Buying a Home in Challenging Times
We are living during a time of tremendous change and uncertainty. The reality is, that the coronavirus pandemic is likely to continue to impact our daily lives for the next few years and our economy for longer. People are saying that the world will not be the same again and that we will all have to adapt to a new norm.
What this new norm will be is still unclear and is evolving. What is clear, however, is that we have all had to think more carefully about the impact of these changes to our personal circumstances and the way in which we use our financial resources.
For the vast majority of people, spending on luxury goods and services will, in these difficult economic times, be curtailed. So, rather than stepping out and spending money on wasting assets like high-end motor cars and goods, there is likely to be an inevitable trend towards more careful spending on long term appreciating assets that can weather economic storms better.
From the lengthy period of lockdown and the enforced slowdown in the pace of our lives, our homes have become our safe places, places where we are rediscovering the value of friendships and family.
Numerous studies demonstrate that over the longer term owning your own home will be a good investment and hedge against volatile markets, and certainly better than buying that luxury car! So, for those people who have been renting houses and for those leading expensive lifestyles, the time has come to restructure personal budgets and earnestly look for security and value by investing in property.
We, at Chartwell, have over the past decade, been helping our customers make that important step onto the home ownership ladder. More than ever we encourage you, for your own sake and that of your family, to buy a home to ensure your long-term security and financial well being by living in your own home.
We look forward to meeting you and assisting in you taking that first critical step onto the home ownership ladder. Please stay safe.
