Planning to Buy a house in the UK in 2019? Three smart tips to maximize benefits
Thinking of buying a house in 2019 in the United Kingdom? After Brexit, people are very unsure about whether there will be any change in the housing market. Some experts predict that the prices will fall due to a lack of demand, whereas some predict that the value might stay the same. So, in this cloud of confusion and uncertainty, here are the top three ways to get the maximum benefits from your 2019 investment!
1. Take advantage of Brexit
While most people are not willing to take the risk of buying a house during the Brexit chaos, you should make the most of the situation. The market might not fluctuate much during the near future, but this will be a great investment in the long term. However, the location of the house you are buying must be very well thought out. For example, a house which is currently valued at £X in areas like Chelsea will most likely triple in value by 2030. Again, it is important to understand why you are buying the house. If you are buying the house to live, then this is the best time to buy because the supply is high whereas the demand is very low. If you want to buy a house in 2019 as an investment, then it is a great long-term investment as long as it is well thought out!
2. Take advantage of shared ownership
Shared ownership is an initiative started by the UK government which lets you buy a share in your new home. Instead of paying a mortgage on the whole house, you will only pay the mortgage on the share that you own. For the remaining share, you will pay a rent to the housing association. Keep buying more shares, as and when your pocket allows until you buy the full house. This is the best advice for property management in London, given the current uncertainty about housing prices. If you see the market moving towards higher prices, you can always sell your share or buy the remaining shares – depending on what your pocket allows. This is a very attractive investment option for those who are keen to buy a house in 2019, but do not want to make a risky investment.
3.Take advantage of Buy to Let
The Buy to Let scheme is a great way for ensuring you’re making money off the housing market! A Buy to Let property is bought with the aim of renting out the property to make short-term profits in the form of rental income and eventually selling the property in the long term for bigger profits. Again, keeping in mind the chaos in the housing marketing thanks to Brexit, buying a house under the Buy to let scheme is a safe investment. The youth will always be looking to take houses on rent, be it for college or a job. That way, you can rent out your property while getting a monthly income without having to worry about selling. It is predicted that the housing market in the UK will see a great boom in 2030, so you can always sell your house for a big profit at that time.
At the end of the day, every investment you make needs to be a smart investment. Wherever you are planning to buy a house, make sure to do your due diligence. Study the pricing trend of that area, try to understand where the market is headed and make an investment in what you think is the right fit for you. If you are unsure about where to invest, speak to various property agents to figure out what could be the best investment for you.