openestates

Without a doubt, when you buy a home, it is going to be one of the major financial investments in your life. As a grand decision like this, it only makes sense to invest not only money but also time and effort in research. That way you can choose a home that not only fits your current needs but also the future. To be successful, you should consult the following guide on what you need to consider, to find the perfect property: 

• Consider the area you want to live in – ask any estate agent what the most important factor for choosing a property is, and the majority of them will tell you it is location. The area you choose to live in is probably as important as the very home you choose to live in. To that end, you have to be realistic about what you can afford. Ask yourself what sort of setting you prefer – suburban, rural, urban. Will you be commuting to work and how long is it going to take you, based on existing transport links. All of these factors go into consideration for the area you want to live in. 
  
  
• Always plan long-term – some first-time buyers just feel like getting their foot on the property ladder, before they switch places after several years. However, the reality is that people end up living in the same home for a longer period than they tend to estimate at first. Therefore, it is important to consider that and go for a future-proof home. Moving frequently is very expensive, so you may want to buy a home that can support you grow into it. This is all the more important if your plans feature having a family and children.  
  
  
• It is possible to stretch yourself – when you consider all of the factors surrounding owning a home, you have to keep in mind the fact that it usually gets more affordable the more you live there. Your costs for furniture and home improvements will gradually decrease over time. The cost of your mortgage won’t increase significantly and most only vary with the interest rate. If you can raise your monthly income, which is possible save from losing your job, you should be able to afford the property you live in after just a few years. 
  
  
• What are the trade-offs? – finding the property of your dreams is highly unlikely, and most often you will make trade-offs. But sometimes those are just hidden opportunities. For example, if you don’t mind the noise of a busy road, you can pay a lower price. If there is a big school next to a property, it is likely to be quite noisy, which wouldn’t bother you if you are out of the home during school hours. 
  
  
• Pay better attention to fundamentals – many factors fall in the superficial category, and then there are fundamentals. Being able to distinguish both is of utmost importance. For example, changing the colour scheme of your home is doable, but you cannot do much about the total floor area. If there are any ugly features, you can expect the value to drop, but at the same time, they may be very easy to remove. 
  
  
• Use an agent to help you out – many first-time buyers fall into the trap of making costly mistakes. The risks can be minimised if they choose an estate agent to guide them through the process, and help them each step of the way. 
  
  

© Open Estates

If you want to sell a house, you may decide that you need help. And the best form of assistance you can get lies in the form of estate agents. Instead of doing everything on your own, you can work with a professional in the field. There are very good reasons to do so: 

• They can help you set the right value for your home – one of the main duties of an estate agent is to provide their expertise on setting the right value on your home. After all, if the price you set is way off, you cannot expect a quick sale. Estate agents have a lot of knowledge on the local property of comparable homes. In addition, they can check the prices of sold homes from the Land Registry, to give you an even more accurate quote for your home. Of course, you should always do your research, to get an idea of how much properties like yours are worth. You too can check with the Land Registry figures, or even get a free valuation. You can then get a few different valuations, to ensure that the price is objective and is based on features and what buyers value in the area. 
  
  
• They can market your home – another important job of an estate agent is to market your home. They will arrange a professional photographer to do some photos, draw up a floor plan that is 100% accurate and come up with an attractive description to use in a brochure or online. These are all basics that may not even cost you anything. Your estate agent should see to it that your property is well-advertised on major websites. They will manage the listing and make the necessary updates, to ensure you get the quick sale you hope for. 
  
  
• They will conduct viewings – when there is interest in your home from prospective buyers, your estate agent will work to arrange viewings for them. They will show the buyers around the property and answer any questions they may have. Sometimes, estate agents arrange for multiple buyers to come at the same time, which is known as an open house. The best thing about the estate agent conducting viewings is that they are mostly seen as a neutral party. The buyers will ask them questions they wouldn’t normally bother you with. Nowadays, the estate agent may also resort to online viewings. 
  
