The real estate market is constantly changing and evolving. As most people are aware, the real estate market in London and other major cities has been volatile as of late, but there are still plenty of buyers hunting for property. When looking into the prospect of buying a London property many buyers and sellers will come upon a few myths. We've collected the three most common property myths that buyer buy into and busted them to make your home buying process a bit easier.
Myth 1: An influx of retiring individuals will cause more homes to become available.
This might be true in some locales, but not in London. Baby boomers, as they are sometimes called, have reached 60 years of age, and they aren't selling their homes anytime soon. In fact, many people in this age group are staving off retirement and staying in their homes, and if they are selling, they are moving to homes of a comparable size. The retiring population will not be causing an influx in available homes anytime soon.
Myth 2: A small space always looks cluttered
This is a real estate myth as well as an interior design myth. A space is only as cluttered as people make it. Because square footage is at a premium some buyers are looking at smaller flats and homes, but that doesn't mean their space has to be cluttered. Buying a smaller home can actually be a great lifestyle choice. Not only does it help to keep the cleaning to a minimum, but it makes you cull out useless junk which will lead to a more simplistic and comfortable lifestyle overall.
Myth 3: Location is everything.
This is only half true. Yes, location is important, but it isn't the most important part of the home buying experience. London neighborhoods are constantly evolving and changing, so a location that may not seem ideal now, may turn out to be a great area in a few years. The same goes in reverse, a perfect location can turn into a less than ideal location rather quickly, too. Location should be important, but it should not be the be all and end all of your real estate search.
What real estate myths have you heard? Share your stories with us by contacting us