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Jul 25, 2024
How to Decorate a Rental Home
Knowing how to decorate a rental home can be very difficult to gauge. After all, each landlord has their own rules on what you can and can't do, and you're never quite sure whether a new paint job will make them jump with joy or tear up your tenancy agreement in front of you! Fortunately for you, there's plenty you can do to spruce up your rental home without needing to invest too much, and The Letting Experts are here to help. Just because you're not ready to buy your own home yet doesn't mean that your Pinterest home decor board should be ignored! Read 10 Tips to Find the Perfect Rental Property There's a lot you can do without needing to consult your landlord, such as adding soft furnishings or tasteful table lamps. With that in mind, let's look into some of the ways you can decorate a rental property. How to Decorate a Rental Property So, how can you decorate your rental space? Fortunately, The Letting Experts has plenty of resources you can tap into, and most landlords will appreciate the care and attention you are putting into the property. Below, we've put together some easy and inspirational ideas to help you decorate your rental property. Start by setting a budget As it's a rental property that you're decorating, we appreciate that you may not want to invest a considerable amount of money on furniture and fixtures. So, the first step in your process should be the boring (but essential) one of setting a budget. Work out how many rooms you need to decorate and gather all the necessary measurements. Make a list of the essential pieces that you'd like for each room, and you'll get a good idea of the potential cost involved. Although you can always take your time looking for bargains online to reduce costs. Remember, it doesn't all need to be done at once! Many tenancy agreements run for 12 months, so your idea for an indoor herb garden can always wait until month six! View our properties to rent. Find out from your landlord whether you can do anything with the walls One of the simplest ways to put your personal touch on a property is by sprucing it up with a fresh lick of paint or your favourite wallpaper. If you're renting, you must consult your letting agent and landlord before doing this. Now, some landlords may see you sprucing up the walls as a positive, as it potentially adds value to their property without them needing to do anything. Others may be more hesitant as they may want to keep the property more neutral looking or may worry about potential damage. Look into removable peel-and-stick wallpaper that won't leave any signs that it was there. Once you've got everything clear, consider creating an immediate impact in your main living room or bedroom with a statement wall. It also requires less effort as you only need to paint one wall! Add colour and style with indoor plants House plants are all the rage these days as every Instagram #homedecor post out there confirms! Adding some greenery to your home is also one of the easiest and cheapest ways to decorate your rental property without offending your landlord. Another benefit to some indoor green? Plants purify the air and are known to have mood-boosting properties! If you don't have much time to care for them, invest in succulents such as Aloe Vera, which are low-maintenance but still look great. Light it up Lighting goes a long way in changing the look and ambience of any room. Create a vibe you love in your rental home with your lighting choices. It's easily and cheaply done. Add some lamps to create a more homely space for yourself, and highlight specific areas in the room. You can also switch lightbulbs in your overhead lights to create a warmer space. Personalise your rental home with photography and art Want to add your stamp to your rented property without getting on the wrong side of your landlord (or your deposit)? Display cool art pieces and photos of your loved ones around the place. There are plenty of great online art websites and local art fairs that offer a range of affordable prints to choose from. Before you start hanging things on the wall, check whether your landlord is happy for you to do this using picture hooks that don't leave much of a mark. Otherwise, you can always use shelving and side tables to display art and photos instead. The best part about investing in photography and art for your rental home is that, of course, you can take it all with you when you leave. Consider it a long-term investment. Open up small spaces with the use of a mirror Renting a small property? Create the illusion of space with a simple addition - a mirror or two! Mirrors can instantly make a small space feel lighter and larger. There are many affordable and stylish ideas and options to be found online. You could even create a statement wall with an array of mirrors hung up together in an artistic way. And you can always creatively prop up a large mirror against a wall if your landlord doesn't want anything hung on the walls. Searching for Your Dream Rental Property? For no-obligation advice on renting a home please contact The Letting Experts at hello@thelettingexperts.co.uk, or call us on 033 33 44 99 15. Are you a landlord looking for your first rental property? You may also be interested to read 7 Steps To Becoming A Residential Landlord You may also be interested to read: Is it Worth Using a Letting Agent? Advice for Landlords Frequently Asked Questions About Decorating Rental Properties How can I personalise my rented house's living space without making permanent changes? There are several ways to make a rented house a home without getting in trouble with your landlord! Consider removable wallpaper, and vibrant soft furnishings like throws and pillows to add personality without violating leasing agreements. If you have any doubts or concerns, you can always check with your landlord before making changes to rental walls or other aspects of the property. What are some creative ways to enhance the outdoor space in my rented property? Maximise the outdoor area with potted plants, garden furniture, and light fixtures, ensuring any modifications align with the tenancy agreement. If you make changes that make the space look better, many landlords will be happy you have made them! How can I upgrade the light fixtures in my rented living space without permanent alterations? Opt for plug-in pendant lights, stylish floor lamps, or chandeliers with temporary installation options to enhance lighting without violating the tenancy agreement. What are budget-friendly options for updating soft furnishings in a rented home? Transform your living space with affordable throws and blankets, cushions, and rugs. Try exploring charity shops or online marketplaces for budget-friendly finds that align with your style. Chat with your landlord about what you can and can't do to work out your styling options.
