Do you sometimes feel as though you’re drowning in a sea of clutter? Or that your house has become more and more disorganised? Well, now’s the time to hit those common, messy areas!
Start by sorting through everything you own
Getting started is always the hardest part but performing an audit of everything you own is a great first step. Gather common built-up items like books, items of food, jewellery, paperwork, loose batteries or anything you’re saving “just in case”. Find out how many duplicates or useless items you have and throw them away. Whatever there is leftover, sort and store them properly.
Next… tackle the wardrobe
Let’s face it, a wardrobe is a totally different beast to the random things you tend to collect.
A good system to operate in the future is a one in one out system. Every time you buy a new item of clothing, throw away an old item.
Whilst you’re at it, you should tackle your sock drawers. Throw away any old and worn out items, and add an organiser to the draw to keep everything separate and neat.
Sort out your utensils drawer
You know you’ve collected too much cutlery when the draw starts to stick. Take everything out of the drawer and throw away those useless tools (like your melon baller or your citrus juicer) and add a divider to better divide your essential utensils.
Organise your garage, shed and/or loft space
Transparent boxes are your best friend when it comes to organising your storage spaces. You can stack them all on top of each other and you can see all the contents you’ve stored inside them, meaning you don’t need to go through a hundred boxes to find something.
Get the kids involved
Encouraging your kids to keep their bedrooms neat and organised (easier said than done) is a brilliant way to keep one of the messiest areas of your house neat and tidy.
Introduce them to the idea of donating unwanted toys to charity shops and how doing so can have a positive impact on the lives of others. It’s also a vital life skill your children will need to learn, so everyone wins!
The buy-to-let market has had somewhat of a difficult time over the past few years due to changes in government legislation and taxation. Since July this year, however, the number of buy-to-let mortgages approved has risen considerably and is proving that there is life in the market for those looking to invest.
With competitive mortgage rates available, especially if a larger deposit has been accrued, anybody who has the desire to become a landlord now has the opportunity to do so. A new report by HomeLet showing that the average rent around the UK has reached a record high of £970 per month demonstrates that the potential to reap rewards through buy-to-let is exceptional.
HomeLet data shows that rents have increased in every single region of the United Kingdom over the past twelve months, up to 3.5% greater than at the same point in 2018. For those looking to invest, this presents tremendous opportunity to be able to invest locally and see the benefits.
Biggest annual increases in average rents
Region
August 2018
August 2019
Annual Change
London
£1,632
£1,689
+3.5%
North West
£717
£741
+3.3%
South West
£826
£852
+3.1%
In terms of rental yields, we are also seeing record highs in terms of the average yield that landlords are reaping, with the average now reaching 4.5%, up from last year and the highest in three years. For those looking to maximise their yields, there is a growing trend towards Houses of Multiple Occupancy, or HMOS, as they tend to provide a yield approximately 20% higher than a typical rental property.
So, which region provides the best rental yield?
North West
6.20%
Yorkshire & The Humber
5.90%
East Midlands
5.40%
Scotland
5.30%
West Midlands
5.10%
North East
5.10%
South West
4.40%
Wales
4.20%
East of England
4.10%
London
4.10%
South East
4.00%
National average
4.50%
On a local level in Fife, the annual rental increase is 2% and the rental yield is 4.5%.
However, in Fife, there are real gems out there producing yields of between 6% – 12% sometimes greater.
You can find out more by tuning in to our Lettings Director, Richard Cook’s Investment Property of the Week Vlog via our social media channels every Thursday @ 7pm.
As the temperatures begin to sink and the days begin to shrink, one thing is for certain – winter is upon us. Along with the shorter days and colder temperatures come the wintery pleasures of warming up alongside a roaring fire, long walks in the country and crisp, frosty mornings. However, it’s also important to remember that the winter months can have a harsh effect upon our homes, causing problems for heating systems and external fixings alike. Follow this list of tips to prepare your home for the chillier months.
