| Falling property markets is grim news for house | | | | Watch the market very closely, read the latest |
| sellers and estate agents. If you are thinking of | | | | property reports and know what's happening in |
| selling your house in a falling property market, | | | | the market. You need to buy before prices rise |
| perhaps for job relocation, or simply for | | | | too much. At this point interest rates will be lower |
| affordibility then here is a look at some of your | | | | and mortgages therefore will be cheaper. At this |
| options. | | | | point for a real bargain you may want to consider |
| 1. You could sell now even though it is a falling | | | | a property that requires renovation. |
| property market, you will be protected from | | | | 5. Stay put. Buying and selling a house is |
| further falls in the market. If you are buying | | | | expensive in itself. Be sure you know why you |
| another property then the price of the property | | | | doing it and check your figures that it is the right |
| you are buying is likely to have fallen too so you | | | | action to take. If you are selling because you are |
| would not have made a loss. | | | | struggling to pay a mortgage, contact your |
| 2. You could sell now and put your money in a | | | | mortgage broker and you may be able to |
| high interest savings account. Instead of buying, | | | | renegotiate a lower monthly repayment. |
| rent in the area that you are moving to and | | | | If you decide to sell, be sure to prepare your |
| closely follow the property market. Once the | | | | house to look it's best. You want to create a |
| property market has bottomed out then you will | | | | fresh, cared-for look. Paint the walls in a neutral, |
| be in a strong position to buy a bargain. | | | | but warm colour, get rid of clutter, make sure all |
| 3. If you put your house on the market then | | | | the lights work, fresh smells and fresh flowers. |
| finding a buyer may be tricky. In a falling market | | | | With a small amount of effort and cost, you will |
| buyers are waiting to see if prices are going to go | | | | achieve the best price. Consider too buying |
| down, and interest rates may rise and then be | | | | property that requires updating and renovation. |
| cut, making mortgages unpredictable. If you have | | | | Whilst the market is slow take the time to |
| not sold your house by the time you need to | | | | renovate it and then as the market rises you |
| move you could rent out your house and rent in | | | | could sell it and hopefully make good gains. |
| the area you are relocating to. For this option, be | | | | Disclaimer: |
| sure to have money put aside to cover any | | | | All information contained in this article, is for |
| costs when your property is not tenanted, | | | | general information purposes only and should not |
| charges for repairs and remember, the rent | | | | be construed as advice under the Financial |
| income you receive is taxable. | | | | Services Act 1986. You are strongly advised to |
| 4. If you sell your house when the market has | | | | take appropriate professional and legal advice |
| reached rock bottom, then buy, buy, buy - in this | | | | before entering into any binding contracts. |
| scenario you need to buy at rock bottom prices. | | | | |