First Time Buyers

Selling your house, especially if it’s your first home, is a big decision and not one to be taken lightly. Before you go buying your next house, make sure you’re ready to sell your current one first. I don’t mean applying a new coat of paint and trimming the hedges, although that certainly helps the sale price. I mean other things you might not have thought of. Here are 9 key things you need to consider when selling your house.

Photo source: Pixabay http://bit.ly/2FX1ic8

1. Your Finances

First, consider your financial situation. Where will you live after you sell your house? If you’re moving out to an apartment first, there will be a period of a few months where you’ll be paying a mortgage and rent. Can you afford that? You’ll need to have some extra funds put aside to help cover you for those months.

2. The Price

Hand in hand with your finances, comes the price you want for your house. What you bought the house for and what you want to get out of it are irrelevant. What matters is the current real estate market in your community. An appraiser will accurately tell you the true value of your home. Don’t ignore their recommendation and market the house at too high a price or you’ll put off buyers. Remember, those buyers have realtors who can tell them if a house is priced too high.

3. Paperwork

Don’t let your house sale be held up due to missing or incomplete paperwork, ensure it’s all in place from the word go. Are there any issues with the house that would prevent you from selling it? For example, what if you owe more than the house is worth? This will slow the process down as the bank will need to approve the sale price. What if you discover that your mortgage has a prepayment penalty? Talk to your lender and ensure there’s going to be no issues and that you have everything you need in place to help your sale go smoothly.

4. Your Realtor

You will have plenty of choices when it comes to choosing a realtor. There is certainly no shortage of realtors in your area looking to sell your house. After all, they earn a living off the commission. You can either choose a big name company like remax or 21st or instead hire a local realtor. There are pros and cons to each approach. A big company would have the resources to get your house out there in front of a lot more people. Yet the local realtor truly knows the community like no other.

5. Your Likely Buyer

When getting your house prepared for the big sale, consider your target market. Do you live in an area with a lot of young families or conversely is it mostly peopled by downsizers? Think about the likely buyer of your home and stage the house accordingly.

6. De-clutter

The first step to making your home appealing is to de-clutter and depersonalize the space. Look at your home with fresh eyes and take down decorative items specific to you (like family photos) and de-clutter each room to maximize the space. Simply leave enough furniture in each room to show its purpose.

7. Finish Odd Jobs

Finish all of those odd jobs you’ve been meaning to get around to, from fixing dripping taps to cleaning moldy grouting. The houses which sell quickest are those which don’t need work done to them. Leave small jobs undone, and potential buyers will worry what else you haven’t done.

8. Refresh

A fresh coat of paint can do wonders to brighten up and refresh a dated home. Choose white or cream to maximize the sense of space, and to appeal to as broad a range of people as possible.

9. Clean

Nothing is a bigger turn-off to potential buyers than a grubby property – so pop on your rubber gloves and start cleaning. The less a potential buyer has to do, the more they can imagine themselves living in your property.

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A new survey has found that only 1 in 10 people take a property’s energy rating into consideration when looking to buy a house. A poor energy rating could however cost homeowners thousands of pounds each year.

The research, conducted by construction and Regeneration Company Keep moat, found that buyers tend to prioritize factors such as local amenities, transport links, and parking when looking for a new home, over the building’s energy rating.

The survey of 2,000 Brits found that the energy rating was actually the second least important factor people took into consideration when buying a new house, followed only by its future investment potential.

The highest priority for buyers looking to move house was actually living near family, but green space was also quite high on the list.

New measures now mean that landlords are required to ensure any new homes they rent out meet a set standard of energy efficiency by the year 2018, and any existing properties by April 2020. An Energy Performance Certificate (EPC) includes information on the amount of energy a property uses, how much that energy typically costs, and how the energy usage could be reduced.

Landlords will have to comply with an Energy Performance Rating of C in accordance with the new legislation – the scale ranges from A (very energy efficient) to G (poor energy efficiency). The majority of new build properties have an EPC rating of B or C, and older houses can easily be boosted to a higher rating with a few changes round the house.

It’s quite hard for a home to achieve an EPC A rating unless the owners start producing their own electricity or hot water using solar thermal, solar PC, or air-source heat pumps.

Government analysis found that a good energy efficiency rating could add more than £16,000 to the asking price of a property. The easiest way to boost your property’s energy efficiency rating is by either adding cavity wall insulation or making sure your loft insulation is at least 270 mm thick.

Energy efficiency is important for both those looking to sell and those looking to buy, as it can benefit both financially. Buyers may regret not taking energy ratings into consideration when they are hit with their first winter bill at a new house. When looking to buy, a budget should be put together including mortgage repayment and bills for the whole year.

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Photo source: Flickr https://bit.ly/2G31APp

Busy roads, a bar in the lounge are among the things that turn buyers away.

