Beating the Blues
Beating the January blues has always been a problem… The festive season has come to an end, it’s cold and dismal outside, you’ve overindulged on Christmas fayre and the dreaded bills, accumulated over the holiday season have arrived, so it’s no wonder it’s depressing!
Banishing the blues will be even tougher this year with the property slump. Last year’s turbulent property market saw house prices go from boom to bust. So how do you stop yourself being the next victim of repossession?
Baggy Tiwana, managing director of Nottingham based The Property Buyers, part of the Goldman Hunter Group, a property syndication company, receives hundreds of enquiries from people keen to sell. He has advice for struggling home owners trying to attract buyers in today's fragile economic climate.
1. It’s a New Year, so make a fresh start and get your finances in order. Prioritise your bills and pay the most urgent ones such as your mortgage and then those with the highest interest.
2. If you’re struggling to make your mortgage repayments by yourself consider renting a room out for some extra income.
3. If your property’s been on the market for a long time and you can’t see it ever selling, make it stand out. Give it a lick of paint to freshen it up, tidy the garden to give the property ‘kerb appeal’ for people driving by and de-clutter - remember less is more! Even if you’re struggling financially, just a few clever tricks and some brilliant budget buys can transform your property.
4. Don’t move, extend – an increasing number of home owners are deciding to extend or renovate their existing property to create much-needed space rather than move during the property slump, which will add value in the long run and make your property more saleable. So when the market picks up, you’ll be in a better position to sell quickly and get a good price.
5. Make special offers to attract buyers such as ‘legal fees paid’ or half of the stamp duty paid
6. Don’t just rule out low offers, weigh up how much you need to move and how long you could be waiting for another offer. You could even consider ‘part exchanging’ your home for a new house
7. Get an independent RICS (Royal Institute of Chartered Surveyors) valuation carried out so you can prove to potential buyers that it is worth what you are asking for, especially important in today’s economic climate.
8. If you still can’t sell, don’t panic. Seek advice from your mortgage lender as soon as you start to have problems with repayments. They should be doing everything they can to help families facing difficulties.
9. If you’re facing redundancy and repossession is looming, call your local Citizen’s Advice Bureau and the National Debt Helpline for advice.
10. If you’ve tried everything you can either to sell your bricks and mortar or to keep hold of it, contact a reputable sale and rent back company for help as a last resort. The Property Buyers is one of an increasing number of sale and rent back companies which adheres to a strict professional code of conduct and encourages sellers to explore all their options first before considering selling through such a company as the last option. Beware that although we can provide a quick sale and offer fair schemes, others can be far less scrupulous and even leave you homeless. Do your research first before speaking to these companies and fully check their credit history.
(Tuesday, January 6, 2009)