To buy or not to buy, to sell or not to sell?

Back In 1984 I became a proud owner of my first home. At the time I was a student and my wife a secretary. But, incredibly it was her salary that scored us a 95% mortgage from the Burgess Hill Building Society and got us into a one-bedroom garden flat in East Dulwich.

Not the best of areas then, but lovely now. Still it was a property in the most expensive city in the UK. And one you’d need a lot of money for nowadays.

Buying a house made easy

Back then, the whole process seemed effortless and critically, house prices were so affordable. We easily saved up for a deposit, there was no begging to the bank of Mum and Dad, we obtained a mortgage and ‘voila’, we owned a flat. Of course, affordability is now a huge obstacle to home homeownership.

Looking back, it’s very surprising that more people didn’t get on the property ladder. It seems the considerable commitment of homeownership often defeated the desire to own a house. However, the few who bought “back in the day”, made themselves a tidy sum. Hindsight is a wonderful thing.

Current state of the property market

We look back at those times with affection but in truth, today interest in the property market is at an all-time high and for many people the decision to buy a home is an obvious one. There are some, however, who for one reason or another, are not so decisive.

What’s stopping you from buying a house?

  • You don’t believe in possessions

Well then, I hope you don’t own the computer you’re reading this on, since it goes against your principles.

  • Insanity

Okay, don’t buy a house. It is likely to be the wrong house, bought at the wrong time. In fact, start taking advice on every decision you make, including what to eat.

  • Death

Your untimely demise is not something that should get in the way of you looking after your loved ones.

  • You’re planning to join Elon Musk on Mars – fair game, not entirely impossible though a little impractical. On the other hand, the property market on Mars could prove an amazing investment!
  • I can’t be bothered

Laziness is one of the main reasons people don’t move. If that is your case, ask yourself, will you be happy living in the same place in 10 years’ time?

  • Money

Affordability; or lack of it, weighs heavily on people and they think of it as an obstacle that can’t be removed. Well more often than not, it can! I’ll explain more in later posts.

  • Fear

Ah, finally we’ve got to the real one. Fear has the biggest impact on our decision-making and very often leads to procrastination.

Of course, making a life-altering decision is not easy but often enough it’s much more straightforward than you imagine. Think about all those times you anticipated a meeting with your boss, or your Dad, or a client would go completely awry but in reality, it was fine. The same applies to your decision to buy a house.

Overcome the fear to buy a house

From everything written on this blog you can tell that I am never going recommend you should not aim to buy a house. I’m not saying we should all become property magnates, but nothing beats the feeling of owning your home and never having to worry about a landlord again!

Owning your own home can seem big and scary but you can overcome your fears and do it.

So my next post where I will address how to face the fear, overcome it, and take the plunge!

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