Situations that may be seen by people as a misfortune always bring great opportunities with them. Entrepreneurial individuals will normally consider such unfortunate situations as opportunities rather than problems. These smart people take the challenge to take advantage of them and come out winners.
A few great opportunities come out of the current COVID 19 pandemic. Investing in real estate is one of them. Many property owners do not have enough cash to pay their home mortgage and rentals. They will struggle with their financial obligations for quite some time even after the pandemic subsides. Expect that many owners will try to salvage the value of their property instead of defaulting on their mortgages and eventually experience property foreclosure. This presents an opportunity for some property investors to purchase a property at a very reasonable price. During the last financial crisis, there were a lot of distressed properties to be had. They were offered in the market with very attractive prices. Many who made their real estate purchase were able to own their properties much earlier than they planned for. A few real estate businesses were able to found their company based on beneficial property purchases. While some people will frown at benefiting from others’ misfortunes, the situations then were mostly win-win.
If you find a home that’s perfect for you, you have substantial savings and job stability, you can try to get financing at historically low rates. Even now, buying a home might be a wise decision and the right thing for you. Take a long view of the market as you make your decision. Plan to live in your first home, like a condo, for at least five years. You will enjoy your first home in those years. In five years, there should be a different outlook of the market from where we are today. By then, you can reassess the situation and choose between staying in your home for good or up-sizing when you need to. Most likely, you will have by then a higher value property that has significantly appreciated from the price you bought it.
Now is the best time to innovate and hunt.
When you decide on owning a home in Toronto and Greater Toronto, you can contact First Access Condos for support. They have hundreds of condo units in Toronto, Mississauga, Orville, Maple, and Concord.