The Covid-19 era has immensely affected the property industry with both financiers and homeowners struggling to make decisions on how to navigate through the current tough times.
Factors such as plummeting property prices, potential for negative equity, changing government policies, a difficult credit market, a slowing economy coupled with personal pressures such as a loss of employment or income, relationship breakdowns, holding an underperforming property, or grappling with dodgy tenants are some of the struggles that are impacting investors and property owners.
Market indicators show that the lockdown period made people to stay home and many have done lots of thinking about expenses like mortgages, especially those who suffered loss of income.
Financial experts advise that it’s important to take an objective look at the situation and determine what the worst and best-case scenarios are. It’s important to consider all options and see which one will protect your finances and the property in the short term. Try to leave emotions out of it and focus on the numbers and the strategy, as when decisions are made on emotions you are often exposed to greater financial risk.
Refinancing is now a big part of many people’s financial readjustment efforts. This means it’s important to talk to your financier or your mortgage broker with regards to current financial status in order to make the best decision. Covid-19 has brought about a lot of innovation in the financial services industry which means brokers can deal with customers all over the country.
