COVID-19 has caused an unsettling time for us all. With the country in crisis, everyone has had to adapt to the new challenges the situation poses. People are working from home, video calling each other and working out in their living rooms.
Throughout the lockdown, we have seen a lot of changes to everyone’s day to day lives including home life, work and community.
But, what does the crisis mean for your home buying journey?
Renting
The UK Government has introduced a ‘ban on evictions’ for three months during this time of crisis to help protect renters who might be struggling at this time. This is not a total ban though, it actually extends the notice period to three months, and although the rent payment is paused, it will need paying back at a later date. It is important to always talk to your landlord if you think you will have trouble paying your rent, so that you can try and come to an arrangement that suits you both.
Raising Funds
Raising funds for a new home might seem like the furthest thing from your mind right now, but it is important to stay on top of personal finance no matter what the goal. Ensure you are keeping track of outgoings and not making any unnecessary purchases. Many companies are giving free trials and payment holidays at this time so ensure you’re making full use of the offers. Dedicating some time each week for going through finances will not only help you stay in control, it will also help structure your time and keep you busy!
Buying a House
The government has recommended all movement, for both purchasers and renters, should pause until we are through the COVID pandemic. If you have completed the purchase of a house, there is no need to pull out, but work with everyone involved to try and delay moving for now. If you were in the process of house hunting and can no longer do so, don’t worry, neither can anyone else. In the meantime, why not brush up on negotiating skills or look at home decoration inspiration so you are ready once this is over.
Overall, COVID-19 is having an impact on almost everything, so don’t be disheartened about your journey, whether you’re just starting out, or really close to buying, everyone is in the same boat. While we are all in lockdown, it is important we all work together to keep everyone safe.
For now though; Stay home. Save lives.
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First Time BuyersMichaela Regan
Michaela is the Head of Communications at StepLadder and is passionate about helping people be at their best!
