Looking to sell your home? Then working in partnership with your estate agent is key.

With the rate of interest reaching the heady heights of 15% in the early 1990’s, there are many who feel that current homeowners with rates hitting 6% for a 5 year fixed mortgage have nothing to complain about. However, homeowners with mortgages are facing issues as a result of the sheer level of debt they are servicing as well as the current cost of living crisis 

It’s predicted there will be a further rate rise in the Bank of England’s base rate, with the prospect of fixed rates reaching 7% by the end of the year. Every month, 200,000 people are seeing their fixed rate borrowing ending, so there are things prospective sellers need to do to be ahead of the rapidly changing market.  

Selling a property can be a challenging task, especially in a market where stock levels are on the rise. It’s crucial to understand your competition and make necessary adjustments to ensure your property stands out. In this blog, we will explore key strategies that can increase your chances of a successful sale. 

Understanding your competition 

With so many people currently selling their house, it is essential to keep a close eye on the market and identify any competitors. The landscape is ever-changing, so keeping yourself informed about similar properties entering the market will be really helpful. By understanding your competition, you can make quick adjustments to your selling approach and maintain a competitive edge. 

Offering value for money 

While you don’t have to price your property at rock-bottom rates, if you want your property to sell quickly it’s vital to offer value for money compared to other properties in the same price range. In the current market, buyers are willing to pay a fair price, but they won’t pay more than what they perceive as reasonable. Consider the unique features and qualities of your property (for example, do you have parking or a spacious garden?) that set it apart from others, and make sure to highlight those when marketing to potential buyers. 

Challenge your estate agents 

Gone are the days when simply waiting for the phone to ring was a successful business model for estate agents. In a competitive market where everything is increasingly becoming digitalised, it’s important to ask your estate agents about what they’re doing to promote your property. Ask them about their marketing strategies, online presence, and their plans to reach potential buyers. 

Presentation matters 

This one is pretty obvious, but presentation is vital when it comes to selling your home. Consider investing in redecoration or recarpeting if it can help create a more appealing environment.  

Don’t forget to enhance your property’s curb appeal either. The exterior of your home is the first thing potential buyers will see, so it’s crucial to make a good impression from the moment they arrive. If you have a garden, make sure it is well maintained, clean your front door and windows, and consider adding a fresh coat of paint to your house if appropriate. 

While these upgrades may not provide an immediate return on investment, they can significantly improve the chances of a quicker sale. A well-presented property tends to attract more interest and can ultimately secure a better sale price in the long run. 

Set the right asking price 

One common mistake sellers make is inflating the asking price above the target sale price. In a tightening market, it’s important to be realistic and transparent with potential buyers. Going back to our first point, researching your competition will help with this too as it will give you a good understanding of what similar properties in your area are selling for. Clearly signpost what buyers need to do in order to purchase your home and make sure you have a clear asking price. 

Planning to sell your home? Boothroyd’s know the Kenilworth area and s in a great position to help you. Contact us today to find out how we can help! 

Essential Tips for Landlords: Maximising Returns and Tenant Satisfaction

Property is an excellent investment that can generate passive income for years and often increases in value with every year. However, being a landlord and successfully managing your property and tenants can be a bit of a minefield, especially when you’re just starting out.  

To help you, Boothroyd & Co have put together our top tips for maximising returns on your property and ensuring your tenants stay satisfied. After all, good tenants who pay on time and who you can trust with your property are like gold dust. 

Screen your tenants  

In the current market, landlords may find they have the option to choose from a large pool of tenants. Whilst having a lot of options, it is important that you understand how to screen your tenants properly in order to find the best fit for you as mistakes made at this stage can cause problems for you further down the line. 

A good agent can help to guide you towards the most suitable tenants for you but if you’d like to do it yourself, it’s vital that you get evidence of an applicant’s income, credit status and any rental history that they can provide. Ensure that you get copies of appropriate documents and don’t just take their word for it. References are important here.  

Research rental rates and agree the terms of tenancy  

Research is incredibly important – put your rent too high and you won’t find anyone to rent your property but too low and you’ll struggle to make a profit. Again, good agents will be able to examine your property and give you an accurate idea of how much to charge but if you want to go it alone then websites like Rightmove and Zoopla are a good place to start. 

