If you feel stuck in limbo as a seller, buyer or tenant, Phil Spencer shared some property advice for dealing with Coronavirus that will hopefully put your minds at ease.
The property expert who would usually have his time full with a busy filming schedule took to his property website, Move IQ, to share a few words of advice. Speaking about the major rise in activity levels in the housing market before the pandemic, he offered some cautionary optimism.
Phil Spencer’s property advice for dealing with Coronavirus
‘Due to the increased activity earlier in the year, we must presume people’s original motivation to buy, sell, move etc still remains as was,’ he reassured readers. ‘And therefore once the madness has passed, whenever that maybe, that same level of activity will return.’
‘That being said – there will be plenty of people whose lives, jobs, businesses and savings will be dramatically affected in the interim,’ he added. ‘We are all in this together, and while individual decisions are personal to people’s own unique situations – tough decisions are being faced.’
He continued by offering a couple of nuggets of wisdom to tenants, homebuyers and sellers at this time.
Phil Spencer’s advice for tenants
‘For any tenants who are, or shortly expect to be, unable to pay the rent. Begin conversations early,’ he advised. ‘Talk to your landlord or your letting agent as soon as possible, it’s important to do this as far in advance as you can before the problems really hit home.’
‘It’s vital to have an open and honest dialogue,’ he adds. ‘Don’t wait until you can’t pay.’
Phil Spencer’s advice for homebuyers
The property experts advice for homebuyers was the simplest. In line with the government’s advice, he advised cancelling all appointments and waiting until things settle down.
Phil Spencer’s advice for sellers
To anyone looking to sell there house, Phil suggested taking this time to make sure your home is in tip top-selling order.
‘Write a list of all the jobs you’ve been putting off for too long and get cracking,’ he writes. ‘Once the world settles down and people feel like moving around it once again – it’s going to be more crucial than ever to ensure your house stands out from the crowd.’
All these steps will put you in the best possible position when we come out the other end of this.