Moving House: The Affordable Approach

If you and your little ones are planning a big move this year; it’s important to keep things as stress-free and as affordable as possible during each step of the way. Your kids are like sponges, and they will no doubt be absorbing your approach to spending and saving as you navigate through the property selling and buying process. There will be far more than simply exchanging the money needed for your next home, and receiving whatever you can for your current abode, so it’s worth a little extra effort when it comes to preparing and planning ahead.

A happy and straightforward moving process is something that you can get the whole family involved in. They’ll learn a little about each stage of selling and buying, and the work that goes into a successful moving day, so don’t be fearful of explaining what is happening to them. If there are particular financial consequences to certain actions, especially positive ones; share and explain them so that you can instil some great values and knowledge surrounding the cost of moving house, property, and real estate in general. Who knows; you might just spark an interest in a budding property tycoon of the future! The following are some things to consider if you’re about to pop up the for sale sign and want to save cash where you can as you’re heading out on your exciting property adventure together.

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Research And Sourcing

If you head towards the first estate agent or property legal team that you see; you’re unlikely to be able to save much money at the beginning of the process. However, doing some thorough online research, and sourcing more affordable options to suit your family, will ensure that the process doesn’t leave you broke. Therefore, it’s worth checking out some conveyancing quotes online as a starting point, and you can figure out the extra cash you’ll need to put aside to pay for everything. There are also options to sell your own home now, which will get rid of hefty agent fees, so that’s another area to consider if you’re willing to put in the work. You’ll need to balance what’s most important to you and your family in regards to time, money, and effort along the way, so the sooner you get started, the better.

A Bit Of DIY

The do it yourself approach will save you money throughout selling and buying a home, and the process of moving along the way. Therefore, it’s worth figuring out what you’ll be able to do without hiring anyone to help. If a survey comes back on a house that needs crucial renovation, rewiring, or a multitude of other work; work out if you’d be able to fix any problems yourself before moving day rolled around or as soon as you all moved in. In regards to removal costs; you could consider the packing process as soon as you know you’re moving and renting a storage unit near your new home so that you can do the majority yourself. Again, it’s about weighing up what will cost more time, money, and effort than you’re willing to spend, and going from there.

How to Build Up Your Property Portfolio

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There are few safe investments you can make but one of the best is property. Putting your some of your money into bricks and mortar is a good way to make it work harder for you and will give you a great investment in return.

If you are a smart buyer, finding the right properties will give you a good financial edge and should help you quickly build up a sizeable nest egg. Buying to let is a good way of safeguarding a property and making money while your investment remains. However, if you are looking to make a quick buck, buying and doing up a property is a good route to go too.

Fixer-upper

There is a lot of money to be made in the development of old properties and if you are willing to move about a bit, you could quickly make enough to stay in one house while you do up another. There is a wide range of houses that fall under the term from a fresh coat of paint to full building works so think about what you are willing to take on before you start.

If you have never fixed up a property before, you should definitely request the advice of planning consultants before you implement any radical changes. You will need to gain planning permission for structural works like reconfigurations or extensions and a planning consultant will be able to advise you on the best plan so that you don’t waste any time going through rejections and appeals.

Buy-to-let

When you are looking for a property to rent out, you need to be sure that you will get a renter soon in order to cover your costs. If you can, use savings only to invest in the property, leaving you with enough cash for a rainy day. Otherwise, you need to make sure that your renter will be able to pay enough to cover any buy-to-let mortgage you take out.

You also need to consider who you want your rental to appeal to and decorate accordingly. If you are looking for student lets, make sure that you provide enough neutral furniture so that they can move straight in at the start of term. For other renters, you might be better off showing an unfurnished house as they are more likely to move in for a longer period and want their own things.

Holiday Rental

With the likes of AirBnB arriving, now is a really good time to offer up a property for short term holiday lets. You might not have the security of long term tenants but you will be able to make a considerable amount of profit.

The rules for interior design are also slightly different. You might consider going for a themed house or apartment to make it stand out from the masses or you could use smart design to give a luxury appearance and charge accordingly.

Whatever you choose, investing in property is  good idea for your financial future. It will give you a real investment you can fall back on as will as work your money hard to build up a decent nest egg.

Interested in Investing? These Are Smart Places To Put Your Money

Looking to turn a little money into a lot? If you’re in the fortunate position where you have money sat in the bank each month, why not make this work a little harder? Instead of accruing a measly amount of interest each year you could gain far more and maybe even turn it into a full time career. Here are a few smart places to invest if you want to grow your money.