Add in property information that accurately represents your property and look at how much similar properties in the area are being advertised for. This will help you decide on your own price. You can also get some marketing ideas from these websites too. 

For example, if your property is spacious and near to a school advertising it toward families may help you find your ideal tenants. Similarly, if your property is near a university, you may wish to look for student tenants which could be idea if you’d rather offer fixed term contracts (more on that below). If your property is going to have more than four tenants, make sure you get in touch with your local council to check whether you need to register for multi-occupancy.  

Before a tenant moves in, it’s important that you agree with the tenant the terms of tenancy. Always get this done in the form of a written tenancy agreement and set out the terms and conditions in detail.  

Tenancies can be for a fixed term, for example, 6 months or can be in the form of a ‘rolling tenancy’. Rolling tenancies essentially renews on a month-by-month basis. Remember, that even if you opt for a rolling tenancy, you will still need to serve the tenant notice if you want to take back possession of your property. Again, it is important to get this written into the tenancy agreement. 

Both fixed term and rolling tenancies have their benefits, so it’s important to consider whether you want to let your property out long term or whether you’d just like it occupied for certain periods of the year. 

Make your inventory 

An inventory list is a detailed list of all the furnishings, fixtures, fittings, and sometimes even the condition of the property, that are provided by you as the landlord as part of the rental agreement. It typically includes items such as furniture, appliances, kitchen utensils, linens, and other household items. The purpose of an inventory list is to document the condition of these items before the tenant moves in and after the tenant moves out, to determine if there are any damages or losses that the tenant may be liable for. 

Don’t forget about property maintenance and repairs 

Before your tenants move in, make sure you discuss who is responsible for property maintenance and repairs. Generally, landlords will be responsible for big repairs such as plumbing or building works, however, smaller maintenance jobs like mowing the lawn usually fall to the tenants. Try to make sure that all repairs are done swiftly as this helps foster a relationship of trust with your tenants. 

Get all of this agreed in writing and take a suitable security deposit to cover costs if your tenants fail to stay on top of maintenance, report repairs, or actually damage the property themselves. Under the 2004 Housing Act, security deposits must be paid into a deposit protection scheme within 14 calendar days of being received by the landlord so make sure you get this sorted. 

Don’t forget to take out insurance. Many landlords aren’t aware of this but the law states that landlord property insurance is needed to cover rented properties as general home insurance is not usually adequate to cover third party. Having specialist landlord insurance also enables you to limit your exposure risk and, in some cases, can cover you if your tenants don’t pay when they should. 

Get clued up on your legal obligations 

This one is really important as residential tenancies come with a lot of complex controls and regulations ever since legislation was introduced in 1915. It’s essential that you’re clear on your responsibilities and what penalties you could receive if you fail to comply. These penalties can range from civil action to criminal prosecution.  

The main areas of legislation concern: 

Energy Performance Certificates (EPCs) 

Gas Safety 

Electrical Safety 

Smoke and Carbon Monoxide Detection 

The Housing Health and Safety Rating System (HHSRS) 

These can be complex so if you’re just starting out as a landlord or if you’re struggling to understand all your responsibilities, it can be really beneficial to get an agency in to manage your property. They can ensure you’re fully complaint and help you to avoid any nasty surprises further down the line. 

Want to let out a property? Contact us today to find out how we can help make the whole process easy for you. 

5 Secrets to Selling Your Property Faster in Kenilworth

Every homeowner dreams of a smooth and swift sale when the time comes to move on from their property. Our charming town of Kenilworth, with its historic landmarks and vibrant community, is an appealing location for many prospective buyers. But how can you make your property stand out in this bustling market? Here are five ‘secrets’ to achieving a successful home sale in Kenilworth. 

Secret 1: Enhancing kerb appeal 

The first secret lies in the art of creating a memorable first impression. Before potential buyers even step foot into your property, they form an impression based on the exterior. This is what we call ‘curb appeal’ – the aesthetic charm of a property as seen from the street. In the ever-competitive property market of Kenilworth, a well-presented exterior can make your house stand out from the crowd. 

Begin by tidying up your garden; a well-maintained lawn and colourful flower beds can do wonders. Ensure your pathways are clean and well lit, and consider power-washing the exterior walls to bring out their original colour and freshness. Fresh paintwork, particularly on the front door and window frames, can also be incredibly effective. Remember, enhancing curb appeal isn’t about grand gestures, but rather attention to detail and care. 