Jul 18, 2024
7 Easy Ways to Save a Deposit for a First Home
Many people dream of no longer living with their parents or throwing money at their landlord every month and instead buying their own home. However, one of the things that often stands in the way of first time buyers is raising a deposit. The average house price in the UK is £281,000* according to the ONS, and most mortgages require at least a 5% deposit, so that’s a large amount to save. *Latest ONS Data to April 2024 7 Easy Ways to Save a Deposit For Your First Home With this in mind, here are some ways you can raise the cash to get on the property ladder. 1. Look carefully at your outgoings While you may think you’re living quite frugally, most people have some areas where they can cut back a little. For example, if you buy a £3.75 takeaway coffee every working day, that works out at £75 a month or a whopping £4,875 over five years. Even chipping away at these small expenses can improve your finances, and when it comes to applying for a mortgage, you can show that you have a pattern of sensible spending. One big outgoing that non-homeowners have to deal with is rent. While it’s not the most fun solution, if you can move back with your parents for a year, then you could put away more cash. The loss of freedom may be worth it if it means you aren’t stuck in rented accommodation for years to come. 2. Get a side hustle! Many people now have a full-time job and a side hustle, which is something they do in their spare time for a little extra cash. Side hustles are often something that’s creative or a little more interesting than your day-to-day job, from selling handmade items on sales platforms like Etsy to creative writing. But if you don’t have a particular skill in these areas, then you could always consider selling items on eBay or Vinted, evening bar work, or anything that fits in with your work schedule. Remember there may be tax implications with side hustles, depending on how much you earn, so it's important to explore these options thoroughly. 3. Ask for family help According to The Guardian, the proportion of first-time buyers relying on help with deposits from their parents has risen from 27% to 37% in a year. If your parents have the savings and are willing to give you money towards your deposit, then you will no doubt be pleased to take it. However, you need to consider the impact on your mortgage application. Mortgage lenders will still want to know that you can afford the mortgage repayments and will need a signed declaration from your parents that the money is a gift, and you aren’t going to be paying them back. If your parents don’t have the savings to help you with cash, they may still be able to give you a helping hand onto the property ladder. For example, some banks offer 100% mortgages that are secured against your parent’s home. However, it’s important that you do your research before you take out this sort of product as it is a huge commitment. With access to over 12,000 mortgage products from 90+ lenders, The Mortgage Experts can help find the right deal for you. 4. Move money out of your account on payday Many people wait until the end of the month, see what’s left over in their current account, then transfer that into their savings account. However, a better way to save is to work out what you need to live on for the month, with a little cushion for emergencies, then set up a regular payment into your savings for anything left over on payday. This means you’re more likely to live frugally throughout the month. 5. Move to a cheaper area If rent, travel and other outgoings are wiping out your income each month, a solution may be to move to a cheaper area whilst you save for your deposit. Living in a trendy or central location can definitely add to your quality of life, but it can also significantly slow down your saving progress. Consider exploring suburbs or smaller towns that offer a more affordable housing market. While the commute might be a little longer, the savings you accrue can make a huge difference in reaching your deposit goal faster. Remember, you can always revisit the idea of moving to a more expensive area once you've established yourself on the property ladder. View our property listings here 6. Lock away your savings When interest rates are high, it’s worth considering taking out an ISA (Individual Savings Account). These products allow you to save tax-free, and if you choose an ISA where your money is locked away, with penalties for early withdrawals, you’ll usually get a far better interest rate. This can also stop you dipping into your savings. 7. Buy with a friend Getting on the property ladder can be tough if you’re single. It’s slightly easier if you’re a couple with two incomes, as you can both save and the mortgage will take both incomes into account, but you don’t have to be romantically involved to share a mortgage! Ideally, it should be someone you’ve lived with before, perhaps a long-term roommate, and someone who is financially responsible and you’re potentially happy to live with for years! Get Help Planning Your Deposit Savings And Staying On Track If you want to get on the property ladder, there are many ways that you can do so. Whether you make small or large lifestyle changes to get there, it will be worth it in the end. For impartial first time buyer advice contact our knowledgeable team at The Property Experts. Your local Property Expert is available 7-days a week. Contact us to arrange a valuation, call 0330 179 8180 or email hello@thepropertyexperts.co.uk for a chat. You may also be interested to read 3 First-Time Buyer Mistakes and How to Avoid Them In the meantime, we've answered some of your common questions about how to save for a deposit. Frequently Asked Questions About How to Save For a Deposit Can I save for a mortgage deposit while still paying rent? Yes, it's entirely possible to save for a mortgage deposit while continuing to pay rent. Explore ways to save money effectively while meeting your monthly rental commitments. How can I maximise my savings for a house deposit using traditional savings accounts? A traditional savings account offers a secure way to save for a mortgage deposit. Look for accounts with competitive interest rates to grow your savings towards your property deposit. Why is a good rental history important to mortgage lenders? Maintaining a positive rental history demonstrates your ability to manage monthly payments, which can enhance your credibility with mortgage lenders when applying for a property deposit. What role do property prices play in saving for a mortgage deposit? Property prices impact how much you need to save for a mortgage deposit. Keep an eye on market trends to set realistic goals for your property deposit savings and future property purchases.
