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Selling Your House? 5 Things to Never Say to an Estate Agent

October 17th, 2023 Posted in family finance, Property Investment
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There are a few things you should never say to an estate agent when trying to sell your home. Not because they are unprofessional but for the opposite reason. They have a duty to your sale, but also to your instruction. So, you always need to be pretty careful about any comments.

Selling Your House? 5 Things to Never Say to an Estate Agent - image of man holding a model house

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Never Say You Won’t Settle

You should not settle on an offer you believe is unfair, but it isn’t wise to say you will never settle with your estate agent. This can instruct them to leave your home on the market with parameters that don’t work for you. And this can end up costing more time and money. After your house valuation, you need a price that fairly reflects your property, yet one that also helps a buyer decide. And in a buyer’s market, you may have to take a hit on some offers on your home.

Never Say You’re Not Interested in Low Offers

In a similar way to the point above, it isn’t wise to tell your agent you won’t accept low offers. It can take a while to sell your home, and the expectations of buyers and what they are willing to offer can vary based on supply and demand. What you consider a low offer after a while can, in fact, be a good one. Yet it can seem low compared to your home’s assessment from a few months before. It may come to the point where you have to accept an offer before it’s too low.

Never Say to an Estate Agent, “Don’t Show My Home.”

One of the most effective ways to sell your home is to allow potential buyers to see it. Of course, this means opening up your home to strangers. But estate agents are professionals at doing this and know what they are doing. Yet if you don’t allow them to show people around the home they are interested in buying, the average time to sell, between 4 and 6 months, will probably take much longer. The fact is that people like to see (and get a feel for) a home they are buying.

Never Say You Can Take Your Time

Supply and demand are mentioned above, and you need to understand the basics of this when it comes to home sales. The longer something is on sale, like a home, the bigger the chance of supply outstripping demand. When this happens, your home will become less valuable, and therefore, you have a lower chance of getting your asking price. If you tell an estate agent you have time, then they will place less priority on your home sale and reduce the possible value.

Never Disclose Personal Reasons for a Sale

Selling your home can be a game of give and take, and negotiation is part of that game. But if you inform your agent about personal reasons for selling the property, especially if time is a factor, they are legally obliged to disclose this if asked. But you aren’t. If a potential buyer knows you are in a desperate situation, they can use it against you to try to take advantage by offering a price well under what you are asking. And this can force you to accept an unfair property offer.

Summary

There are some things to never say to an estate agent, such as that you won’t settle. You should also never instruct them not to show your home because buyers are more likely to make an offer if they can see it. And never disclose personal reasons that can be taken advantage of.

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Why Regular Maintenance is Key to Aerial Installation Longevity

September 12th, 2023 Posted in Money Tips, Property Investment
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Aerial installation is an essential component of any home entertainment system. It allows us to access a wide range of television channels and ensures a clear and uninterrupted viewing experience. However, like any other technology, aerial installations require regular maintenance to ensure their longevity and optimal performance. In this article, we will explore why regular maintenance is key to aerial installation longevity and how it can help us avoid costly repairs and replacements in the future.

Why Regular Maintenance is Key to Aerial Installation Longevity

Importance of Regular Maintenance

1. Ensures Signal Strength and Quality

Regular maintenance of your aerial installation helps to maintain the signal strength and quality of your television reception. Over time, aerials can become misaligned or suffer from wear and tear due to exposure to the elements. By checking and adjusting the alignment of your aerial periodically, you can ensure that it is pointing in the right direction to receive the strongest signal possible. This will result in a clearer and more reliable television viewing experience.

2. Prevents Damage from Environmental Factors

Aerial installations are exposed to various environmental factors such as wind, rain, and extreme temperatures. These factors can cause damage to the aerial and its components, leading to a decrease in performance or even complete failure. Regular maintenance allows you to inspect the aerial for any signs of damage, such as loose connections, rust, or physical wear. By addressing these issues early on, you can prevent further damage and extend the lifespan of your aerial installation.

3. Identifies and Resolves Technical Issues

Regular maintenance provides an opportunity to identify and resolve any technical issues with your aerial installation. This can include problems with the cabling, connectors, or amplifier. By inspecting these components regularly, you can identify any issues before they escalate into major problems. This proactive approach can save you from costly repairs or replacements in the future.

4. Extends the Lifespan of Your Aerial Installation

By conducting regular maintenance, you can significantly extend the lifespan of your aerial installation. A well-maintained aerial is less likely to suffer from major issues or failures, allowing it to function optimally for a longer period. This means that you can enjoy uninterrupted television viewing without the need for frequent repairs or replacements.

