I’m writing this blog on the back of speaking to a handful of people that have said they’re not looking to buy this year. Not through circumstance but choice. “Just to see what the market does”.
If you’re in the market to buy this year, do you do it, or do you hold fire?
Each circumstance is unique, and no one answer fits all. Weighing up all the pros, cons, stresses, inconveniences etc., will get you your answer.
But for this blog (it would be very short otherwise), you’re sitting with a lot of money in the bank and looking to purchase an investment property with half cash and half mortgage.
This situation is good to consider as it’s solely about money—or 95%.
I’m a big fan of a ‘what-if’ and making decisions on a slightly longer time-frame based on a specific goal/result, but if you’re reading this, you want to know if I think prices are going up or down, right?
Well…….. the best opportunities present themselves in these types of property markets. If you have the option/opportunity to buy a property in 2023, you would be bonkers not to be looking.
If you could buy a house for £500k six months ago that’s now available for £450k, you can either look at the fact you have avoided a higher price or be worried that you might be able to get something for even less in the future should you take the plunge now.
“You’re an estate agent…. of course, you’re going to persuade people they should buy….”
I see far more people miss out on the house they should have bought than buy one they shouldn’t.
So long story short, if you can buy, always be shopping. You should know a good deal when you see one. And if you don’t know the market well enough to work that out, why not be happy you saved £50k?
Any questions please do ask.
Simon
MD
