Tips for success
It’s an uncertain time in the housing market with many experts at odds over what the future holds. But if you do decide to take the property plunge it might be worth remembering these key tips.
• Rent and sell - it is important to buy a property that is suitable for both resell and rental, so as to maximise your opportunity for profit. The two markets do not necessarily go in the same directions; often as one declines the other will pick up.
• Location, location, location – even in bad markets the properties with the best locations sell well, so look for good access to transport even in the cheapest of areas. However it is important to remember different people value location in different ways so, for example, young professionals want to get into town quickly but families with children tend to avoid living by main roads.
• Flexibility – make sure your finance package allows you to change your payments if your property takes longer to sell or let than expected. This will help ensure you don’t find them stretched too far.
• Talk to local estate agents – to get an idea of what buyers in the area are looking for.
• Don’t rush – take your time to get to know the market and the area. Don’t let estate agents push you for fear of missing out on a good deal or over worries that prices will go even higher.
• Get moving – however when you’ve found the property you think has potential don’t hang around. Find a conveyancer who can turn things around as quick as possible. It may be more cost effective to employ people to do the work for you. Even if you have excellent DIY skills, the sooner the property is finished, the sooner you can make a return on your investment.
• Renovate – budding Lawrence Llewellyn-Bowens will just have to keep their creative urges in check because the way to decorate a house so it will sell will not necessarily be one that matches your own personal tastes. Neutral colours and plain decoration throughout tends to get the best results.
• Don’t get carried away – decide on how much you want to spend and then stick to it. How many property programmes have you seen where they go wildly over budget? Well - learn from it!