  
• They will manage the negotiation process – this duty of an estate agent is a really important one. They will assume the role of a go-between for the buyer and you, as the owner. They will accept offers and pass them onto you and relay your response to the buyer. There are a whole lot of negotiation tips and tactics that the agent can use because they have to ultimately put your interest as a seller first. 
  
  
• They should do checks on the buyer – time is money and estate agents know this well enough. That is why they must take proactive steps in finding out just how available are the funds of the buyer and relay this information to you. They may ask the buyer to show an agreement in principle regarding a mortgage they have secured. The estate agent will then move the offer towards and then see if the buyer can achieve the funds stated in their offer. 
  
  

These are all major reasons why you will want to work with an estate agent when selling a property. Find an expert you trust and you will have great success. 

© Open Estates

Have you ever wondered what an estate does for their client exactly? They take a fee when they sell a property, but that doesn’t mean it is a simple process on their side. The following guide aims to provide a few of the important things that an estate agent can do for you: 

• Evaluates your home – one of the things that an estate agent can do for their client is to help them evaluate their home. Setting the worth of a property is a major aspect because it needs to be competitive concerning the current market situation. They use their expert knowledge of the property market, in addition to any nuances added by relative factors, such as the area of the property, the market situation, the specifics of the property, etc. Sometimes, it pays to get evaluations from more than one estate agent, just to see if any of them are over-estimating the price, to secure you as their client. This is a bad practice, which some agents, unfortunately, resort to. 
  
  
• Market your home – another important aspect of the work of estate agents is their commitment to marketing your home. This includes having professional photographs, drawing an accurate floor plan and a description that attracts interest. Such extras should all be included in the fee that the agent charges for selling and marketing your home. Your estate agent should also be able to explain what the legal requirements are for marketing your home. This includes getting an Energy Performance Certificate. The estate agent might be able to connect you to an assessor, who will do the necessary work to provide you with one. 
  
  
• Conducts viewings – the estate agent should also conduct viewings and have potential buyers check out the property. They should answer any questions and queries these buyers have. The agent may also arrange an open house, where several buyers come to visit at the same time. The benefit of having an agent deal with viewings is that you can save some effort on your side. Additionally, it is viewed as a more neutral way of doing things. 
  
  
• Negotiate on your behalf – the estate agent can accept offers for your property and then relay your response to them. The goal of the agent during this time is to have the best interest of the seller as to their main goal. In that sense, they can initiate and lead negotiations, so that both sides come to a mutually agreeable consensus. 
  
  
• Check how serious the buyer is – estate agents take proactive steps to learn more about the availability of funds for the buyer. This covers things like whether the buyer needs a mortgage, or is a cash buyer. Even if the buyer is not financially qualified, the agent should put it through to the seller. After that, the estate agent needs to monitor the buyer’s progress on achieving the funds. 
  
  
• Keeps the sale moving – when the buyer accepts an offer, the estate agents issue a Memorandum of Sale to all parties involved – buyer, seller and their solicitors. The estate agent will then make sure things move forward at a quick pace because nobody likes to have a delay due to unexpected issues popping up. At this stage, the estate agent acts as an adviser to the seller, and their role is quite helpful. 
  
  

These are all important aspects of the work of an estate agent that you need to keep in mind. That is how you will be able to make the most of using such services. 

© Open Estates

A letting agent’s main focus of work is to ensure that the properties of their landlord clients are well managed. This could include a wide range of services, from finding tenants, to collecting rent and managing the tenancy aspects. 

However, many people still have some misconceptions as to what a letting agent is and isn’t responsible for. Landlords need to get into the details of this question since they are the ones who most commonly work with a letting agent, or find themselves in a dispute with one. In this guide, we will explain much of the details surrounding the work of a letting agent and what they are responsible for. 

To start, what a letting is not responsible for 

Knowing what a letting won’t do for their client – the landlord – is equally important as knowing what they will do. 

