Right now, is obviously not a good time to buy or build, however, the perfect time may be just round the corner.
The opportunity won’t last forever though, which is why it’s important to be ready for it.
Nothing like a lockdown to make your home feel about 10 times smaller. If you have managed to get through the last few weeks without feeling any way claustrophobic, or forgetting what natural light looks like, then congratulations, you have yourself a good home.
If there’s anything good to be taken from being trapped in your home, it’s the fact that you’ll have gained a greater appreciation of space and natural light.
Without going into too much detail here, the influence our homes have on our mood, well-being, relationships, productivity etc is huge.
We may not notice it quite as much in ‘normal times’, but we’ll definitely be noticing it at the moment.
If your house is north-facing (i.e. your living space and rear garden are north facing), go and ask your south-facing neighbour with the lovely extension, how the past few weeks has been for them. You might be surprised to hear them say, “Not too bad actually”.
If you find yourself envying this neighbour or friend, who is “actually enjoying” their time at home at the moment, then now is the time to do something about it.
Unfortunately, many people may not be in a position to buy, build or renovate for the foreseeable future, but for those who are, this may well be the perfect opportunity.
It has literally never been so cheap to borrow money to buy or build a house.
Obviously, the downside to these historically low interest rates is you make virtually nothing on your savings. So, it’s a good time for anyone looking for a mortgage — but not a good time for savers.
That’s not necessarily a bad thing right now, considering spending rather than saving will be required to get the economy back on track.
We are facing downturns in pretty much every market, and the housing market is no exception.
However, while the stock market was perhaps due a recession, it could be argued that the property market still had some road left to run.
The property market, like the stock market, moves in cycles.
However, this is not an average situation we are in. Covid-19 has slammed the brakes on the property market. Nobody knows exactly what will happen when things start moving again, but it would certainly be naive to think it will just pick up exactly where it left off.
Both house prices and construction costs are likely to take a hit. It remains to be seen whether this ‘hit ’ goes on long, and deep, or whether the property market can get back on track after only a short dip. Obviously, neither scenarios are ideal, but they do present opportunities for those who are prepared.
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