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One in six parents are remortgaging for their children

With interest rates remaining incredibly low and competition amongst lenders producing some of the most favourable finance options ever seen, many are remortgaging in order to benefit from cost savings. Rather than simply easing the financial burden, however, recent research has shown that many parents are remortgaging in order to gift the extra money to their children.

A popular Price comparison website has found that one in six parents who remortgage their home then gift some of that extra cash to their children, with the average financial contribution standing at £9,050 per child and nearly 10% of parents giving over £20,000.

More than a third of the children who receive the financial gift utilise it as a deposit for a property, whilst others use it to go travelling (11%), buy a new car (11%) or pay for ‘everyday essentials’ (9%).

Rachel Wait, consumer affairs spokesperson at the price comparison website commented: “Our research found that 15% of parents released equity when they remortgaged to help their children. However, you’ll only be able to do this if your property has gone up in value and you’ll need to be sure you can afford to keep up with your new repayments.

“It’s also important to factor in the costs associated with remortgaging, such as arrangement fees which can be as much as £2,000, as well as legal, admin and valuation fees. Try to be realistic – only release equity to help your children with life events if you can really afford to do so.

“Also keep in mind that because a mortgage takes so long to pay back, remortgaging may not be the right option for everyone – there may be cheaper ways of getting a cash sum. It’s important to look at all options and shop around before making a decision.”

Fife Properties Group Office Owner, Jim Parker commented: “Remortgaging is a popular choice in a rising market but you need to be careful this does end up backfiring on you if the market does not continue to rise and leaves you in a difficult position that you cannot move when it becomes essential.” 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/

The best ways to add value to your property

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 read our guide which explores the best ways to add worth to a home.

Solve existing issues

If you’re thinking of adding value to your property then don’t jump straight to improving the aesthetic of particular rooms in order to gain the much-lauded “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 be severely hindered 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 for your property 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 issue

Take a look at the central heating system in your house – does it look modern and fit-for-purpose or is it on its last legs? If your central heating isn’t quite up to scratch, then replacing this is a sure-fire way to add value to your property as it is another issue which has the potential to put off potential buyers. 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 potential buyers as this offers them versatility in the way in which they will use the property; however, before you convert that loft or garage then 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 do 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 to the properties in your area, and therefore before you add a room, make sure that there is the potential to recoup the cost in the asking price of the property.

Decoration

If you’re looking to add value to your property without any major outlay, then picking up the paintbrush could be the answer. Freshen up any paint 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 potential buyers will see your property in an entirely different light, 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.

Kitchens and bathrooms

That old saying that homes are sold due to their kitchens and bathrooms is true, to an extent. Having a modern kitchen and bathroom will add considerable value to your property, as well as generating much more interest from potential buyers. If you don’t want to invest in a brand-new kitchen and bathroom, then update your current spaces 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 kitchen. 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 into the space.

Fife Properties Group Office Owner, Jim Parker commented, “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” 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/

Fife Properties Estate & Letting Agents wins ‘Best in County’ award at The ESTAS

Fife Properties Estate & Letting Agents wins ‘Best in County’ award at The ESTAS again for the 9th year, the most prestigious estate & letting agent awards in the UK

The Glenrothes, Leven and Cupar based agency received the ‘Best in County’ title for the Kingdom of Fife at the prestigious ESTAS 2019. The award was announced by Phil Spencer, the TV property expert at a lavish luncheon & ceremony at the Grosvenor House, Park Lane London attended by 1,000 of the UK’s top property professionals.

The awards, celebrating their 16th year determine the best estate and letting agents in the UK based purely on feedback from customers who are asked a series of questions about the service they have received from their agent, over 45,000 surveys were completed by customers during the competition.

Phil Spencer, who has hosted the ESTAS every year since their inception in 2003 said: “The ESTAS encapsulates what your typical agent is trying to do, which is to provide honest, transparent service for their clients. These awards are special because shortlisted and winning firms are selected purely on the service they deliver. Real feedback from real customers experiencing real service, I don’t think there can be a greater honour in the industry than to receive an award based on that mantra.”