• They aren’t responsible for legal obligations – every good letting agent will provide some advice on their client being legally compliant. However, in the case of any shortcomings, it is the landlord who will be responsible. In reality, many agents will say things like they will make sure the landlord is ticking all of the legal boxes, which could lead some to believe that they will be the ones bearing the legal burden. However, it is always the landlord bearing legal responsibility. The landlord is always viable for what the agent does when it comes to the ambit of their authority. 
  
  
• Problems with tenants and rent arrears – an agent will always do their best to find good tenants, who pay on time and look after the property. However, if any tenant ever goes rogue, it is not the responsibility of the agent. They will try to resolve the situation, but the burden falls on the landlord. 
  
  

Kinds of letting agents and their services 

Many people believe letting agents are all the same, but that is not true. Every agent tailors their service differently. One agent may provide a fully managed service + property inventory, while the next will do just the fully managed service, without an inventory. 

Online letting agent service 

Many landlords opt not for the traditional high-street letting agent, but the online letting agents. It is cheaper, but the service also creates a little bit of confusion as to what the responsibilities of the letting agent are. The main difference is that they operate through phone and email. 

Responsibilities all agents share 

Regardless if they are an online agent or a high-street one, all letting agents share some responsibilities. 

• They must be a member of a government-approved letting agency redress scheme 
• They must be able to guide tenancy agreements 
• They must guide the landlord on their legal responsibilities 
• They offer general knowledge on tenancies and best practices 
  
  

Tenant find service 

Another major aspect of a letting agent’s responsibilities is the tenant-find service. There are some differences between the way it works for a high-street agent and an online agent. 

• For high-street agents – they focus on marketing and advertising. They arrange photography and floor plans, organise tenant viewings and do all of the workaround tenant referencing and credit checks. 
• Online agents – they also do advertising and marketing, although on a lower scale than high-street agents. They send the landlords leads from any prospective tenant and it is the landlord who organises viewings. The landlord needs to address much more legal work when they are working with an online agent, which is also reflected by the price of the service. 
  
  

© Open Estates

If you wish to get yourself into property investment in the UK, you have to do it fully informed on what you can do and what works. If this has been a dream of yours, it is good to know that it can be fully realised, only if your finances are in check. If you want to succeed, you want to make sure you are up for the task. Here is a quick guide on the matter, which can help you determine just that. 

What are your investment options? 

UK wide, there are different ways to invest in real estate. You are free to buy property directly, but you can also choose to invest differently. The most popular options are: 

• Real estate investment trusts – these are investment funds focused solely on property investment. You can choose this method when you want to invest in property. It is easy to get in and out of, due to the fact the funds are pooled. This means a few investors are owning a property together. You get returns based on how well the investments are performing, including the rental income of the property within the trust. The entry point is rather small, making this a good option for anyone. 
  
  
• Buy-to-let investment – when you buy a residential property with the idea of letting it out, that is a buy-to-let investment. As long as you keep in mind that there are maintenance and repair tasks involved, you can get yourself a net income every month, which should be enough to cover your mortgage payments. You can hire a property manager to take care of the usual tasks involved in maintaining a buy-to-let property. 
  
  
• Buying a new build – this sort of investment involves buying a new build off-plan. It is risky since you don’t even see the finished property. There is always some chance the developer will go bust, or the property might end up different than how you imagined it. With such risks come certain benefits, like getting a really good deal. You can later sell the property at a profit, especially if you add value by finishing it and redecorating it. 
  
  

Should you go forward with your investment? 

This is a big decision to make. Sometimes, your money will drain as quickly as the returns, or even quicker. You need to know your limits and not overstretch them. Struggling with your finances is the last thing you want. You need to keep in mind that property investment is a long-term decision. It will hardly provide quick returns. This is especially the case with rental property. You may get your money out, but only after years have passed and the monthly payments have piled up in your favour. 

What risks are there? 

For starters, you need to know the housing market is in constant flux. The prices go up and down all the time and people always change the rentals scene. Investing in a property means a long-term commitment, through all the ups and downs of it. This means if the market is down and you have overstretched yourself, you will be in trouble. You need a lot of research, to minimise the risk and reap the best rewards of property investment. 

