being more cautious when granting loans; however, if you were already in a process, you have a stable work life and constant income, go ahead with the process! You have few steps to buy a home.
If your credit was for investment, at Habit we have a special opportunity for you. When you invest in our apartments, you get income from the moment you buy them, we assure you up to 6 months of rent and also, we help you find a tenant.
We understand that you are worried about a lease, a purchase or a sale, but calm down and stay calm, make this crisis an opportunity and always think that this will not last forever.
Do you need a real estate advice? Write us! , the entire Habit team is always available to help you.