Will I Still Buy a Rental Property During This Coronavirus Pandemic?
Everyone has been talking about the impact of this pandemic on the real estate market. Yes, this pandemic has been continuously affecting the real estate market. Several states and counties have declared states of emergency. And we still don’t know the severity of the effect of this Coronavirus pandemic.
It is a difficult time for the real estate market. The market has slowed down pretty much in a lot of industries. There have been a lot of restrictions when it comes to real estate processing because of the pandemic. Lock downs in cities, restrictions in travel, and social distancing are some of the limiting factors for real estate investors’ ability to do due diligence.
There are guidelines and requirements for realtors in marketing the properties to be able to adapt to this circumstance. Buying or selling a house has a different unique set of rules for different states during these circumstances.
Technology, on the other hand, played a big part in providing solutions for the real estate companies to be able to continue the business amidst this pandemic. Virtual, online video tours have been the best alternatives to in-person showings. Video conferencing apps such as Zoom, Skype or Face-time are also used to allow prospective clients to see the property.
Four months ago, you already decided to buy a rental investment property but because of this circumstance, you are already hesitant to make a purchase.
Still, you keep asking yourself will I still but a rental property during this pandemic? What are the benefits will I get when I buy a home or a rental property during this Coronavirus pandemic?
Real estate is still the best investment during these uncertain times, residential real estate properties in particular. The stable demand, good interest rates, and good home prices make a perfect combination for rental property investors during this time.
Real estate investors who would be able to pay cash can benefit quickly with the rental property investment. They can get good discounts on the properties. Moreover, the interest rates are low right now.
Owning a rental property is much more stable than other investments such as stocks.
If you have enough savings to cover your personal expenses for at least three to five months, if you have a medical emergency fund, and if you have a stable job or income, then buying a rental property during Coronavirus pandemic may still be a great opportunity if you buy smart.
Remember that investing is always a risk but buying smart is the key to better protect yourself.
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