The property market refers to to average house prices so it is quite generalised, withing the property market are micro markets for different kinds of property, which all have their own individual sets of statistics. For example, a 2 bed flat in the city will have different selling statistics to a 1 bed studio in the suburbs. If you want to find a recession-proof property, it’s important to do your research.

As a first-time buyer, selling your property in the future will be the last thought in your mind, but you do need to consider a property’s saleability before you decide to buy, especially in the current recession. Your first step is to find a good estate agent, ask around and read reviews and histories of estate agents in your area so you are clued-up on the reputable agents nearby. You should ask your estate agent which properties sell well in the area you looking to buy, ask which properties are consistently selling well over time. By choosing a house that always sells quickly, you are securing your future whether there’s a recession or not, you will more than likely earn profit if you were to sell in the future.

Unfortunately, during a recession unfortunate financial circumstances can arise, for example, a redundancy. If you were to land in an unfortunate position like redundancy, would you be able to keep up your mortgage repayments? There are a number of steps you can take to help you with your property should you be struggling financially. As well as thinking about the saleability of your property, you should also think about the rentability. If you chose to move out of your property but couldn’t afford to sell it, or keep up mortgage repayments, you could let your home. You would need to make sure your letting price would cover your mortgage and bills. The factors in rentability are the same as saleability. Firstly, you should consider the location of your property – are there good schools nearby? What are the transport links like near to your property? What are the crime statistics in your chosen area? Ask your estate agent for advice on which properties let well. Another option would be to consider paying extra for an additional bedroom, if times were tough, you’d have the option to let your bedroom out for a substantial annual sum (£4,250) without paying any tax, that equates to around £350 per calendar month. You may have your heart set on a luxury two bed flat for you and your partner but if middle-market family homes have better rentability, would you consider changing your mind?

Even though there is a lot of pessimism surrounding the housing market, a good home will sell. As well ensuring you will be able to sell your property in the future, first-time buyers should also ask for guidance with all other aspects of buying a property. We recommend you take an experienced home-buyer with you to any viewings and find a trusted and reputable estate agent who will give you honest answers to any questions you might have.

Ben Greenwood is writing on behalf of Shepherd Gilmour, estate agents in Manchester offering property for sale in Manchester.

Ben Greenwood is writing on behalf of Shepherd Gilmour (http://www.shepherdgilmour.com), estate agents in Manchester.

Author Bio: Ben Greenwood is writing on behalf of Shepherd Gilmour, estate agents in Manchester offering property for sale in Manchester.

Category: Real Estate
Keywords: buying property, estate agents, estate agents manchester, letting property