You may have had the unfortunate experience of having your own home close to repossession in the last couple of years and trust me, you are not alone. 1000’s of people have and will appreciate what a difficult and troubling time it is. No one wants to go through the stress but hopefully you found a good company that dealt with the threat of repossession of your home with respect and offered you a quick house sale for cash.
You may now be in a position where you are looking to buy again so here are a few tips to try and ensure next time the economic climate worsens you may find yourself selling your house comfortably. When property hunting, obviously your budget will play a key role in what you can and can’t have but if you can achieve some of the following it should help.
Try and look for a good location, near a park or some water is an instant attraction for people, wide open spaces they can imagine themselves walking the dog or having a picnic will be a bonus. Take a look at local schools and crime figures. Families will want to know there are good available schools in the district and that crime (as much as possible) is fairly low, getting in a good schools catchment area is a huge tick in the box for most people. Make sure you investigate rail/bus routes as well as other travel networks. Living in a commutable, accessible area with X just off the motorway or Y only a 20 minute train ride away is important to most people. Finally, middle market family homes tend to weather the economic storm better than flats, which in a property boom tend to lead to an over supply.
What ever you do, think wisely before making offers on a property and committing to a mortgage. You have to ensure that you will have the funds, even when things are bad, to prevent a need for another quick property sale.
Tue, May 25, 2010
Debt