With what has happened to us in recent events, we start to wonder if purchasing a new home during the pandemic would turn out to be a good decision. You must consider that the majority of the American population has lost their homes. It’s due to the ongoing pandemic that has resulted in foreclosure, with that, the real estate industry is currently booming.
The CARES Act released by our government has aided the majority of us to apply for loans that can save our respective businesses. This allows employers to continuously provide monthly salaries to their working employees.
As you start to ponder on the idea that there are properties up for sale within your neighboring community, you would also want to consider whether or not the investment would be a step towards the right direction. We have yet to forecast whether or not the pandemic shall get extended in the years to come, however, we wouldn’t want to put our lives and growth on hold either.
These are some of the benefits you may gain as a buyer in line with the CARES Act approved by the government.
Payable Loans By 2021
As a buyer during the pre-pandemic years, it was difficult to apply for personal loans since the interest was steep and you barely had the notion of even considering this. With the CARES Act initiated, your savings in addition to a hefty sum that you can get from a loan will provide you room for selecting a property that can be both beneficial to you and your family, and maybe even a way for you to earn through equity.
The beauty of the CARES Act loans is that repayment will commence in early 2021 and will provide you with ample breathing room to make ends meet. Also, you won’t even owe taxes after such. Weighing in on this decision will involve thinking of your job stability, savings, and the additional loan, however, think about owning a property that will only appreciate over time.
Houses and Properties are Less Expensive
It may seem like it would connote a negative impact, with what the pandemic has brought to us, it became inevitable that people have lost their house/s due to backed up mortgage loans. It has become apparent that the real estate market becomes inviting for buyers, alongside the CARES Act initiated. This is because with the added support from the government, there are sellers that have utilized the loans provided within the act to further refurbish or improve their homes to meet the demand of the rising number of buyers.
With that being said, not only are the prices ranging within the budget that you have been saving for, but the variety and choice that are within your reach will surely be beneficial in the long run.
No Taxes lead to less Expense
Buyers have always commuted their losses should they invest in something as huge as purchasing a property. May it be for a business that they plan to start up as an individual or as an owner for their future family. Taxes, before the pandemic, were inevitable and would usually burn holes in your pockets.
With what we are currently experiencing as of the moment and with the CARES Act in full action, we aren’t tax evasive yet we have been allowed to waive off taxes and or pay less, therefore giving us an edge as buyers as we embark in this journey of investment.
With all that being said and done, businesses rely on investments and how they are handled. No matter how much the government would support and assist you in terms of loans and finances. The choice is all yours now. Let’s hope that we can make it through together against this pandemic and march towards a better future for the real estate industry.
Change is the only thing constant in today’s society, we can either adapt or choose to accept reality. Learn more about how the real estate industry can become a viable investment with Real Estate IQ.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.