Secret 2: Effective staging techniques 

Staging your property effectively is a clever strategy to make it more appealing to potential buyers. It’s not just about keeping your house tidy; it’s about showcasing its full potential. A well-staged house gives buyers an insight into what their life could be like if they lived there. 

One effective technique is depersonalising the space; buyers should be able to envision themselves in the property. Removing personal items and keeping the decor neutral can help create a blank canvas. However, don’t strip away all the character; maintain a sense of warmth and homeliness. Additionally, lighting plays a crucial role in staging. Ample natural light, complemented by well-placed artificial light, can make rooms look spacious and inviting. 

Secret 3: Pricing it right 

Pricing your property is a delicate balancing act. Set the price too high and you risk alienating potential buyers; too low, and you may undersell and affect the local property values. A deep understanding of the Kenilworth property market is crucial for this. Speak to us if you’re not sure of your pricing strategy.  

Keep an eye on the latest sales trends in the area. Knowledge of recently sold similar properties can help you benchmark your price. It’s also beneficial to understand the demographic of Kenilworth and their preferences, as this can impact the perceived value of your property. Remember, setting the right price isn’t just about the property itself, but also understanding the buyer’s mindset and market dynamics. 

Secret 4: Strategic marketing 

Marketing your property effectively can significantly increase its visibility. This doesn’t just mean putting a ‘For Sale’ sign outside; it means using a variety of channels to maximise your property’s exposure. 

Leverage online platforms, including property listing websites and social media channels. High-quality images and virtual tours are more important than ever in this digital age. Traditional marketing methods also remain effective. Local newspapers, property magazines, and community bulletin boards are all great places to advertise your property. Remember, your goal is to reach as many potential buyers as possible, so use as many channels as you can. 

Secret 5: Engaging a professional agent 

Lastly, never underestimate the benefits of engaging a professional real estate agent. An experienced agent can provide invaluable insights into the local market, assist in correctly pricing your property, and navigate you through the complex selling process. They can also help with staging, photography, marketing, negotiation, and paperwork, significantly reducing the stress and time commitment of the sale. 

Choosing the right agent is important. Look for someone with a proven track record in Kenilworth who understands the local market dynamics. They should be trustworthy, communicative and motivated to help you achieve your desired outcome. 

In conclusion, achieving a successful home sale in Kenilworth requires a combination of aesthetic appeal, strategic staging, competitive pricing, effective marketing, and professional guidance. By keeping these five secrets in mind, local residents can maximise their chances of a quick and profitable sale, making the process less daunting and more rewarding. 

Looking for more information, or curious about current properties in the Kenilworth area? Reach out today, we’re happy to help answer any questions you might have.  

House Sales – When’s The Optimum Time To Achieve The Best Price?

When it comes to selling a house, one of the most common questions homeowners ask is when the best time is to achieve the best price. While there’s no one-size-fits-all answer to this question, research has shown that properties under offer nine days after listing tend to achieve the best price. 

What are the findings? 

According to a recent report by property experts at the HomeOwners Alliance, the key to achieving the best price is all about timing. Specifically, the report found that the optimum time for a house sale is around nine days after listing, with properties that sell quickly often generating a sense of urgency among buyers, which can lead to competitive bidding and ultimately, a higher sale price. 

The report goes on to suggest that one of the most important factors in achieving a quick sale and a good price is getting the asking price right. This is particularly important in the current market, which is highly competitive and often driven by the demands of buyers. When the asking price is right, buyers are more likely to make an offer, regardless of the situation. 

So, how can homeowners ensure they get the price right and achieve a quick sale? Here are some tips to help. 

Research the local market 

Setting the right asking price is crucial when selling a property, as it can significantly impact the amount of interest and offers you receive from potential buyers. If your asking price is too high, you may struggle to attract interest, while if it’s too low, you may miss out on the opportunity to get the best possible price for your property.  

Consider the condition of your property 

The condition of your property is one of the most important factors that will impact its value. If your property is in excellent condition, it will naturally command a higher price than one that requires significant repairs or upgrades. Buyers are often willing to pay a premium for a home that is move-in ready and doesn’t require any work. 

