Are you ready for the change?
It is not hard to see that the world is changing. In fact, everything from people and their beliefs, through nature to of course business practice and attitudes.
Some of the modern pressure is being created by us. Better health care and decreased child mortality means that we will easily live 30-40 years longer than our grandparents.
The old system of granny dying and leaving her house to mum and dad that then pass it on to their children is a thing of the past. We are going to need to address how we care for our ageing relatives. We are going to have to address as parents how we help our children onto the property ladder. Our children are going to rethink whether owning the own home that they live in really matters to them and when they want to commit and settle in one location.
Age is just one factor affecting our environment, but it is a major factor in our housing market that is already under pressure after a ten recession and a deficit in real housing stock. This is not something that can be fixed by a few more cranes appearing on our skyline.
It is going to take a radical change in the way we think about property; housing needs and housing demands. Like all radical change, short of a revolution, which is frankly unlikely, we are going to struggle through years of pain unless we take responsibility for our own families.
By this, I mean that if we can start to think of our homes as assets, which we currently are not, then we can ease the problem and pressure one family unit at a time.
Your home is not an asset if it is just mortgaged and you are paying down the debt. As asset is something that generates an income. For example, we remortgaged our home and used the cash to place a deposit on another property – this property is rented out – the profit after costs are paid then pays our additional mortgage costs and leaves us with more money. We have turned our home into an asset.
You could use a remortgage to extend your property and build a granny annexe, or a twenty-somethings pad for one or more of your children. The possibilities are endless if we start to think differently.
I have been writing about property as a business since 2012 when I wrote my third book Property for the Next Generation; Preparing your family for a wealthy future.
I will never stop talking about how we need to change and sharing my experiences of the actions we as a family have taken and the impact that has had. My own mini-revolution – come and join the club – don’t struggle alone and in pain, shackled by the history of how property used to be – we need to move towards the 22nd Century for all our sakes.
My name is Vicki Wusche and I love buying houses. When I am not investing in property I writing books about investing in property. I started investing in myself and my family in 2008. Within just five years I had been recognised by The Telegraph as one of The UK's Top 25 Most Influential People in Property. In the last 7 years, I have bought 63 properties and raised over £5 million in Joint Venture money.
I am speaking at the Business Show Excel on Wednesday 16th May in Theatre 6 and Thursday 17th May in SME Marketing Theatre at 13.15 Please come and hear what I have to say – it makes sense. Come and visit us at stand 242.