The COVID-19 pandemic resulted in a total lockdown of the worldwide economy. The volatility of the stock market is increasing and people are on the lookout for higher options of security for investment. This crisis has thrown light on the need for protection and shelter in tough times. This outbreak has opened a completely new time of the selling real estate which till now was under-utilized. Most people’s priorities have changed and they have realized the significance to own a home of their own that will boost the real estate’s demand in the post corona world.
Top Three Tips
Below are top three tips that you need to consider while investing in a real estate during the current COVID-19 pandemic:
Invest in a Property to Live In – The COVID-19 outbreak has hit the rental market, to be more specific, the residential rental market. In maximum urban centers, rents have softened, thus resulting in a fall in rental yields which make it unattractive financially in taking a loan and investing to put a property on rent. To invest in rental properties will be a wise choice only if the rental yields are high and this turns into a screaming buy. So, make the most of this thumb rule for evaluating a property should you still desire to invest.
Consult with Real Estate Agents – Especially if you are a beginner, making investments in a rental property will be an overwhelming task. Thus, it is advised to consult an experienced real estate agent and more so during this time of crisis. A real estate agent is a professional having ample connections and also access to lots of resources which you as a beginner may not be aware of. Thus, they can guide you to find exactly that you are on the lookout for in lesser time as well as answer all your queries while buying a property. To know more, visit Pat Leavy’s website.
Check out Distressed Home Sellers – A key benefit of investing in a real estate property during the pandemic is that the market is full of motivated sellers. Despite slowing activity in the real estate sector, there are ample distressed property owners that cannot afford in keeping their home for long in the market and wants to sell right away. Those sellers, however, now have limited prospective buyers with the majority being hesitant in making a big purchase during this uncertainty. Due to this pandemic, there has been a rise in distressed sellers. They are regarded motivated sellers as they are desperate in selling their house. They will be relieved when some interest is shown by a professional real estate investor and are likely to accept offers which are below the asking price. This way you can have a good deal.
This may be quite surprising, but the on-going crisis has created a few good opportunities for making money for the real estate investor. So, investing in a rental property may be a sound choice under current circumstances as well.