Jul 11, 2024
Is it Worth Using a Letting Agent? Advice for Landlords
Being a UK landlord comes with a multitude of responsibilities, from property maintenance to tenant management. Juggling these tasks can be overwhelming, which is why many landlords are asking if it is worth using a letting agent to streamline their property management. In this blog post, we will explore the key reasons why landlords should consider using the services of a letting expert. From tenant screening to deposit protection and property maintenance, letting experts can offer a range of services and benefits to make the life of a landlord significantly easier. You may also be interested to read 7 Steps To Becoming A Residential Landlord What Is The Purpose Of A Letting Agent? Expert Tenant Screening and Selection The most crucial aspect of being a landlord is finding reliable and responsible tenants. However, tenant selection is not just about filling a vacancy; it’s about ensuring the longevity of your property investment. Letting agents have the experience and resources to thoroughly screen potential tenants, significantly reducing the risk of problematic renters. Comprehensive Background Checks: Letting agents have access to resources that allow them to perform thorough background checks on potential tenants. This includes checking credit history, rental history, and any legal issues. Additionally, by identifying red flags early on, letting agents can help landlords avoid problematic tenants. Reduced Vacancy Periods: Letting agents often have an extensive network of potential tenants. This means your property can be advertised and occupied quickly, reducing void periods. Quality Tenants: Letting agents use their experience to identify quality tenants. That's those who are likely to pay rent on time and respect the property, and the terms of the rental agreement. Furthermore, this can lead to better landlord-tenant relationships and lower turnover rates. Efficient Property Management and Maintenance Property management is a time-consuming task that involves everything from routine maintenance to addressing emergency repairs. Additionally, and crucially, letting agents take the burden off the landlords’ shoulders and ensure a well-maintained and compliant property. Timely Repairs and Maintenance: Letting agents have a network of trusted contractors who can quickly address any issues that arise. This ensures the property remains in good condition and that tenants are satisfied. Legal Compliance: The UK has many laws and regulations that landlords must adhere to from safety standards to tenancy agreements. Letting agents are well-versed in these regulations and ensure that landlords are in compliance, thus reducing the risk of legal issues. 24/7 Emergency Support: Property emergencies can happen at any time. Letting agents offer “out of hours” emergency support, ensuring that urgent issues are dealt with promptly. Time and Stress Savings for Landlords Being a landlord involves wearing multiple hats, but this can take a toll on time and stress levels - indeed, this is where it is worth using a letting agent. Letting agents provide valuable time and stress savings by taking care of administrative tasks and day-to-day property management. Tenant Communication: Letting agencies act as intermediaries between landlords and tenants, handling communication about repairs, rent payments, and other concerns. This minimises direct involvement for landlords, allowing them to focus on other aspects of their lives. Marketing Expertise: Letting agents have marketing expertise that will help your property stand out in a competitive market. From professional photos to compelling property descriptions, they know how to attract potential tenants effectively. Legal Expertise: Navigating the legal intricacies of tenancy agreements, evictions, and, indeed, property rights can be daunting. Letting agents offer expert advice and guidance on these matters ensuring that landlords can make informed decisions. Our network of Letting Experts is carefully selected and undergoes a rigorous training program. They possess in-depth lettings and property knowledge and are also residents of the local area. This unique combination allows them to understand your specific needs, situation, and property requirements. They also know that it’s important for you to have an agent who is available at your convenience. Which is why you will have your Letting Expert’s direct contact details and you’ll get a response even in the evenings and at weekends. Why You Should Leverage the Expertise of a Letting Agent In the dynamic and fast-paced world of property management, the answer to the question, 'is it worth using a letting agent?' is a resounding yes! Letting agents play a crucial role in simplifying the lives of landlords. This includes expert tenant screening and, equally important, efficient property management. Finally, by leveraging the expertise of letting agents, landlords can save time, reduce stress and enhance the value and profitability of their property investments. If you're a landlord with rental properties and are considering the services of a letting agent, then The Letting Experts would love to hear from you. Please email us at hello@thelettingexperts.co.uk, request a lettings valuation, or call us on 033 33 44 99 15 to see how we can make your rental property ownership more rewarding for you. Frequently Asked Questions About Finding a Good Letting Agent What is a tenancy agreement, and does a letting agent assist in its preparation? A tenancy agreement is a legal contract outlining the terms of the rental arrangement between landlord and tenant. Letting agents can provide assistance in drafting and managing these agreements, ensuring legal compliance. How does rent collection work when using a letting agency's services? Letting agents typically handle rent collection on behalf of landlords. They ensure timely payment from tenants and can provide support in the event of late payments or arrears. What are the benefits of using a letting agent over self-managing rental properties? Letting agents offer professional expertise in tenant screening, property maintenance, and legal compliance, saving landlords time and reducing stress associated with self-management. What services does a letting agency offer for property owners? Letting agents offer a range of services, including helping you find tenants, managing tenants as part of a full management service, and rent collection. These services cater to different landlord needs, from finding tenants to complete property management.