Can you afford this investment? 

You have to consider your expenditure and your income. Budgeting will allow you to determine how well you can perform. Additionally, consider if you can afford a mortgage. Use mortgage lender’s calculators to find out what payments suit you and how much they will cost you per month. 

© Open Estates

Radlett is an affluent village in Hertfordshire, with a population of about 8000 people. It is interesting to point out that the area has a majority of people identifying as Jewish. The amenities of the village well cater to this group, with 4 churches and 2 synagogues. The area is merely half an hour away from London by train, making it the ideal retreat from the busy city.  

Property scene in Radlett

Radlett falls within the council of Hertsmere. It is home to a varied mix of properties, a great number of which are considered and ranked as highly-expensive. Homes that are currently on the property market can be found for over £4 million for a mansion, or £700.000 for a two-bed flat. Some famous residents have made Radlett their home at one point or another, including Simon Cowell, who grew up here. Before moving to Surrey, ex-Girls Aloud singer Cheryl also lived in Radlett. 

Education in Radlett 

Radlett has four state schools – Fair Field and Newberries Primary, both rated as ‘good’ by Ofsted, and St John’s Church of England Infant and Nursery School and Hertsmere Jewish Primary rated ‘outstanding’. There are also a few fee-paying options, like Edge Grove, which is a day and boarding school for children over 13, and Radlett Preparatory for children 4-11. Curiously enough, Simon Cowell and Vinnie Jones attended Radlett Prep. 

Transport 

Radlett is very well-connected with close-by access to both M25 and M1 motorways. The A1 trunk road is also within easy reach. There is also a link between Radlett and St Pancras, which usually takes less than 30 minutes and is ideal for all those commuters, who need to travel to London. Radlett also has an excellent bus service, connecting it to many of the neighbouring villages and towns. You can catch a bus to Watford, Hatfield, Borehamwood and St Albans from here. 

History and landmarks of the area 

An early settlement by the name of Radlett has been around since 1453, and yet the area as we know it has been mostly created around the 19th century. At that time, the village was mostly a rural community, with the dominance of the estates by the Kendals. They own most of the land. The majority of buildings in the area were located around Shenley Hill. 1860 saw the extension of the railway service from Bedford to London, with a station built in Radlett. 

Culture and shopping 

The main road, which runs through Radlett, is Watling Street. It offers the visitor a selection of numerous local shops, as well as chain stores, which can be found nation-wide. There is also the Battlers Green Farm Rural Shopping Village and Tearooms on the outskirts of the area. It has continuously grown since 1960. Started as a single farm shop, it now has more than 20 stores, among which are a salon and spa, a studio for indoor cycling and Pilates, as well as various shops that sell food and other things, like furniture. In terms of entertainment, Radlett is dominated by The Radlett Centre’s auditorium, which is a 300-seat venue that sees many performances throughout the year. 

Leisure time and sports 

Radlett has many sports teams, such as Radlett Cricket Club and Belstone football club, competing in Herts Senior County League Premier Division. Tabard rugby football club is based in Radlett, training on two pitches for mini rugby sections and their growing junior base. Some of these venues are open to the public certain times of the week and year, based on the sports teams’ active training sessions. 

© Open Estates

On the property market, there are many myths about the best time to sell your home. If you have only now decided that you want to do this, then you must realise that every neighbourhood is different, and there is no rule set in stone to follow. Your home may also be different from what is currently on the market, further expanding the options of when is the best time to sell it. 

At best, there are some general guidelines, which you should always follow. That way you can guarantee quick results, even when you are planning. So let’s check out some of the most important considerations in that regard. 

The optimum season for selling

If you ask any real estate agents out there, their opinion will largely match the consensus that spring is by far the best time to consider for selling your home. The idea is that people are around, i.e. they are not travelling away for summer and they aren’t busy with grand holidays like Christmas. They can spend more time viewing and choosing a home to buy, and are generally more invested in the process. The upside of selling a home with a garden in spring is that you can reveal the beauty of the place when all of the plants are in full bloom. It is a great thing to use to your advantage. 

