Covid-19 has affected almost every industry, and real estate is one of them. Investors and agents have to deal with restrictions and ensure their own safety too. However, this doesn’t mean you cannot buy a property for investment purposes. Some experts feel that now is in fact the right time to look into both short and long-term gains. If you have a decent savings and want to utilize it amidst the fear of job loss and an overall uncertain investment scenario, there is still a way. You can buy a rental property.
Reasons to invest in property during a pandemic by Benjamin Gordon Cambridge Capital
The reduced purchasing activities due to the virus outbreak have affected home values. The housing market may not crumple, but the prices will slide for some time until normalcy restores. For a real estate investor, this can be a good time. Expensive markets such as Chicago, San Francisco, New York, and Los Angeles now seem within reach, and affordable locations can also become more attractive because of price cuts.
As per seasoned investors like Benjamin Gordon Cambridge Capital, the current real estate crisis’s nemesis is the pandemic and not the market itself. You can expect the housing sector to gain momentum soon, which is another factor that proves you should invest your money here. However, when you put in your savings, don’t just think about rental income. You can earn more money when property prices appreciate. Look for distressed sellers to secure the best deal.
Benjamin Gordon Cambridge: Things to consider when buying property
When exploring property investment opportunities, you should keep a few factors in mind. Focus on locations where there have been sharp drops in property rates. This can lower your down payments, closing fees, mortgage repayments, tax, insurance, and other expenses. Your return from a rental property can automatically increase because you didn’t spend much. Also, investing in a cheap estate can be safe, as it reduces the chances of defaulting on debts.
Another area that can promise good returns is small towns. The coronavirus pandemic has shown the significance of isolated countrysides. The virus’s spread has been higher in main cities compared to smaller places. From this, it is safe to assume that such areas can offer better protection during crises. So, find out regions where property rates are within reach, and rental prices didn’t see any significant impact.
Since it is not advisable to visit investment properties right now, you can check real estate online portals for listings. These can dole out enough information to help you choose a property. Make sure to check the photos and take virtual tours for more knowledge. Even better if a website gives you an analysis of the rental property.
Although health and safety come first, this doesn’t mean you cannot invest in property during this time. There are still ways to do it while taking necessary precautions. So, don’t hesitate and begin your search. Once the conditions improve, you can expect to make good money through investment.