For a lot of older homeowners today, downsizing can be a great way to have a good clear out after your kids have left home, but also a fantastic way to free up some equity from your home. This financial boost will most likely come with the added bonus of a reduction in running costs as you move to a smaller home.
While there are plenty of benefits of downsizing, moving home can still be a complex and stressful experience, so we’ve put together a quick guide on what to consider to help make your move a much smoother transition.
If you have spoken to us on this subject previously, you will know that in the three years since the referendum of the ‘B’ word (that word is banned in our household), we have proved beyond doubt that it (whose name shall remain nameless) has had no effect on the Fife property market (or the UK as a whole).
So one might ask, what does affect the property market locally? Well many things on the demand side include wages, job security, interest rates, availability of mortgages, confidence in the economy, inflation, speculative demand … the list goes on. Yet as my blog readers will note, I like to delve deeper into the numbers and I have found an interesting correlation between unemployment and the number of properties sold (i.e. transactions).
Why transaction levels and not house prices? Well just looking at Fife house prices as a bellwether has flaws. Many property market commentators and economists believe transaction numbers (the number of properties sold) give a more accurate and candid indicator of the health of the property market than just house values alone. The reason is twofold. First most people when they sell also buy, so if property values have dropped by 10% or risen by 10% on the one you are selling, it would have done the same on the one you are buying – meaning to judge the health of a property market is very one dimensional. Secondly, the act of moving is very much a human thing. Property habitually conveys a robust emotional connection with homeowners – a connection that few would attribute to their other investments like their savings or stock market investments. Moving home could be described as a human enterprise, moving from one chapter of one’s life to another. When people move home, it shows they are moving forward in their lives and so this gives a great indicator of the health of the property market.
Looking at Fife’s figures on the graph, you can see an inverse relationship between unemployment and housing transaction levels.
Property transactions in Fife dropped by 55.6%, whilst unemployment in Fife rose by 54.29% during the 2007 to 2009 Global Financial Crash
Until recently, there has clearly been a relationship between conditions in the Fife job market and the number of people who move home … interesting don’t you think?
Now I am not saying unemployment is the only factor influencing the Fife property – but it has to be said there is a link.
As a country (and indeed here in Fife) over the last 40 years, we have seen a shift in the outlook over the purpose of housing and the development of the religion of following house prices (and I appreciate the irony of me writing these articles on Fife – feeding that habit!) Yet, when did owning a home turn from buying a roof over your head to an out and out investment vehicle? I do wish people would stop fretting about their intrinsic value being associated with their Fife home. Now of course, I am not dismissing the current levels of Fife house prices – we just have to take into consideration other metrics alongside them when judging the health of the property market locally.
One final thought, looking on a broader scale in the UK, those towns and cities whose property markets bounced back after the Global Financial Crash had high levels of employment and low unemployment whilst places with high unemployment and relatively low employment have, on the other hand, typically under performed.
So, the next time you are considering a house move or buying a buy to let property in Fife … don’t make your judgement on house price growth alone.
We’re moving into a new decade, and so the last thing that you want is for your home to look dated. Throughout 2019 we have seen some extreme trends in interior design; from the embracing of industrial elements to the resurgence of entirely neutral spaces. We have taken a look at what to expect this year and how to get ahead with your design aesthetic, whatever your budget.
Colour makes a comeback
One of the key trends this decade has been that of neutral spaces with a few accent pieces to liven up the décor, however this year one of the main inclinations in design will be towards colour; bolder, brighter and braver! Rebecca Breslin, Wayfair Professional design manager, is calling for an end of “Greige, grey and all neutral everything without texture or visual interest” and therefore if you are looking for a change this year then start by adding colour into your home – burnt oranges and deep blues are set to be en vogue throughout the whole year.
Paper set to tear up the market
A feature wall has been the mainstay of every makeover show and glossy magazine before-and-after shoot since the early naughties, however 2020 is set to end this fad. Rather than a singular wall that is adorned with wallpaper, we are going to see all four walls covered with paper – in line with the brighter aesthetic of 2020. Wallpaper has seen something of a renaissance over the past decade, with designs from Gucci and Dior all the way through to stick-and-peel examples flooding the marketplace, and this isn’t set to end this year. If you want to experiment, then start with smaller spaces such as studies, toilets and guest bedrooms where patterns will seem less overwhelming.
Cabinet shake-up
The crisp, white kitchens that have been an enduring design staple over the last decade are set to move into retirement in 2020, with colour making its way back into the heart of the home. Kitchen cabinets, more specifically, are to become a real focus in kitchen design – therefore if you are looking to stay on-trend then think about rejuvenating your cabinets. Navy blue matte cabinets with vintage gold handles will transform your aesthetic immediately and mixes the traditional and vintage visuals that are set to be all the rage this year.
Give art a start
In these modern days of mass production and consumerism, vintage art and antiques are making a huge comeback due to the perceived one-of-a-kind nature of the objects and that they possess their own unique story. If you are looking to make small changes to your home that make it chic, then adding some select pieces of art is a great start – adding pieces to your kitchen walls will add particular interest to an otherwise utilitarian space.
