Buying and selling property has become the main income earner for a lot of people over the last twenty years, but recently the housing market has started to change. And this change means that you might want to consider moving house.
Landlords are selling up
If you are renting your home, you might want to buckle up because things might get a bit rocky for you. A lot of landlords have decided to pull the plug on their rentals and are selling up their portfolios. And while this might be great for some people as this will make property prices come down, it is also a terrible thing for many people. After the 2008 Financial Crisis, a lot of people were left priced out of the places that they grew up and found it impossible to get a mortgage. Even today, a family with two people working full time in good jobs are struggling to get access to mortgages. Keep in mind, 30 years ago, a family with one wage earner making minimum wage had better access to mortgages.
Check out what is available
Renting is fickle at the best of times. The truth is, your landlord is responsible for the property, but many landlords are falling into a slumlord category instead. The houses that are about to come on the market have been neglected and need a lot of work carried out. Be sure to use a reputable estate agent such as William Pitt Sotheby’s international realty to ensure that you are not buying a lemon. If you have previously been priced out of the area of your choice, you might want to look again at what is available. You may be surprised to see how the prices are changing
Renting is not what we think it is
Let’s go back to the previous point about landlords and their neglect for a moment. There are many people how have been long-term renters of the same property and have made it their home. Many of these properties have issues, and rather than run the risk of being evicted for complaining about the conditions, the tenants are fixing the issues themselves. It is these people who are having the rug pulled out from under them at the minute, and entire families are being left homeless. If you are an elder millennial, you probably have a family and a pretty decent job, but you don’t have the security of your own home. Now is the time to get on to the bank and see what your options are and if you can get onto the property ladder pronto.
There are many reasons why you should buy your own home, but if you are renting, you should look into the options that are available to you. In the next year or so, the rental market is going to be shaken up as landlords sell up. You might be able to buy your current rental for a bargain price or find a great starter home for you and your family.
Photo by dimitrisvetsikas1969
