Many people may wonder why they should start investing in real estate now? We’re in a deep recession, people are losing their jobs and quickly losing their homes. Banks are making it difficult to borrow money and things don’t seem to be getting better. However, I see things a little differently. Believe it or not, this is the best time to start investing in real estate. I will cover the disadvantages and the advantages of buying investment property in this type of market.
Let’s look at the bad side, the disadvantages.
There are disadvantages in trying to buy investment properties in this type of market. First, it’s going to be more difficult getting a loan to purchase the property. The banks are really stingy with their money right now. Even if you can get a loan, your interest rate and closing cost are going to be higher than usual. Don’t let these little challenges discourage you. Keep reading, it gets better.
Let’s now look at the advantages.
Although it may be harder to obtain a loan during these times, it’s not impossible. For every ten lenders that say no, one will say yes. Don’t worry about the closing cost or interest rate, as long as they’re not outrageous. After the economy turns around you can always refinance into a better rate. Your rent will compensate for the higher closing and interest payments. When the economy suffers and people lose their homes, the rental market generally grows due to the high number of new renters. Also during these times, properties are sold at a steeply discounted rate. Your bid should be substantially under the asking price. Finally, as we all know, low priced real estate values will increase over time. Buying now while home values are depressed will allow you to get prime real estate, at low prices for properties that will appreciate over time. This will put more money in your pockets in the long run.
These were some of the disadvantages and advantages of buying real estate in a down market. After weighing the bad against the good, I hope you see why NOW is the best time to start your real estate career. The good will far outweigh the bad.
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