First Time Buyers

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Affordable houses may not be a strong point for London, but the city is still on the preferences list of Millennials.

Studies show that Millennials would choose the city for a couple of reasons. And, as stated in this article on Property Reporter, the top five London Millennial Hotspots are:

1. Redbridge – Best For Culture
2. Croydon – Best For Young Families
3. Newham – Best For Star Neighbourhood: East Ham
4. Barking & Dagenham – Best For First Time Buyers
5. Tower Hamlets –  Best For Hipsters, Foodies And Festival Heads

Yes, you noticed rightly! Locations with a high cost of living like Kensington and Chelsea are not on the list. This is because Millennials search for cost effective places.

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Flooring in a property can make a massive impact on first impressions, so it pays to get it right. Here’s our top tips on choosing the right flooring for your rental property…

Consider the property’s use

The first step in choosing the right flooring for your rental property is to consider who will be living there. If your target tenant type will be families, for example, you’d want to avoid flooring types that can’t be easily refinished or could be ruined by a loose crayon or dirty paws. We’d recommend vinyl or laminate flooring for high-traffic areas of the property, as these flooring types can withstand heavy foot traffic better than most others.

You could also opt for non-slip wood-effect tiles, which are easily maintained, stylish and affordable. In properties with fewer tenants, you have more choices with flooring, so you could consider more stylish choices of tile, as they’re less likely to be damaged and can improve the property’s appearance even more.

 

Think on a room-by-room basis

Certain flooring types are best matched to particular rooms in the house, so when changing flooring for an entire property, you should think on a room-by-room basis. When it comes to kitchens, keep in mind the type of material that will be easiest to clean and won’t need to be replaced every time you get a new tenant.

Natural stone floor tiles look great in kitchens. There are also a range of designs and colours to choose from, which gives you the chance to build up the room’s style from the ground up. Tiles are also the obvious choice for bathrooms, as they are waterproof, durable and easy to maintain.

If you’re steering clear of carpets in an effort to avoid having to replace flooring too regularly, bedrooms will benefit from engineered or hardwood flooring for extra warmth and homely comfort. Living rooms are very much dependant on tenant type, as properties with more people will require more durable flooring, so we’d suggest hardwood flooring so that you won’t have to update your flooring every time your property is up for let.

 

Avoid obvious pitfalls

Certain flooring types are a definite no-no, with 14% of tenants saying carpet in the bathroom would completely put them off a property. Other pitfalls you should avoid include installing wooden flooring in wet rooms, light-coloured carpet in hallways or installing your flooring yourself, without experience or guidance. All of these mistakes can cost you tenants, time and money – so make sure you consider all potential pitfalls before rushing into buying your flooring.

 

With flooring playing such an integral role when it comes to securing tenants, it pays to make sure the flooring types you choose are well suited to your property. To make sure you choose the right flooring for your rental property, follow these top tips and build your property appeal from the ground up.

 

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Renting sometimes comes under a lot of scrutiny. Rising rents, spiralling house prices and smaller incomes have all contributed to the development of the term ‘generation rent’. Although for some, a property rental is a short-term measure and something they’d rather leave behind in favour of a mortgage. For many, the benefits far outweigh the disadvantages.

 

No maintenance costs or repairs to fork out for

One of the main pros of renting a property is the lack of repair bills should something go wrong. Broken boilers, severe leaks and damp problems are all issues that can arise and are extremely costly to sort out. New boilers for example can cost up to £1500, while leaks and damp usually need specialist input meaning costs quickly spiral. Owning a home means you are solely responsible for fixing these issues with your own money. However, when you rent a property, your landlord is accountable for all maintenance and repair costs. If an appliance stops working or you spring a leak, you do not hold any financial responsibility to have them fixed.

 

No big deposit needed

As mortgages have become harder to get, buyers – particularly first-time buyers – are required to have at least a 95% mortgage, however more often than not, a 10% deposit is required. This can result in those buying needing anywhere between £5,000 and £40,000 towards a deposit. Bundle this on top of solicitors’ fees, mortgage arrangement fees and surveys, and it’s easy to see that buying a house can be incredibly costly. In contrast, renting will usually require a deposit equal to one or two months’ rent, making for a much more pocket-friendly alternative to buying.

 

Renters aren’t vulnerable to fluctuating prices

The housing market is can be notoriously unsteady. Negative equity is currently a worry for many, especially those wanting to sell soon. Renters on the other hand need not worry about fluctuating house prices. Rents are generally agreed on a six or twelve-month basis meaning no unexpected fluctuations.

 

It gives freedom and flexibility

Renting is ideal for those who may be working on a temporary basis or moving to a new area. It offers the flexibility to move on after a short period without any ties or worries, while giving those new to the area a convenient and cost-effective introduction to the local property market.

 

Living with friends

Another benefit of renting is that it provides more opportunities to live with friends. What’s more, the boom in flat sharing presents people with a range of opportunities to make new friends for life.

Living with a group of friends is no longer just for students – hordes of young professionals now share rental properties in the UK’s largest cities with the aim of minimising costs and maximising social opportunities.

While owning a home may be beneficial over a long period, for many renting is a better option, especially in the short-term. The choice of whether to rent or buy a property is very personal and dependent on various factors. But before making the leap into property, whether renting or buying, it’s always advisable to review your finances and make sure you can afford to live in your new home.

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We know the property market is going through an offer crisis with resolutions already coming into place like budget for new homes. The demand is high creating huge differences between the original price and the one bid by the potential buyers. And the effects do not stop here, of course.

Latest figures show there are 11 potential buyers for a property, so if you are one of them you should know that it is really hard to get the dream house at the right price.

The key factor is to make a decision fast enough and you can do that only if you know all your limits: budget, clear image of the property you need, extra benefits, acceptable minuses etc.

A study actually brought into attention 10 factors for a successful transaction for the buyer.

Study reveals keys to success in UK’s competitive property market

Which one of the factors did you use for your dream property?

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Although not concerningly, the London housing market is slowing down. The figures show it and the signs are here:

Sales to first time buyers in the UK fall to eight month low

Rental market in the UK slowing as homes to rent fall to 12 month low

Average house prices in the UK sent to remain flat in 2018, latest forecast suggests

Buy to let mortgage market in UK may never be what it was

Of course the factors that caused the housing market in London to reach this moment are not just a few. However, Property Division made a top of the 3 causes for the slowdown:

  1. Brexit
  2. Stamp duty changes
  3. Mortgage constraints

Read the entire article for the full explanations and arguments and tell us your opinion in a comment!

The top 3 reasons as to why the housing market is slowing in London

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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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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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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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