Estate and letting agents were recognised in counties around the UK. Regional and national Grand Prix Awards were also announced for the Best Single Agent Office in sales and lettings.

Simon Brown Founder of The ESTAS said: “At The ESTAS we’re proud to say we believe in old fashioned values like customer service. We know how hard it is to deliver it and that’s why we put the spotlight on property firms who are committed to providing excellent service. The ESTAS review and awards platform brand help agents generate consumer trust.”

Richard Cook, Lettings Director of Fife Properties said “We are absolutely thrilled to be recognised at this year’s ESTAS again and this is the 9th time we have been Fife’s No.1 Letting Agent. It means so much to us as we know it’s our customers who have judged our performance over all our offices in Fife. We take our levels of customer service very seriously because we know clients have a choice. We have always been very proud of the personal service and this proves we are delivering what we promise.”

Jim Parker, Managing Director of Fife Properties said “It’s a great achievement to be awarded the top letting agent for the 9th time by our customers but over 95% of the ones that voted in the Estate Agents category rated us as excellent or amazing. Again, confirming why more and more customers recommend us to their friends and family.”

The common mistakes made by first-time buyers and how to avoid them

There’s no denying that purchasing your first property can be an incredibly exciting process. Everything from your first viewing to deciding which bread bin goes best with your new kitchen can feel like a thrill, but that doesn’t mean that there aren’t a multitude of things to avoid as you look to buy your first home.

But don’t fret! We’ve outlined the most common mistakes that first-time buyers when looking for the property of their dreams, and what your best practise should be instead.

Seal an agreement in principle
First thing’s first; get an agreement in principle from your lender in place first. The importance behind getting this step resolved is that it will give you an idea of how much your mortgage provider will allow you to borrow, and given that they’re often valid for 30-to-90 days, you should have the best part of three months to search for the right home before you need to get the agreement re-evaluated.

The benefit of getting what’s also known as a mortgage promise in place is simple; should you find a home you love and need to act fast, there’s no guarantee that you can find a loan big enough for you to buy it. With that in mind, figuring out the amount of money that you have at your disposal is vital.

Check your credit score
Another simple thing, but one that is also frequently missed. Checking your credit score prior to applying for a mortgage can save you a large potential headache; if you have a poor credit score then you run the risk of your mortgage application being rejected, which will cause further damage to your score. An early check of your score prior to applying for a mortgage can allow you to correct errors and get your credit rating in a healthier place.

Do your sums!
The process of buying a home is about much more than the price of a property; you have to factor in valuations, house survey costs, legal fees and conveyancing. These financial hits can seem unreasonable, but again, they’re vital to making sure that the property you’re buying is in good condition. With that in mind, make sure that you have enough money for these vital parts of the purchasing process, too.

What’s going on locally?
We all have certain criteria for the area that we’ll be moving into when it comes to choosing a home. Are there good schools nearby? What about shops or park space? Are the transport links sufficient for your work or other needs?

Research the local area; find out if this place will meet your needs and provide what you require in order to enjoy your life. If you’re able, spend a bit of time walking around and getting a feel for the place. Moving home can be an emotionally overwhelming process, so the more you know about your new area, the more settled you’ll feel once you move in.

Ask questions and don’t be afraid to get advice
It’s important to know what you want out of a home prior to conducting viewings, and it certainly does not hurt to have an idea of what questions you’d like to ask before you start visiting properties. Ask the sellers why they’re thinking of leaving, for example, or how long they’ve lived at the property, whilst testing out things like taps, windows and lights.

Beyond that, seek professional advice from an impartial mortgage broker. This is key, as a broker can assist you with setting up a financial plan, help you to find a good deal on a mortgage and get the ball really rolling on the buying process.

Fife Properties Group Office Owner, Jim Parker commented: “All great advice for first-time buyers. The key is to get the best advice and most importantly the best mortgage advice. Our mortgage partners can search the whole of the market for the best deals, some of which are only available to them and are better deals than the banks own branches can do!”