Work with an experienced estate agent 

A reputable estate agent can provide a wealth of experience and knowledge of the local property market. They understand the nuances of the market, such as which areas are in demand, what buyers are looking for, and the current pricing trends. As such, they can help you set the right asking price for your property based on the current market conditions. 

Be flexible on the price 

Setting the right asking price is crucial when selling a property, but it’s also important to be flexible and open to adjusting the price if necessary. While you may have a specific price in mind, it’s important to remember that the market ultimately dictates the value of your property, and sometimes that value may be lower than what you initially anticipated. 

If you’re not getting the offers you’re looking for, it may be worth considering lowering the price slightly to generate more interest. This can be a difficult decision to make, especially if you’re emotionally attached to your property or if you’ve invested a lot of money in it. However, it’s important to keep in mind that the longer your property sits on the market, the less attractive it may appear to potential buyers. 

Market your property effectively 

Finally, make sure you’re marketing your property effectively to reach as many potential buyers as possible. This may include professional photography, virtual tours, and advertising on popular property websites. 

In conclusion, timing is everything if you’re looking to achieve the best price for your property. Aim to list your property for sale at a time when demand is high, and be sure to get the asking price right to generate interest and ultimately, achieve a quick sale at a good price. Work with an experienced estate agent to help you navigate the local market and market your property effectively to reach as many potential buyers as possible. With the right approach, you can achieve a successful sale in a relatively short amount of time. 

Property in Kenilworth 

Amidst concerns about rising costs of living and fluctuating mortgage rates, it’s natural to feel apprehensive about the local housing market in Kenilworth. However, both property owners and prospective buyers can find reasons to stay optimistic. Consider the following points as indicators of a promising future for the Kenilworth real estate market: 

Ongoing Development Projects 

Kenilworth is witnessing significant growth and development, which is expected to create more opportunities in the medium to long term. This expansion will likely enhance the overall appeal of the area and positively impact property values. 

The Kenilworth Gateway 

Serving as an exemplary showcase of the area’s development, the Kenilworth Gateway project exemplifies the region’s commitment to progress and growth. This project has the potential to attract new businesses, residents, and investors, ultimately benefiting the local housing market. 

If you’re looking to sell your property, it’s important to work with a reputable estate agent who can help you set the right asking price, provide valuable insights into the local market, and advise on any repairs or updates that may be needed. Contact us today to learn more about our services and how we can help you achieve the best possible sale price for your property. 

Estate Agents – 5 Reasons Why Transparency Is Key

Let’s be honest, estate agents are often seen as not always being entirely upfront about the process and the fees involved in buying, selling, or renting a property. In today’s digital age, the expectations of clients have changed dramatically. People expect instant access to information, and they demand transparency from the businesses they work with. The same holds true for estate agencies, who must be able to provide their clients with all the information they need to make informed decisions about buying or selling a property. 

 

So we think that finding an estate agent that’s unafraid to be realistic is more important now than ever before. With many other agents promising results that aren’t possible, it’s easy for buyers and sellers to get caught up in false expectations. At Boothroyds, we believe in transparency and honesty with our team, buyers, sellers, tenants, and suppliers alike.  

 

Don’t hide from the truth 

Transparency is key, and there’s no point in burying your head in the sand. It’s key we’re open and honest. There’s no point in pretending things are rosy when they’re not. At Boothroyd, we understand that the current situation in the housing market can be difficult, but we’re here to help our clients navigate it with honesty and openness. 

 

Improve the client experience 

At Boothroyd & Co we try to be transparent about the steps involved in buying or selling a property, even during tricky times, so our clients are more likely to feel like they are in control of the process. This can help to reduce stress and increase the overall satisfaction with the experience. Focusing on client experience and transparency is important to us, as our reputation in Kenilworth and beyond is something we pride ourselves on. When our clients feel like they are working with an agent who is open and honest, they’re more likely to recommend our services to others. This can help to build a strong reputation in the industry and increase the number of referrals and repeat business, which we love. 

 

Building connections  

One of the most important things for us at Boothroyd is building strong relationships and rapport with our clients. Being honest and trustworthy is essential to great working relationships. And when it comes to valuing properties, we take a realistic approach. While agents are continuing to value, Boothroyd is trying to be as realistic as possible with the current speed of changes. The advice we give is honest and helpful. Now isn’t the time run and hide, it’s time to take everything into consideration and have a competitive eye. It’s about being real with the circumstances that we’re being given. It’s critical we get the prices right for our customers. 