Precious Metals

Investments into precious metals such as gold and silver are smart choice because prices increase over time. They’re not the best investment idea for people who want to make a profit fast, but those who are in it for the long haul will see a healthy return. In just the last ten years, the price of gold has almost doubled, which goes to show how much opportunity there is in this market. Only purchase from a reputable seller, there are plenty of companies out there which facilitate the buying and selling of precious metals. Do your research and work with one that suits you.

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The Stock Market

Investing in the stock market isn’t usually recommended for newbies. However, if you do want to give it a go there’s help available out there to allow you to familiarise yourself. For example, there are lots of professional brokers who are able to assist you, as well as simulation computer programs. These work by replicating the market that you can practice on first without actually spending money. You should never spend more than you can afford to lose, which is why this should be done with extra money not what you need to pay your rent and bills. If you’re fortunate you could do well here, lots of entrepreneurs make a killing from the stock markets and is something you could look into if it’s of interest. Some of the he best areas to invest in are commodities such as oil and gas companies and armed forces businesses such as weapons manufacturers.

Bitcoin

Bitcoin is a digital software-based currency, created to provide both a simple and convenient way to transfer funds to a seller when buying online. It’s still relatively new (it has only been in the public’s interest since 2013), but according to experts and investors, it’s something that’s likely to continue increasing in popularity. You can purchase this currency from a bitcoin exchange or online broker, or even directly from another individual. ATM machines often give the option to buy them too. As with any investment, there is some gamble involved especially with it being a brand new system. However, venture capital firms have bet that it’s something that’s likely to stick around.

Property

There’s a lot more that goes into buying and selling houses than simply buying cheap, renovating and selling for a profit. Property can be unpredictable as the market has peaks and troughs, plus you never know exactly what you will uncover when you start ripping out walls and floors of properties to renovate. Make sure you have enough background knowledge to be able to make the best decisions and boost your profits and avoid the common mistakes newbie property investors tend to make. There are a few ways you can make money with property, but an obvious one is to buy cheaply, do it up and sell for a profit. While it sounds simple enough, there is risk involved with flipping houses so you do need to do your research or speak to a professional who is knowledgeable about the property market. Many inexperienced property investors can concentrate too much on what they would want in a home themselves instead of what people who would be likely to buy would want. You also need to be aware of things like ‘ceiling price’ in different areas, because due to this, no matter how luxuriously you finish the property it will only ever sell for a limited price. The last thing you want is to end up in a situation where you’re stuck with a property and unable to sell it on for a while, or even where you lose money. Another option would be to rent out properties and get an income each month from tenants. You could do this in the country where you live or abroad. Sites like http://rumahdijual.com/bandung/ help you to easily find property, and if you get something that appeals to tourists you’re laughing all the way to the bank. As a bonus you could use it as a holiday home yourself whenever you wanted.

House Prices Soar Over 8 Months: Are Brexit Worries Over?

House prices have risen by 3.8% since January 2017, figures from estate agent YOPA show. This is far in excess of original predictions of 1.2%, and the figures – on the face of it at least- make for promising reading.

To put some context around this, after the Brexit vote on the 23rd June 2016 there was substantial volatility in the British economy, particularly in the currency markets, with sterling reaching historic lows against the dollar and the euro.

However, while the mood of the stock markets often reflects business sentiment, and currency makes a difference when it comes to trade, they are not always indicators of what’s going on in the general economy. For that, you need GDP, but even this often has a lag times in its reporting, and will often be for the previous quarter.

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Enter house prices.

House prices are essentially an indicator of consumer confidence, as they reflect how much people have to spend and how much people are willing to spend on the most basic of human needs: shelter. From a financial point of view, a house is the biggest purchase that most people will ever make, so they need to be confident of financial stability and the ability to pay off a mortgage over the long term. Uncertainty regarding job prospects tend to have a downwards effect on house prices, so GDP growth and house prices tend to broadly correlate.

Furthermore, house price data is regularly updated, especially from sources such as Rightmove, Halifax and Nationwide.

So what is this latest property data telling us?

At the beginning of the year, industry experts were, on average, expecting house prices to rise by 1.2% over 12 months. So far this year, that figure has been exceeded and now stands at 3.8%. If this rate continues, by December, house prices will have increased by more than 7%.