Fife Properties currently offer a FREE mortgage initial consultation service. To book click the link: https://www.fifeproperties.co.uk/contact/

Top tips to prepare your garden for Summertime

We all love that summer pleasure of sitting outside and enjoying the feeling of the sunshine on our skin, yet despite this melanin-inducing activity being a firm favourite, many of us shy away from gardening. Here are a few tips to help revitalise your garden or outdoor space, just in time for the summer!

1) The right grounding
Before you go out and start purchasing new flowers and shrubs to zhoosh up your garden, it is important to have an idea of the soil that you will be planting in. Different plants will thrive in different environments, and the consistency of your soil will be a key player in this; is your soil light and sandy or heavier with elements of clay? This, as well as the amount of light which the new plants will receive, should be kept in mind before you go and make any expensive purchases.

2) Put the ‘plan’ in ‘plant’
That old adage of “fail to plan and plan to fail” exists for a reason; it rings true amongst many of us. The same is applicable for when you are upgrading your garden – planning on how you are going to use the space will mean that you maximise your outdoor area. Decide what you are going to use the space for and segment it appropriately; eating areas, planting areas and water features all make a garden more pleasant; however, if there is not enough room between each then the space becomes overcrowded and less appealing.

3) The perfect lawn
When we think of the quintessential British garden, we immediately think of a lush and healthy grassy area. If you’re yearning for a luscious lawn, then ensure that you water your green areas regularly – the optimum time to water the area is between 4am and 8am. If we are lucky enough to have another hot summer like last year, then remember that any temperature above 30 degrees will stunt growth and temperatures from 26 degrees onwards will not benefit your lawn – therefore keep the grass a little longer which will prevent the soil from drying out.

4) Sitting areas
One of the easiest ways to spend a little more time in your garden is to create an outdoor sitting space; from simply installing a table and chairs, to installing a full decking area this can transform your outdoor space. If you already have a suitable surface such as paving or decking then purchasing a table and chairs will be an inexpensive way to create outdoor living space, but don’t despair if you need to spend a little more to create suitable grounding for your table. Buying stones or pebbles and some tarpaulin to lay them upon is a very cost-effective manner to provide a nice zone for seating – look in your local supermarkets as well as the DIY stores as they often provide better value for money during seasonal offers.

5) A shed load of storage!
If you’re looking to make the most of your garden this spring and summer, then a shed might seem like it should be the last item on your list of priorities. However, a shed can offer valuable storage and organisation to your garden that will encourage you to make the most of the space; having your gardening tools easy to access and your outdoor supplies organised will make your outdoor living much easier. In addition to this, a shed can be a beautiful piece of garden architecture; go bold on the colour and choose pastels such as blue or pink for that country cottage kind of chic that looks wonderful in all types of garden. In addition, adding some stylish bunting to the shed will enhance the overall aesthetic, and can be extended to other parts of your garden to create a more cohesive look.

Fife Properties Group Office Owner, Jim Parker commented, “Some of these top tips can be done at an inexpensive price which can completely revitalise your garden so it’s often worth doing when selling to enhance the buyer experience as it often translates to a higher offer” 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

Read our tips to increase your kerb appeal

Any estate agent will tell you that 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 its best light from the off. But even if you’re not looking to sell up, there’s something to be said for sprucing up the front of your home.

One of the best ways to do that is to maximise your kerb appeal, which refers to how striking your home is when viewed from the road. When you think about searching for properties online, how likely are you to click on details for a home if the lead photograph is rather drab? The homes that perform the best on property websites like Zoopla and Rightmove are the ones that can grab the attention from the off.

Thankfully, maximising your kerb appeal doesn’t have to break the bank!

1) Front and centre

The front door is always a good place to start, especially as it’s one of the first things that people see when it comes to your home. UPVC doors can be cleaned easily enough with the right product, and if you’ve got a wooden door, why not consider a fresh lick of paint? You can also bring your garage or front gate into the equation for a bit of colourful synchronicity.

Giving your letterboxes and door handles a polish shows good attention to detail, but if they’re looking a little tired, don’t be afraid to replace them.