Maintenance Tips for Aerial Installations

1. Visual Inspection

Perform a visual inspection of your aerial installation regularly. Look for any signs of damage, such as loose connections, rust, or physical wear. If you notice any issues, address them promptly to prevent further damage.

2. Check Alignment

Check the alignment of your aerial periodically. Ensure that it is pointing in the correct direction to receive the strongest signal. If necessary, adjust the alignment to optimize signal strength and quality.

3. Clean the Aerial

Clean the aerial regularly to remove any dirt, debris, or bird droppings that may accumulate on its surface. Use a soft cloth or brush to gently clean the aerial, taking care not to damage any delicate components.

4. Check Cabling and Connectors

Inspect the cabling and connectors of your aerial installation for any signs of wear or damage. Ensure that all connections are secure and free from corrosion. Replace any damaged cables or connectors to maintain optimal performance.

5. Consider Professional Maintenance

If you are unsure about conducting maintenance yourself or if you notice any significant issues with your aerial installation, consider hiring a professional. A qualified aerial engineer can conduct a thorough inspection, identify any problems, and provide the necessary repairs or replacements.

Conclusion

Regular maintenance is key to ensuring the longevity of your aerial installation. By conducting routine inspections, checking alignment, cleaning the aerial, and addressing any technical issues promptly, you can extend the lifespan of your aerial and enjoy uninterrupted television viewing. 

Remember, prevention is always better than cure, and investing time and effort in regular maintenance can save you from costly repairs or replacements in the future. So, make it a habit to maintain your aerial installation regularly and reap the benefits of a reliable and long-lasting home entertainment system.

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3 Common Fears Of First Time Home Buyers

January 20th, 2023 Posted in Property Investment
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It is not surprising to harbour fears about a property purchase if you are a first-time home buyer. The uncertainties you feel might result from the buying process, especially when you don’t have all the necessary information. Indeed, doing anything for the first time may feel daunting, but how well-prepared you are can make things less stressful. A UK survey discovered that about 39,000 Google searches were primarily based on houses listed for sale, mostly by potential first-timers who wanted to check what they could afford. Are you considering buying a home for the first time? If you have some doubts, you’re not alone. Here are three common fears first-time home buyers face.

3 Common Fears Of First Time Home Buyers - real estate agent and home buyer image
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  1. Affordability and mortgage rates

Whether you can afford a home may be a fear lingering in your mind. However, it’s quite normal to have such fears. Buying a house is a huge financial commitment, and it’s important to do some assessments to determine your financial capabilities. Often, it is advisable to choose a house within your budget. Settling on a house that costs less than your budget will allow for easy monthly mortgage payments. This way, you avoid situations such as having your house repossessed if you default on your monthly payments. 

Suppose you can afford a high-end home. In that case, you still need to prepare for a rainy day. For example, if you lost your job a few months or a year after purchase, you need a contingency plan to enable you to continue making your monthly mortgage payments. Mortgage rates can fluctuate and significantly impact the cost of your home. Therefore, consulting a mortgage broker from the beginning will be best.

  1. Neighbourhood safety

Many first-time home buyers are also concerned about the safety of the neighbourhoods in which they consider purchasing a home. You may worry about crime rates, proximity to schools, business centres, and other factors that affect your overall safety, comfort, and quality of life. This concern may be even more pressing if you’re considering starting a family or already have a young one. Every home buyer wants peace of mind in the location they choose to live. It might be a waste of money to buy property in an area with a high crime statistic. You can avoid such inconveniences by researching the area before making a financial commitment to the house. If it helps, you can visit the local police to do these vital checks.

  1. Home repairs and maintenance

Another common fear among first-time home buyers is the responsibility of maintaining and repairing the home. You may be worried about the cost of repairs, as well as concerns about what maintenance projects you can handle. If you have DIY experience, that may help quash any fears about buying a home for the first time. You can also research the best professionals you can consult in case you eventually need any help with maintenance or repairs, so you have an idea of their prices and requirements in advance. This way, you can prepare adequately. 

Indeed, all these fears listed above are understandable, but doing nothing about them could negatively impact your home-buying journey. So, in the meantime, how can you alleviate them? First, a good real estate agent can guide you through the process and offer helpful information about neighbourhoods, recommend lenders, or even mortgage products. Lastly, remember to set aside funds for future repairs and maintenance.

