|
MSI's UK South Coast law firm member, Lester Aldridge lays out the rules on 'How to stay level headed in today’s property market'.
Real estate prices tend to go up over time, as suggested by Mark Twain when he advised a friend to "buy land, they've stopped making it". Rachel Lapworth, Head of Real Estate at Lester Aldridge law firm comments on buying property in today’s market.
The sad fact in today’s property market is that being level-headed doesn’t make for a good headline. But I don’t believe that being realistic means being negative. I think it is at these times of uncertainty that a positive and, I would say, realistic look at the situation is just what is needed. So here are the real truths:
There is always a market for good quality homes at the right price
- If you are selling one home and immediately moving into another the chances are that a slight dip in prices won’t affect you. Your home is about your lifestyle – it is a long term investment which you might never realise in your lifetime.
- You need good quality advice from established professionals who have experience in your type of property. You will probably have to pay a bit more for that advice but this is when quality really does matter. You need to be confident that you are doing the right thing so this is an investment you won’t regret. Remember the advertising slogan “reassuringly expensive”?
- Mortgage lenders will always have money to lend at realistic rates to a good proposition. So, if you can demonstrate a clear ability to repay coupled with a sensible capital stake in your own home then you won’t have any trouble getting a mortgage at a competitive rate. If you don’t match those criteria and you simply must move then you should downsize and sit tight until things improve for you. The worry of trying to cope will take more years off your life than the disappointment of downsizing.
And finally, in today’s frantic world if there is one place where you need to find sanctuary it is in your own home. Worry about your decision making process if you must but, once you have decided, act with confidence and enjoy your new surroundings.
For more information
Please contact Hannah Griffiths at UK South Coast law firm Lester Aldridge
|