 

Your success is our success 

At Boothroyd, we see ourselves as stakeholders in the sale of your home. We don’t achieve what we need to achieve until you sell your home. It’s a two-way street, and we need to look at what the market is telling us and take that information on board. Due to our experience, we’ve been through these struggles with housing before and we’ll most likely go through this again. The importance is to remain calm, and honest. 

 

Although the housing market isn’t great right now, it’s not all bad. There are still so many opportunities out there. By working with an estate agent who is transparent and realistic, you can navigate the market and find the right opportunity for you. 

At Boothroyd, we’re here to help you do just that. Contact us today. 

The Cost Of Living Crisis: Does It Make Sense To Downsize?

The cost of living is a major concern for many people, and downsizing can be a way to reduce expenses and save money. However, downsizing is not the right choice for everyone, and it’s important to carefully consider the potential benefits and drawbacks before making a decision. 

Some potential benefits of downsizing include: 

Lower housing costs 

Depending on the location and size of your current home, downsizing to a smaller dwelling can significantly reduce your monthly housing expenses. 

Lower utility costs 

Smaller homes generally have lower utility costs, as they use less energy to heat and cool. This will reduce your utility bills, which is increasingly important. 

Lower maintenance costs 

Smaller homes also tend to have lower maintenance costs, as there is less space to take care of. 

Increased financial security 

By reducing your monthly expenses, downsizing can help you build up your savings and improve your financial security. 

Easier to manage  

It’s also a lot easier to keep on top of household tasks in a smaller property, which can be a huge bonus if you’ve been struggling to manage your current home. 

However, there are also potential drawbacks to downsizing: 

Loss of space 

Downsizing means giving up some of the space you currently have, which can be difficult for some people who have sentimental attachments to older possessions. A smaller home may not be practical if you have a large family or enjoy hosting guests. 

Loss of amenities 

Depending on where you live, downsizing may mean giving up access to certain amenities, such as a pool or a large garden. If you’re considering moving to an entirely new area, can it offer everything you need to continue living your life? Make sure you research the local area, and if you have any hobbies that are important to you, be sure you can continue them in this area. 

Moving costs  

Moving to a new home can be expensive, and downsizing may involve additional costs such as selling your current home and paying for storage. This includes costs such as stamp duty, solicitor fees, and potentially long waits, depending on the chain. 

Motivations for moving 

Do you feel pressured by your family to make a move? While their intentions are good, make sure the move is right for you. If you still feel happy and confident living in your current home, it might be a good idea to explain to them that you aren’t ready to consider downsizing just yet. Overall, whether downsizing makes sense for you will depend on your individual circumstances and priorities. If you are struggling to afford your current living situation and are willing to make some sacrifices in exchange for lower costs, downsizing may be a good option. However, if you’re happy with your current home and are not in financial distress, downsizing may not be necessary. 

 

Ready to downsize? Contact us today to learn more. 

Buying a Property - Here's How to Work Out Your Budget

Buying a Property? Here’s How to Work Out Your Budget

If you’re in the market for a new place to live, it’s vital that you give some thought to how much money you can reasonably afford to spend on a house. Take a look at our top recommendations for determining a realistic moving budget.

 

 

If you’re a first-time buyer

Several primary factors will determine how much you can afford to spend on your first home:

The size of your deposit

Clearly, the greater the size of the deposit you have, the more flexible you’ll be in your choice of property. The average down payment is between 10 and 15 per cent of the home’s price, and 20 per cent is the sweet spot. There are pros and cons to putting down as little as 5% on a home through government programmes for first-time buyers or through certain mortgages.

Finding a mortgage that only requires a 5% down payment may not net you the best interest rates, because customers who pay a larger deposit are considered less of a risk to the lender.

Your financial reputation

To qualify for a mortgage, the bank or lender must decide that you are a good risk. They must have faith in your ability to repay the loan.

Debts

Clearing up your major debts should come first. If you currently owe a lot of money, a mortgage lender is less likely to offer you more. To improve your chances of getting approved for a mortgage, pay off as much of your debt as possible.

