On the 23rd of June, the country made the monumental decision to leave the European Market. The uncertainty that marked the run up to, and aftermath of the Brexit has had an impact on the economy and the property market.
We’re taking our first tentative steps into a new world, which comes with more uncertainty. At the moment no one can call whether the market will crumble from the strain or whether the Brexit will make it stronger.
In response we’ve come up with a few tips to help you plan around the Brexit.
- Keep Calm and Carry On
The last thing you want to do is freak out. It’s when everyone panics that markets and economies crash. Despite a serious financial crisis in the UK in 2007, the property market has always been robust, becoming stronger and stronger with every passing year. Whilst there might be some uncertainty initially, this will quickly die down. Just focus on keeping up with the repayments of your mortgage and paying the bills.
- Try to bring the loan down as quickly as possible
The full effects of Brexit are yet to be felt by the housing market, so it might not be a bad idea to try and pay a small chunk of your mortgage off now. If you have any stagnant savings that you have no plans for, why not use it to bring your mortgage down by a few thousand pounds?
- If you can’t move, improve!
If the worst does happen, and your property loses its value, that doesn’t equal the end of the world.
Rather than sulking in a home that you feel isn’t worth your time anymore, take action! The Government’s Rent a Room scheme allows you to make up to £7500 a year on non-taxable rental income. If you’ve got a spare room, why not rent it to a student or a young professional?
Another option available is adding an extension on to the property! A pricey and risky addition I hear you cry? Whilst an extension like a conservatory or a bedroom might cost a few thousand pounds to add on, it can add tens of thousands to the value of a property. A worthy investment if you’re looking to sell.
- Life’s too short to worry about property prices
If you have no choice but to sell up maybe due to a need to downsize or perhaps you need to move for a new job, then you might have to take a low price on the chin.
But remember that the price of a property is a minor part of life. At the end of the day, there are worse things in the world.
