3 Things You Need to Know If You Want to Buy a House in 2021
If the 2021 home buying market were a card game, the deck would be stacked with wildcards. The coronavirus pandemic has caused seismic shifts in the real estate market, spurring a higher demand for more square metres and thus a sudden interest in the spacious suburbs.
As far as who’s shopping for homes this year, millennials will continue to be major players in the housing market, as analysts at realtor.com point out: The oldest will turn 40 in 2021 and the younger end of the generation will turn 25. As a whole, this group will be on the move, embarking on house hunts as trade-up buyers and first-time buyers. At the same time, Gen Z buyers (ages 24 and younger) are poised to make an early foray into the housing market because, as it turns out, all that sheltering at home helped them build up their savings.
Benefit from the Cyprus Government mortgage subsidy
The mortgage subsidy from the Government launched last year, encouraged many of our fellow citizens and especially young professionals and young couples to take advantage of this measure. The mortgage subsidy is given by the state only for home ownership, for the purchase or construction of a first home.
Therefore, in the current circumstances, buying a first home can be considered as an ideal option. Staying in rent, for the time being, could prove to be wrong in the future, as there are the right conditions for acquiring a first home. Especially in Limassol, the city with the highest rents in Cyprus, purchasing a property instead of renting an apartment will be probably proved the wisest choice in the future.
Consider the extra living costs in an ample space house
With the coronavirus pandemic causing people to spend much more time at home, ample space is high on the priority list of many buyers, real estate experts say. This is the reason why you may have some extra living costs to factor into your budget, like higher utility bills to heat and cool a bigger home. Services and amenities should not be taken for granted even for urban buyers.
Bigger homes, homes offices, and more bedrooms will top buyer wish lists
Not only has the pandemic, and the accompanying surge in working from home, shifted where buyers want to live, but it’s also caused them to reprioritize what features they value in their residences, says Homes.com president David Mele.
Home offices, more square metres, outdoor recreational spaces such as pools, hot tubs and decks, and upgraded kitchens are among the top home feature preferences, according to a survey of real estate professionals done by Homes.com. Showings for four-bedroom homes have skyrocketed compared to other categories, according to showing management software ShowingTime. And Zillow is pinpointing a trend where “homecation” amenities (think: spa-inspired bathrooms and waterfront docks) will be highly sought after.