Kirsty and Phil returned to our screens this week in the latest series of their home buying programme, Relocation, Relocation. Unlike in previous years, where buying houses has been relatively easy with couples able to get high mortgage to value loans, this series of the property show acknowledge that the housing market has drastically changed. Even though prices are falling, finding the right property can be even more difficult now than it was at the height of the housing boom.
The show followed a couple that were initially looking to take advantage of their luck in the property market over the last five years, where’d they bought and sold at the right times and were now renting, with the proceeds from three properties in the last five years sitting in the bank, by purchasing a half a million pound house. However, they soon realised that a solid financial investment could be made by taking advantage of the housing market and buying two properties, one in the area where they work and a holiday home for investment in Cornwall.
However, despite the potential investment and the decision made to divide the funds, the couple seemed reluctant to compromise in any way in what they were looking for, with everything from furnishings, carpets, size of the cooker and the texture of the walls putting them off the properties.
The program highlighted one of the most important aspects of purchasing a property for investment, in being that you’re not buying something to suit your own personal taste, you’re buying something that will make you money. Ignoring the advice of both Kirsty and Phil, the couple passed on a number of solid investment opportunities in Cornwall that were waiting buyers with the necessary capital and would have provided a guaranteed rental income. The reluctance of the couple to compromise on anything infuriated Kirsty to such as extent that she didn’t return for the final stages of the show, leaving the couple to their own devices.
In addition to realising that you’re buying an investment property for its potential to make money as opposed to whether it suits your own personal taste, the show also highlighted that if you solicit professional advice from an expert, you’re best advised to take it, rather than ignore it.
The housing market may be depressed, but there are still solid investments out there for those willing to capitalise on them.
