Nick Millican on Why Buying a Larger Home Can Equal Bigger Discounts
When it comes to real estate, Nick Millican is one of the top experts; this is especially true when it comes to investment management and asset development, his two specialties. Looking at the London housing crisis, he has used his keen insight to make a few discoveries that others may have overlooked. One of these insights is the fact that buying a larger home oftentimes allows the buyer to get better discounts.
Why Do Bigger Homes Sell for Less?
A strange thing is happening in London as the housing crisis rages on as Nick Millican explains; some would-be home buyers are finding houses that were previously out of their price range being discounted and suddenly within reach. Generally speaking, this is mostly happening for homes in the £700,000-900,000 price range.
The reason that these moderately pricey homes are selling for less is that the housing crisis has gone full circle. Being unable to afford to buy a home, people have started looking for rental properties. This decreased the demand for purchasing a home and sellers found themselves in an advantageous position. As a result, buyers have been able to negotiate lower prices. In other cases, Nick Millican adds, sellers have had to lower prices just to attract offers.
There is a Catch
Nick Millican wants to warn would-be homeowners that there are two major factors to consider before buying one of these discounted homes; first of all, many of these homes are compromised in some way or another. They are not considered “best in class”. Also, while discounts are available, prices are still much higher than they were pre-pandemic. The housing crisis is still very much an ongoing problem.
When it comes to real estate, Nick Millican is one of the top experts; this is especially true when it comes to investment management and asset development, his two specialties. Looking at the London housing crisis, he has used his keen insight to make a few discoveries that others may have overlooked. One of these…