 

It takes just 8 minutes for home-hunters to decide whether a new property is for them, according to a study.

After less than 10 minutes inside of a property, buyers know whether they should be giving an offer or getting back into the car.

 

6 out of 10 adults will make their decision not to buy before even putting their foot through the front door around just 4 minutes of standing outside the property. 15% of homeowners admitted they had already decided to buy without seeing inside of the house, while 18% have brought the first home they saw.

 

When viewing a property online, the average person takes around 8 minutes to choose whether they would like to view the property in person.

 

More than three quarters confessed to irritation at a property profile, and that it did not match up to the true state of the home advertised (Listings are crucial to a home selling quickly, they need to be accurate).

 

Obvious damp patches would put off 6 out of 10 Brits, while a house on a busy road or cracks in walls would send 40%.

 

There also personal turn offs such as: Ashtrays in rooms, overflowing bins and yellowed paintwork.

 

When viewing properties online 1 in 10 complained they can’t tell the colour of rooms from static pictures, and 52% find it difficult to tell how overlooked the property is. While 36% would want a clear view of the room layout.

 

Buying a new property is one of the biggest investments, we’d encourage clients to look past the dirty dishes and overgrown garden plants and focus more on the shape and size of the property.

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Photo source: Flickr https://bit.ly/2HZFI4e

Knowing when to downsize is never as simple as it seems. Having to settle for a smaller space after years of living in a larger home takes some time to adapt to. Below we’ve listed 5 reasons why it might be time to downsize from your 4bed detached.

Space

You’ve got so much space you don’t know what to do with it all. The husband has put a snooker table in your daughter’s bedroom and turned your son’s room into a study. It seems for the entire world you have that mansion you’ve always wanted. But when you have a property that gathers more dust than it does value, it might be time to stick a for sale sign outside that door.

The Money

Linda down the road has just sold and made a nice little sum. Perhaps it’s time you made a little profit yourself. At times it might feel tempting to stay where you are – less hassle and all that. But the hassle of moving will be worth it when you have an extra £40,000 in the bank. A nice little top up to the retirement fund which leads us on to…

Retirement

Sometimes needs are a must and that pension pot might need filling up. Putting the house up for sale so that your retirement fund can reap the rewards may not be such a bad move.

High Costs

Because heating a whole house is pointless when you and your better half only use three or four rooms. A bigger house costs more to maintain and manage.

Health

Of course, one’s health can be a deciding factor when deciding whether to downsize or not. If the regular journey up and down stairs becomes is becoming strenuous, a bungalow may be more appropriate.

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The biggest risks from cowboy builders, and what to do if things go wrong.

More than 40,000 people contacted Citizens Advice last year about a home improvement nightmare. Two thirds of them were about cowboy traders – who did a terrible job, took far longer than they said they would, or never finished at all.

The figures are an alarming wake-up call that we all need to be on our guard against the cowboys.

 

What can you do?

The best approach is to reduce the risk of falling victim in the first place – by taking a number of steps when you first contact a trader.

 

  1. Start with recommendations from people you know. This is the best way to be sure you are getting the full picture. You can also use a website where customers rate traders.

 

  1. Get references. If you can’t get a recommendation, make sure you get references from people they have worked for previously. Ideally go round and see the work yourself.

 

  1. Check they are a member of a trade body. Citizens Advice points out that trade bodies have codes of practice and can help resolve problems if things go wrong.

 

  1. Get a written quote – not an estimate, and be clear about what the quote covers. A quote is legally binding and the builder can’t change it without a good reason. An estimate is just a guess at how much the work will cost, and so it could change. You can compare quotes from a number of contractors to make sure you’re getting a fair price.

 

  1. Don’t go for the cheapest option. If something is a bargain, it’s tempting to take that option, but if they’re quoting for exactly the same work, there’s a risk they will cut corners in order to do a cheaper job – or bump up the price as they go along.

 

  1. Get a written contract. This should cover timing, payments, who will pay for materials and subcontractors, and what exactly is being done. If you can, you should pay in stages rather than upfront.

 

  1. Keep copies of receipts and your written contract as evidence, as well as photos of any problems which arise.If you run into problems, there are a number of steps that can help.

    1. Don’t pay until the job is done. If you are paying in stages, don’t bow to demands for a final payment until you are happy with the work.

    2. Make a list of the work that’s not up to scratch or is unfinished, and ask them to return to complete it. Don’t let politeness stop you, and don’t be afraid of what they may say or do. They promised something, if they didn’t deliver, then you have every right to expect them to return and finish the job.

    3. Ask for some money back. If you’ve lost faith in them, or they claim to be too busy to rectify things, ask for compensation. You tell them the refund you expect, and explain why it is reasonable – for example, you may have to pay to have the work fixed.

