15 Tips for Buying a Home During the Pandemic

Buying a home is always both exciting and challenging. But buying a home during a pandemic adds a whole other level of complications. The good news is, you can still find the perfect new place to call your own -- especially if you follow these 15 tips.

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Visiting many different homes in person adds to your risk of exposure, so that may be something you'd prefer to skip. The good news is, you don't have to visit a home in person to get a good idea of whether it's one you'd be interested in buying.

Most real estate agents now offer virtual home tours, which involve the agent visiting a home for you and showing it to you on video.

You can use this process to narrow down your search and only go see a house after you're pretty confident you want to buy it. Or you could even make an offer based on a video tour alone (as long as you also get an inspection done to make sure the home has no problems that you might not spot on camera).

Open houses used to be a good way to see what's available in your price range and check out a home when the seller's agent is there to answer questions. But with COVID-19 cases still rising across the United States, most sellers aren't offering open houses -- and you may not want to attend even if they're available.

Instead, if you want to see a home in person, schedule an appointment when you'll be the only person visiting. It will be a lot easier to social distance if you aren't part of a crowd.

If you'll be visiting any houses in person, be sure to wear a mask the entire time you're in the home. It will protect you, your real estate agent, and the home sellers as well.

You may also wish to wear disposable gloves if you'll be touching anything in the home -- or at least come with hand sanitizer so you can sanitize both before and after entering the house.

Checking out the neighborhood can be just as important as looking at the home's interior. And you don't have to leave the safety of your current home to do it.

You can use street views or satellite views available online to get a good idea of what's around any house you're considering. This will make it easier to narrow down your search, so you won't have to visit as many houses in person.

Finding the right home is just half the battle when it comes to purchasing a home in a pandemic -- you also need the right mortgage loan.

The good news is that mortgage rates are near record lows right now, but the bad news is that it can be harder to qualify for a home loan as mortgage lenders impose more stringent lending requirements out of concern that the recession could impact borrower income.

To make sure you get the most competitive possible rate on your home loan, get quotes from several top mortgage lenders and compare rates and terms.

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As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

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When shopping for a mortgage, don't assume you'll necessarily be better off with a 30-year loan. Rates on this popular loan option are incredibly low now -- below 3% -- but rates on 15-year and 20-year mortgages are even lower.

Shop around and compare monthly payment costs and total interest costs so you can find a loan that strikes a balance between affordable monthly payments and low total interest costs over time.

Locking in your loan rate guarantees you can borrow at that rate for a specific period of time (depending how long you lock in for). Because rates are extremely low right now, it may be worth locking in your rate so you don't take a chance they'll rise.

Of course, the downside is that if rates fall, you could be stuck going forward with the loan at the higher rate (unless your lender offers a float-down provision).

Some, but not all, mortgage lenders charge for a rate lock. The fee may be worth paying, if you believe rates are likely to go up.

ALSO READ: What Is a Mortgage Rate Lock?

You don't want to find a house you love and then start shopping for a mortgage. You may find you won't be able to get enough financing to afford the home. The sellers may also not take your offer seriously unless you can include a mortgage preapproval with it.

Preapproval requires providing your financial information to a lender, but it allows you to see exactly how much you can borrow and at what terms, so it's worth going through the trouble.

Having a good agent may be more important now than ever. An agent can make the home-buying process simpler and help you find ways to minimize in-person interactions.

The housing market is also very much a seller's market right now, as home inventory is low and demand is high. A good agent can help you to quickly find homes in your price range and to make competitive offers so you stand a better chance of being able to actually find a home to buy.

As mentioned above, it's undoubtedly a seller's market right now -- which means you may need to budget more than you'd expect in order to be able to successfully purchase a home.

Make sure you research home prices in your area to see if homes that would work for you are within your budget, and think carefully about whether now is the right time for you to buy.

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As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

Becoming a homeowner can be expensive, and you'll be committing to making mortgage payments for decades when you do it.

With all of the economic uncertainty caused by the coronavirus, you'll want to make sure you have plenty of emergency savings before taking the leap.

Ideally, you shouldn't buy a house unless you have enough saved for emergencies to cover three to six months of living expenses -- including your new mortgage. After all, the last thing you want is to buy a home, see your hours cut due to another lockdown, and not be able to afford the bills.

Because lenders are concerned that buyers could see their incomes affected by the coronavirus pandemic, qualifying for a mortgage has become tougher.

You'll want to make sure you're as competitive a borrower as possible -- and that means doing all you can to increase your credit score. You can do this by paying down debt if your credit utilization ratio is too high, and by asking creditors if they might be willing to remove any black marks from your credit history that might be dragging your score down.

Since inventory is limited and it is a seller's market, you can't afford to hesitate if you find a home you love. Make sure that you're ready with your preapproval letter and make a competitive offer quickly before another buyer beats you to it.

A house is a place to live, but it's also an investment and a financial commitment. You don't want to let your love of a house lead you to make irresponsible financial decisions -- especially when bidding wars for homes are happening in many markets.

If you avoid getting too attached to any one house, you'll be far less likely to bid more than a home is worth or spend more than you can afford.

ALSO READ: Buying a Home This Year? 3 Ways to Win the Bidding War

It can take time to find the right home even under the best of circumstances. During a pandemic, with a competitive housing market and stricter credit requirements to qualify for a mortgage, it's not necessarily the best of circumstances right now.

To make sure you don't make a choice you'll regret, go into the home-buying process knowing it may take some time. With patience, you can find a house that's right for you, get an affordable mortgage loan, and make a purchase you won't regret.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

By following these 15 tips, you'll maximize your chances of finding the ideal new home in a pandemic. Then, all that's left is to start making your home your own.