Jul 4, 2024
The 10 Most In-Demand Things Home Buyers Want
Are you selling a property? You'll know that it can be a daunting task to attract viewers and get offers because how do you know what buyers want when searching for a new home? To help you, our expert team of property experts have come up with a definitive list of the things home buyers want. So, if you're looking to sell your home in the near future, read on to discover the ten most in-demand features buyers look for in a new home! The 10 Most In-Demand Things Home Buyers Want 1. Open-Plan Living Spaces Gone are the days of compartmentalised living. Today's home buyers are on the hunt for spacious, open-plan designs that allow for flexibility and flow between rooms. The modern homebuyer’s preferences have evolved from enclosed rooms and defined spaces to open layouts. Whether it's to accommodate a growing family, entertaining guests, or to encourage a more communal style of living, these versatile spaces are adaptable. Large spaces with natural light allows easy supervision of children, improved sociability and the feeling of spaciousness. 2. A Home Office With remote working now commonplace, a dedicated home office is a necessity. Buyers prefer a space that's well-lit and quiet, offering a productive environment away from the hustle and bustle of family life. Buyers now consider home office design details including storage options and a door or divider to separate the workspace from the living area, as this promotes better focus and allows for a healthier work-life balance. 3. Outdoor Spaces You might have noticed a surge in garden renovations and patio makeovers in the past few years. That's because outdoor space is a premium feature. Buyers want space for children to play and explore safely, and they also want to be able to eat and entertain outside, using their gardens as an extension of their interiors. Buyers are also seeking low-maintenance gardens with landscaping and smart use of space. 4. Energy Efficiency The increasing costs of utilities have led to a surge in the popularity of energy-efficient homes among buyers. They are now seeking features that not only help save money but also contribute to a greener and more sustainable way of living. Some popular energy-efficient features include double-glazed windows, solar panels, and smart home systems that offer innovative control over energy consumption from a smartphone or other device. Additionally, buyers are looking for efficient insulation, energy-saving appliances, and advanced heating systems, which all contribute to a reduced carbon footprint and lower utility expenses. 5. A Modern Kitchen They say the kitchen is the heart of the home. And what buyers want is a kitchen that’s not just functional but also modern and stylish. But beyond that, they're also seeking top-notch appliances which contribute to the kitchen's overall look and feel. Innovative storage solutions, like pull-out pantry systems, are also high on buyers' wish lists. 6. En-Suite Master Bedroom Who wouldn't want a hotel-like experience right in their bedroom? An en-suite master bedroom offers that extra bit of privacy and luxury that can make all the difference in your daily routine. Buyers value a spacious master bedroom with an en-suite bathroom equipped with modern fittings, such as a large shower and a high-spec finish. Additionally, ample cupboard space or a walk-in wardrobe is desirable. 7. Location, Location, Location Whether it's being in a top-rated school catchment or a stone's throw away from amenities, location is and will always be important to buyers. Proximity to local amenities such as supermarkets, restaurants, parks, and healthcare facilities increases a property's appeal, considering the convenience and lifestyle benefits it offers to potential homeowners. Additionally, properties for sale in quiet neighbourhoods, those with stunning views, or situated near public transport links are highly sought after. 8. Ample Storage Let's face it: we all have too many belongings! Ample storage solutions, such as built-in wardrobes and loft spaces, are high on the list for potential buyers. In addition, potential homeowners also appreciate other clever storage solutions. These include built-in shelves and pantries that make the best use of available space. A shed or a garage is also appealing. 9. Pet-Friendly Features With pet ownership at an all-time high, features like a mudroom for your four-legged friend and a securely fenced garden are fetching a premium. A securely fenced garden provides not only safety but also a free space for pets to run around, play, and get their daily exercise. Additionally, it gives pet owners peace of mind knowing their furry friends can enjoy the outdoors without wandering off. 10. Smart Home Tech From video doorbells to smart thermostats, technology that simplifies life is a major selling point for today's home buyers. These advancements provide added comfort, convenience, security, and even energy savings - all wrapped into the modern smart home experience. Video doorbells, for instance, not only provide convenience with features like contactless deliveries but also enhance home security by allowing homeowners to monitor their front doors remotely via smartphone apps. Similarly, smart thermostats let residents control temperature settings based on their daily routines and preferences, optimising comfort while increasing energy efficiency. Wrapping It All Up When it comes to what are the things home buyers want, these are the top 10 features home buyers are craving! If you're in the market for a new home, consider this your ultimate checklist. And if you're considering selling, think about how many of these you can offer! If you're still unsure about what to look for, reach out to The Property Experts. Your local Property Expert is available 7-days a week. Contact us to arrange a valuation, call 0330 179 8180 or email hello@thepropertyexperts.co.uk for a chat. In the meantime, we've answered some of your common questions about what buyers want! Frequently Asked Questions About Prospective Buyers Demands Are smart heating systems a popular feature among homebuyers? Absolutely! Smart heating systems are in high demand as they provide residents with convenient temperature control, energy efficiency, and the ability to tailor heating preferences to their daily routines. How crucial is parking space for property seekers, especially first-time buyers? Parking space remains a key consideration for first-time buyers, adding both convenience and long-term value to a property, especially in urban areas where parking is often at a premium. Do double glazing and storage space significantly impact the preferences of potential homeowners? Absolutely! Double glazing enhances energy efficiency and reduces noise, making it a sought-after feature. Additionally, ample storage space, including built-in wardrobes and clever storage solutions, is highly valued by prospective buyers. Is additional living space or a renovation project more appealing to first-time buyers? It depends on individual preferences. Some first-time buyers seek properties with additional living space for immediate use, while others are attracted to a renovation project for the opportunity to customize and add value over time.