Soften the edges
Throughout the 2010s, chicness has often been related to strong lines, sharp edges and minimalism, however as we move into the next decade this is set to be turned on its head for an altogether softer look. As well as a nod to 30s glamour (think metallics such as silver and gold, as well as scalloped seating) curves and fluid shapes are set to be popular this year; from circular side tables to rounded-edge sofas.
As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.
In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not and six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.
In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.
This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert. This comes back to making sure you have a professional photographer to take stunning photos, a professional copywriter to describe and measure the property, emotive descriptions to catch the buyers attention, a correct and not over-inflated valuation for the home report and most of all an agent that’s going to jump on an enquiry regardless of when and what time it comes in. Proactive rather than reactive.
75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.
The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.
For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.
Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.
Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture or issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room which preventing the buyer’s imagination from running wild led to over a third of buyers to back out of a purchase.
The list showcases the importance of sprucing up your home, both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property, so ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.
Some of these issues might seem very minor to you but it highlights the need to have an experienced agent that can overcome what you see as minor objections so the buyer does not walk away over something that could be trivial in hindsight.
It’s the start of a brand new year in the market, with buyers and sellers alike preparing to fulfil their New Year’s Resolutions and make their move. Market conditions appear to have stabilised after December’s general election brought with it a majority Conservative Government, but what can you do to give yourself the best chance of a successful transaction? Read our top tips for Buyers and Sellers below.
BUYERS TIPS
Research, Research, Research
As clichéd as it sounds, buyers who prepare sufficiently are more likely to end up with a better deal for the home they’re looking for. Once you’ve made the decision to begin house hunting, look into sale and listing prices for properties in the local areas that you’re interested in; this will give you a rough guide as to how much you can expect to spend.
Prepare your mortgage
If you’re house-hunting in a competitive area where properties are quickly snapped up, then getting a mortgage agreement in principle will give you an advantage when you find the property that you want. Having your finances in order and prepared can save time and prove invaluable if the home you want is likely to generate significant local interest.
Check the Home Report
Make sure you check the home report (Scotland) and the surveyor’s comments before you offer. This survey flags up any major issues or elements of the property that require attention, such as urgent defects or structural concerns. Depending on the age of the building, you could find yourself a wildly fluctuating amount of work to carry out, especially if previous owners have neglected its upkeep. Either way, this is an invaluable belts and braces report of the property and will provide peace of mind in any outcome. If it’s more than 3 months old once you have had an offer accepted, insist on the seller getting a refresh so it’s up to date. If a long time has passed since it was first listed it could be there is other issues you need to be aware of that could affect your initial offer price.
SELLERS TIPS
Research, Research, Research
Preparation is key for sellers, too! Make sure you know your property’s true value before it’s listed; carry out a full appraisal of your home with a trusted agent and not just an instant valuation to get a clear idea of what your property is worth. Inviting valuers into your home can also provide you with a fresh set of eyes which can be useful in flagging up any existing issues or reminding you of a few flaws that could require attention before going to market, too. Some even provide more specialist knowledge than just a valuation.
Find ways to add more value
If you’re looking for ways to add more worth to your property, then carrying out home improvement projects will certainly aid you. These can be relatively simple tasks, such as installing double glazing or adding extra insulation to your loft, or bigger jobs such as renovating your kitchen. Whilst the cost associated with these projects may be off-putting, it may pay off when it comes to increasing your home’s value. But ask the professionals first if it’s worth doing before doing it.
Declutter and organise
Take a look at each room in your house and you’ll likely find a few easy ways of decluttering and making extra space. This is vital for the viewing process as potential buyers need to be able to picture themselves living in this space, and in some rooms, it’s as easy as clearing a few worktops or mantlepieces.
In today’s market, preparation really is key whether you’re buying or selling. Carry out your market research, get your finances and paperwork and make sure you utilise a knowledgeable and local agent to help you through the process. One that has a consistent track record, years of experience and is an expert in their field. One that embraces and uses new technology and media marketing to hit specific target markets for your property rather than one that will put it on a few big websites and hope for the best. Proactive rather than reactive.
Time to pack up the decorations, take down the tree and munch down the rest of those leftovers; Christmas is over and 2020 is here! If you’re preparing to sell your property in the New Year, then you might be feeling a little overwhelmed at the amount of work your home requires before taking it to market. But don’t fret; we’re here with a list of top tips to help get you ready to show off your property.
How to nail the first impression
Almost all of the people with an interest in your property will get their first glimpse of what your home can offer in the form of pictures, either in an agent’s window or online. Not only that, but some buyers will drive by your abode to scope out its location and get a feel for it from the outside before they even enquire through the agent. If it’s not ready they might not even enquire as they have been put off before then. With that in mind, making sure your home is visually appealing and attractive will be your biggest priority in preparation for listing.
With that in mind, we’d strongly consider that you take the following into consideration:
Clean your windows – it’ll be easy to notice if you haven’t!
