At the end of 2016, we’ll probably look back and describe it as the year of uncertainty. From the Brexit vote to the US Presidential election, business and politics has been in a constant state of flux. In the UK, news coverage surrounding the prospect of Brexit has been rather bipolar, with some sides predicting doom and gloom while others are rejoicing at the prospect of a boost to the economy.
One thing is for certain, property prices are set to fall in the coming years, which might be bad news for homeowners, but great news for property investors and those hoping to get on the ladder. Research shows that first-time buyers are currently dominating the property market, so it is the ideal time to take advantage of the low prices and interest rates. Buying property during uncertain times is a daunting task, and one that many will shy away from. For the uninitiated, it can be difficult to identify the telltale signs of a promising investment, so follow these 5 simple tips for buying property post-Brexit.
If you are buying property as a rental investment, think about who you might potentially rent it out to. Young families will want to be near good schools,students will want to be close to their university and professionals will want good transport links. If you’re hoping to invest in an up-and-coming area, it’s worth checking the local high street for signs of growth. While closing down signs might seem ominous, a closer look might reveal planning applications.
When there is a slump in the market, the only estate agents who survive are those who are proactive. Listing a property and waiting for potential buyers to come to them isn’t enough in a tough economy, so look for an estate agent who knows your chosen area inside out and can match you with a property based on your needs. This will increase your chances of being able to snap up a property before it has even made it onto the estate agent’s website.
Important infrastructure projects, such as the HS2 or the Crossrail, will generally have their funding confirmed regardless of changes to the economy. New transport links will often mean investment in areas and can mean a good return on your investment if you get in early. Keep an eye on transport companies to see when the reveal their plans, but don’t be tempted to take the plunge based on rumours alone, as things can change a lot before they are confirmed.
You’ll get a lot more for your money if you are able to stick to your budget and compromise. When you have narrowed down your lists of ‘needs’, then you can think about any additional ‘wants’. Approaching every property with a little imagination will allow you to identify the quick and easy ways to add value to a property. Other ways to save money on a house sale include instructing your own conveyancing solicitor, rather than using the one recommended by your estate agent.