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Photo source: Geograph.org.uk http://bit.ly/2BBwZmg

Property guru Sarah Beeny is urging prospective sellers to get their houses market ready and up for sale ahead of the Christmas rush for a potential festive purchase.

Sarah Beeny property expert and presenter of popular Channel 4 television shows, including Property Ladder and Double Your House for Half the Money, says the figures don’t lie – the festive period is one of the busiest times of the year for house hunting.

With so many people having time off over the Christmas holidays, it shouldn’t come as a surprise that there’s an upsurge in interest at this time of year. On Christmas Day in 2014, Rightmove recorded over a million house-hunters visiting the website. When you think about it, this makes perfect sense considering the amount of people that have new mobiles or tablets for Christmas presents and spend the day browsing the web. However, it’s worth noting that those searching on Christmas Day were actually serious about buying as over 10,000 people took time out from their turkey sandwiches to actually email agents on Christmas Day.

On Boxing Day it got even busier, with page views jumping to over 25 million – up 21% on 2012 – and views peaked on New Year’s Day, with over 38 million page views recorded.

Sarah Beeny says: People often think December’s a quiet time in the property market calendar and hold off selling until January, but these stats show that putting your house up for sale ahead of the festivities can pay dividends.

People who are looking to move have more time to search for properties and research the market over the festive period, so it is a great time to sell. You will get a head start on anyone not ready to make the most of the increased activity and generate mass interest in your property.

Most people think that this is a quiet time of year, but vendors who list their properties in late November and December get a significant amount of buyer interest over the festive period. People viewing properties in these months tend to be the serious ones, including people that need to buy for a particular reason, such as starting a new job in the New Year.

With an extended period of time off work and an iPad in hand, potential buyers’ search will have already started before the New Year. Presumably some buyers need a distraction from family get-togethers!

As a result, it is clear that marketing your property before Christmas can give you a real head-start, and expose your property to significant numbers of active buyers searching during the festive period.

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Would you spend just 20 minutes viewing a property that is going to be your home for many years? Some buyers do and live to regret it. Don’t remember the things you should have looked for after you have left, write a checklist of things to look at.

 

  1. Is there damp?

The main giveaway signs are a mouldy smell, flaky plaster, and watermarked walls or ceilings. It sounds obvious, but make sure you look closely near the ceiling and around the skirting boards. Another clue might be if the room has just been repainted – possibly hiding any damp.

 

  1. Is the building structurally safe?

If the house looks and feels solid and structurally sound you may not need a surveyor at all. Big cracks are what you are looking for, you should expect some hairline cracks. Look especially around where extensions join, end-of-terrace walls, and bay windows, all of which can start to fall or bow away from the rest of the house. If you see major cracks or have any doubts it might be worth getting a surveyor if only for peace of mind. If any walls look like they are seriously bowing, consider engaging a structural engineer.

 

  1. Is there enough storage?

Storage space is a valuable but often overlooked asset. Where will you keep your vacuum cleaner, towels, spare linen, and boxes of junk? Is there room for cupboards or shelves to be built in? Especially in newly built houses, storage space can be limited.

 

  1. Which way does the house face?

In winter, during a cloudy day or at night, it is difficult to tell the difference between a north and south facing house or garden, but in summer it can make the difference between a home that is full of light and warmth, and one that is frustratingly dark. Don’t be shy about taking a compass with you to the viewing, you might have one on your smart phone.

 

  1. Are the rooms big enough for your needs?

It has been known for sellers to put smaller furniture in the room and place it strategically to make the rooms look bigger.

 

  1. Have you been fooled by staging?

Cleverly placed mirrors, strategic lighting, delicious smells, cosy fires, and fresh licks of paint are all tricks sellers use to make their home more appealing. Make sure you don’t get fooled.

 

  1. Do the window frames have cracking paint? Is the double-glazing intact?

The state of the external window frames is a great indicator of the state of the house – if people look after those, they are likely to have taken great care of the rest. If you can easily push your finger into wooden window frame, they are usually rotten. If there is condensation between double-glazed window-panes it means that they are usually faulty.

 

  1. How old is the roof?

Replacing roofs is an expensive business, and newer roofs have a life expectancy of only 15-20 years, depending on the materials

Also, if the property has a flat or nearly flat roof, check out the material with which it sealed. Nowadays a membrane is used and is better than asphalt and gravel, which can leave seams and edges unsealed.

 

  1. Are there enough power points and what condition are they in?

Dodgy wiring can be dangerous, and rewiring your new home can be an expensive business. Also check out the fuse board, often an indication of the state of the wiring. Does it look old and outdated?

 

  1. Is the plumbing up to scratch?

Run the taps to check the water pressure. Ask if the pipes are insulated, and ensure they are not lead which would have to be replaced. Do the radiators actually work? How old is the boiler? If the hot water tank is situated in the roof it is probably an old one, and may have to be replaced soon.

 

  1. Is the property adequately sound-proofed?

If the sellers have the radio or television on ask for it to be turned down to ensure that you can’t hear your neighbours’ every word.