Jun 27, 2024
10 Tips for Finding the Perfect Rental Property
Renting is definitely having its moment, with the number of households in the UK living in the private rented sector continually increasing. In fact, an estimated one-fifth of the UK population now live in rented accommodation. Some may claim that this is because UK families have been priced out of the buying market. However, the latest English Housing Survey states otherwise, with 84% of respondents saying that they are satisfied with their rented accommodation and 72% stating that they are happy with their current landlords. Top 10 Tips for Identifying Your Ideal Rental Property So, having established that renting is in – how do you go about renting the perfect home and securing a tenancy? 1. Establish your budget There is little point in starting to look for properties if you do not know what you can and can’t afford on a monthly basis. Imagine if you found your ideal property, only to find that you do not earn enough to be able to rent it. Avoid unnecessary disappointment by going through your finances first and working out exactly what you can afford. Make sure you take into consideration your utility bills if these are not included in your rent. 2. Location, location, location For most people looking for a property, the most important aspect of their search is finding a property in their preferred area. Think about how far you are willing to commute to work and if there are any family or friends that you want to live close to. Try not to be tempted by properties outside your preferred area, even if they are cheaper or larger, as you may regret it once you have moved in. 3. Do your research Once you have established where you would like to live, it is a good idea to thoroughly research the area. If you have children or are planning to have them in the near future, then you should take into consideration the local schools as well as any nearby amenities for children, such as parks and leisure centres. 4. Do not rush the viewing process Most property seekers now carry out their searches online, utilising virtual and video tours, but this can often lead to people disregarding properties before they have really given them a chance. Of course, searching for rental properties online has its advantages, but it is also important to visit potential properties in person to see if they could work for you. 5. Enlist the help of a letting agent You could choose to rent directly from a landlord. However, this is not without its risks. You may be lucky enough to encounter an experienced and trustworthy landlord, but it's always best to rent your property through a professional and reputable letting agent who knows the local rental market inside and out. 6. Ensure your deposit is protected If you have not rented before, then you may not be aware of the tenancy deposit protection (TDP) scheme. This scheme protects your deposit as your landlord is now legally obliged to place your money into a government-backed tenancy deposit scheme, as well as inform you of their chosen scheme within 30 days of you handing over your money. 7. Always pay your rent on time This goes without saying, but not only will this keep your landlord happy, meaning that they are more likely to help you out quickly if you encounter a problem with your property, but it could also boost your credit score. 8. Carry out a full inventory check Although it is highly likely that your landlord has already carried out their own inventory check, it is a good idea for you to do one also. Otherwise, you could leave yourself open to disputes over damages and breakages when you decide to move out. It's also worth bearing in mind that should you get permission from your landlord to decorate your rental, you may need to return it to its original state when your tenancy ends. 9. Take out contents cover As a renter, your landlord is responsible for taking out building insurance. However, it is up to you to take out cover for your own belongings. Make sure that you shop around for the best content cover, as the costs can differ significantly from one provider to the next. 10. Keep an open line of communication with your landlord You want to be able to rely on your landlord in case of an emergency or if you are experiencing any issues with the property, and they need to place their trust in you, too. They will want to retain reliable tenants as it can be both expensive and time-consuming for them to find new ones, so it works for everyone if the relationship is good. Improve Your Property Viewings and Discover Your Perfect Rental Home If you are planning on renting (or letting) a property soon, why not call The Letting Experts. We'll be happy to advise you on our available properties in the area. Contact us on 033 33 44 99 15 for more information. Are you a landlord looking for your first rental property? You may also be interested to read 7 Steps To Becoming A Residential Landlord Frequently Asked Questions About Finding the Perfect Rental in a Convenient Location How can I utilise online resources to streamline my search for a rental property? Explore online platforms to efficiently search for available property viewings and gather information, enhancing your overall rental property search experience. What is the significance of a security deposit in a lease agreement? A security deposit, typically a few weeks' rent, provides financial protection for landlords and is a standard part of the tenancy agreement, helping cover potential damages or unpaid rent. What is the recommended lease duration when renting a property? Lease durations vary, but it's crucial to carefully review and understand the terms of your tenancy agreement, including lease duration and any renewal options, to ensure a comfortable and secure rental period. How do I ensure my monthly rent payments contribute to a positive credit score? Timely payment of monthly rent not only keeps your landlord satisfied but also has the potential to boost your credit score, establishing a positive financial track record.
