The general idea and overall process of moving home can be somewhat daunting and most probably up there with one of the biggest, most life-changing decisions you’ll ever have to make. However, the many obstacles you will face along the way could result in either costing or saving you thousands of pounds, therefore we have put together a step by step guide of what to expect during the process of changing your humble abode and how to come to your final decision of whether you should either sell up or rent out your property.
This might sound silly, but it’s no trick question. The question you need to ask yourself is, are you entirely sure that selling your home is really what you want (or need) to do when moving home? If you’re looking to move due to lack of space, have you considered converting the attic or perhaps building an extension first? Although it may seem like the next step to take, sometimes selling your home may not always be the route to take. Whether it be your lack of income or if the market value of your property falls below the outstanding amount of a mortgage secured on it resulting in negative equity, selling your home may not always be possible. When selling up your home seems virtually impossible, letting out your home can be an effective alternative. Have you examined the advantages that come with renting your home out rather than deciding to sell? In a nutshell, have you considered all of your options before making your final decision?
There are a variety of questions you may initially have once you have decided that you will be renting out your property, particularly if it’s your first time. Researching into the letting market yourself may give you broader knowledge and better preparation on what you’re about to head into. Looking into the types of properties being let in your area and the monthly income they generate will also give you a more accurate idea on the range of prices you should be looking at in terms of your own. Here at Oscar and Hunt, we are able to help you explore the variety of options that may be available to you.
When renting out your home, it is vital that the mortgage lender is made aware. If you do not have a mortgage broker, you must directly contact your mortgage lender to let them know that you’re planning to let your home. Before you are able to proceed further, you will usually have to obtain something called a consent to let from your lender. If they refuse for any reason, you will need to switch the mortgage over to a buy to let mortgage. For more information and advice on mortgages, please contact London Finance Solutions on 020 8427 5057.
When making your property available for rent, you will firstly need to decide whether your house will be let either furnished or unfurnished. Ensure that you have removed anything from the property that is either fragile or valuable, to avoid any unnecessary accidents whilst your home is being let. It is important that any repairs on fixtures and fittings have been carried out prior to any tenants moving in and that all electrical appliances are in good, working order before anyone moves in.
Although it is not compulsory, using a lettings agent whilst renting out your property will cut out a huge amount of stress and labour from your end. At Oscar and Hunt, we take it upon ourselves to advertise your property for you, find prospective tenants and book in viewings to show them around their new potential home, draw up tenancy agreements and also deal directly with any enquiries and problems from the tenant. We usually charge around 10-15% of the monthly rental income you receive whilst also providing you with a guaranteed rental income, which is a small proportion for the valuable and potentially highly beneficial service you will receive.
Finding the right tenants for your property is important in making sure the overall timescale of the tenancy runs as smoothly as possible. You are able to meet potential tenants before any decisions are finalised, or you may prefer to leave it to us. At Oscar and Hunt, we use a systematic procedure to ensure that tenants are matched perfectly to specific properties, whilst also performing reference and credit checks on potential tenants to ensure we find the right ones for you.
Rent guarantee acts as a form insurance for landlords where, for a small annual fee, protects against loss of rent. In most cases, ‘Landlord Rent Guarantee Insurance‘ is combined with ‘Legal Assistance Insurance‘ whereby a landlord’s legal costs of recovering rent and/or evicting a non-paying tenant are covered.
Moving home can be, undeniably, one of the most stressful processes for anyone. Uprooting all of your memories, belongings and emotions and shifting them into a completely new, unknown environment is known be tough. With all of the overwhelming steps of the “moving home” process, we understand how easy it is to forget the basic but most important things. Here at Oscar and Hunt, we have provided you our “Top Five Tips” on what to do before you move home, to ensure that your move and settling in period as easy and stress-free as possible.
For further help and advice, feel free to give us a call on 01923 602 760 or visit our website at http://www.oscarandhunt.co.uk/
If you’re looking to purchase your first property, particularly in this current unpredictable economic climate, it most definitely isn’t one of the easiest roads to head down. Much of the time, first time buyers seem to find themselves at dead-ends when finding ways in which they can purchase a home.
Many first time buyers are bound to face what might seem like endless hurdles, whether it be gathering a large enough deposit to put down or perhaps your income isn’t quite enough at this stage. An option that is open to those in this situation but many may not be aware of is shared ownership, whereby buyers are able to purchase shares in a property and pay rent on the remaining share, which works perfectly for those who may find themselves unable to find a lump sum of money at one specific time to put towards a new home.
Shared ownership properties are sold through housing associations. You have the ability to purchase a stake of between 25% and 75% of the property, using a deposit and a mortgage. You then pay “rent” on the remaining share, which remains owned by the local housing association.
In a nutshell, shared ownership is a convenient, affordable way to allow people to purchase a new home. The “part buy/part rent” procedure means that eventually, you will own the property but at your convenience, with the opportunity to buy more shares of the property until it is yours outright.
Shared ownership is now open to first time buyers and existing share owners in any occupation, however income considerations tend to vary depending on different regions. Although a deposit is still required, it will be much smaller than the normal, expected deposit for a house purchase, as you will only be putting down a deposit for the share you will be buying. The same goes for the mortgage on the property – a mortgage is required only on the share you will have purchased, meaning that all round, the process is as affordable as possible for you.
Almost 3 months into a “Brexited Britain”, there are undoubtedly several questions that have arisen within the property market in the UK, particularly when it comes to buying and selling properties in this current climate. Once you’ve taken the time to figure out whether you’ll be better off selling or remortgaging your existing property, it’s then down to you to figure out how you’ll get the maximum price from your humble abode if you’ve decided now is the time for you to stick it on the market.
