From the course: Economic Tips for Everyone
Opportunities in a housing crisis
From the course: Economic Tips for Everyone
Opportunities in a housing crisis
- In every crisis there are downside risks and upside opportunities. This is even true in a housing crisis, which most people see as only downside, but there are two big upside opportunities. First, you have the chance to refinance your home mortgage and reduce your cash outlays, as well as reduce the interest you pay on your mortgage every month. Second, a housing crisis may present buying opportunities for people and companies with solid income, cashflow, and credit. Even though there were many people who lost their homes in the mid to late 2000s during the housing crisis, there were many people who used the opportunity to buy homes, buy bigger homes, buy second homes, buy rental homes at a low price, but whether you're buying homes in a crisis or during a boom year, be careful because more debt means more risk. You should always plan to reduce your downside risk while preparing to capture upside opportunities.
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