2) Plot your path to success

The path to your front door or outdoor paving stones can get dirty with ease, so applying some TLC, whether that’s with a pressure washer or a good ol’ bucket of warm water and a scrubbing implement will instantly help your outside space.

If you have paving stones, then keeping your weeds in check is also a shrewd move; pulling out the week killer for large front porches, paths or driveways will make things look far neater.

Gravel is a feature of many a home, and it’s also one that’s easily refreshed with a bit of colour. Locate some similar stones to your current palette and use a rake to spread them together and you’ll be surprised by how much it refreshes the approach to your front door.

3) Plant an impression

A simple touch, but an effective one. Adding some greenery around your front door suggests to the naked eye that you take care of your property and look after your home, so look into some potted plants to go outside your front door. Hanging baskets are another option if ground space is limited.

4) Window dressing

The windows on your front room are another area where little touches can make a big difference. Have a look into replacing your curtains or blinds with lined alternatives for a tidy appearance, or, if your windows aren’t providing you with sufficient insulation, you could even look at replacing them altogether.

5) Night Lights

Finally, take a look at the area around your front door at night and imagine how much more welcoming it could be with a bit of light. An outdoor power supply will help if you’re looking to install something akin to a classic-style lamp, but you needn’t go overboard; a solar-powered light is easy to install, charges itself during the day and won’t cost you extra!

Fife Properties Group Office Owner, Jim Parker commented, “Some of these top tips can be done at an inexpensive price which can completely revitalise your properties kerb appeal so it’s often worth doing when selling to enhance the buyer experience as it often translates to a higher offer” 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/

The UK has the cheapest agent fees in Europe

For most of us, the purchase of a property will be the biggest single expense which we ever have to cover, and the fees associated with this are often touted as expensive. However, a recent report has shown that fees in the UK are the lowest in Europe and therefore the old myth of expensive fees has been debunked, with other parts of Europe up to five times more expensive than the UK.

The average commission paid on the sale of a property in the United Kingdom is 1.2%, according to analysis from GetAgent, which is lower than all other European countries, with Denmark and Ireland next cheapest at 1.25% and 1.75% respectively. On the other end of the scale is Romania with an average fee of 6% – five times more than the UK.

“I think it’s fair to say that estate agents in the UK have a tough time of it when it comes to justifying their fees, with the predominant opinion being that they charge too much for the service provided,” said Colby Short, GetAgent’s chief executive officer.

“This really isn’t the case and as this research shows, the UK is actually home to the lowest estate agent fees in the EU and therefore you could argue, the best service as well. Of course, the price of property means there is a degree of relativity and the 6% commission you might pay in Romania will be a lot lower due to the lower cost of getting on the ladder,” he pointed out.

“So while you consider if three to four thousand pounds is a justifiable spend when selling a property for hundreds of thousands, remember you could be paying upward of ten thousand if you were to live in another area of Europe,” he added.

Fife Properties Group Office Owner, Jim Parker commented, “Choosing an Estate Agent to sell your house will probably be one of the most important things you will ever do. While fees are important what is equally important is the end result. Having an Estate Agent that can demonstrate the ability to achieve more than the asking price on a consistent basis could far outweigh trying to save a few hundred pounds in fees at the beginning.”

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/

Do higher temperatures affect house prices?

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 Springtime. 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 researchers 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 Summertime 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/

Our top tips to help you sell your home this spring

It has been hard to miss the fact that the days are getting that little bit longer, and the temperatures a little fairer lately. With the sun shining a touch more frequently, and the first sightings of daffodils here and there then there’s no doubt that spring is in the air. With the season slowly revealing itself, this is a great time to sell your home with buyers more active through the spring months than any other time of the year. Follow our tips and you’ll be able to make the most of the changing of the seasons to sell your home…

1) Spring cleaning counts
That long-standing custom of a good spring clean is something you should take to heart if you want to sell your home quickly over the coming months. Washing all of the windows inside and out so that they sparkle, and the same for your windows and doors, will make the right impression to buyers. Make sure your home reflects the fresher spring months and ensure it is clean and bright.

