The Safety Net: Why You Should Keep Your Options OpenWednesday, March 08, 2017
One of the most important things you will do for your future is get a step up on the property ladder. It is also one of the hardest things we can do and currently there are more and more people choosing to rent over buying a home. This means there is a ripe market for renting, so if you are in a position to buy a home then you really should. For some couples you may have moved into a house together which one of you already owns. If this is the case it leaves one of you with the ability to buy on a first time buyers scheme. This will help you to get better rates and even support on your deposits. Taking the opportunity to buy another home is a really great idea for both your family set up today, but also as a safety net should anything go wrong in your relationship. Even if you are looking at purchasing a tiny one bedroom flat, knowing you have something can make the future a little brighter. Either because you have another investment as a family unit, a place your children could use when they get older, or as an escape route if you need to leave your family home.
Think about the area you live in. Is it close to a university or school. Are you near a town centre where professionals are looking to avoid the commute so may invest in a second home. This will give you the opportunity to buy with the needs of someone else in mind. Talk to your bank and see what opportunity there is for you, talking frankly about what you can afford will mean you don’t end up in a sticky financial situation down the line. Get out and do your research, talking to companies such as Houseen Lettings and Property Services could help you decide what rental route you want to go down. There are lots of options. You may decide to run the tenancy yourself and go with private advertising, or you might think that is too much hassle and hand the reins over to a professional. Either way it’s important to understand your duty of care as a landlord and the rights of your tenants.
You could purchase a property for other reasons too. Perhaps choosing something that needs work then project managing your own build. This is a great way to turn a small investment into something bigger, especially if you are buying from auction and then selling through an estate agent. Just remember that you need to have a good budget and lots of time to ensure your builders are meeting deadlines.
Having a little something that is yours isn’t taking a pessimistic view on your future. It is either growing something for the family or taking precautions so you always know there is another options should things not work out the way you want. You never know, you could end up with a portfolio of property if you get the first few right! Just be aware that it’s not as simple as we all hope, if it was then we’d all be property tycoons!