Summer is never a good time to sell a home. Real estate agents agree that many people are away and cannot invest time to properly view any properties. If you are especially keen on selling to families, know that they will be extremely busy with childcare during the summer school holidays. All of these factors make summer a poor time to go on the property market if you are a seller who wants quick results. 

Autumn can be a decent time to sell your property. There aren’t many major holidays that you have to factor in, and in mild weather, the home will still look good. If you manage to find a buyer, you will want to move the deal along quickly. The reason for this is in October, the market tends to slow down. 

It is never a good idea to sell during the winter, especially around Christmas time. If your home is not ready for the market before December, you should wait until January for better success. That is when people are renewing their interest in buying a new home. 

Consider planning permissions for work nearby 

When it comes to selling your home, a good piece of advice you should always follow is to check what planning permissions your local council has granted for work in the vicinity. Apart from the season, you want to make sure that there aren’t major works taking place when you want to sell, as it just makes the process more difficult. 

Choosing a time that works 

If you are not ready to sell, it is important to wait. Rushing to the real estate market without sufficient preparation can cost you and could be setting yourself to fail. First, you want to make sure your home looks its best. Fixing the little things can make all the difference. Then, you want to know that if you do get a buyer, you can move things along quickly, before they decide differently. This probably means working with a real estate agent, who can assist with this big time. Always remember that if you put your home for sale, and it stays on the market for a long time, buyers will have second thoughts and doubts about it. 

© Open Estates

When you want to sell your property and make a deal out of the process, you need an estate agent. But not just any person would do – you need someone with experience. The good news is that high street estate agents employ a commission-based approach, which means they only get money if they help you sell your property. This puts you in a good position but doesn’t change the fact you need to do a little research on who to hire. 

The first thing to decide: sole or multiple agents 

How many estate agents Radlett do you want on the case? In most cases, it is a good idea to work with just one such expert, because it is easier to manage. Additionally, it is cheaper, because multiple estate agents will charge more when you have such an agreement. 

Shortlisting a few estate agents 

Choosing the best estate agent for the job is largely a matter of shortlisting all of the options down to no more than 3 or 4. To help you draw this shortlist, you can use the following tips:

• Get personal recommendations from friends and family.
• Compare the agents based on the known facts: how quickly they sell, how close they are to selling at the asking price and how much of a success rate they have. 
• Ensure they have some experience selling properties that are similar to yours.
• You don’t necessarily need to work with the same agent that helped you buy a house unless they did a good job. 
• Consider their viewing policy. It is always better if they can accompany buyers when you are not home. 
• Consider their terms and conditions, as well as their commission rate. 

Evaluate your shortlisted candidates 

You can meet up with the shortlisted agents in your home to learn more about what they offer, while they are doing a valuation. Now is the right time to ask some questions. 

• How quickly they usually sell? 
• How often do they achieve the asking price? 
• Why are they proposing such value for your home? 
• Will they share details of your home with their colleagues? 
• What is their contingency plan in case the property is not selling quick? 
• Do they work on weekends? 

Take valuations with a grain of salt 

Estate agents are fully aware of the fact that people choose to work with them or not based on the valuations they give. That is why some of them will try to give you an overly optimistic valuation, just so that you can choose to hire them. It is important to consider an agent’s valuation only if they show evidence of the local sold prices, in support of their valuation. While it is true that you should trust an estate agent on the matter, the end decision is yours. 

How much do their services cost? 

When it comes to fees, most agents charge a percentage fee, which varies between 0.75% and 3% with the addition of VAT. If the property is more expensive, agents may agree on a lower fee. In any case, always consider the fact that fees should be inclusive of VAT. 

Should you work with online agents? 