2) Don’t neglect your outdoor spaces
With the weather perking up, people naturally cast a more critical eye on the outdoor spaces of the properties which they are looking at. After a cold winter, it is easy to leave your garden a little unkempt but passing the lawnmower over the garden (mowing diagonally will make the space look larger) and tidying up those outdoor spaces will make your property much more sellable. Although spring is coming, we all know how unpredictable the British weather can be, therefore putting a hardy outdoor mat outside the front door as well as somewhere to pop umbrellas out of the way will save unnecessary dirt and debris being brought in to your pristine property.

3) Spring has sprung
Fully embrace the transitioning seasons by planting flowers at your door – pop a planter outside full of cheerful tulips and daffodils to put potential buyers in the right mood. Pops of colour around the home will also translate into happy and contented buyers, who are therefore more likely to make an offer. Fresh flowers in the house will also make that all-important difference and set the right tone, so fill a few vases and put them in different rooms for a consistent wow factor.

4) Accessorise to the max
A few accessories can make all the difference to the overall presentation of your property and aligning these to spring is perfect for impressing your prospective buyers. Choose soft spring colours to lighten up your rooms – throws, cushions, towels and bed linens are all easy to change over to create the perfect ambience, and you can take them with you when you sell your property.

5) Smells like a good deal
First impressions are absolutely imperative when it comes to selling your home, with research showing that buyers take only 8 minutes to decide whether they would like to buy a property or not. A fresh smelling property is exactly the right impression, so ensure that you have aired your property, and that there are no untoward scents. A sure-fire way to fill your home with a pleasant and attractive smell is to put some bread in the oven and set a homely, welcoming feel.
For more advice on selling please contact one of our local offices or book a FREE initial consultation online https://www.fifeproperties.co.uk/property-valuation/

Property investors unfazed by Brexit

As we’re now finally closing in on 29th March, our scheduled departure date from the European Union, there is anticipation as to what Brexit will look like. In terms of property development, however, a recent study has shown that the majority of property investors are unfazed by the political upheaval and remain steadfast in their faith in the British property market.

A recent global survey carried out by SevenCapital, a leading property developer, has found that 85% of individuals who are currently investing in property around the world are investing in the UK’s property market, in spite of the Brexit furore whipped up by news headlines.

Andy Foote, director at SevenCapital, said: “These figures demonstrate that people generally recognise that there are bigger factors to consider over Brexit when it comes to the overall trends in the UK property market. Realistically, it’s the fear and the perception of Brexit that will have any effect, rather than the physical act of leaving the EU.”

“Ultimately, if the market were to take a dip after Brexit, seasoned investors will know that this would more likely be a catalyst for the inevitable swing back. The property market is a prime example of well-known cyclical patterns, growing through recovery and emerging stronger than previous peaks. In other words, if it takes a dip, as it did 10 years ago, it will recover and come back stronger.”

The survey of “High Net Worth Individuals” (HNWIs) – defined as earning more than £100,000 per year – has shown that property remains as popular as ever for global investors, with 59% investing in property, second only to stocks and shares. Out of those who responded, more than 30% of those from within the United Kingdom confirmed they were investing in UK property and, furthermore, almost a quarter actually cited Brexit as one of their reasons to invest.

With cities such as Birmingham performing impressively well post-Brexit vote, with property prices growing 16%, the investment possibilities remain strong. Moreover, the rental yields being posted by the likes of Birmingham, Manchester and Liverpool are amongst some of the highest around the country at between 5 – 10%.

Overall, the sensational headlines which Brexit has provided have been utilised well by the media as a means to engage people. However, when we look at the statistics it is evident that there are further far-reaching events which weigh more heavily on the property market, such as interest rates. With property investment remaining encouragingly high across the United Kingdom, first-time buyer activity at unprecedented levels and the pound being predicted by Goldman Sachs to be the highest-performing G-10 exchange rate this year, the property market is set for a strong and stable year ahead.

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