Phil Spencer from Televisions Relocation Relocation is well known as an authority in the housing market. Famous for his witty banter with co-host Kirsty Allsop, Phil can provide a useful guide on where we go on the way out of the recession. Below are his top tips for avoiding a house price crash.
The First Recession Tip is to Rent a Room
Relocating ? - Tips for the Recession
For those that own their home and are struggling to meet mortgage payments, why not “consider renting out a room” says Phil. “You might even consider renting out your room and you move into the smaller room – it’s remarkable how much easier it becomes to pay a mortgage with that extra help from a lodger.”
Phil’s next tip is to make sure you get a good price for your property.”Try to buy at next year’s prices, today. Lots of properties have been on the market for a long time and as long as you can raise the capital, it’s a buyer’s market.” says Phil.
It’s All Relative
Remember movements in markets are all relative. We often call it swings and roundabouts. Where you lose in a bad market by selling you gain by buying. So overall the two should even out. Try to keep this in the forefront of your mind. So once you’re involved in the market, technically it doesn’t matter. It doesn’t help you if you’re a first time buyer, and certainly doesn’t help if you’re looking to downsize, but if you’re involved in the middle of the market then it doesn’t really matter too much.
Make your house stand out
Another way to beat the recession is to give you an advantage over the rest of the housing market. Phil encourages to “Get Your Home to Stand Out” He continues, “If you’re selling, do everything in your power to make your property stand out and be noticed when compared with other properties of a similar type in a similar area”.
How can you make your home stand out in a practical way and for the right reasons? Phil continues “I’d pay particularly close attention not just to the price, which is the obvious way of making your home stand out, but your challenge as a seller is to get people through the door to come and have a look inside. There’s been a great increase in what I call drive-by viewings, and with less potential purchasers out there you need, as a seller, to do everything possible to get people in. Work hard at what the outside of the property looks like, because a lot of potential purchasers are driving by, looking over your garden fence and then deciding if they’re interested or not. So pay attention to the outside. Don’t go spending loads of money but keep everything ship-shape.”
Much of this “Relocation Relocation Top Recession Tips” are originally shown on Phil Spencer’s Channel 4 for homes web site.
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