Jun 20, 2024
3 First Time Buyer Mistakes - and How to Avoid Them!
As a first-time buyer looking at properties for sale, you've reached an exciting milestone, however, it can also be a daunting and complex process. One of the critical stages in this journey is viewing places to potentially call home. Yet there are some common first time buyer mistakes during viewings that impact the buying experience and future investment. So, how can you avoid first-time buyer mistakes? The team at The Property Experts will help you explore three common pitfalls and provide insights so that you can avoid them, ensuring a smoother and more informed property-buying journey. Mistake #1: Failing to Consider Your Needs and Budget One of the first and most significant mistakes we see first-time buyers make is not considering their needs and budget. Here's why it's essential: You'll waste time on unsuitable properties. Without a clear understanding of your needs and financial limits, you may end up viewing properties that are either too expensive or don't meet your requirements. This can lead to wasted time and frustration. You could overextend your finances. Falling in love with a property that's beyond your budget is a common mistake. Stretching your finances to purchase a property can lead to financial strain and potentially put your future stability at risk. How to Avoid This Mistake: Before you start viewing properties, create a list of your 'must-haves' and 'nice-to-haves'. Determine your budget, including costs like deposits, legal fees, and moving expenses. Stick to your budget and prioritise properties that meet your criteria. The Mortgage Experts can help you with this. With access to over 12,000 mortgage products from 90+ lenders, we can help find the right deal for you. Mistake #2: Not Asking the Right Questions During Viewings First-time buyers often underestimate the importance of asking the right questions during property viewings simply due to inexperience. Here's why this mistake can be detrimental: You might overlook potential issues. Not asking critical questions about the property can lead to missed red flags. Issues like hidden structural problems, maintenance history, or neighbourhood concerns may go unnoticed, leaving you with unexpected challenges post-purchase. The lack of informed decision-making. A lack of questions means a lack of information. Without essential details about the property, you may make decisions based on limited knowledge, which can lead to buyer's remorse. How to Avoid This Mistake: Prepare a list of questions to ask during viewings. These can include enquiries about the age of the property, any recent renovations, what the neighbourhood is like, utility costs, and any known issues. A good estate agent will be able to provide you with this information or direct you to relevant resources. Mistake #3: Ignoring the Bigger Picture as a First-Time Buyer It's easy to get caught up in the aesthetics of a property during the excitement of viewings, but failing to consider the bigger picture is a common mistake with long-term consequences: You might overvalue cosmetic features. First-time buyers often place too much importance on superficial elements like decor and furnishings. While these can be appealing, they shouldn't overshadow more substantial factors like location, potential for growth, and future resale value. You could neglect long-term goals. Viewing properties with only your current needs in mind can be shortsighted. Consider your long-term goals, such as starting a family. Ignoring these factors may result in outgrowing your home sooner than expected. How to Avoid This Mistake: Balance your appreciation for aesthetics with a practical assessment of the property's potential. Evaluate the location, proximity to amenities, transport options, and the area's growth potential. Think about how the property aligns with your long-term goals. Making the Right Choices on Your First Property Buying Journey Navigating the property market and finding your dream home can be challenging, but you can avoid first-time buyer mistakes during viewings and make a significant step towards a successful purchase. Remember that working closely with a reliable estate agent, like the experienced agents at The Property Experts will be invaluable in helping you avoid first time buyer mistakes and make the right choices during your property buying journey. If you're a first-time buyer looking to get on the property ladder and would like advice, we would love to hear from you. Email us at hello@thepropertyexperts.co.uk, call us on 0330 179 8180 or contact us here. In the meantime, we've answered some of your questions about other common first-time buyer mistakes. Frequently Asked Questions About Common First-Time Buyer Mistakes How can a bad credit score affect my mortgage options? A low credit score can limit your choices and potentially lead to higher interest rates from mortgage lenders. Can I afford a higher monthly mortgage payment than what's pre-approved? Don't exceed your pre-approved budget. Mortgage lenders consider your income and credit score to determine a sustainable monthly payment amount. What should I do to improve my chances of getting a mortgage? Work on improving your credit score by paying bills on time and reducing your debt. A larger deposit can also strengthen your application with mortgage lenders.