Pipe dreams
As the temperatures drop, the water in your pipes can freeze causing them to burst and major damage caused to your home. In order to avoid this, keep an eye out for any gaps in external walls as the cold air could reach the pipes and encourage them to freeze over. Sealing over any gaps in external walls, as well as adding insulation around vulnerable pipes in areas such as the loft and garage could mitigate this problem. Further to staying vigilant to external wall gaps, keeping your heating on a low-level (around 4 degrees) – even when you’re away from your home – will maintain a consistent temperature around pipes, thereby avoiding the problem of pipes freezing over.
Boiler spoiler
When was the last time that you had your boiler checked? A poorly maintained boiler wastes energy and costs more to run, as well as running the risk of leaking carbon monoxide into your home. Having your boiler serviced will reap rewards in the long run, as well as giving you peace of mind in terms of safety and efficiency. Naturally, one of the key components of your boiler system are your radiators – a handy hint to maximise their efficiency is to put kitchen foil behind them for the heat to be reflected back into the room.
Fill the gaps
Around a quarter of the heat lost from your home escapes through the loft, and therefore having good loft insulation is key to staying warm this winter. As well as the loft space, cavity wall insulation can make a real difference to keeping your home warm and energy bills low – with a typical saving of £145 per year saved on energy bills simply through having insulation installed. In terms of cost, there are a number of government grants and subsidy schemes available to help you with the initial outlay of insulating your home and staying warm this winter – so do your research and stay warm for less.
The big switch
If you feel that your winter energy bills are high despite your best efforts to prepare your home for the cold months, then give your energy supplier a call and have a chat about being allocated a more cost-effective tariff. Remember that you will never experience a disruption in service if you decide to change suppliers, so feel free to shop around and find the best deal that works for you. You can use online comparison tools as well as literature direct from suppliers to find the most competitive energy rates and offers, so turn up that thermostat and get extra cosy!
Down the drain
As the leaves fall from the trees, drains and gutters can easily become blocked with debris, causing build-ups of water which could make its way into your home in the form of damp. As the temperature drops, these leaves are prone to freezing which can weigh down your guttering and damage external structures. Ensure that your drains and gutters are debris free by checking lower-level guttering on your property and clearing these out by hand as safely as possible – if the lower-levels are blocked then higher levels may also require a closer inspection.
These are all simple tips that are really easy to do but could avoid a huge bill from a burst pipe, blocked drain or inefficient boiler. Some, such as insulation might not even cost you any money at all as the government provide this free of charge.
As the days get shorter, it is more important than ever to present your property in an appealing manner if you are going to attract potential buyers. With that in mind, we have put together some season-specific advice to help you find a buyer…
Let the light in
Never is it more important in the year to keep your rooms bright and airy than during the change between seasons. This is because of how quickly the levels of light fluctuate, turning your beautiful property into a less-appealing version of itself, with dark rooms and corners. To avoid this, use uplighters to brighten up your rooms during viewings – this type of lighting can be easily placed into corners or areas which may appear darker. Furthermore, blinds and curtains should be drawn back to allow plenty of natural light and don’t forget to turn any lights on under kitchen cupboards etc. to create multiple sources of brightness.
Keep paths clear
During this time of year, leaves may start to fall from the trees leaving debris around your property. Ensure that your kerb appeal is kept to its maximum by clearing away any wilting plants and debris from your property, especially on the path to your front door where potential buyers will most certainly be looking. If you have the time, consider tidying up your flower beds and removing any shrubbery which may not be looking quite as lovely as during the summer months.
Clean, clean and clean again
Of course, presenting your property in a clean and tidy state is a given, however you should consider other areas to spruce up in order to maximise the available light. Clean your windows regularly to ensure that they sparkle for prospective buyers and let in as much natural light as possible (this will also help with the aforementioned kerb appeal). Clean your front door so that it looks at its best – many of us will have white UPVC doors to match double glazed windows, and if this is the case then use a cleaning product to rejuvenate it.
