Fred Abascal Created a Simple Guide to Condo Investment During CovidCLIFTON, NJ, UNITED STATES , December 3, 2020 /EINPresswire.com/ -- Condos have long been a great investment option for Fred Abascal and are something he suggests to those buying real estate. However, the Covid-19 pandemic has changed the market trends in a myriad of ways, creating an unpredictability that has many concerned. As a result, he recently discussed the smartest ways to invest in condos during this pandemic – including whether it's the right idea at all for you.
Fred Abascal Condo Buying Guide During This Pandemic
Condos are often an excellent investment because they are so in demand in many areas. However, Fred Abascal sees that there may be a slight dip in condo sales and rentals for several reasons. First of all, few people will be using their timeshare in vacation areas during the pandemic – an issue that Fred Abascal believes may make condo investment a much more challenging choice.
That said, Fred Abascal does warn against following trends blindly without a thought to the future. Remember – the pandemic is a temporary situation. And once it is under better control – whether through vaccines or improved treatments – Fred Abascal states that condos will be an excellent investment again. It's just that waiting for this change may be hard for some to do.
For instance, the college condo trend – in which parents buy or rent condos for their children instead of getting on-campus apartments – may increase due to Covid. Fred Abascal believes that more parents may investigate this option as a way of protecting their child from infection. However, this trend may also turn sour if the housing market collapses, and you're stuck with condos you cannot rent or sell, Fred Abascal says.
While Fred Abascal and most experts believe that a collapse is not likely to even in this pandemic and recession scenario, it is essential to consider before investing. And you should also consider the reality that downtown condos for downtown employees may be less desirable due to a change to at-home working situations.
These condos were a significant investment in the past because young millennial workers didn't want to live in the suburbs or travel to work downtown, Fred Abascal found. But many market specialists predict that remote working situations may become the dominant trend after Covid-19. And if it turns out that way, Fred Abascal warns that you may be stuck with downtown condos that are hard to sell or rent.
Don't forget, though, that even these downtown condos can be turned into vacation rentals once Covid-19 is over. Fred Abascal believes that this vacation rental trend is probably the best option for condo real estate going into 2021. Even though you may not see a hefty return immediately, the chance of making a reasonable income will increase in time. If you do invest in vacation condos, make sure you focus on areas likely to see a boost in travel after Covid-19.
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