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Save Money When Selling Your Home

May 12th, 2021 Posted in Property Investment
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Most people, when selling their homes, are so focused on the money they are (hopefully) about to make, that they spend very little time thinking about all of the costs associated with doing so, and how they may be able to save a little money there.

Selling a house can be an expensive business, but if you’re sensible, you can make some serious savings.

Choose your estate agent wisely

Probably, the biggest way to save money when you are selling your home is to choose a great estate agent like Jordan & Halstead, for example, who are very affordable in your local area, as well as being good at their jobs, so that they can maximize the price you get for your home. 

That’s why you should take your time to check out local estate agents before making a choice, instead of just going with the first one you find. A lot of estate agents will tell you exactly what you want to hear and promise you things that just aren’t possible, all while charging a premium, If it sounds too good to be true, it probably is; find the sweet spot where price and reputation meet and stick with that.

How to save money selling your home image white and brown concrete bungalow under clear blue sky
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Don’t do too much work

Many homeowners will try to maximise the return on their homes by renovating them before selling. Sometimes, this can work well because things like a new kitchen can add value to your home, but the thing is, this doesn’t always work, and unless you know what you are doing and have totally studied the local market, you probably shouldn’t make more than a few cosmetic changes and necessary DIY jobs. If you do what to carry out a bigger renovation, research how much value it is likely to add to your home, and if that figure is less than the cost, don’t get the work done.

Keep your emotions in check

So many homeowners have settled for a lower price simply because their emotions have gotten the better of them and they haven’t wanted to sell to a particular buyer, perhaps because they feel like they won’t look after the home or that the home is not right for them, and although this is totally understandable, it is not very sensible. If you get a good offer, not taking it is only going to cost you money in terms of the extra time and effort that will have to go into finding another buyer, not to mention the fact there’s no guarantee you will get a similarly large offer next time. Selling your home is a financial transaction and the more you can remind yourself of that the better.

Saving money when selling your home can be difficult because there are many costs that cannot be avoided, but it is, as you can see, still possible to cut costs and maximise your returns here and there. Stay calm, look fairly at the finances and don’t be too rash during the process and there’s every chance you’ll save.

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Here’s Why You Should Buy A Brand New Home

April 20th, 2021 Posted in Property Investment
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Are you thinking about purchasing a property this year? If so, then you have two main choices. You can think about purchasing a new home on the market. Or, you could consider a fixer-upper. We think the former decision is the right choice and there are a few reasons for this. 

Fewer Issues

One of the first reasons why you should buy a new home is that there are going to be fewer issues with the property. That’s important because older homes are always going to have a vast range of problems. Parts are also going to break far more quickly than you would like. For instance, you might find that you need to replace the boiler a couple of months after moving into a fixer upper. This isn’t going to be the case with a new build because – as the name suggests – everything is going to be brand new. 

Location, Location, Location

Before you buy a fixer upper, it’s important to ask yourself why it has been left in a state of disrepair. The answer is usually that the owner isn’t interested in the location of the home. The location could even be a reason why the home is never going to accumulate value, regardless of what changes you make. New builds, on the other hand, are always going to be part of exciting, up and coming areas. If you want to explore properties like this, then we recommend that you do think about looking at a company like Salboy. They will be able to help you find the best new properties on the market right now. 

The Modern Home

If you are buying a property that you’re going to live in – at least at first – then you should always consider what you want from the home. We imagine you are looking for a property that is going to be the perfect place to start a family. If that’s the case, then a new build will be ideal. As well as providing the right location that we mentioned, a new build will be kitted out with all the tech that you could need to make the home a dream come true. 

People Like You

Finally, if you buy a new build, you’re going to be living with people who are in the same position as you. This is true whether you are starting a family, retiring, or setting into middle age. Why is this? Well, new builds attract the same type of individuals particularly if they are part of a planned development. This ultimately means that you will be living in a community that you want to be a part of and that you do feel connected to. 

Here's Why You Should Buy A Brand New Home - new house image
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We hope this helps you realize some of the key reasons why you should purchase a new home rather than buying a fixer upper. While a new build is always going to be more expensive, it provides far more security in the long term and a vast range of benefits that should not be overlooked.

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Can You Afford To Buy Your First Home?

April 15th, 2021 Posted in Money Tips, Property Investment
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For the longest time, buying a home was one of those things that was just sort of treated as an expected part of life. It was up there with a career, a marriage, and all of the other things that make up the stereotypical path of someone’s life. Of course, as time has gone on these things have become less and less necessary to live a happy life but when it comes to buying a home, something else has happened. There are just as many people who would love to buy a home as before, but it’s become more and more difficult. The reality is that with house prices constantly going up and wages stagnating, many people end up feeling as though the idea of actually being able to buy a home is little more than a fantasy. But is that actually the case? Of course not! The truth is that it’s still entirely possible to buy a house, even if it’s not as easy as it once was. You’ve just got to be prepared to put in the effort to understand the process, and make sure that your finances are in the right position to do it. With that in mind, here are just a few things to consider when trying to figure out if you can afford to buy your first home.