Keep it cosy
You want your property to seem cosy and inviting and the drop in temperature gives you the perfect chance to make your home comfortable and welcoming. Turn the thermostat up so that during viewings your property is warm and incentivises your viewers to really take their time looking around before they brave the cold weather once more. If you have a fireplace, think about lighting it up or at the very least light some candles.
These are all simple tips that really don’t need a huge outlay in money to do but could completely revitalise your property’s appeal, so it’s worth considering doing when selling to enhance the buyer experience as it often translates to a quicker and even higher offer.
For some of us, a great option to increase the floor space in our homes is to move upwards into the loft area. However, if you’re considering converting your attic space into living space, there are a few factors that you should consider before starting any work…
Is it worth it?
When you are weighing up the potential of a loft conversion, it’s worth deliberating whether the cost of the work is equal to the value which you are adding to your property, so that you don’t end up overspending with no hope of recouping the costs when you decide to sell up. A loft conversion can add up to 20% to the value of a property, a significant amount; however, the cost of completing the works can vary depending on the type of space that you have available and the complexity of the requisite works. Shop around for your building quotes so that you have multiple options and then compare property prices in your area that have had loft conversions to see the difference in price; this should give you a strong idea in terms of budgeting and is it worth it.
Is my loft suitable for conversion?
Not all lofts can be converted into bona fide living space, as there are some caveats in terms of the available head height in the area, the pitch of the roof, the structure of the roof and obstacles such as water tanks or chimneys which may obstruct the area. When you measure from the bottom of the ridge timber to the top of the ceiling joist, you need to have at least 2.2m of usable space for a conversion to be suitable.
Do I need planning permission?
Depending on the type of conversion that you are implementing, you may not need any planning permissions whatsoever. “Permitted Development” rules grant rights to enable homeowners to undertake some types of building work without the need for any permissions. If you are completing a simple conversion, with no structural changes to the roof, then you will most likely not require planning permission, making the process a lot simpler. To read about “Permitted Development”, see the Scottish Government guidelines here: http://ow.ly/kion30puxur
How do I intend on using the space?
One of the most important questions to ask yourself before you commit to the building work is what exactly you need the extra space for. In some instances, this will be an easy question to answer; for example, if you’re a growing family in need of an extra bedroom. However, for others, the use of the room may not be so clear-cut. If you’re adding the extra space simply because you’re feeling a little squeezed for space in your property, then a loft conversion may well be the wrong answer as, although you’ll be increasing your living area, you will most certainly be losing useful storage metres. If you are looking for more space, then consider moving into a more appropriate property in your area – you may well have made a profit on your current property which would enable you to upsize.
Don’t fall foul of your insurer
Before completing any works on your property, ensure that your insurer has been fully briefed with regards to the possible changes to your property as you don’t want to invalidate your home insurance. Adding value to your property may affect your premiums, and any building work being completed (such as floors being taken up or electrics changed) can result in damage to the property which may not be subject to insurance claims.
Finally, getting the right contractor is key here. One that has a track record and comes in on the price quoted. Get everything written down in black and white so there are no arguments at the end over who should have done what. Effectively you’re drawing up a contract of works to be completed at the price quoted. Think about: How long have they been trading, ask for references and call these people to check how it went for them, plus google their name to make sure there are no horror stories. Check Facebook as well. Be prepared to make reasonable staged payments but always make sure you do not pay too much too soon leaving yourself in a vulnerable position should the contractor not live up to his/her word and you have to get someone else to finish off the job. It’s also worth getting a professional to inspect and sign their work off at various stages before you pay them to make sure it’s correct. Above all else get professional help and don’t try to cut back on essential costs if you have no experience in this or you could lose everything including the original house if it’s not done right.
When we decorate our properties, it is often driven by personal preferences in order to make a space fit into our own idea of what is stylish. However, if you are not just looking to decorate a space but to maximise the potential value of your property, then this guide explores the best ways to add value to your home.
Solve Existing Issues
Don’t jump straight to improving the appeal of rooms in order to gain the “wow factor”; instead, make sure that your property is structurally sound. It may have less cosmetic impact, but a house with a leaking roof, subsidence or damp will severely hinder you in achieving a strong asking price due to the perceived costs and effort in fixing the issues. Take the time to assess your property and ensure there are no major defects, and this will give a solid foundation to achieve the best price on the market as buyers will not be scared away by problems, nor will they be able to barter the price down.
