When is the Best Time to Buy a Property
Most people feel like that ship has already sailed as houses are far more expensive than before. Are you thinking it’s too late to pursue buying a property?
Looking back thirty years, you might wish that you have purchased properties then. The timing of the market is not the deciding factor. Your defined set of goals is, so you can always take action and get in the game. Don’t talk yourself out investing and end up missing a good deal.
Know what you are looking for
Are you looking for:
- Houses that have cash flow?
- A property that you can get a great deal on?
- A home with an appreciating value?
Even a property purchased at the current market value or even higher market value, if you plan to hold on to that property for thirty years you will have:
- Tenant paying the mortgage down
- Depreciation on your taxes
- Appreciation in the property value
The long-term benefits are great. In addition, the more the property increases in value over time, the higher the rent you can charge.
So, our answer to when is the right time to start buying properties is: NOW!
Comments (1)
Steve, thank you for sharing. I find that most, myself included, forget that real estate is an asset class that builds wealth over time and buying properties for short-term success can often end in disappointment. Most of the country has surpassed the prices of the 2007 bubble. In the economic system of this country, EVERY asset class will have times of depreciation and times of appreciation. Luckily for real estate, the national average annual appreciation is around 4.5%. There truly is never a bad time to buy real estate, as long as you do your due diligence, as you stated.
Abram Santos-Gibson, over 6 years ago