According to recent research, home buyers regard traditional features as one of the most important factors in a property when looking for their next home. With the prevalence of first-time buyers in the marketplace, traditionally important factors such as school catchment areas are decreasing in terms of their importance to buyers.
At the top of the list of considerations for buyers is gardens – either private or shared – with almost a third of those surveyed ranking this as the most important factor when looking for a property. For those currently thinking of selling, the garden may take a backseat in terms of priorities over winter; however, in light of this research it may pay dividends to ensure that your outside space remains as pristine as your home over the coming months.
With the focus on gardens, it may come as no surprise that a private car parking or a driveway was ranked second with people now prepared to travel a little further to get that all-important additional space.
Additionally, the more mature generation look for garages and outbuildings to allow them to pursue hobbies as well as bathrooms, bedrooms etc on all floors to allow for more adaptable living.
Interestingly, in capital cities, good transport links were considered the most important factor, with 31% rating this as priority number one.
Amenities such as shops and restaurants, as well as good transport links, followed in the list of priorities with around 13% of respondents noting the importance of good local facilities.
Jim Parker, Managing Director of Fife Properties, noted that: “Buyers are placing more emphasis on searching for the right lifestyle fit for them and not just the right property, so it’s important to tick all the right boxes when selling your home. Concentrate on why they want to buy more than what they want to buy as this will be a key indicator in selling your home which allows you to stand out from the crowd and get a far better offer in the asking price for your home.”
You are buying your first home, which has most probably dominated the landscape of your day-to-day life for some months as you go through the property purchasing process for the very first time. You have been saving every penny you can in order to get your deposit together and pay any legal fees, but now that the property is secured you need to furnish it.
Now you’re wondering how you are going to fill your property with furniture and your budget is tight. So, we have put together our top tips to make your house a home, without having to spend a fortune…
Speak to the Seller or their Estate Agent
Whoever is moving out of the property that you are buying will most likely have their own plans for their next property, and those plans often involve new furniture as they upsize or downsize. Don’t be afraid to discuss leaving any furniture behind with them – it saves them the hassle of moving items, making this is a mutually beneficial arrangement.
Buy Online
We are all aware of the rise of online auction sites and when furnishing your first property they should be your best friends as there are plenty of bargains and hidden treasures on the likes of eBay, Facebook Marketplace, Amazon, Gumtree or the Shpock app. Search for pieces of furniture that have small imperfections or are second-hand and you can pick up some really quality affordable pieces, especially if you’re willing to put in some elbow grease and refurbish them (think of giving a bargain Welsh-dresser a lick of chalk-paint to give it a traditional yet chic feel).
Friends and Family
Your family and friends will most certainly have items of furniture in their homes which they are either not happy with, do not have the space for, or are simply looking to get rid of – this is the time to cash in on those good relationships! Offer to pick things up from their homes to take the onus off them, and in return you could end up with a fully furnished home at a fraction of the cost.
Destination Sweden
Love it or loathe it, there is one furniture giant which has been furnishing homes affordably for some time – Ikea. The Swedish giant certainly offers good value for money, and when it comes to the essentials, it could be a real lifesaver. We would recommend shopping around for any item of furniture and not simply furnishing a room just so that it is finished – the general consensus says to wait two weeks before making a furniture purchase just to mull over your options. Buying at specific periods will also help you to save – think Black Friday, Cyber Monday, New Year or summer which all offer extreme discounts.
Finishing Touches
If you’re furnishing a home with a budget in mind then something you will want to avoid is an aesthetic that looks “cheap” or mis-matched, and the finishing touches can help you to create that chic finish which you will no doubt be aspiring to. Soft furnishings should be at the top of your list in terms of finishing off a room – curtains, blinds, cushions and rugs can all set the tone of a room no matter what other furniture is present. Visit vintage stores and fabric shops and you will be able to find some nice fabrics to work with, especially if you are a dab-hand with a sewing machine.
Wondering what the essentials are? Here’s our list…
Sofa
Dining table and chairs
Beds
Wardrobes (if you have built in wardrobes you’re on to an instant saving)
Chest of drawers
Lighting
Kitchen items (kettle, toaster, pots and pans)
These are just some of the key points to focus on when furnishing your first home.
As we head towards the Winter months, now is the optimum time for landlords to prepare for the potential issues that may arise from the harsher weather. Spending a little time and effort now may well save money further down the line in the event of an accident or repair cost. Here’s our list of essential landlord checks:
Boiler Service
The number one priority for every landlord should be checking that the boiler in your property (or properties) is in good condition, as repair costs can be extremely expensive. Book a boiler service to ensure that everything is working correctly and safely as boilers can break down with the surge in gas consumption that comes in the colder months.