 

  1. What’s the loft like?

People often ignore the loft, but it is an important part of the house. How easy is it to access? Is there much storage space? Could it be converted into extra rooms? Is there insulation?

 

  1. What’s the area like?

Are you near a pub, bar or kebab shop that becomes rowdy in the evening?

Can you walk to shops to get a pint of milk, or do you have to drive?

Is it easy to get to public transport?

Are there noisy roads or train tracks nearby?

Are you underneath a flight path?

 

  1. Is there sufficient drainage in the area?

Check the whereabouts and levels of external drains. Are the drains accessible and are they fully functional? Keen gardeners may use lots of extra water which can cause severe structural problems for potential home improvements such as conservatories or patios. If you are concerned about insufficient drainage for a property you wish to buy, then get a structural survey.

 

And most importantly, does it feel like you could make it your home?

 

If you do like a property, arrange another viewing for a different time of day, and scout out the local area a bit more. If you can, take somebody with you who might be able to notice things you don’t.

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Are you a landlord who would prefer to be more hands off? If so then a property management service might be the right option for you and your needs.

 

Those who are looking to avoid the headaches of weekend maintenance calls and rental income/expenses management can take on this kind of service to fully manage their property investment, allowing you as a landlord to gain some extra free time and not worry about problems you will have to face with your property.

 

Here are some key advantages of a property management service.

 

Having a point of contact

Should an issue occur at your property, like an object breaking, travelling to the property to inspect it can become an inconvenience, especially if it’s in another town or city. A property management service can deal with these issues for you, at all hours of the day and arrange for its repair or replacement. The property manager is their main point of contact.

 

Tenant screening management

Due to them reviewing hundreds of applications, property managers can use their keen eye to select the best of the bunch; they are able to make note of any potential red flags when reviewing tenants’ paperwork. This greatly improves your chances of securing a good tenant.

 

Collecting rent

Regular collections of rent ensures on time rental payments. If tenants are failing to pay their rent on time, the property manager should know the correct steps to take to address the situation, including the issue of an eviction notice if deemed necessary.

 

Limiting tenant changes

A quality property management service will work tireless to keep their tenants happy, and know how important it is to do so. They know the appropriate steps to take with any situation and do so swiftly. If a tenant is happy with their point of contact and the service they provide, they are less likely to move elsewhere and may be open to reasonable rent increases as well.

 

 

 

 

 

Peace of mind

Although property investment is a great for monthly cash flow and long-term wealth, daily management isn’t suited to every landlord. By letting someone else take on the management of your rental property, you’ll encounter fewer daily issues and complications to deal with, as well as gain a greater peace of mind. If you’re looking for more time and less stress, a property management service might be for you.

 

Ensure you take enough time to research different agencies and what they have to offer. It is a big decision to make, as not every property management service will offer the same type of service.

 

Victor Michael’s Property Management Service is ideal for both experienced landlords and those just starting out. Our vast local knowledge allows us to let your property swiftly as well as assist you in securing you the best rental income.

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The report explains that Marylebone has been transformed by a wave of new residential development, providing over 450 new homes, which has created a three tier property market and as a result the area has joined adjacent Mayfair as one of London’s most highly sought after addresses.

Marylebone is now one of London’s most sought after locations for global buyers

If you are interested in living in Marylebone, you will find some properties available on the Victor Michael Website. Check them out!

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Investing in a property is a big deal. Investing in a home is a bigger deal since it implies the emotional part of every buyer. Whichever the case, finding the right property is hard. All the stars must align and create the context to seal a contract.

However, there are a couple of things a buyer can do to make sure he/ she gets exactly the desired property. Property Division made a list and explained all of the actions the buyer can do:

1. Contract a Knowledgeable Agent

2. Sugarcoat Your Deal

3. Be Ready to Compromise

4. Pay Extra Money as Down Payment

Read all the arguments why you should do this in the article below.

4 Tips to Finding the Right Home in a Buyers Market

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Photo source: Ktchn Mag http://bit.ly/2n5fTde

Kitchens might seem like the least customizable space in your house, but with a little bit of perspective… a kitchen can be a work of art.

We found some of the most impressive kitchen designs in an article on ktchnmag.com. They made a collection with stunning design they came across in 2017 for this common place inside a home.

Stunning Kitchens of 2017 [GALLERY]

Now, we know we cannot read an article without having some great ideas at the end for our house… What would you change and what idea would you borrow from the 2017 kitchen collection?!

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Photo source: Property Division http://bit.ly/2Bb6Euj

Home improvements can surely raise the value of a home. However, knocking down a wall or putting one up is a lot of work and can change the entire appearance of a house. Plan your steps carefully and think in perspective:

  • Am I going to like it next year too?
  • Will a potential buyer like it?
  • Is this project cost efficient and raising the value of the property?

Answer these simple questions and then start planning things directly on a piece of paper.

We found some nice ideas in an article on Property Division. The experts there suggest some additions to a house that are both a good idea of the ones living there now, and for potential buyers:

  • a conservatory
  • a balcony
  • an open plan kitchen
  • a loft conversion

Which would you choose for your home?

 

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A house, even when very carefully chosen, will surely need some… updating. Even new houses designed all according to the first buyers’ wishes can be subject to modifications once living inside it.

