Step carefully at property milestones
As our nation passes a new governmental milestone, local property finder Kate Vincent considers key life events that prompt many of us to re-assess our property requirements.
Whilst it is written into our statute book that the UK must re-elect a new government every five years, most people only enter the housing market on a few occasions in their lifetime. For many, this infrequency means buying (and selling) a property can become a stressful and frustrating process unless the right advisor is sought. So, what are some of the milestones in life that force us to enter the competitive property arena and how best to deal with them?
Empty nests
As the last of the children leave home, the bustling house that was previously full of noise and clutter can seem excessively large and silent. For those who decide this is a time to move, the challenge is twofold; firstly, there is the desire to attract as high a price as possible to help fund a mortgage free next move (with hopefully money to spare to boost the retirement coffers) and secondly, to find a suitable new home that is more modest in proportions but still big enough to house all the favourite pieces of furniture and occasional visits from the family. This is not easy to achieve and may seem like a daunting task, particularly if the family home has been lived in for many years. One option to consider is to sell your property ‘off-market’ as this method of marketing avoids the necessity of publicly airing of your private domain. These sales need to be handled with due care and attention, and an agent’s first port of call will usually be their connections with professional property finders. Hand in hand with the continual search for those opportunities perfect for clients, a property finder will have continual access to both pre-market and off-market sales.
University
The rise in university student numbers over recent years has increased competition for student housing in the top university cities, inevitably raising rental prices in the most popular locations. As a result, some parents are deciding to turn the expense of student renting into an investment opportunity, hoping to house their children comfortably whilst benefitting from potential capital growth. The theory is often good but making a wise investment choice is not easy when the university in question could be several hundred miles away. Using a property finder who is local to your child’s place of study will give you the reassurance that the choice of property is not only ideal for student living, but also based on sound investment principles.
Relationship breakdown
For many couples facing the sad reality of a relationship breakdown, one of the key questions to be addressed, once the children have been considered, is what to do with the family home. Solicitors will offer advice on this matter but in truth, their expertise lies within law so, it can make this difficult time a lot easier if advice from a specialist property expert is sought. Look for someone who can objectively evaluate the current property as a move of this nature can be highly emotional. Assisting with devising a marketing strategy if to be sold, the right property advisor will assess the housing need of both parties going forwards and offer support during the acquisition of the next property.
Windfall
Whilst winning the lottery would prompt most people to reassess their property requirements, in reality, the nearest the majority of us come to an injection of capital is when some money is inherited or when reaching a pensionable age. Indeed, the changes to the pension rules implemented in April have prompted many individuals to consider investing some of their pension in property. With the demand for rental properties ever increasing, and knowledge in the best yields and capital appreciation a specialist area, those looking to purchase for investment reasons are different from any personal property purchases made before , thus careful thought needs to be given to the type of property, location, level of investment, potential yields and consequent return on investment. Tread very carefully and get good advice.
Bereavement
When a loved one passes away leaving a property to be disposed of, the burden of responsibility to handle the sale can be great, particularly if the proceeds need to be split amongst several beneficiaries. A professional company acting as executor will be able to deal with this matter effectively, however, should the task fall on an individual’s shoulders, Garrington offer an oversee of sale service that can lighten the load for those trying to juggle full time work and family commitments along with this upsetting task.
