Make no bones about it, the world economy right now has been beaten and battered. All you have to do is turn on the news for 2-3 minutes and you’ll almost certainly hear a story about a country defaulting, banks going out of business, bailouts being handed out, and the real estate market being the ugliest it’s been in many, many years (some experts are even saying this is the worst its EVER been!).
But underneath all of the doom and gloom is something that may very well shock you, something that runs a little counter intuitive to what you may have been thinking all along.
Wouldn’t it shock you to know that there are certain people all over the country grabbing up as many properties as they possibly can, like some larger than life game of monopoly being played with real money?
Wouldn’t you be surprised to hear that some of the world’s greatest fortunes were built when the economy was in the toilet? That business giants like the Rockefellers, Vanderbilts, and Kennedys all built their empires in the midst of terrible economic conditions?
And wouldn’t you be just blown away to learn that you – yes YOU – could be letting an opportunity to make untold amounts of money just pass you by – an opportunity that will most likely never happen again in your lifetime?
The Hidden Opportunity
The hidden opportunity that I’m talking about is to take advantage of the currently crippled housing market to make you and your family financially set for the rest of your days.
You see, while it’s true that the housing market has taken a beating, and prices have dropped like a stone across the board, that’s horrible news for one group of people (those that are trying to sell their homes or properties) and fantastic news for others (those that are buying). If history has taught us anything, it’s that life is cyclical, and while we’re looking down and out right now, we won’t be forever. If you’re looking for the opportunity to snap up incredible deals on property, now is your time to do it.
Here are a couple of guidelines though:
Check its historic high price against its current value - Check out how much your prospective property was worth at its highest point, or see how much it sold for last. This is a tremendous way to know if you’re getting a deal, or buying a cheapo house that may not be worth anything anyway.
Get your finances in order first - While these kinds of deals are tempting, we don’t know when the market is going to bounce back. Don’t get into short time financial trouble waiting for the long term payout. Make sure you can be comfortable living with these kinds of investments.
Do your due diligence - Do as much research on the property as you can. Don’t just live by the old adage location, location, location – though that is helpful. See if you can spot a future property hot spot, and see if your property has invested in future techs like a green initiative. These houses will almost always be worth more in the future.
Sharon Freeman is a freelance author who writes about Real Estate and Property tips for her local Sydney market.