TO MOVE OR NOT TO MOVE TO A NEW HOUSE? AN EXCLUSIVE COVID EDITION

Posted on August 06 2020
in # Market Insights# Property Guide
3 min read
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The real estate market has seen a near freeze state as a result of the coronavirus plague that struck. Patterns of real estate investing have changed notably and new demands and tastes have propped. In this article, Hao Finder peruses at reasons why a trend of moving to new homes has suddenly surged. Other than Covid19, a lot of factors have risen making people on a dilemma of when to move or when not to move to a new house. You don’t just exit because there are many apartments for rent. No. It is prudent that we peruse the reasons of whether to move or not to move to new homes or apartments.

people move houses because financial changes. With these Covid times, people are experiencing financial a turmoil. The real estate has particularly been struck hard by the restrictive measures set by the government to control the spread. People can no longer move to view prospective houses intended for sale or rent. Investors are worried. As a result, a downgrade in finances may force tenants or buyers to seek houses that fits their new budgets. A change in salary shall eventually force a move to a more sustainable house.

Still on the financial aspect, a change of jobs may necessitate you to move to a new house. Covid19 has seen a lot of changes in the job market. People are shifting to other jobs and business. It is prudent to look from an angle that a new job, you should use that money to invest in upgrading a new home. It might also be time to rethink your financial future. For instance, reconsider a monthly lease to your landlord and give a thought to mortgage payments which has a guarantee of ownership.

A move is also necessary when there is a health threat. People who are cautious about their health are moving to new homes. Recently, Mombasa, Nairobi and Busia have been listed as high risk areas in Covid19 infections. Tenants, especially with underlying health conditions, given their vulnerability, may opt to find alternative houses for rent or homes for buying. The property market has been adversely affected by these condition and property websites have been recently flooded with house hunters.

The commercial real estate has also seen movements as a result of social reasons. The work from home policies by some organizations has not turned so good for some people. Domestic violence and divorce have risen. As a result, families separate and therefore, need for new homes rises. This change of patterns in the social life may arise the need to move to a new home. Another social reason for moving to a new home is age. Most people like to be peaceful away from the buzz of cities like Nairobi. As a result, they may prefer to relocate to a house in the quieter suburbs. This is majorly for emotional fulfilment. At the age of 65, most people find it the right time to move since they have little needs for amenities that are majorly found in the cities. There is also a desire for change. People move to new homes just to change the environment. This might be a result of increase in family size. Children might have grown to age to be in their own rooms, for instance, a thirteen-year-old girl would prefer her own room to one shared with her younger sibling. The neighborhood might also be a cause for a desire to move. With insecurity on the rise as a result of people being laid off from work places as a result of Covid, some places tend to experience high crime rate. In addition to, with time, a quitter environment with a school and a church nearby becomes fancy than a street with clubs and a noisy factory. A change. This may force people to move to new houses.

Quest for better amenities. Every renter wants a habitable place. A place free from infestation, adequate water supply and electricity among others. It is always the legal obligation of the landlord to ensure that a rental property is at a humane condition with the amenities. If this lacks, it is the time to move to a new house. Home seekers love a well maintained home. A home which he shall feel the value for his money. If the management of the property is not responsible, that is the time to seek a better home because in the real estate market, there is always a better option.

At Hao Finder, our solutions are geared towards consumers as well as our Real Estate partners.

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