Getting into real estate, investment properties in particular, provides several benefits. You have full control over how you use it, you could receive an excellent return on your investment, and there are tax benefits and deductions. First, though, you must decide the best time to buy.
Buy During Winter Months
Most experts agree that it’s best to buy investment properties during winter months. People tend to want to stay inside during cold weather and are less likely to trek to open houses or drive around seeking out “for sale” signs. Additionally, fewer people want to move during winter months, plus the holidays often put a damper on how much people spend on other things. The Midwest in particular sees a drop in sales competition during January and February. Because of the lack of buyers, many people who are trying to sell lower prices during the winter, too.
Buy Around Easter Time
Although winter sees lower prices, spring sees more buying options, especially right after Easter Sunday. As the weather gets warmer, more people work on their homes and decide to put them on the market. Better weather also makes it easier to find problems in home foundations or other issues that could mean a home would be a bad buy. Choose spring if variety is more important to you than staying below a specific price point.
Buy When the Property Has Been Available a Long Time
Regardless of weather, one of the best times to buy investment properties West Orange NJ is when they have been on the market for a while. Most people see this as a red flag, but it can work out for the best as long as you take extra caution. Many homes on the market for a long time are simply overpriced or had a contract fall through. Sometimes, they just don’t have good photos or need upgrades. As long as there are no major structural issues, buying one of these properties is an excellent way to get into real estate, especially if you want a home to remodel.
When purchasing investment properties, work with an experienced real estate broker. Seek out someone who is experienced in helping investors, listens to your vision, keeps in contact regularly, and is licensed and insured to work in real estate.