The coronavirus pandemic has had a devastating effect on business and government in the UK and around the world. The UK housing market is effectively closed for business at the moment as everyone is following the lockdown rules.
In a time of crisis like this it is very easy to be pessimistic about the future and this applies to property investors as it does to any other business. For some reason our brains are wired to react in a negative way than a positive one. The experts say that this is for our protection which is probably correct.
In this post we will look at how you can emerge as a stronger property investor after the COVID-19 pandemic is over and you can return to some kind of normality. Everyone needs a boost of positivity at this time so please read this short post in full.
You need a Positive Mindset
Do you believe that problems are opportunities in disguise? You might think it a little insensitive to be talking about opportunities at a time like this but you need to consider that after recessions it takes proactive minds to get it back on its feet again.
So you need to believe that from this crisis there will be opportunity for you as a property investor. Quite what those opportunities will be is for you to work out. How do you do that? Well keep a close eye on the market for a start. There may well be the opportunity to acquire properties after the pandemic for really good prices for example.
We have already heard from a number of property investors that believe that this pandemic means that it is game over for them. They are sitting at home listening to the negativity from their inner voice. It is saying to them “this is the end of your property investment business” and they latch on to this and a negative thought spiral ensues which crushes them.
Don’t let this happen. If your inner voice tells you that the coronavirus pandemic is the end of your property investment business then counter this by thinking (or saying) “no it isn’t I will come out strong for this and my property investment business will thrive!”
Don’t be like the rest of the country and waste your time watching movies or YouTube videos. Take a good look at your expenses from both a personal and business perspective. It is not a good time to be spending money on things that you don’t need right now. It is OK to “just get by” while the pandemic is in full swing.
If you own rental properties and you have some vacancies then think about reducing the rent during this period to attract tenants. You may have some tenants that are really finding it hard to pay the rent to you. Think about how you can help them so that they stay with you.
A number of lenders are offering breaks with buy to let mortgages during the pandemic so have a look at what is on offer to see if this is the right thing for you to do. Research the market every day to see what is happening and plan for your next move when all of this is over.
How to come out stronger after the pandemic
The two things that you need to do to come out stronger from the coronavirus pandemic are:
- Develop a positive mindset
- Take action now
Developing a positive mindset is not difficult to do but it will take effort and persistence. Use the time that you have to re-evaluate your business and to stay on top of the market.