2020: Is it a good time to buy a house or flat?

Is this a good time to buy a home?

Despite the coronavirus crisis, all indicators point to it being a good time to buy a flat. The reason is that since the beginning of this year 2020 the price of the house has slowed down and, at the moment, it is estimated that it will descend in some sectors mainly for the market of the purchase-sale.

According to some studies, property prices can fall by up to 20% in Spain, depending on the area where it is located. It is true that this is not a generalised percentage, so it is important to bear in mind that in other areas it will not be such a pronounced drop in price.

So, if you are wondering when to buy a flat, the answer is: now. What you should take into account is a series of factors that go beyond the price, among them: the location, the condition of the property and the spaces (for example, if you choose to have a terrace, balcony or garden). The latter are increasingly sought-after options in the face of the recent period of confinement and the current needs of teleworking.

As we have said, it is indeed a good time to acquire a property. This is confirmed by the many statistics that have been published so far this year.

In fact, the price per square metre has risen by 12.9% according to a report by the Institute of Real Estate Analysis of the Euroval appraiser, which includes data from 2014 to 2019. Considering this context, 2020 is projected to be a good year for buying a house.

The current trend is downwards in prices in the second-hand market for buying and selling (without going into detail on rentals) but, in any case, the time is now.

So how do you buy a home in times of coronavirus?

To answer this question, it will depend largely on personal factors, but which do not differ much from those you would have to bear in mind at any other time.

Price and your financial capacity

It is clear that your working conditions, your budget and your ability to get into debt, play a super important role with or without a pandemic. Therefore, it is necessary that you define your priorities and needs, so you know exactly what you are looking for.

It is very interesting to note that the conditions offered by mortgages are currently adjusting quite well to demand (while you are here, we recommend that you discover the advantages of eco-mortgages).

Have a terrace or a balcony

After the confinement, the buyers have become more demanding. Those who once ruled out the option of having a terrace, balcony or living in a house with a garden will now value these alternatives. What better place to breathe unrestricted fresh air than in your own home?

The houses with a terrace offer the possibility of making a more pleasant stay at home, a place that in this new normality, has also become a workspace, a sports and leisure area. Right now, the most important thing is to find all the comfort you need in your own home.

A flat or a house?

The advice is to buy a home with the right conditions and spaces for you and your family group. Something that is useful now and in the future. It is an important decision, and it has to totally fulfil all your expectations.

A flat in the centre of a big city like Barcelona or Madrid, can be the ideal if you are a cosmopolitan, looking for constant work opportunities and more cultural leisure.

On the other hand, if you are planning to have (or already have) children and are looking for a quiet and comfortable environment for your day-to-day life, perhaps the best thing to do is to buy a house.

Location of the property

Check the proximity of services, health centres, supermarkets, etc.

If it is a neighbourhood that you do not frequent, take the time to visit it at different times and days, both on weekdays and weekends so that you become familiar with the behaviour and atmosphere of the neighbourhood and make sure you choose an optimal environment.

If the place is in the suburbs, calculate how much time it would take to get to a downtown area or to your work (even with traffic jams if you go by car). This way you won’t have any surprises in the future.

At Withfor you can find the best options for buying a home. In addition, we can advise you with all the information you need to take advantage of the alternatives that best suit your current situation and don’t let this opportunity pass you by. It is the best way to take advantage of the market fluctuation. Remember that they could change at any time.

So, before you make any decision, don’t forget, we are here to help you!