Protect the Pipes
Adding lagging to your pipes (specially designed pipe insulation) is an inexpensive measure which will give you peace of mind knowing that your piping will not burst due to freezing and splitting. Focus on pipes in external areas and lofts which may be subject to the most extreme temperatures and you should avoid any problems as the cold sets in.
Smoke and CO Alarms
In line with regulations interlinked smoke alarms must be installed in each hall on each floor including every reception room and a heat detector in the kitchen – now is the perfect time to double-check these are in good working order and that your tenants are safe in your property. If your rental property has a fireplace (or solid fuel appliance) or central heating system then an additional carbon monoxide alarm must be fitted within one meter of the appliance in the same room, as the chances of these items being used increase astronomically in winter.
Open Dialogue
One of the key pieces of advice that we can give to protect your property through the winter is to create healthy dialogue with your tenants. As they are living in the property day-to-day, they will be able to tell you about any smaller issues so that you know how to avoid any larger issues. Make sure your tenants know where the stopcock is in the property, where the fuse board is located and who to call in case of an emergency. This could be invaluable in saving you time and money.
Protect the Roof
Chipped, cracked or dislodged tiles on your roof could lead to significant water damage and in cold temperatures this can lead to structural issues with water freezing and expanding. Double-check that your roof is in tip-top condition, and whilst you’re at it take the time to clear out your gutters to avoid blockages when the inevitable rain falls.
Designing a child’s room can be tricky; there are a number of factors to consider so it is hard to know where to begin. Design trends are forever changing and your child is constantly growing, so it is important that you consider a few things before starting.
Striking the balance between fun and practical is a challenge and designing something that your child does not grow out of too quickly is not easy, but by taking the time to think it over, you can save yourself a lot of hassle and create a space that is fun for them and easy for you to manage.
Draw Up A Floor Plan
Before you start buying all sorts of cute and colourful furniture, it’s important to remember that depending on your child’s age, this room could have a variety of functions.
Have a think about what the room will be used for and draw out a plan. If the room just needs to be a comfortable place to sleep then you should have plenty of freedom, however, if it also needs to be an area to play and study, you’ll require a good amount of floor space and maybe a dedicated little corner for a desk.
Everyone’s home and preferences are different but you want to get as much out of the space as possible, so take a moment to consider the role that the room will play and how it may change over the next few years.
Choose The Right Colour
It may be tempting to simply ask your child what their favourite colour is and then start buying paint or wallpaper.
While it is a good idea to include your child in the design of their room, if their favourite colour resembles a highlighter pen, then your best option is to go with the more neutral shade of that colour.
Your best strategy is to aim for a colour palette that nicely blends with a variety of furniture and will not look so childish once your child turns into a teen. Save yourself a redecoration job in 18 months by picking a colour that will age well with the rest of the ever-changing décor.
Decide On The Flooring
When it comes to flooring you have a few options, all with their pros and cons, so you just have to decide which will be best for you.
Carpet helps keep the room a little warmer but is vulnerable to stains. Hardwood is much more durable and easy to clean but does not provide much cushion for a child that is a little more clumsy than most. You could also opt for rubber flooring that does offer the benefits of both carpet and hardwood; however, it is the most expensive option of the three.
The flooring that is best for you is dependent on the age of your child, but research your options while keeping your budget in mind and make sure your choice of flooring compliments the room and doesn’t break the bank.
Getting The Furniture Right
There are two key things to keep in mind when choosing your furniture, functionality and lifespan.
We’ve already established that space is a valuable commodity so finding multifunctional furniture can be a real lifesaver.
Beds that have storage built in underneath are quite easy to find and the extra storage they provide can go a long way, as well as free up more of the room for other essential items. This also gives you an opportunity to get a little creative and look for ways to combine 2 items into one such as adding some padding to a desk or dresser so that it also can be used as a changing table.
The other consideration for furniture is its lifespan. There is a lot of cute miniature beds, tables and chairs that might look great, but you must remember that they will grow out of it quicker than you think. A good strategy would be to buy some furniture that they can grow into. Their small clothes may not justify full sized dresser just yet, but it will not be long before you are looking for extra storage space and their feet are hanging out of the end of the bed.
Add Character Through Accessories
Now that your room has been planned out, you have chosen your colour palette, had the flooring fitted, assembled and placed the furniture, it’s time to add character.
The great part about this phase of designing the room is that because the rest of the room’s features were kept neutral and timeless, you can now give your child a good amount of freedom to add their own personality to the room from accessories.