Credit Score

You can easily determine how a lender would see you by checking your credit score. If you have credit report problems, an app like Clearscore can help you fix them and improve your score. A better mortgage rate and terms are more likely the higher your credit score is.

Owning on finance

Owning many financed assets, such as furniture and vehicles, can be treated as a large amount of debt. Before applying for a mortgage, it is wise to pay off as many financed products as possible.

Talk to us today if you need help with mortgages.

What can you afford per month?

It’s more complicated than just checking your savings and applying for a mortgage. Two other factors will be considered by mortgage servicers while reviewing your application:

The x 4.5 rule

Lenders will typically give no more than 4.5 times your annual salary to protect themselves against those who are unable repay their loans. If you’re buying with someone else, your combined salaries will allow you to qualify for a larger mortgage.

Your monthly spending habits

Lenders may view you as a higher risk if you consistently end up in the red at the end of the month or if you spend all your money on entertainment like going out to bars, restaurants, and clubs. Even if an underwriter checks your bank statements, it usually only goes back a few months. Try to straighten out your finances.

Monthly mortgage payments

Historically, mortgage payments were far more affordable than rent, but this is no longer necessarily the case. A mortgage calculator can help you estimate your monthly payment; however, it is important to keep in mind that the length of your mortgage term will have an impact. Getting a mortgage for 30 years instead of 20 will reduce your monthly payments but result in a higher total cost due to the more interest earned.

The risk of falling behind on your mortgage and going into debt increases if your monthly payment is too high. This is why the underwriters need to review your bank records to make sure that the monthly payment on the mortgage you’re approved for is manageable.

The Mortgage Advice Bureau has the knowledge and experience to guide you to the best mortgage option for your needs and we recommend speaking with them.

Working out what price property you should consider as a first-time buyer

Starting with your annual salary is a good place to start if you have a down payment saved up, no outstanding debts or financed purchases, and a good grasp of your credit score.

A combined annual income of £46,000 would be the result of two people each making £25,000 and the other person earning £21,000. You can estimate how much money you will receive from the lenders by multiplying this number by 4.5: £207,000.

After adding in your down payment, this will be your maximum budget for viewing rental properties. That means you may look at homes priced between £220,000 and £230,000 with a deposit of just £20,000.

If you want to increase your budget but there aren’t many properties available in your price range, you may decide to save up a larger down payment.

 

If you’ve got a home to sell

What you can afford when selling your current house and buying a new one depends not just on your income as mentioned above, but also on the amount of equity you have built up. You’ll be in a better financial position to make a down payment and other purchases if you’ve repaid your current mortgage to a significant extent.

If your existing property is worth £350,000 and you’ve paid off £155,000 of it, that £155,000 represents your equity and can be applied toward or used in place of your deposit. The remaining money will be paid to the mortgage lender.

The same 4.5 rule and income-based guidelines apply, but because you have a mortgage payment history, you may be eligible for better mortgage terms.

Remember that the asking price for your current property may not be the price you end up getting, depending on the market. Determine the lowest price you can accept for your property and refuse any offer that is less than that. Consider the commission your real estate agent will receive from the sale too.

Another cost to consider is the marketing of the house you’re selling. Here at Boothroyd and Co we offer free valuations and marketing advice, as well as a competitive fee structure. If you’re looking to rent out your property, we have a letting and management service, so get in touch.

 

Location and area can impact budget

The cost may increase or decrease depending on the location. Think about the price range you determined by answering the questions we posed above and evaluate whether it’s enough to purchase the desired property in the preferred neighbourhood.

There are trade-offs to be made if it doesn’t. Either shift your focus on a different part of town or a different kind of house or delay your purchase until you’ve saved up a larger down payment or have a higher salary.

 

Compromise is your new best friend

Compromising on location

If the desired location is out of your price range, try expanding your search area or moving further away from conveniences that could increase the cost. Property prices tend to be higher near public transportation, so if you don’t need to be close to it, look further afield.

Extending your search radius may yield significant savings, even if you’re only going to be driving an extra 15 minutes.

Maybe deciding that relocating to an entirely different area is the best course of action because it offers the same conveniences, schools, public transportation, and employment prospects, at a much more affordable level.

Compromising on property type

If budging on location isn’t an option, consider choosing a different type of property. Apartments are typically less expensive than houses, and leasehold properties are less expensive still (though do be aware of ground rents and other associated costs).