The mortgage

Can You Afford To Buy Your First Home? - growing money in jars image
Image by Nattanan Kanchanaprat from Pixabay

The most obvious thing that comes to mind when people are thinking about buying their first home is the process of getting a mortgage. After all, unless you happen to be extremely lucky, you’re very likely not going to be in a position to buy a home outright. (If you are then what are you doing reading this?!) The issue for a lot of people is that the process of getting a mortgage can be rather scary and complex. After all, you often end up having to wade through stacks of paper with all kinds of confusing clauses and small print. Not only that but your success in actually applying for a mortgage can often depend on a number of factors. Before you start, it’s best to get pre-approved before you start house hunting; check out this guide for more information on managing that as it can be tricky. Using something like a home loan eligibility calculator is a great first step in checking to see what kind of mortgage you may be able to take out. That way, you can figure out any potential changes that you might need to be able to buy a home and what it could end up costing you in the long term.

The deposit

One of the biggest barriers to a lot of people’s ability to buying a home is very likely to be the deposit. For many people over the years, they’ve been able to buy a home with incredibly small deposits that made buying a home and getting a mortgage a whole lot more accessible. This is something that has become even more pronounced in the era of COVID-19. Where previous generations might have been able to get a home with a 1% or 2% deposit, there are many lenders who won’t accept less than a 10% deposit in the current era. When you combine that with the rising house prices then it’s clear that being able to afford a deposit is a much bigger challenge than before. However, just because something’s a challenge doesn’t mean that it’s impossible. The key is to start putting money aside as soon as possible. If buying a home is something that you’re really committed to then every spare bit of money that you have should be put away. Find new ways to budget to allow you to save more and every bit of extra cash that comes in should go in the pile. It isn’t necessarily going to be a fast process, but it’s the only way to really afford a deposit in the current era.

The fees

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Image by Steve Buissinne from Pixabay

It often comes as something of a nasty surprise to a lot of people when they realise just how many fees are involved in the process of buying a home. If you’re not aware of the fees that come with buying your first home then you could end up in some serious trouble. You have to consider mortgage fees, a valuation fee, a survey fee, a potential broker fee, your solicitors fee, and a whole lot more. Now, most of the time these are things that you will be taken through at the start of the process but you need to be aware of these kinds of fees well in advance so that you don’t go into the process assuming that you can afford a home when you simply can’t.

Your credit rating

As strange as it might sound, it’s not just a matter of having the money and actually being able to afford a home, you also need to be able to demonstrate that you can afford the payments in the long term. The way that this is calculated is through your credit rating. If you have a poor credit rating then it won’t matter whether you have the money for a deposit or not. Things like paying off your credit cards on time and making any loan payments in full is the best way to ensure that your credit rating is always in the best possible shape.

The truth is, while it is absolutely possible to afford to buy your first home, it would be a mistake to assume that it’s something that’s going to be easy to do. A home is likely to be the most expensive purchase you ever make and that’s not something that you should take lightly. If you want to buy a home then you’ve got to be willing to think ahead. It’s the kind of thing that you need to plan for and make changes in your life if you want to be able to afford it. The mistake that a lot of people make is that they assume that they can’t buy a home when what they actually mean is that they can’t buy a home “right now.” By planning ahead, managing your finances, and working towards a goal, you’re going to be in a far better position to buy your first home regardless of your personal circumstances.

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How To Leave The Stress Behind When Moving Home

February 10th, 2021 Posted in Property Investment
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A recent study found that on average, people will move home eight times in their lifetime. You would think that the frequency of such moves would mean that it gets a little easier (or less stressful) over time, but this simply not the case. In fact, moving home is often the cause of great stress, be that due to financial pressures or property induced woes.

However, there are several steps you can take that make moving home a little easier – meaning you can focus on the positive side of moving – not the negatives! 