Houses that are already at the second or the third owner will be ‘remastered’ to fit the ‘taste‘ of the new owner.

But which are the most common changes a buyer makes in his new home?! Replacing floors and windows, some new furniture, and general repairs are the top 3.

As this article on Property Wire tells us, the average cost in the first 5 years goes to £10,000.

British owners spend over £10,000 on average updating their property in first five years

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When you buy a house or flat that’s going to be your main home, you will pay stamp duty on everything above £125,000. If it’s a buy-to-let or second home, you pay stamp duty on any property costing more than £40,000.

 

What is Stamp Duty?

In England, Northern Ireland and Wales you’re liable to pay Stamp Duty when you buy a residential property, or a piece of land, that costs more than £125,000 (£40,000 for second homes).

 

This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage.

 

In Scotland, when you buy a property or land you will pay a Land and Buildings Transaction Tax instead of Stamp Duty.

 

How much is Stamp Duty?

When you buy a property you’re planning to live in, you won’t pay any Stamp Duty on the first £125,000. You’ll then pay 2% on the portion up to £250,000 and 5% on the portion up to £925,000. Between that point and £1.5m, it’s 10% – then 12% on anything over £1.5m.

 

There are several rate bands for Stamp Duty.

 

For example, if you buy a house for £275,000, the Stamp Duty Land Tax (SDLT) you owe is calculated as follows:

 

0% on the first £125,000 = £0

2% on the next £125,000 = £2,500

5% on the final £25,000 = £1,250

Total SDLT = £3,750

 

Stamp duty for residential leasehold properties are charged differently.

 

Stamp Duty on second homes:

Buyers of additional residential properties, such as second homes and buy-to-let properties, will have to pay an extra 3% in Stamp Duty on top of current rates for each band.

 

This increased rate applies to properties bought for £40,000 or more.

It doesn’t apply to caravans, mobile homes or houseboats.

 

If you buy a new main residence but there is a delay in selling your previous main property, you’ll have to pay the higher Stamp Duty rates as you’ll now own two properties.

 

When is Stamp Duty not payable?

You’ll automatically avoid Stamp Duty if you buy a property below £125,000.

But for many homebuyers this isn’t possible.

 

There are other circumstances in which Stamp Duty is either not payable or can be reduced:

 

Slightly over rate band. If the price is only just within a higher band, ask the seller or estate agent if they would accept a slightly lower price.

Transfer of property in separation or divorce. If you’re divorcing or separating from your spouse or partner, there’s no Stamp Duty to pay if you transfer a proportion of your home value to them.

 

Transfer of deeds. If you transfer the deeds of your home to someone else either as a gift or in your will they won’t have to pay Stamp Duty on the market value of the property.

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When it comes to selling your home, estate agents and the language that they use can be confusing. That’s why we’ve put together a comprehensive list of all the estate agent terms and property jargon that will help you understand what your estate agent means.

 

 

AST – Assured Shorthold Tenancy. It gives the landlord the right to claim their property back after a specific period of time

 

Break Clause/Release Clause – These terms are often used in fixed term tenancies

 

Chain – A number of property sales where exchange of contracts must take place at the same time, because they’re linked together.

 

Completion Date – The completion of the legal transaction, with the money and documents all distributed, and keys are released.

 

Deeds – The legal documents that assign ownership of property.

 

Deposit – The lump sum that the seller pays towards the cost of the property.

 

Disbursements – Expenses paid by the solicitor on behalf of the purchaser

 

Equity – The difference between the value of a property and the amount of mortgage owed.

 

Exchange of Contracts – This is the point at which the sale becomes legally binding and neither party can withdraw without financial penalties.

 

Energy Performance Certificate (EPC) – An EPC measures the energy efficiency of a property using a scale of A-G. It is a legal requirement to have a valid EPC for their property.

 

Freehold – Ownership of the property and the land that the property is situated on.

 

Gazumping – This is where the seller accepts one offer only to reject it later for a higher offer.

 

Gazundering – This is where a buyer reduces their offer just before the exchange of contracts.

 

Ground Rent – Ground rent is an annual sum paid by the leaseholder to the freeholder of a property.

 

Guarantor – This is a person who will agree to guarantee that they will repay a loan or debt if you cannot pay it.

 

HMO – House in Multiple Occupation. They are treated differently to the average property, with more rules and regulations.

 

IFA – Independent Financial Advisor

 

IMRO – Investments Managers Regulatory Organisation

 

Instruction – This is when a seller tells an estate agent to market a property.

 

Inventory – An inventory is a list of all the contents of a property, as well as the condition of a property and the structural fixtures, generally used for AST rental properties.

 

Leasehold – To be given ownership of a property but not the land that it is built on, normally requiring the payment of ground rent to the landlord.

 

Searches – Checks of local council records for planning applications and restrictions.

Stamp Duty – a government tax paid by the buyer on completion of the sale.

 

Subject to Contract – A term associated with an agreement to purchase a property before the exchange of contracts.

 

Survey – An inspection of a property made by a qualified surveyor. This can be a valuation report, a homebuyer report and full structural survey.

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