Central Heating
Take a look at the central heating system in your house – If your central heating is on its way out then replacing this is more than likely to add value to your property as it is another issue which has the potential to put buyers off. Although the initial outlay for the central heating refit may seem high, you should more than recover these costs when selling the property as it is another key point which will assure buyers that your property is well-cared for.
Extra Space
Adding additional living space will always attract buyers as this offers them versatility in the way in which they will use the property. However, before you convert that loft or garage, we would recommend doing a little research. A converted loft can add thousands to the asking price of your property, so it is certainly something to consider – before you undertake this take a look at similar properties in your area and do some investigation as to what the top-selling price has been lately. There will be a ceiling price for the properties in your area and therefore before you add a room, make sure that there is the potential to recoup the cost or more in the asking price.
Decoration
If you want to add value without any major outlay then picking up the paintbrush could be the answer. Freshen up any decoration that has seen better days around the house and do the same in the bathroom, checking on any sealants to ensure they are crisp and clean. Clean up a few simple defects and buyers will see your property in an entirely different light and could be willing to pay more for a home that they perceive to be in excellent condition. This should extend to the frontage of your home, so ensure lawns are mowed and outside areas look cared for. Kerb appeal is everything and first impressions count.
Kitchens and Bathrooms
That old saying that homes are sold due to their kitchens and bathrooms is so true. Having a modern kitchen and bathroom will add considerable value to your property, as well as generating much more interest from buyers. If you don’t want to invest in a brand-new kitchen and bathroom, then update them in order to make them more sellable. Kitchen cabinets can be painted to modernise them and changing the door handles to something sleeker will also help to create the feeling of a newer space. In the bathroom, refresh the paint on the walls, keeping it as neutral as possible, and ensure that the space is bright and airy – add mirrors to make the space feel bigger and use accessories to add colour.
This is clearly a different take on the typical advice and some of these top tips can be done at an inexpensive price which can completely revitalise your property so it’s often worth doing when selling to enhance the buyer experience as it often translates to a higher offer.
However, do your sums. Work out how much it would cost first, get quotes from local contractors and do some research on the valuation now and the valuation after the work. Then work out if it’s worth doing. Getting a local Estate Agent to help on the valuations and give practical advice will pay dividends but make sure you choose one with a proven track record and experience in refurbishments.
Making a good first impression is key when presenting your home for sale. Potential buyers and renters are always extra vigilant when it comes to viewing properties, from the front gate to the back garden, meaning it’s even more important to present your home in the best light from the start. Continue reading 6 Simple Kerb Appeal Improvements for Homeowners in Fife (4 min read)
It is widely accepted that the warmer months in spring and summer bring with them spikes of activity in terms of the buying and selling of properties. A new piece of research has taken this one step further, however, and directly linked an increase in temperatures to increases in house prices.
The research conducted by a national estate agent firstly looked at seasonal differences in selling prices, and it comes as no surprise that the summer season posted the highest average selling price. In Winter 2018, the average selling price was £291,810 and this increased to £293,347 in spring time. Summer average sale prices increased once more to £301,321 and prices during the autumn period fell to £289,833.
With seasonal changes prevalent in terms of property pricing, it is the temperatures themselves which the research then looked into. The data shows a direct correlation between price decreases between January and February as the temperatures cool, and similar changes are recorded as both temperatures and prices consistently increase from February through to July.
When analysing the seasonality on a financial level, the research shows that selling prices increase by £2,150 for every single degree of temperature change. For every degree that the temperature increased, this represented an extra £1,461 in sold price; however, the drop-off in temperatures increased to £2,838 for every degree colder.