If you’re willing to put in a little extra work, you might be able to save money on a home that needs a little (or a lot) of TLC. However, you should always have a survey to make sure there aren’t any hidden problems. Likewise, homes without parking or a garden tend to be less expensive. We have a survey service, so please get in touch before signing anything.

You may also pick a house that lacks some of the features you’re looking for, but has room to expand should you ever decide you need an extra bedroom or a larger kitchen.

 

Extra costs that are easily forgotten

There are many hidden expenses associated with purchasing a home that can make it difficult to budget for the property.

The costs of conveyancing, surveys, estate agency fees (if you’re selling), mortgage arrangement fees, Stamp Duty (unless you’re a first-time buyer, in which case you may be exempt), and others remain the same whether you hire a removals crew or move your belongings yourself.

You also need to consider your spending. Some spending is more like background noise such as food shopping, entertainment budgets, Wi-Fi, maintenance, utility bills, emergency fund, and holidays or day trips.

 

To conclude

While there are many factors to think about when creating a budget, the 4.5 rule is the most important one for figuring out how much you can borrow, how much you need to put down, and how much you want to spend overall.

If you do your homework on real estate websites and have a clear idea of the types of homes that fall within your price range, you’ll be ready to find the perfect place to call home.

 

Are you ready to find your new home? Contact us today, we’re here to help!

The Pros and Cons of Open Days

The Pros And Cons Of Open Days

Open days, or open houses are becoming increasingly common among estate agents. The terms are used interchangeably throughout this article and in the day-to-day. They are now more likely to consist of a series of scheduled, back-to-back appointments than a free-for-all where anyone may show up to look around. Would an open day be right for your house sale? Let’s look at the pros and cons.

 

 

Pros of a property open day

Convenience

No question about it: it’s annoying having potential buyers schedule viewings of your home at all hours of the day and night. Having the estate agent show the house doesn’t mean you have to be there during the showings; nevertheless, you will still need to make sure it’s spotless and presentable every day. With an open day, you only need to ensure you have a show home level of perfection for one day.

To be clear, we aren’t saying you have a slobby lifestyle: most people don’t keep a perfect home around the clock. So, if you hold your open house on the same day as all the viewings, you’ll only need to do one deep clean. Afterwards, you can go back to however you feel comfy: kick off your shoes in the middle of the floor, leave your coffee mugs in the sink, or your carpet unvacuumed.

It’s a fast way to get an offer

It may take a while to get an offer if you pursue the traditional approach of scheduling viewings for when it’s convenient for potential buyers. The high volume of visitors during an open house increases the likelihood of receiving an offer soon after the event.

It can create a bidding war

A property open day can create urgency in potential buyers. They observe other people looking at the house and realise that if they want it, they need to make an offer soon. Not only that, but they are conscious that the offer they make must be competitive if other people seeing the home make a higher offer. You snooze, you lose!

 

 

Cons of a property open day

It can be off-putting to buyers 

Most of us Brits like to keep to ourselves. Instead of going house-hunting with a large group, we’d prefer to explore the property on our own. If buyers only have 10 minutes to look at a house, they may feel rushed and pressured to rush through it without giving it their full attention because they know there are other people waiting outside.

Not everyone is comfortable with the idea of treating the purchase of a home like a competition, and some purchasers may be put off by open houses that encourage competitive bidding.  This may lead them to pass on properties that are holding open houses.

It’s not always convenient

An open house may be handy for the seller since you only must clean the house and have visitors once, but it may not be ideal for the buyer because they have no control over when they can view the property. This eliminates some potentially perfect buyers due to scheduling issues.

It can cause buyer’s remorse

A buyer who feels under pressure to make an offer can often get swept up in the excitement of an open day and the sense of competition. They then change their mind when they come back down to earth and have taken time to reflect further.

 

 

So, is a property open day for you? Contact us today to talk through your options and find the best way to get your house on the market.

Things You Need to Consider When Choosing A Home

Things You Need To Consider When Choosing A Home

Whether you’re buying your first home or fifth, there are a lot of things to keep in mind to make sure there aren’t any surprises when it comes time to close the deal. You might end up saving tens of thousands of pounds or (losing it!) depending on the choices you make when choosing which home to buy.  

