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HOUSE BUYING AND SELLING IN UNCERTAIN ECONOMIC TIMES

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There is only one thing that we can be certain about at the start of 2017: it’s been uncertain.

To say that the world is currently in turmoil is not to overstate the problem. The uncertainty of what will befall the UK in coming months has been debated, argued, voted on and then argued back on itself again. For the average citizen, much of it seems unimportant. Important people playing with pawns, not realising the domino effect it could have on our lives.

Most of us don’t ask for much as a baseline requirement. We want to be safe, to feel secure, to have a roof over our head and to have a future to look forward to. It’s all pretty simple stuff, really.

We’re going to focus on one of those primarily: having a roof over your head. When the economic situation is so uncertain, with neither side having a clear view of what the months to head will bring, what can we expect? Do we put our lives on hold and our plans for a house move on ice until things stabilise? But what if they don’t stabilise; and if they do, can we predict that they will be in the ways we expect?

If you have been planning to move home, the current climate is disastrous. It seems to be everything at risk and bring a sense of jeopardy. Suddenly, you’re not just buying a new home – you’re taking a huge economic leap. So is it worth it?

You Have To Know Your Numbers

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When circumstances beyond your control are at play, you have to grab onto any control you do have. You can’t change geopolitics or economic forecasts, but you can make sure you have your own budget balanced.

If you’re going to buy and move in this changing period, then you have to have total control of the figures. Write down every detail. Evaluate storage costs and compare conveyancing solicitors to get the best deals. Even calculate – right down to the minute – details like quick food to eat during moving day.

Keep Your Expectations In Check

If you need to move during this period, the likelihood is you will have to sell as well. This may take longer. Though there has been no sign of a slowdown in the housing market at the time of writing, this does tend to follow when the economy begins to struggle. Be prepared to wait for awhile for a buyer.

There’s Never A Safe Time To Buy

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If you want to buy a bigger home or just get on the property ladder for the first time, here’s a kicker: it’s never a good time to do it, no matter how long term you plan. There is always the potential for a larger global issue to impact you personally, or a change in your personal life that throws you into a spin. So if you’re waiting for a golden time when you can buy without concerns – apologies, but you’re not going to get it.

On balance, now is no riskier a period to buy than at any point in the last decade. Control the things you can control – and you won’t go far wrong.

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