Give your front door a lick of paint to freshen it up and make your entrance feel more welcoming, along with a new doormat if yours is looking a little tired
Tidy up your entrance hall of any post and flyers
Clear out weeds from your paths and tidy your garden
Make space on your driveway for visitors to park
Be honest – hiding less-than-desirable features in the photos won’t help you as potential buyers will see defects when they view your home
Upping your Presentation
The above tips will certainly help to give your property a tidier feel, which is key; an organised home can give buyers a vital opportunity to picture how they will fit into the living space. But if you want to present your home in its best possible light, then consider how you present your home.
Declutter – a simple suggestion but one that can have a massive impact. Removing large bulky items from view, if only temporarily will have a massive effect
Let in the light – keep the curtains open, windows clean and any natural sources of light clear to give your home as bright a feel as possible
A warm place – make sure all rooms are heated prior to viewings, even those you don’t use often
Bathroom spaces – keep your bathroom and toilets clean, free of mould and tidy, and make sure your toiletries are kept to a minimum.
Time-consuming as it may seem, keeping your home tidy, organised and welcoming will put you in good stead for when those viewings start. Remember; visitors need to imagine themselves in your home!
Furnished properties can vary in the level of furniture and furnishings offered. It is extremely important for prospective tenants to find out exactly what is being included in furnished properties before signing any contracts. When viewing rental properties on the market, remember that the furniture and decor may all belong to the current tenant, and so shouldn’t be the sole decider for signing the contract. Continue reading Prospective tenants: furnished or unfurnished lets?
It’s clear to see that we are moving into the winter months. The autumn leaves have fallen leaving an army of frosty branches. We’ve had our fair share of rain and the temperatures have now indeed plummeted. An extra few minutes is needed at the start of the commute to scrape the frost from the windscreen, and gloves are a definite must-have. Christmas is certainly on its way.
A fresh winter morning can make it harder to get up in the mornings, with many of us wanting to sink into our duvets and hibernate. But work must go on, and the best way to do that is to take care of our homes, keep the warmth in, and adopt those cosy habits we’ve been waiting for all year. See below for some tips and traditions for a warm and Merry Christmas: Continue reading Winter Warmer: tips and traditions
There is often speculation as to when is the best time to sell your home. Sellers often wait for certain times in the year that may be construed to be better than others. If you feel like you are ready to sell, you should seek a valuation and consider whether it is the right time for you, as it may well be right now.
The imminent general election has caused mixed feelings about the housing market. Many are waiting for the outcome of the election to see whether policy changes (such as stamp duty reforms), will be put in place. However, if you are considering selling your home, now is a good time to put your property on the market. There will always be other circumstances that can affect the housing market, but none of that should prevent you from getting a full market appraisal.
House prices have continued to increase throughout these uncertain times so you may be surprised at how much your home is worth. No matter what time of the year it is, there are a few checks that you can run through to ensure that your home is in its optimum condition. High spec homes are attracting the attention of serious buyers. If your house is well presented and organised, it will help potential buyers believe in your home.
Photos
Photos, photos, and more photos! If there was only one thing that could attract potential buyers to your home, this is it. It’s the first time people will see your home, and remember what we said about first impressions! Ensure that photos are of a high specification, in natural daylight and show the full room to its full potential. Check that your home is neat and tidy so that buyers can visualise living in the home themselves.
Christmas
Leading on from photos, we have Christmas. You should ensure that you have photos of your home without decorations up, so that those viewing can see how the space in the home could look throughout the year. Christmas time is where we can really show off our homes and display how inviting it is, giving viewers a lasting feeling about your home. The festive spirit is a great tool but be mindful to use tasteful festive décor without too many different colours. Everybody has different tastes so a more neutral Christmas touch will work best if you have viewings over the Christmas season. Potential buyers will also be able to see a sense of community and good spirits in the neighbourhood.
Declutter
Your home needs to be clean and tidy when on the market. This includes the exterior as well as the interior, as you never know when a potential buyer may be driving past the home unexpectedly! First impressions last so you don’t want to tarnish them by being messy, so keep leaves swept off the garden and ensure that doorbells and outside lights are working; this shows that the home has been well maintained. Inside you want to show that there is ample storage space. Ensure that anything that is left out on tables, sides or shelves is there for a purpose, so that potential buyers can see that there is plenty of storage to maintain a tidy home.
Paperwork
Remember all that paperwork that you know is important, so you keep in that ‘safe place’? Well, now is the time to dig it out. Important documents relating to deed titles and guarantee certificates for any work you have had done are essential during the selling process. Collate any paperwork that you have for the home into a folder so that you can show prospective buyers that everything is in order.
First Time Buyers get up to £25,000 loan to Help to Buy their First Home.
Every First Time Buyer in Scotland will now get a boost of up to £25,000 towards their deposit on their new home from the Scottish Government through their new FIRST HOME FUND.
This means that the dream home they thought was just out of reach could now be within reach with their help.
Yes, it is a loan of FREE MONEY with no interest or repayments to pay each month and you only pay it back when you sell the house again.
Jim Parker, Fife Properties Managing Director and Neil Bird, Senior Mortgage Adviser at Cara Mortgages discuss it more in this in-depth interview.
To book an appointment to see our mortgage partners please click on the link for contact details via phone, email or online: https://www.fifeproperties.co.uk/contact/
