Make plans to combat threat of recession

Now, more than ever, we all need to make careful plans about where we live.

It’s tempting to be frightened off moving home when there’s talk of 10 per cent inflation and a possible recession.

But it’s better to balance your existing budget with the home you currently have to decide just how well it meets your needs going forward. The property market is still buoyant and there’s a demand for homes.

The essential for you is to draw up a list of what your home needs to provide, going forward. With road fuel prices as they are, is it possible to create a shorter or more efficient commute? Or maybe give up the car?

There is currently high demand for used cars so you could cash in.

When you need to travel by car, hiring is cost-effective, the more so if you have joined a car club that provides a motor that’s new or nearly new and meets the latest environmental criteria.

You could choose a home with no driveway and no garage as these are often more attractively-priced.

Moving nearer to schools or work, or even where you like to spend the majority of your leisure time if you can work from home for the foreseeable future, could give you the chance to live in a home that’s more energy efficient too. Find a place with a south-facing roof and the sun may even shine on your attempts to cut bills through the installation of a solar array.

If you consider this option, be very careful about deals that effectively lease your roof or air space to a third party. Planning now, getting ready to make a move that ultimately saves you time and money, and then acting on your plan, could see you riding out the threats of inflation and recession with a degree of insulation from the impact. Get some advice, talk to us about what’s in the market, and the prospects for selling your home, and then put it all into action. An appraisal of your property will cost you nothing, but could pay dividends in the long term.

By Colin Shairp, Director, Fine and Country Southern Hampshire and Town and Country Southern estate agencies, Drayton