Brexit has thrown many industries into doubt, but one thing is certain, house prices are set to fall. For first-time buyers, this can be an ideal opportunity to jump on the property ladder, but there are a few things inexperienced buyers should look out for.
Look for signs of growth
If we’re heading into a recession, this might mean cuts in local areas. That up-coming area that you had your heart set on might end up being a never-was, so it’s important to look for telltale signs that an area is prosperous. Look at how well the local schools are performing, what the local high street looks like and if there are any big changes planned for the area.
Shop around for your services
In a tough market, you can afford to shop around for the best possible deal. You don’t have to stick with the bank you’ve always used for your mortgage, and you should also look for a proactive estate agent. Someone who lists their property and then waits for you to come to them will struggle in a recession, so you should look for someone who knows their area inside out. Your estate agent should be able to suggest places based on your needs. And while we’re on the topic, you also don’t have to use the conveyancing solicitors your estate agent recommends. They are often paying commission to the estate agent, and this will be rolled in with your fees, so you can end up paying more than needed.
Look for easy wins
If you approach the property with a little bit of imagination, you can find easy ways to add value to your investment. Simple things like updating the exterior, fixing up the back garden or fitting a new bathroom can add more value to a property than you spend on the renovations. These easy wins will help you to get more from your money and protect you from falls in the market.
Follow cues from infrastructure
Infrastructure developments are a good indicator of growth that will be set in place regardless of Brexit. Look at the local transport companies to see their plans for growth and expansion as this will likely lead to investment in new areas. New transport links often lead to development and spikes in property prices, so you can benefit if you get in early.
October 18, 2016