How To Leave The Stress Behind When Moving Home - moving boxes image
Photo by HiveBoxx on Unsplash
  • If you are selling your current property, figure out how much your house is worth. Consult with experts to ensure that you are not selling yourself short, as you can use the extra cash towards a downpayment for your new home. 
  • Work closely with a Mortgage broker to ensure that you get the best deal on a mortgage. They have years of experience within the industry and are able to provide you with invaluable knowledge and insight that could save you hundreds. 
  • If you know you want to move, but aren’t sure where you want to move to – write down a list of everything you need from your new home. For example, do you need access to certain amenities? How long is your ideal commute? If you have children, you might also want to consider the nearby schools. 
  • Look around a variety of different properties before signing a contract. By shopping around, you’ll be able to gain a clearer picture of precisely what you are looking for – and you’ll know you are making the right decision when you find your dream home. 
  • When you decide to move, ensure that you have a clear budget in mind. Figure out how much you can spend on the move, taking into consideration some of the hidden costs of moving, such as removal fees. 
  • A large majority of the stress associated with moving is tied up in packing. Therefore, you should get started on this task early instead of leaving it till the last minute. Remember: the sooner you start packing, the sooner you finish. 
  • If you plan to redecorate your new property, see if the bulk of the decorating can be completed before the move. This means that you won’t be getting in the way of any of the decorators, and you can unpack right away after the move. 
  • If you are worried about finances, take an affordable approach to moving. For example, you can save money on buying new furniture through DIY projects or buying items second hand. Additionally, you can earn a little extra money by selling anything you no longer need or use. 
  • Another way in which you can reduce the stress associated with moving home is by taking your time. Unless you are moving for work, you have plenty of time to organise the move – meaning you don’t have to do everything right away. Slowing the process down a little also gives you a chance to save up money. 
How To Leave The Stress Behind When Moving Home - hanging a picture frame image
Photo by HiveBoxx on Unsplash
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Buying Property? Here’s How To Make It Profitable

December 15th, 2020 Posted in Property Investment
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Buying a property (or several) is an alternative to make money work. Real estate offers financial security for investors and has a positive impact on the local economy. You want to be sure that you’re buying the best you can; a residential property should have had mandatory checks by the right people. This is known as Residential Property Management. Housing remains a profitable investment overall. Although investing in real estate involves a significant investment, the truth is that the risks are lower, being a good diversification alternative to achieve stability and financial growth. You can make some informed decisions about investing in real estate and here are some ways that you can do so:  

Buying Property? Here's How To Make It Profitable - house in the countryside image

Photo: Unsplash

Purchase/sale of real estate

Buying property in face of constant economic changes can cause issues. However, this is not a simple way to invest. To achieve this, a strong investment is required, which can come from their capital or a mortgage loan. Investing in this way requires facing the commitment with the obligations and deadlines that the process of buying and selling the property implies, such as payments of taxes and services, credits, notarial services, among others.

Lease

Another method is to buy a property to rent it, either for commercial or residential use. In this case, it is through the monthly payment that returns are obtained. The advantage is that according to the quality of maintenance applied to the property, the greater its capital gain and it is possible to obtain more profits.

Crowdlending

This is the latest way to invest and it is achieved through fintech and they are dedicated to raising funds through small investors through blockchain technology. These bring together a group of investors, who ‘acquire’ a part of the property to later rent it to third parties. In this way, it is possible to invest in this sector with smaller amounts of money but that allows for returns. When investing in real estate, the objective is to generate equity so it is important to protect it. Having good insurance can help prevent emergent expenses or situations that endanger the investment. 

Finding the one for you

As soon as you start looking for a property, you should tell the people you know and who are in that market that you want to make an important transaction. Talk to friends, co-workers, acquaintances, family, strangers – anyone can be an important source. This is a good way to find the right house for you that will remain the best investment for yourself also. You want to purchase a house that is going to be a good house to upgrade and update over the years and will create a profit for you in the long run. If this isn’t the case, then you are possibly wasting money. 

To start investing in real estate, you need at least 20% of the property’s value plus around 10-15% of the operating expenses to be able to request the mortgage. Without a doubt, buying to rent is a typical real estate investment. The most important danger, without a doubt, is that you will run out of tenants for a while and even that they will stop paying you. If this happens to you, having requested a mortgage with the plan of paying it with the rent, you will have serious problems. Another problem with this type of real estate investment is that not all the expenses involved in owning a flat are usually taken into account, so pay close attention and make a reasonable estimate before getting into an investment of this caliber. If you have little money, and you want to invest in real estate to rent them, you could consider starting with a parking space, something much more modest but that can also work very well.

Buying real estate to reform.

If what you are looking for is to generate income very quickly and you can condition property in a short period and also control the expenses of this reform, this is your type of real estate investment. You can find a property that can be reformed quickly and doesn’t need huge structural changes and lots of lengthy work done that requires lots of regulation checks. Also, you need a team of contractors, inspectors, and appraisers to help you find the problems that the property may have and define the maximum budget for the reform. Again you will also need residential property management to assist. However, there are ways to make buying real estate profitable and manageable for the future.

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