    4. Complain to the company in writing. If it’s a larger organisation, bypassing the individual and going to the firm itself can be useful. Include your list of outstanding problems, and your expectations for a solution – whether that’s them returning to finish the work or a refund.

    5. Check to see if they are a member of a trade association, and get in touch with them to see if they can help.

 

  1. If they still refuse to comply, you can consider taking them to county court or the small claims court. There will be a cost associated with this, and some traders are a nightmare to track down, but if you are significantly out of pocket, and they are part of a larger organisation, it may be your best option.
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Photo source: Pixabay http://bit.ly/2Dyz3Ls

Internet automation is a great thing, most of the time. But, at Victor Michael we understand the value of having the best people and the best knowledge possible, so that we can do the very best job when it comes to selling your home. With that in mind, here are just a few of the things that make Victor Michael different from the purely online only competitors out there.

 

We know the areas we’re selling in.

This is the single biggest thing to factor in when selling your home, because it affects everything else. Ultimately, without the best possible knowledge and experience of the area, it’s impossible to have an easy time selling your home. So, Victor Michael balance having a national database of statistics and clients with also having more local knowledge than you can shake a stick at. Our estate agents come with years of experience and local knowledge which we further develop and enhance. They’re then trained to a nationally consistent standard and pushed to know more and more about the areas they’re selling in. Our agents know not only what other properties in your area have sold for, they also know what can be done to maximise your home’s value. And, although some online agents claim to be in touch with ‘local experts’ there’s no way to know that you’re dealing with the best people possible. Often, with online agents, you never meet the person or people looking after your account, there isn’t the option to go in and speak in person. We know how reassuring it is when there is someone who can offer you a cup of tea and a word of advice.

 

We don’t leave you to do the viewings.

At Victor Michael we liaise with you the entire time, and this is crucial with viewings, because we know how frustrating viewings can be, and not just for the time it takes you to prepare your house. With online agencies, not only might you have to organise and attend all of the viewings, but there’s also no way to figure out who is truly interested in your property. Because potential buyers deal with us directly, we’re able to make sure that only highly interested parties come to see your property and take up your time. Above and beyond all of this, we accompany every viewing to your home. This way, you can rest assured that your home is being displayed by experienced salespeople, who know how to market your home to its highest potential.

 

We won’t make you do the legwork!

We know that selling your home can be a stressful time, it’s a big move to make, and it’s not just the practical side you have to deal with — there are a lot of emotions too. Whether it’s help with negotiating your offer or dealing with solicitors, Victor Michael are here to make your sale as smooth as possible throughout the process. So we’ll take charge of communications with the buyers and even offer advice when working with your solicitor, something online agencies don’t always do. Having us do some of the negotiating takes out a lot of the stress involved when selling your home.

 

 We will get you the best price for your home.

There is no real motivation for online agents to get you the best possible price for your home. Though many claim to get 99% of the asking price, research suggests that some of the most popular agents only secure the initial asking price for between just 30 and 50 percent of sellers. Part of this ties back to the very first point we made, online agencies simply don’t have the experience of the local area you need and deserve. Without a deep understanding of the local area, it’s almost impossible to give you an accurate valuation of your home, which you need to get the best price later on.

 

These are just some of the things that set Victor Michael apart from online agencies, and trusting anyone with your property is a big step, we know that. So if you have any other questions, if you’re not quite convinced, just drop into your local Victor Michael branch today and ask us — we’ll always be happy to help.

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Photo source: Pixabay http://bit.ly/2FX1ic8

We’re not going to lie and pretend that selling a home doesn’t come with certain filing requirements. However, if you’re well prepared and allow plenty of time to get your affairs in order, you’ll avoid any last-minute panic. Follow our guide to discover more about what documents you need to move home and make the house-selling process that much easier.

 

Property title deeds

If you don’t have the property title deeds for your home, don’t worry too much. However, you will need to produce the deeds to prove that you do own the home you’re selling. You’ll be able to obtain these from the solicitor you used when originally applying for a mortgage or buying your existing property, or failing that, you can contact the Land Registry.

 

Energy Performance Certificate

All domestic and commercial buildings must have an Energy Performance Certificate (EPC) and it needs to be available to potential buyers as soon as you put your house up for sale. It is a useful document, which gives information about how energy efficient a property is, according to a rating of between A (very efficient) and G (inefficient). Only accredited Domestic Energy Assessors can produce valid EPCs.

 

What if my property is leasehold?

If your property is leasehold, you will need to provide a copy of the lease and complete a seller’s leasehold information form. Don’t forget that if you pay a management fee for services and maintenance you will also need to send off for a Management Information Pack. Your solicitor should be able to obtain this on your behalf.

 

Fittings and contents

Sometimes referred to as the Schedule of Fixtures and Fittings, the Fittings and Contents Form (TA10) specifies what the seller is including in the sale of the home and what will be removed.
In addition, anyone selling a property is required to fill out a Property Information Form (TA6). This is a questionnaire which gathers information about, for instance, planning consent and building regulations.