So do these house prices reflect a healthy economy unaffected by Brexit?

Part of the problem with calculating the effect of Brexit on the economy is that not much has changed. Although the United Kingdom voted out, we still have the customs union, the single market and everything else that affects our day-to-day lives. In addition, the country is still subject to European law and regulations. Free movement will continue until March 2019 – or perhaps even later. As a result, nobody really knows what’s going to happen.

One thing is for sure though; many people will be keeping a close eye on house prices as we approach March 2019!

What Can Make Buy-To-Let So Difficult?

If you are looking for a secure way to make some decent profit in the long run, then buy-to-let is often a good way to go. However, nothing is certain, and that applies to this as well as anything else. Although buy-to-let can be extremely lucrative when done right (and in good circumstances) it is also true that there are many things which can often make it a difficult process. They could be other financial concerns, problems with tenants, issues about being a landlord, or any other little niggles that could get in the way. In this post, we are going to take a look at some of the major things that can often make buy-to-let difficult to succeed in. Knowing these will help to prepare you and to help make the most of it, so it is worth a look.

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A Lack Of Professional Knowledge

The whole process of buying a property to rent out to make money is more complex than many people think. If there is one thing that tends to slip people up, it is not having all the necessary knowledge before they set out. If you want your buy-to-let mission to go as smoothly as possible, then you will definitely benefit from knowing everything that you possibly can before you even start looking into it. It might be that you need to carry out a lot of personal research in order to get the ball rolling here, but even that might not be enough. You might decide that getting the help of a professional is the way to go, and it very often is. Find yourself a real estate agent and take their advice on what you should do. They know the marketplace and the procedure better than you, and it is likely that they will be able to help you more than you might think.

A Crashing Market

All markets are volatile by their very nature. Any kind of investment you ever make is something of a gamble, even if some investments are more of a sure thing than others. The housing market is relatively safe in most places, but this doesn’t mean that it is a sure thing. There will always be crashes, as there are in every market in the world, and it is likely that you will need to try and navigate these water as well as you can. The best thing is to simply keep an eye on the marketplace, especially before you plan to make your move. The closer you are paying attention to it, the less likely it is that you will get your fingers burned, and the more likely you will make as much from it as you can.

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Poor Credit

If you have poor credit, you might find it difficult to see the whole process through to the end. Many people have poor credit, and it can come about easier than you might think. Fortunately, there are ways of dealing with this situation, and it is not as difficult to do as you might think. If you have particularly bad credit, you should try to find ways to improve it as much as possible. Such methods do exist, and although they are quite slow to come to fruition, it is worth doing. You can also use other means to get around the fact that you have poor credit. If you use a service like Improve Finance, you can borrow money against the home through a secured loan, even if you have bad credit. This means you will then have the necessary funds for any fix-ups that might need doing, or if you are planning to renovate before renting the property out. There is always a way to get what you want, and as long as you remember that you should find that you end up with the kind of financial situation you’re hoping for.

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No Target Tenant

If you want to make a success of this buy-to-let scheme, you will need to ensure that you can actually get your hands on a tenant. Without a tenant there is no profit, so this is essential. But a surprising amount of landlords do actually struggle to find tenants, or to keep hold of them for very long. The first thing you will need to think about is whether you are advertising your property in such a way for it to be attractive to potential tenants. In order to do that, you will find it helpful to think of a target tenant whom you can market towards. You can think of this example simply by taking the core demographics of the local area and thinking about what kind of person is likely to go for your property. Then you can renovate it according to their likely tastes, and this will make it much more likely that you find a tenant who wants to hang around for a decent amount of time. You should of course also ensure that you have tenancy agreements lasting at least twelve months, so that you can feel relatively secure for the following year at least. If you think of it in terms of basically having guaranteed rental income for a year, you will understand the value of doing so.

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Bad State Of Repair

One thing you absolutely must avoid is letting your property to fall into disrepair. If this happens, it can be much more difficult to get it back to a normal state, so it is better to just avoid it happening altogether. While it is on the market, make sure that you clean it regularly so that it doesn’t build up. You should also go around the property and ensure that there is nothing that needs fixing which hasn’t been fixed. If there is, that might be all it takes to stop it gaining interest from potential tenants, so you don’t want to take that risk. Keep the home in good repair, and you will be much more delighted at the results that you see.