Whether it’s action figures, bed covers or posters, you can basically style the room however you want and the best part is, these accessories can be easily replaced and changed over the years at the same rate as your child’s taste in décor shifts from one thing to the next.
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 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.
If you’re a first-time buyer looking to purchase a property, then you’ll almost certainly be aware of the Help to Buy scheme and its success in helping people get onto the property ladder. What you may not be aware of is how the scheme works, and how it helps buyers to secure deposits for homes that would otherwise be out of their reach.
With that in mind, we’ve put together a rough guide to how Help to Buy works.
Can you get a sufficient deposit together?
Most standard mortgages require a deposit of at least 5% of the value of the home you want to purchase. If you are able to get the capital required, then you may not need to apply for any scheme.
Equity Loans
If your deposit doesn’t stretch that far, however, never fear! This is where Help to Buy Affordable New Build Scheme comes in. If you have a 5% deposit, you can apply for an equity loan for purchasing new-build properties. The Government will lend you up to 15% of the property’s price, and there is no interest to pay.
For example, should you purchase a £200,000 house, you’d pay £10,000 (5%), get a mortgage for £160,000 (80%) and the Government would loan you the remaining £30,000 (15%).
If you’re still saving for that all-important deposit, then a Help to Buy ISA is available to you, with the Government adding 25% on top of the value of your savings (up to £3,000) with up to 2.6% interest tax-free. A word of caution; if you’re considering this option, then you would need to apply for your ISA prior to 30th November this year. Click here to learn more.
Shared Ownership
If you can’t stretch your finances to be able to afford the entirety of a mortgage, Shared Ownership provides you with the opportunity to buy a share of your home (between 25% and 75% of the property’s value) whilst paying rent on the remaining share. You can also buy bigger shares in the property once you’re able to, offering you flexibility for the future whilst owning a significant stake in the home you wanted.
Purchasing a home doesn’t have to be beyond any first-time buyer. Speak to our financial experts about your Help to Buy options and find out how you can finally buy the property of your dreams.
New research from financial services firm Hargreaves Lansdown has shown that one in six of us who have purchased a property will either be over 65 by the time the mortgage is fully paid off, or the loan will never be fully paid off. The question stands, therefore, as to whether you should pay your mortgage off early or not?
As the average age of homeowners creeps upwards, and first-time buyers are entering the marketplace beyond 30 years old, the prospect of entering into retirement with a mortgage still to pay is going to be a reality for many. Research conducted by the Financial Conduct Authority supports this notion, with the FCA forecasting that 40% of first-time buyers in 2017 would still be repaying their home loans at 65.
First and foremost, do your sums to see whether you have anything to worry about in the first place. If you are going to be receiving a healthy pension anyway, then the prospect of continuing mortgage payments may not be anything to worry about. On the other hand, if you are going to be on a lower income than you’re currently accustomed to, then mortgage payments may well prove to be a stretch. If this is the case, here are a few options to help you pay that mortgage off sooner:
Overpay whilst you can
Speak with your mortgage provider to see when your prospective final payment is and use this to incentivise yourself to pay early when you can afford it. Many mortgages will not charge you for overpaying, instead embracing the higher payments so double-check with your provider and overpay in order to bring forwards that final payment date.
Consider re-mortgaging
With interest rates at record-low levels, many borrowers are now considering re-mortgaging in order to obtain a more favourable mortgage. Eventually, you will be moved onto your lender’s standard variable rate (SVR) if you do not remortgage or move onto a different deal during your mortgage term. Avoid these less favourable mortgage rates which will extend your mortgage term, and you could slice years off your repayment schedule just by switching providers or plans.
Reduce your mortgage term
Rather than overpaying on your current mortgage plan, reassess your financial status to see what you can really afford now. You will most likely be in a different economic position now to when you first purchased your property, and potentially able to afford higher repayments. If this is the case, and you are likely to remain in a stable position for the foreseeable future, then reducing your term and increasing your monthly payments is a guaranteed way to pay off your mortgage more quickly.
Remember this is all about doing your sums to put yourself in the best possible position later and just making additional contributions no matter how small they are each month can make a fundamental difference.
For example: On a £150,000 mortgage at 5% with 25 years remaining, paying off a £5,000 lump sum reduces the interest by £11,500 and means you repay 18 months earlier. *
Overpaying when interest rates are low means you’ll have a smaller mortgage to be charged the higher interest on later so this could be even greater.
The key though is to get the best advice and speak to a financial advisor or mortgage broker.
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.