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Property Investment Mistakes You Need to Avoid

October 20th, 2022 Posted in Property Investment
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Are you planning to start investing your money in property? Maybe you have started out on your property investment journey recently. Either way, you have probably decided to take the opportunity to put your money into bricks-and-mortar to help see a healthy return on your investment. There is no doubt that property investment can be lucrative, which is why it is one of the most popular ways to invest money. Even in times of economic uncertainty, property investment can deliver returns if you buy wisely. However, putting your money into property is not without its pitfalls. As a newcomer to the world of property investment, it is crucial to be aware of the potential issues so that you can take action to avoid them. With this in mind, here are some of the property investment mistakes that you need to avoid:

Property Investment Mistakes You Need to Avoid - nice family home image
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Buying With Your Heart, Not Your Head

Buying a property as an investment and choosing one you would like to live in are two very different things. Choosing an investment property based on how you feel about it is nearly always a mistake. Investment properties should always be purchased based on figures and understanding of the current local housing market. Thinking about the return on investment you will achieve when you sell the property or the rental yield it will generate are crucial considerations. Keeping these two outcomes in mind will ensure you make informed investment decisions. 

Paying too Much for the Property

When you are hoping to make a profit on a property, you mustn’t pay too much to purchase it in the first place. To make a profit, you must ensure you buy the property under value rather than over. Understanding the ceiling price for the area and how the local housing market is performing should ensure you do not overspend.

Overlooking Opportunities to Save Money

As you become more experienced in property investment, you will soon be able to spot opportunities to save money. Carrying out thorough research and seeking out incentive schemes can help you find some excellent ways to make savings. If you have bought a house that requires so much work it is uninhabitable, you may even be able to claim a refund of stamp duty. Looking out for these opportunities will help you find more ways to save money when investing in property.

Spending too Much When Renovating the Property

Renovating your first property is always an exciting prospect. Refurbishing a home can provide some impressive results and can also significantly increase the value of the property. However, many new property investors overspend when renovating homes. Spending more on renovations than you can expect to realise in re-sell value is a big mistake and could leave you making a loss rather than a profit. Understanding how much the property will be worth after renovations are completed is essential before you start work. Based on these figures, you can set a realistic budget and contingency fund that allows you to make a profit.

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What’s the Difference Between A Freehold and Leasehold Property?

September 16th, 2022 Posted in Property Investment
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When buying a home, you may come across the two terms ‘freehold’ and ‘leasehold’. It’s important to understand the difference between the two as there can be different costs associated with each. This post explains exactly what freehold and leasehold properties are and the important difference between them. 

What’s The Difference Between A Freehold and Leasehold Property? - high rise buildings cityscape image
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Freehold vs leasehold explained

The difference between freehold and leasehold all comes down to land ownership. When you buy a freehold property, you own both the property and the land. When you buy a leasehold property, you own the property, but not the land it’s built on.

The terms are also different in both cases. With a freehold property, you have ownership of the property until you decide to sell. With a leasehold property, you have ownership for a fixed term until your lease expires or until you sell. Unless you renew your lease, you will lose ownership of your home. That said, most leases are very long and never need to be renewed. 

In the UK most leasehold properties are flats, while most freehold properties are houses. Of course, there are exceptions, so you need to be wary when buying a flat or house not to assume that it is leasehold or freehold. 

What is ground rent?

Because you do not own the land when moving into a leasehold property, you’ll usually have to pay an extra fee called ground rent. This can vary in cost, but is usually not too expensive – the average ground rent is between £200 and £500 per year.

Some leasehold owners charge very low ground rent rates of as little as £1 per year. This is often known as ‘peppercorn’ ground rent, Some leasehold owners may not even bother to collect peppercorn rent, meaning that you essentially don’t have to pay anything. Such leasehold properties are worth looking out for. 

Is a service charge the same as ground rent?

Many apartment blocks will also ask for a service charge, which is different from ground rent. The service charge covers maintenance of communal and shared areas of the apartment building. The service charge and ground rent may be billed together, or billed separately. 

What are your rights when it comes to renovating?

With a freehold property, you have the right to make any improvements you want, providing that they’re legal and permitted by your local planning committee. This is typically what people think about when they think of home ownership.

When renovating a leasehold property, there are likely to be more restrictions when it comes to renovating. In some cases, it can be just as restrictive as renting – you may not be able to make any structural changes and may even have to ask permission to make minor improvements. That said, you’re more likely to get permission to do things like painting walls, replacing flooring and hanging up shelves than you would renting.

What are the benefits of a leasehold property?

It may seem that there aren’t many benefits to leasehold properties compared to freehold properties. After all, you have a set lease term, you have to pay ground rent and renovations are more heavily restricted. 

However, leasehold properties do still allow you to build equity and get your money back when you sell. You can also rent them out as you would with a freehold property. Compared to freehold properties, they can also be cheaper to buy overall. All in all, a leasehold property is still better than renting. 

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