Gearing up for house hunting in a post-COVID world? Your work will play a key role

Buying that dream house is probably one of the biggest challenges you will face in your lifetime. And it’s expensive too! But you cannot say no to the happiness of having your own place, a safe, peaceful haven that will keep you cocooned from the troubles outside, right? Before you start house-hunting though, spare a thought for the pandemic and how it has changed the way you live and work. Among the many things to consider before buying a house, how you will work in a post-COVID world will influence your choice in a big way. Read on to understand this better.   

Will you work from home or walk to work?

Sure, the pandemic has forced most professionals to work from home for a long time. And even when things get better, you might have the choice to work from home for years. Or if your company decides to go back to normalcy slowly, you will need to commute to your office sooner or later. In case your employer embraces a hybrid model, you will need to head to the workplace a few days every week probably. In short, currently, your work scenario is one of the biggest factors that influence buying a house.

Let’s explore each scenario one by one, before you take a call.    

If you work from home

When you work from home, you get more flexibility in terms of location. This option gives you the liberty to look for houses that are a little away from the heart of the city and slightly easier on the pocket as well.

Plus, if it seems like you will be working from home for a long time to come, you will probably need a dedicated room or space for the daily grind. Which means, you will need a spacious house with enough area to design a home office. While a big house will naturally cost more, if you choose a location on the outskirts, it will be worth your money.

However, even if you work from home and are free to choose a property in any location, make sure you are close to healthcare facilities. In the light of the pandemic, this is extremely important. Even banks, shops and schools or colleges (if you have kids) cannot be too far from your place. factors that influence buying a house

If you walk or drive to work

In case you need to commute to office daily once the pandemic subsides or even if your work model is hybrid, you will need a house that is close to your workplace. This means, you probably need to choose a property in the bustling heart of the city or in a commercial area. This will automatically catapult the price.

However, the advantage is that you will get to save money on the commute and everything you need will be a stone’s throw away. Plus, with many financial institutions offering affordable home loans, paying off your debt can be easy. Even if the house you invest in is not too big, it won’t be a problem as you will be working out of office.  

Other factors that influence buying a house in the wake of the pandemic

Apart from your mode of work, here are a few other things you need to keep in mind while house hunting:

·       If you have just changed jobs or are in between jobs, assess your home loan repayment capacity before investing. Compare and research multiple lenders to get the best deal possible. Gauge your job stability as these are uncertain times.

·       If you work from home and intend to stay a little away from the city, try to buy a house that has ample outdoor space or a park nearby. Working alone or staying cooped up at home can get tiring after a while. Outdoor spaces will let you stretch and unwind.

·       If you have a family member who needs frequent medical care, choose a location that is close to reputed hospitals and clinics, irrespective of your work mode.

·       Find out how the property value might appreciate in future in case you want to upgrade to a better house at some point.

So, these are the things to consider before buying a house with the pandemic still in the picture. How you work will help you decide the kind of house you want to invest in and live the life you have always dreamt of.