Jun 13, 2024
7 Steps to Becoming a Residential Landlord
There are a number of reasons people consider becoming a residential landlord. Often, it's because someone wants to do more with their savings and sees property as a sound investment with a regular income. It might also be that a person becomes an accidental landlord after inheriting a property or moving in with a partner. However, while the allure of consistent rental income is certainly appealing, there are several things you need to consider before you begin your property portfolio. Here are seven things to think about when becoming a landlord. How to Become a Landlord of a Rental Property 1. Set-Up Costs Finances matter, the numbers have to stack up. If you're going to get a buy-to-let mortgage, the mortgage lender needs to know about your income and what rent you hope to achieve. They have to ensure that you can cover the costs. You'll probably have to pay for surveys, too, so they can be sure the house is worth what you think it is. Then there are the legal fees and the search costs. Many law firms who specialise in conveyancing will be able to give you an early indication of what your final bill will be. 2. DIY or Use a Letting Agent You could manage the property yourself - and many landlords consider this as it can reduce costs. However, you must make sure you have the time to dedicate to the management of the property. Do you want to use a letting agency to find you a tenant and arrange the initial agreements? You can then keep on top of things for yourself. Or would you rather hand over all the management to the agency? This will reduce the pressure on you but there will be letting agent fees. The Letting Experts offer a range of services tailored to meet your specific needs. With our Experts Full Management Service we will market your property, source a suitable tenant, complete all required paperwork, collect rental payments, and ensure that your property remains compliant, well-maintained, and profitable. Allowing you to have minimal involvement in the process. Alternatively, our Tenant Find or Rent Collection solutions may be the preferred option should you wish to deal directly with your tenant. In this instance we will act to source a suitable tenant and prepare the tenancy agreement before handing over all further responsibilities. Further service details and information relating to our fees is available on request. 3. Landlord Insurance When you are renting out a property, you must obtain landlord insurance. This is because a home insurance policy will not cover you for what you need, and also because the right insurance will protect you, your property and your tenant. If you're taking out a mortgage to buy the property, your lender will insist that you have insurance. The costs of insurance will vary depending on the level of cover, such as personal liability, contents cover and buildings cover, and loss of rent cover, in the unfortunate event of unpaid rent. Speak with an insurer or a broker and be absolutely clear about what you need. 4. Furnished or Unfurnished? Whether you rent out a fully furnished property or one that is unfurnished it is a decision you need to make early on. If you've inherited a furnished property, then it might well be an easy decision. If this is the case, you might find this suits a potential tenant, and you will be able to get a better monthly rent. Obviously, if you rent out an unfurnished property, it means you don't need to buy things for it. Many potential tenants prefer this as they can add their own furniture and make it their home. Don't forget; it's best practice to get an inventory carried out as this will affect your insurance policy and could minimise disputes at the end of an agreement with prospective tenants. 5. Paperwork One of the top tips for being a landlord is to be well organised and up to date with paperwork from the start. It may seem daunting having a lot of documents, but organisation is key. Not only will this ensure you don't fall foul of any legal responsibilities, but it should also mean that if any disputes arise, you know straight away where things are. (It's also particularly useful when you're doing your accounts or checking information). Plus, there won't be any nasty surprises when you suddenly realise you need to pay income tax! 6. Legals & Responsibility There are certain legal obligations and responsibilities that need to be understood. These are in addition to the tenancy agreement that you and your tenant should be signing. For example, before a property is let, you'll need an up-to-date Energy Performance Certificate (EPC) for it. A gas safety certificate is required for each gas appliance in the property, each home has to have smoke alarms and a carbon monoxide detector, and any appliances or furniture must meet the required safety standards. There are also rules about a tenant's deposit and how it is kept in a Government-approved scheme. If you need help with any of these, we can advise you. Simply call us on 033 33 44 99 15. 7. Right to Rent Checks A relatively new aspect of renting out a property is the need to carry out a Right to Rent check. A landlord must, by law, check whether a potential tenant has the legal right to rent a property in the UK. Failure to carry out the required checks could result in hefty fines so if you do need advice, then contact us and we will be delighted to help. Ready to Let Your Property? Are you considering letting your property? The Letting Experts are on hand to help, and we would love to hear from you. Find your local letting expert here. Get in touch with us today via email at hello@thelettingexperts.co.uk or on 033 33 44 99 15 to find out how we can help you rent out your property. In the meantime, we've answered some of your common questions about becoming a landlord. Frequently Asked Questions About Becoming a Landlord and Setting Up Rental Properties Do I need a licence to become a landlord in the UK? In England, landlords may need to obtain a license for certain types of properties, such as houses in multiple occupations (HMOs). What responsibilities do landlords have regarding tenant safety? Landlords are legally obligated to ensure the safety of their tenants by conducting regular gas safety checks, providing smoke and carbon monoxide alarms, and adhering to electrical safety standards. How can I set a fair rental price for my property? Research the local rental market, consider property features and amenities and evaluate comparable rentals to determine a competitive and fair rental price for your specific location and property type. What steps should I take if my tenant fails to pay rent? Follow the legal eviction process outlined in the relevant UK legislation, which typically involves issuing a notice to the tenant and seeking possession through the court if rent arrears persist.
