Should You Consider Buying Residential Property During Coronavirus?
With the effects of Coronavirus mellowing down across the world, life has slowly started returning to normal. Though most people and sectors have resumed their activities (observing social distancing), there are still some concerns regarding finances, investments, and real estate. But that doesn’t mean everything looks bleak.
There are several ways in which you can make use of the current scenario for benefit. Consider home-buying, for instance. If you previously wanted to buy a house or an investment property but couldn’t afford it, now is the time to rethink. Over the last two years, the real estate sector has experienced some recession, but property is still the preferred asset for most investors.
In fact, according to experts, the current time may be the most suitable for residential real estate investment. Why? Well, read on to find out.
In 9 out of 10 cases, it’s a safe bet
Regardless of the crisis the world is going through, real-estate and gold remain to be the most reliable investment options. That’s because the price of these assets might fall a few steps due to events like the current pandemic, but when it rises, it shoots up like crazy. In 9 out of 10 cases, people end up earning a reasonable margin of profit on these assets.
Currently, the prices are very low
Considering the low that the real-estate sector is witnessing at present, if you buy a property now at a reasonable price, the chances of you gaining a substantial profit in the future are high. Once the pandemic is over, property prices are only expected to rise. Plus, right now, there are a ton of offers that may not be repeated. You may find the prices 30% or even 40% lower in some areas.
Interest rates on home loans are down
Market conditions are currently very encouraging for home purchases as interest rates on home loans are at an all-time low. The drop in mortgage interest rates after the Coronavirus pandemic has become a great incentive for investors.
Optimism for price increases
As already hinted, many believe that real estate prices at the end of the pandemic may witness a sharp rise due to the “hunger” of investors. Therefore, buying a house currently is ideal for investment.
To wrap it up
There are two ways to look at any crisis – problem, and opportunity. Do you want to consider this as a problem and fret about your financial planning, or do you want to be an opportunist and benefit from low prices and interest rates in the real-estate sector? Ultimately, it’s your decision. But if you go by expert opinion, there couldn’t be a better time to put those funds in a new house.
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