Just to throw a slight figure out there to put this into perspective for you, a study has found that on average home improvements have the potential to add up to a £30,000 increase in value, possibly more. So not only will they make your home much more appealing to buyers throughout their search to find a new property to live in, but also give its financial value that much-deserving boost – a win-win for both parties. So in a nutshell, is it worth it? Most definitely.
Your first question is how far are you looking to go to improve your home? Is it just a quick clean up with a lick of paint to brighten up the place or are you steering towards the full works of redesigning your home with structural improvements, even building a new conservatory or loft conversion to add a bit of space and luxury to attract your new homeowners. Following Britain’s brave decision to exit out of the much familiar EU, the property market now seems to be slightly more “up in the air” to most, however with some experts predicting that there may be a slowdown in the house price growth over the next two to three years, why not maximise the value of your home now with this first initial, fairly straight forward step in the right direction.
It may actually be a case of you not knowing what actually needs refurbishing if there aren’t any obvious nooks and crannies you’re looking to fix, or there may already be specific spaces in the home that you have already decided could definitely do with a bit of an upgrade, like a new bathroom or kitchen perhaps. Whatever it may be, Zopa provided research suggesting a rough indication of how much you could be looking to spend on each structural addition to your home and how much it could potentially look to give you in return on your investment.
|Top Home Improvements||Return on Investment||Profit (Median)||Average Costs|
|6. Floor carpets||50%||£2,000||£4,000|
Source: Zopa, 2014
According to Mintel, it is in fact females that are more likely to influence purchasing decisions than their partners across all consumer categories, therefore a beautifully presented home that ticks all the right boxes, both little and large, is your best bet when looking to sell your home in order continue your personal journey of moving onwards and upwards.
If renovating your home is something you are definitely looking to put into action, we have provided a few links below for you to have a read on for further insight into a rough indication of different price ranges, ideas and the most obvious question, where to start.
When looking to sell your home, particularly those that are fairly new to the game, it can sometimes be difficult to know where to even start. Being bombarded with a countless amount of advice from various different sources can sometimes lead to an overwhelming amount of information to digest. For a potentially simple, smooth-sailing process, selling is easily complicated due to small misconceptions or decisions. Ultimately, we want to make sure you receive the maximum price available to you for your home, so whilst we do our job in making sure we play our part in making it happen, we have also put together some top tips for you to follow in order for us to stay on track in the journey towards selling your home.
2. Generally, there is the fairly common, mainstream belief that whenever you begin to negotiate, you should always start at the highest possible price and eventually the end price will be worked down by negotiation to something more realistic. Whilst this may be a good tactic to use in some situations, it is important to bear in mind that buyers tend to search for homes prices at or below their maximum budget. If your home is priced higher than needed, the chances of people booking in to view the property lessens as you probably won’t even cross their radar, especially if you’ve been advised that your original asking price will be dropped down to a lower price anyway. Your best bet is keeping as realistic as possible in terms of price to save both time and unnecessary stress.
For any further help or advice, feel free to contact us on 01923 602760.
Whether you are moving home into rented accommodation of a property you are purchasing, is there a particularly good time of year to move?
Unfortunately the short answer is that there is never really a perfect time of year to move house, it really is very dependent on your needs, situation and circumstances.
However, as you are aware, there are steps to make the move as easy and flawless as possible, having the right estate agents, solicitors and removal companies can really help.
Here is our guide to the potential times of year you might consider moving.
Very often people start the New Year wishing they could move home, and it helps start the year off with a new start. But is January a good time of year to move?
The logistics of moving in January mean that November/December will be spent sorting out everything for the move, that means you need to be super organised and potentially spend Christmas with everything boxed up around you or a house full of cardboard boxes and bubble wrap waiting to pack everything!
You also need to consider the weather conditions, whilst England never has overly treacherous conditions, we do occasionally get ice or snow and this may cause problems for removal vans.
Spring and Autumn
For many people moving in spring or autumn seems to bring the least amount of adverse inferences to the general craziness that surrounds moving. There are minimal disruptions to the working weeks, with only a splattering of public holidays, and weather wise it is pretty standard here in the UK so it may make moving slightly easier.
If you do have children you can work around the two half terms, and either move prior to, during or after, depending on your circumstances.
The number one consideration when moving in the summer is that children are off school. There are two ways to look at moving in the summer if you do have children. Firstly it could be a bonus, more hands on deck to help pack, and routines will not be disrupted, however it can be viewed as a negative as we all know moving house is hard enough without little ones running around, trying to entertain them if they are bored and needing to keep an eye on them with doors being open etc.
It could make the situation a lot more chaotic; it really depends on your children, their ages and how they will handle the situation.
The idea of moving just before Christmas and waking up on Christmas morning in your dream home does sound rather idyllic, however sometimes things just don’t go to plan. If everything works like clockwork you would be able to enjoy all of those Christmas parties and celebrations in your new home, you just need to weigh up the risks associated with moving deadlines, and whether there is added stress or pressure over the Christmas period.
Christmas is extremely stressful for many, what with the holidays, rushing around to buy presents, and lots of parties and engagements to attend, so you need to assess whether moving over this period is for you. Will you still be able to pack up and move during this period, and what arrangements will you have in place if there are any delays.
For more information on when might be the best time to move home for you, why not contact us here at Oscar and Hunt, and we will happily chat through your options.
If you need any more information on renting a property do get in touch, we are happy to answer any questions you may have.
Moving is stressful whatever time of year, but summer can bring it’s own challenges, so keep reading for some of our top tips on how to make the process go as smoothly as possible.
Do you have any other moving tips for people considering moving this summer? Send us a message on Facebook or Twitter so we can share them and add them to our list!