 

Anything else?

When dealing with a solicitor you will always need to provide proof of identity, so make sure you have a passport and recent utility bill to hand. You should also collect details of your existing mortgage, along with your account information and the amount outstanding.

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Looking for ways to spruce up your home without putting yourself in the doghouse? Whether you’re getting ready to sell your home or want to spiff it up inexpensively for your own enjoyment, we’ve got 10 good strategies for you to consider.

Photo source: Pexels.com http://bit.ly/2Dp89Wq

The actual cost and payback for each project can vary, depending on both your home’s condition and overall real estate market values in your region of the country.

  1. Make your kitchen really cook.

The kitchen is still considered the heart of the home. Potential home buyers make a beeline for this room when they first view a home for sale, so make sure your kitchen looks clean and reasonably updated. For a few hundred pounds, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones. If you’ve got a slightly larger budget, you can give the cabinets themselves a makeover. Rather than spring for a whole new cabinet system, which can be expensive, look into hiring a refacing company, many companies can remove cabinet doors and drawers, refinish the cabinet boxes and then add brand-new doors and drawers. With a fresh coat of paint over the whole set, your cabinets will look like new.

 

  1. Buff up the bath.

Next to the kitchen, bathrooms are often the most important rooms to update. They, too, can be improved without a lot of cash. Even simple things like a new toilet seat and a pedestal sink are easy for homeowners to install, and they make a big difference in the look of the bath. If your tub and shower are looking dingy, consider re-grouting the tile and replacing any chipped tiles. A more complete cover-up is a prefabricated tub and shower surround. These one-piece units may require professional installation but can still be cheaper than paying to re-tile walls and refinish a worn tub.

 

  1. Step up your storage.

Old houses, particularly, are notorious for their lack of closet space. If you have cramped storage areas, add do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets. In the end, your closets will be more functional while you’re living in the house and will make your home look more customized to potential buyers when you’re ready to sell.

 

  1. Add a room in a week or less.

If you have a three-bedroom house with a den, the only reason the den can’t be considered a bedroom may be because it doesn’t have a closet. If you add a closet to that room, you’ve now got a four-bedroom house. That adds a lot of value.

 

  1. Mind the mechanics.

It’s often very worthwhile to hire an electrician and plumber for a couple of hours to look over your electrical services, wrap or fix loose wires, fix any faulty outlets, and check for and fix any water leaks, those details tell a buyer that someone has really taken care of the home and can really influence its price.

 

  1. Look underfoot.

Carpeting is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your rugs are in good shape and are neutral colours. If your carpet is showing serious wear, cover it with inexpensive, strategically placed area rugs. Unless it is truly hideous, most real estate agents don’t suggest replacing wall-to-wall carpeting right before you sell your house. The new homeowners may want to choose their own carpeting after they move in.

 

  1. Let there be light.

If you have boring recessed lights in your dining and living rooms, consider replacing one of the room’s lights with an eye-catching chandelier. Home stores offer a wide range of inexpensive, but nice-looking, ceiling fixtures these days.

 

  1. Reframe your entry.

Do you have a flimsy little knob on your main entry door? If so, spring for a substantial-looking handle-and-lock set. A nice, big piece of hardware on the front door signals to newcomers that this is a solid home.

 

  1. Consider curb appeal.

Although it sounds obvious, a nicely mowed lawn, a few well-placed shrubs and a swept driveway makes a great first impression. What buyers see when they first drive by your home is tremendously important. If you don’t have a green thumb, consider hiring a landscaper to install some new sod, plant a few evergreen shrubs and give your front yard a good cleanup. These kinds of changes can instantly change people’s perception of your home and, therefore, increase its value.

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Photo source: CityIQ http://www.cityiq.co.uk/

The need for new residential buildings is obvious in a big city like London. However, space for new homes can be an issue, even when the Government actually decides to give funds for development.

A recent report states that in London are 18 hotspots when it comes to counting residential developments.

In terms of values, the majority are localities where new build developments are priced at under £800 per square foot most are also outside zone 1.

These hotspots range from Southall in the West of London to Tottenham Hale in the North and West Ham in the East. They all have one thing in common: their future and raise of prices depends heavily on the infrastructure updates London already happening all across town.

Report identities new build development hotspots in London

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… but don’t give up easily!

The profile of a first time buyer (FTB) is clear: around 32 and with an income of £66,000. They want a home and usually turn to mortgages to become homeowners, but still have a hard time getting what they want.

First time buyers still struggle to get on housing ladder in London

However, another advantage of a young first time buyer is that they don’t give up easily. So, despite the challenges, first time buyers seemed to get the loans they needed in January. The figures rose compared to December and November, which is a good sign…

Home loans to first time buyers in the UK increased in January

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