Jun 6, 2024
How to Choose an Estate Agent
When it comes to selling your property, 'how to choose an estate agent' is a critical question that can significantly impact a successful and stress-free sale. So, understanding the benefits of working with a local property expert in your area is crucial. In this article, we will provide valuable insights and practical tips to help you choose the perfect partner to market your property. At The Property Experts, we always aim to empower you, the seller, with the knowledge and confidence to make the best decision. The Benefits of Working With an Estate Agent and Leveraging Local Expertise Opting for a knowledgeable, local estate agent has several advantages that will enhance your selling experience. For example, a local estate agent knows your neighbourhood intimately, including property values, market dynamics, what's on the market, and buyer preferences. This expertise will allow them to provide accurate advice on pricing, positioning, and preparing your property for sale. So, by tapping into their local knowledge, you can set realistic expectations. The Power of a Local Network – Connecting with Buyers and Professionals One of the key strengths of using a local estate agent is their extensive network of potential buyers, fellow agents, and industry professionals. Leveraging this network can significantly speed up the sale process. Local estate agents can quickly connect with qualified buyers actively searching for properties in your area. Additionally, their connections with other professionals within the local property market allow for collaboration and access to resources that can enhance the visibility and marketability of your property. Key Factors: How to Choose an Estate Agent? To select the right estate agent to market your home, it's crucial to evaluate certain factors that can impact your experience and outcomes. Consider the following carefully: Track Record and Experience Examine the estate agent’s track record and experience in your local area. Look for a proven history of successful sales and a strong understanding of local market trends. Additionally, look at references and testimonials from previous clients to gain insights into their professionalism and effectiveness. Marketing Strategies and Innovations Enquire about the agent’s marketing strategies and techniques. A competent estate agent should have a marketing plan that utilises traditional and modern methods together. This could include digital marketing like social media, video tours, drone footage and a presence on property portals, alongside direct mail, community based promotions, open houses, brochures and newspaper advertising. They should demonstrate an ability to adapt to the ever-evolving estate agency landscape by using technology and innovative approaches to maximise exposure for your property. Communication and Support Clear and frequent communication is paramount throughout the selling process, so assess the agent’s availability and responsiveness to enquiries. A good estate agent will listen, be attentive, offer guidance on negotiations, provide regular sales progression updates, and address any concerns or questions you may have throughout the process. Negotiation Skills Effective negotiation is crucial to achieving the best possible sale price for your home, so seek out an estate agent with strong negotiation skills. They should demonstrate the confidence and expertise needed to navigate potential obstacles and secure favourable terms for the sale of your property, always working to achieve the best price for you, the seller. Fees and Contract Terms Carefully review and compare the fees and contract terms offered by different estate agents. While fees are an important consideration, you should also focus on the services provided, marketing strategies employed, and the agent’s commitment to delivering results. The cheapest is not necessarily the best! Knowing the answer to 'how to choose an estate agent' is integral to ensuring a successful property sale. Importantly, by working with a local property expert, you will gain access to their in-depth local area and market knowledge, and therefore their extensive network of qualified contacts looking to purchase a new home. Ready to Sell Your Property? Are you considering selling your property? The Property Experts is on hand to help, and we would love to hear from you. Find your local property expert here. Book a valuation or get in touch with us today via email at hello@thepropertyexperts.co.uk or on 0330 179 8180 to find out how we can help you sell your home. In the meantime, we've answered some of your common questions about how to choose an estate agent. Frequently Asked Questions About Finding the Best Estate Agents in Your Area Do online remote estate agents work just as well as local ones? Online agents might offer a lower fee, but they lack the local expertise when it comes to selling property in the local area. Local agents like The Property Experts have a network of buyers and a deep understanding of the market, often leading to a quicker sale and potentially a better price than an online estate agent can offer. How many estate agents should I contact when selling my house? There's no magic number, but 2 or 3 is a good starting point, rather than talking to just one estate agent. Getting a range of perspectives from local estate agents will help you compare fees, marketing strategies, and find the best estate agent for selling your property. What's more important: choosing the cheapest estate agent or getting the best price for my house? As The Property Experts in your area, we will always use our in-depth local knowledge and connections to achieve the best price for your property. Consider estate agent fees as an investment in getting the best outcome. What questions should I ask when chatting to estate agents? Ask about their experience selling similar properties in your area, their marketing plan (including online and offline strategies), their communication style, and their fee structure. Don't be afraid to ask us how we plan to achieve the best price for your home!