Troubled times have come now for the real estate market. Of course, this brings confusion and anxiety to the ranks of not only market players, but also ordinary people. What to do next? Should I buy an apartment now or wait to see what will happen to the mortgage? Does it make sense to rent a summer cottage for the summer? Should we meet tenants and lower rates? The site "RIA Real Estate" asked experts to answer these and other pressing questions.
Troubled times have come now for the real estate market. Of course, this brings confusion and alarm into the ranks of not only market players, but also ordinary people. What to do next? Should I buy an apartment now or wait to see what will happen to the mortgage? Does it make sense to rent a summer cottage for the summer? Should we meet tenants and lower rates? The site "RIA Real Estate" asked experts to answer these and other pressing questions.
Do landlords need to accommodate tenants and lower their rates?
Of course, today the market situation has changed and dictates its terms to lessors. The demand for rental housing has narrowed: people are not ready to move to new apartments in the context of the pandemic.
Renters and landlords will likely have to find a compromise solution.
As stated by realtors, about 30% of owners have already revised rental rates or offered tenants a delay. Everyone understands perfectly well that finding good tenants is not always easy, especially during the period of self-isolation.
One of the options for a compromise solution may look like this: the owner of the apartment can reduce the payment, but fix the remainder in the form of a certain deposit. For example, the tenant pays 1/2 now, and adds the remaining 1/2 in two installments to the payment after the self-isolation period is canceled. This will allow you not to lose the existing tenant, if he regularly paid for the apartment and is completely satisfied.
Does it make sense now to buy an apartment in the wake of the crisis, does it make sense to wait?
You always need to look at the specific situation and your goals. If you are an investor and want to preserve capital during a crisis, then real estate is a good option, and you should not postpone the purchase until better times.
Money in concrete: is it possible to invest in real estate during a crisis
It is possible that in the future, both real estate prices and mortgage rates will rise, as well as the requirements for the amount of the first installment will change. Therefore, having an approved mortgage in your hands, it is better to carry out the transaction.
But, of course, you will have to at least wait until the epidemiological situation stabilizes, and again it will be possible to go on screenings to carefully study all the options and conduct a full-fledged legal check of the facility.
Should I take out a mortgage now?
If you have long wanted to take out a mortgage and have already saved up money for a down payment, then you should not put it off. Banks have already begun to tighten credit conditions - to raise rates, revise the requirements for borrowers. It is possible that this trend will only grow in the future. They are also tightening up the approval approach. In addition, for the period of self-isolation, most developers will fix prices, and then they can rise sharply.
But it is worthwhile to rationally assess how the current economic situation will affect your income. If there are any doubts about this, then it is better to wait until the situation stabilizes so as not to get into a difficult financial situation.
Russian mortgage will be supported
I have a mortgage and I lost my job, can I apply for a mortgage vacation?
In accordance with the presidential decree, the circle of persons who can apply for a mortgage vacation has expanded due to the coronavirus pandemic and the difficult economic situation in the country.
The law applies to both new and already concluded mortgage agreements, but the amount of debt should not exceed 15 million rubles.
Russian banks have already proposed appropriate programs. In particular, in Sberbank, the reasons for credit vacations are as follows: staying on treatment for coronavirus or rehabilitation, being in quarantine after returning from abroad or on vacation without pay, as well as losing a job as a result of layoffs due to the pandemic. In this case, the deferral is provided for up to six months.
It is recommended to apply for a mortgage vacation before the delay occurs, but after the deterioration of the life situation has begun. For example, if you lost your job, then you need to go to the bank immediately after that, and not when the last money ran out and there was nothing to pay with.
I have booked accommodation for the summer by the sea. Wait or refund?
It is necessary to closely monitor the emerging information on the epidemiological situation in Russia and abroad, on the decisions of the authorities.
It is also worth clarifying whether it is possible to cancel the rental agreement without fines or with minimal losses. Perhaps the owners will offer some kind of alternative. Discuss with management at work the option to move the vacation dates and reschedule the trip to reflect these new lease dates.
about the terms of the contract.
It is possible that it is the option of transferring the trip that may be the most advantageous in terms of finance.
An important factor when making a decision is the availability of a visa. If you still have to issue it, then you need to take into account two points - visa centers do not work in Moscow until April 30 inclusive, and documents are accepted at least 14 days before the expected start date of the trip.
If I get sick, lose my job, my business goes bankrupt, and I cannot pay for utilities, what will happen?
It is worth remembering that in the context of the coronavirus pandemic, the Russian government introduced a moratorium until the end of the year on the accrual of fines and penalties for non-payment of utility services. Penalties cannot be collected for untimely or incomplete payment for living quarters, utilities and overhaul. Also announced a moratorium on the shutdown of utilities for non-payment.
The government canceled penalties for non-payment of housing and communal services
It is important to remember that according to the law, enforcement immunity is established for a dwelling (or part thereof), which is the only one suitable for permanent residence of the debtor. That is, even if a citizen is declared bankrupt, foreclosure cannot be levied on such real estate.
However, there are a few exceptions. The first is a mortgage apartment pledged by a bank. For example, if the borrower stops making payments on the loan, the apartment can be sold by a court decision or out of court. The second exception is luxury housing. If the characteristics of an apartment (living space, market value, design features) exceed the required level of housing provision, it can also be sold at auction. At the same time, the debtor and his family will be provided with alternative real estate.
If the spread of the infection continues until summer, should I rent my dacha?
Renting out a suburban hacienda will be a significant plus to income. In this situation, it would be rather strange to refuse the opportunity to earn extra money if there are no plans to use this dacha on your own.
But it is worth remembering that comfortable houses are in demand, with all the amenities, and well located. If your summer cottage is a cold summer house with outdoor amenities, this option is unlikely to be in demand.
If I don't have a summer house, is it worth it to take care of renting it for the summer now?
As a rule, they start looking for a summer cottage at the beginning of spring, so the most successful options may already be commissioned. At the same time, it is possible that this year people will want to earn money and will rent out, for example, half of the house, guest houses.
Large families should take a closer look at renting a country house. It will be a good alternative trip to the sea, which probably won't take place this year.
The material was prepared with the participation of the press service of the tour operator Tui, the managing partner of the Metrium company Maria Litinetsoy, the head of the Voykovskaya department of the Azbuka Zhilya real estate agency Elena Karelina and the managing partner of the Miel-Network of Real Estate Offices, Marina Tolstik.