As prices continue to fall, maybe now is the time to spot a bargain in an area on the up. But how do I spot an area on the up and are there actually any areas on the up right now?
You need to think long term on this one. An area doesn”t just become hip or trendy over … night. It takes time. Look for areas where there is other investment going on. So, house prices are still falling. We are all agreed on that. But for how long? Some experts believe that the price falls will have bottomed out by the end of the year. Again this is down to speculation which is what property investment is all about. If you are one of the lucky ones and have a bit of cash floating around, this could be a good time to buy. But don”t get too greedy. It will be a long time before we see the days of the “Celtic Tiger” back again if ever.
Here are a few pointers when looking for an area on the up.
- Stay sane. Be clear about what you want. If you make an ill-judged decision now you may live to regret it.
- Prices have fallen but so has demand. Be aware that it might take some time to sell on the property so make sure you can live with the consequences.
- Keep an open mind on the type of property you are looking for. Some properties hold more value than others.
- Keep a keen eye on the market. Check for properties that have been on the market for a long time. You may be able to get a real bargain.
- Don”t be put off by cosmetics. A lick of paint can go a long way.