  

Understanding your finances 

It’s important to know your budget before beginning your search for a home. A mortgage loan will be necessary for most homebuyers. Most lenders will base the amount of money they’ll lend you on some percentage of your annual income, with your credit score being considered. When you add this amount to your first payment, you’ll have an idea of how much money you have to work with. The greater your deposit, the better the mortgage options will be. 

Keep in mind that the cost of the property itself is only the beginning. Additional funds may be needed for: 

Stamp duty in England or Land Transaction Tax in Wales (unless you are a first-time buyer and fulfil certain criteria – see links for more information). 

 Getting up-to-date surveys/reports. 

 Conveyancing and search fees. 

Moving costs. 

Mortgage costs and life insurance. 

Building and contents insurance. 

Service charges and ground rent in leasehold properties. 

Essential home repairs or improvements. 

Choosing a home

When looking for a new home, most individuals first check either an internet real estate listing or a real estate agent in their area. When searching, there are several factors to consider:

Be realistic about affordabilitywhat can you afford to spend?

Location, Location, Location – think amenities, feel of the area, crime rates.  

How are the transport links? – check your commute to and from work/school, the public transport available and your distance from friends and family. 

Internet speed and phone signal – do you need fast internet for work or leisure? Does your phone provider reach you?  

Car parking – check if there’s any available and whether it’s parking on-street, on a drive, or in a garage; and are there any parking permit costs? Do people park there for the school run? 

Green spaces – do you want an outside space? How much maintenance are you able and willing to do? Would the area be yours alone, or would it be shared with other properties? Also, consider public green areas and nearby parks. 

Condition of the home – while some homes are move-in ready and require no repair whatsoever, others may be in dire need of renovation or extensive repair. Consider how much effort and time you have to make the required changes. 

Food delivery – it might sound strange but look at what options are available on your favourite takeout apps. This is especially important if you have any dietary requirements but still like a takeaway! 

 

 

Ready to start the moving process, or feeling overwhelmed? Please contact our professional, friendly team. We’d be happy to help you without any obligation or pressure. 

 

How Long Does It Take To Move House in 2022?

Relocating to a new home is not a simple task. In fact, buying a home is one of the most stressful tasks a person can face. However, if you put in the time and effort to prepare ahead of moving, you can make the ordeal of buying and moving into a new house much less stressful.

 

The typical household’s moving time

The purchase process and the transfer of ownership can add anywhere from two weeks to two and a half years to the time it takes to move into your new home. There’s always the chance that something will go wrong and delay your move. Prepare in advance, schedule appointments with service providers (like movers) in advance, and keep your paperwork in order.

Here, we’ll break down how long each step of the relocation process will take and offer some helpful advice to make the transition easier.

 

The home moving timeline

When relocating, you have a lot on your plate, not the least of which is the purchasing and selling of homes. Keep in mind that if you are a first-time buyer, this process may go much more quickly than it would for individuals who are part of a lengthy chain. Here’s a rundown of the steps that will need to be taken, along with an estimate of how long they’ll take.

                  • Mortgage approval – 5 days to 8 weeks
                  • Selling your home – 4 to 10 weeks
                  • Finding a new home – 1 to 10 weeks
                  • Making an offer – 1 to 2 weeks
                  • Conveyancing – 8 to 10 weeks
                  • Property survey – 1 to 3 weeks
                  • Moving in – 1 day to 2 weeks

Keep in mind that some of these steps can be completed in tandem with one another, such as looking for a new house while your current one is on the market.

 

How long does it take to sell a house from offer to completion?

Conditions in the market, the length of the property chain, and local demand are all factors that can dictate the time it will take.

This is highly dependent on how quickly your conveyancing solicitor, your local authority, and other parties involved (including yourself) process incoming documentation and demands.

For this reason, it’s crucial to “keep on top” of the process at all times and reply promptly to any requests for information or clarification that may come up. In light of the current high volumes caused by the Covid-19 outbreak, it is essential to have an excellent solicitor in mind whom you may call as soon as an offer on the house is accepted.

 

Do you need help with your next house move?

Moving can take anything from 8 to 22 weeks, depending on your circumstances. Still, a lot of it is relative, so don’t panic if it seems to be going faster or slower for you than it does for others. Need advice? Please contact our professional, friendly team. We’d be happy to help you without any obligation or pressure.

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