Hold on for one more day. =)
I was speaking to my friends in England. It was interesting because the way housing works in the U.K. is a bit differen yet similar in some other ways. Just like everywhere else, properties are always valuable investments and it shouldn’t deter you from obtaining one. He was telling me that you should be able to lease a flat and hold on to it for short and long term durations. The housing market today created a housing slump worldwide. There are probably some areas unaffected by this but the recession in the U.S. is probably similar to the economy in the U.K.
He was telling me that if he is to let go of his lease today, he may end up losing money on his capital investment. The only way he could hope to gain from his investment is to hold on to it longer until the market turns around and create profits once more. If you are in the same situation, his advice? RENEW YOUR LEASE. If your lease is short, or you are considering buying a flat with a short lease, then it is essential to renew the lease and to extend it. In this way you will add value to your flat and protect your capital investment. It is simple and it makes a lot of sense.
I am holding on to my property here in the U.S. as well even though the price has gone down considerably. It is now 10% lower in value than two years ago. 10% is not a joke, it is a lot of money. If holding on to my property will help me get obtain the highest bang for my capital investment dollar – that is exactly what I’m going to do.
