Those who own commercial real estate in the New York metro area may be concerned about recent events that may eventually lead to a recession. However, there are things that property owners can do to mitigate some or all of the damage that a recession might cause. Ideally, they will pay attention to the 10-year bond note as it tends to have an impact on mortgage interest rates.
When rates are low, it is generally a good time to either get a loan or to refinance an existing loan. At some point, investors may decide that they want to take their money out of the stock market and put it into the real estate market in an effort to generate more consistent returns.
Property owners who aren’t planning on purchasing new properties should still be sure that their financial documents are organized and that they are free from errors. This can make it easier to submit tax returns in a timely manner. Those who have dedicated accounting departments should be sure that they know what they need to do and when their tasks need to be completed by.
Anyone who owns real estate may be impacted by changing economic conditions. Those who want to buy or sell property may want to consult with an attorney prior to closing on a deal. An attorney may be able to provide insight into the potential tax consequences of doing so. Legal counsel may also be able to review the terms of a sale to determine if any changes need to be made before the deal before legally binding.