Fife Properties Group Office Owner, Jim Parker commented, “While it is often perceived that the summer time can produce higher prices, often this is due to the fact that sellers with higher-priced property come to market at this time of year and push this average figure up so we should not get hung up on seasonality. It is true that spring and summer tend to bring more people to the market, and it does go quicker because viewings can be undertaken quicker due to lighter nights. I always recommend it is worth getting the facts first before making any decisions on selling and that is what we are there for.”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
With rents increasing by 1.3% on an annual basis in May, it is clear that there is plenty of room for solid returns in the lettings market. If you are thinking of investing in a rental property, or you are a portfolio landlord looking to increase your selection of properties, then a key factor will be the potential yield that the property could return. Read on to look at our breakdown of properties and potential rental yields, and if you need any further advice then please feel free to contact us.
In terms of rental yields, Houses of Multiple Occupancy (or HMOs) are becoming ever more popular as investment properties and are widely viewed as the future of the rental market. HMOs were in previous years solely a staple of the student lettings market; however, this is now changing, and young professionals are now part of a growing tenant population favouring this rental configuration. For landlords, the mathematics is simple; multiple tenancies operating independently in one property increases rental yield significantly and means that void periods are far less of a problem.
According to the National Landlords Association, average rental yields sit at 6.9% for HMOs, some 1.3% higher than other properties. However, there are other considerations if you are thinking of buying a property with a view to let it out to multiple independent occupants; bedroom sizes must be at least 6.51 square metres and some HMOs will require a license, obtainable from the local council.
Properties in city centres are proving to be extremely popular and demand is rife for centrally located homes on the rental market. With that in mind, purchasing a flat or apartment could prove to be a shrewd move if you are looking to maximise your rental yield potential; with competition amongst renters keeping the prices of well-located properties high and avoiding those dreaded void periods of non-occupancy.
Houses with two bedrooms or more are by far and away the most popular choice amongst renters, whether they are detached, semi-detached or terraced. With the average age of the first-time buyer now at 30, more and more families are renting up until this point, so multiple bedrooms are a must. Appealing to this family and young professional market will help you to achieve your desired rental values and could potentially secure you longer tenancies with tenants willing to sign up to three-year contracts.
Fundamentally, there is no one single property which is guaranteed to give you a specific rental yield. Investing in property remains one of the most stable investment classes, and despite periods of ups and downs, in the long term it is difficult to find a more lucrative venture.
Fife Properties Lettings Director, Richard Cook commented: “One size does not fit all but we do find that 2 bedroom + semi detached/detached or terraced houses an extremely popular among tenants. Equally they give landlords a good return and provide a better exit strategy to flats if you need to sell later on”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the rental value of your property but gives extremely useful advice on maximising the returns. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
With more people living longer and ageing with much better health than ever before, those aged 55 and over are playing a key part in the national economy. Recent research from SunLife has surveyed this age group and found that nearly half would sell up in order to fund a more jet-set lifestyle.
Recent data from the Office of National Statistics has shown that the proportion of those aged 65 and over will rise by 5% over the next thirty years, with greater economic contributions coming from this group as the years progress. For those currently 55 and over, SunLife questioned 1,000 homeowners with a big choice; if they had the option between staying in their family home but never holidaying away from the UK again, or downsizing and then using the cash for foreign holidays which would they choose?
Interestingly, nearly 50% said that they would downsize (44%) in order to enjoy a jet-set lifestyle in their later years – what this does suggest, however, is that 56% would not be prepared to sell their family home. The research has shown that as we get older, the more attached we become to our properties; with those in the 65-80 group voting overwhelmingly to keep their property at the expense of not holidaying again.
Of course, as we get older the inclination to travel could decline as we may be less mobile or find the appeal of travelling for long periods less attractive than in our younger years, which could explain the growing desire to stay-put as we age.
Fife Properties Group Office Owner, Jim Parker commented: “Years ago this was never a factor but more and more people are realising that it’s more beneficial to release equity now by downsizing so they can either enjoy a better quality of life at a more affordable level and also passing some money on to their children to help them get started or pay off their mortgage. One other factor that seems to be appearing is the realisation that life savings could end up being taken by the government to pay for long term care if it’s needed.”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
