Like many folks, you might be under the impression that the winter season is a poor time to purchase property. But in reality, this couldn’t be further from the truth. Although the holiday season doesn’t always provide a lot of incentive for buyers to venture out into the cold, there are actually several reasons why this is a great time for commercial real estate investing. And while you can secure hard money rehab loans at virtually any time of year, their quick turnaround — a processing time of seven to 14 days, in most situations — can be a real asset during the holidays due to other budgetary concerns. If you’re still not convinced, here are few reasons to invest in commercial real estate this holiday season:
- Less competition
There may be fewer properties on the market during the winter time, but that also means there are fewer buyers. This can be good news for commercial property investing because you’ll be less likely to end up in a bidding war. When there are fewer negotiations on the table, there’s a better chance you’ll end up getting the property you want — often for a better price! And that’s good news where your secured short term loans are concerned, too. When you require less money in the form of a hard money loan, the better off you’ll be.
- More power
Because there will be fewer investors looking to buy, you’ll have more power to negotiate. Not only will you have more leverage in terms of the property purchase price, but you’ll also be in a better position to bargain with contractors. Winter tends to be slow for them as well, so you’re likely to get a discount on labor. Be sure to get a few different quotes — and don’t be afraid to haggle!
- More time to renovate
Your renovation financing will go a long way during this season. Since a lot of people want to rent or buy property in the spring, if you’re looking to flip a property, winter is a great time to do it. You’ll have plenty of time to put your renovation financing to good use and get the property in tip-top shape before making retail space (or the whole property) available to others.
Want to find out more about securing hard money loans or renovation financing for your property investment this winter? Contact us today! We’d love to help bring your vision to life.