Fees for online estate agents vary and often start lower. Often you will end up paying more for services like viewings, so it is important to consider the bottom line. In any case, if you want to work with an online estate agent, it is a good idea to get a valuation of your home before that, to get some insight on what price to pitch. 

© Open Estates

Choosing the right moment to sell your home might feel impossible. If you are in financial trouble, you may end up facing foreclosure. Sell too soon when the market is at its low and you will miss out on the upswing opportunities. It is always on you – nobody else can make that decision to sell your home now or stay put. 

Perhaps you are facing such a dilemma right now. To make the right decision, you need to consider the signs and the facts. Only then will you be able to evaluate the facts and act in an informed manner. Here are a few essential signs that it is time to sell: 

• The market favours sellers and there has been a home price growth in the area – you can bet that a lot of players on the property market follow the oldest trick in the book-buying low and selling high. But for this kind of strategy to work, you first need to consider how the value of your home compares to the larger picture of the market. You have to monitor the price trends in your area and the general state of the market. When it is a seller’s market, you can command a higher price. 

• The sale lines up with seasonal trends and buyer behaviour – as you start following the clues of the market, you may notice that certain periods of the year present better opportunities than others. But remember that while it is true that buyers come out in full force with the start of spring, there may be some differences from one area to another. Sometimes you can sell even in the autumn and winter, depending on buyer behaviour. 

• You have trouble making ends meet every month – owning a home comes with plenty of expenses. A mortgage is just one of them. There are property taxes, insurance, utilities and many more things you need to address. There are also maintenance costs and other costs that you cannot plan for. If the situation calls for it, perhaps it is time to downsize, to better meet your financial difficulties. 

• The place feels small for you – a lot of buyers like to use the proceeds of their home to buy a new one. If you have crunched the numbers and they add up, it is time to consider a bigger and better home. That way you can accommodate a growing family, without having to meet financial turmoil. Selling and buying a new home requires some fine-tuning in regards to timing, but it is not impossible to do right. 

• You cannot keep up with upkeep – all houses have one thing in common – they require upkeep. If you feel like you cannot keep up with this upkeep, you need to consider selling, or else the house will quickly lose value. Don’t wait till it is too late, and get a house with the style, features and floor plan that you are comfortable (even later in life) and you don’t need to trouble too much with. A lot of people wait too long until they face the harsh truth – they need a place accommodates them. It is a lot easier to move and search for such a home when you are still in good health. 

Evidently, there are a lot of signs that hint selling your home is a good idea. You just have to keep a close eye on the current situation and act when the time is right. 

© Open Estates

It is safe to say that buying a new home is probably one of the most expensive endeavours you will ever undertake. What many people do not realise is that there are additional expenses to what they initially thought, oftentimes adding 10% or more to the bill. Needless to say, failure to budget for this amount will result in a lot of stress and problems. 

If you are about to buy your first home, you have to be aware of all the hidden costs of such purchase, in addition to the additional costs of owning the place. In this guide, we will list some of those, so that you can properly plan for them and act in accordance. Let’s begin: 

• Stamp duty - stamp duty can potentially add 7% to the cost of a new home. In essence, this is a government tax, applicable to properties with a value over £125,001. If you are a first-time buyer, you are exempt on the first £300,000 for any property worth up to £500,000, so that is one thing to bear in mind. 
  
  
• Conveyancing - there are various aspects to this legal process involved in buying a new property, in addition to legal searches your conveyancing solicitor makes, as well as registering the change of ownership with the Land Registry. Conveyancing fees vary depending on the value of the home, the number of local searches you have done and whether the property is leasehold or freehold. Usually, the cost ranges between £500 and £1500, plus an additional £250 - £450 for local searches and more. 
  
  
• Valuation fee - if you are working with a mortgage lender, they will likely demand a valuation survey. The purpose of the survey is so that they know the property is at least worth what they are lending you. Some lenders will charge a mortgage valuation fee of up to £200. 
  
  
• Estate agent fee - typically, it is the seller who pays the real estate agent fee. However, there are some dodgy sales by tender tactics that you need to be careful with, as they aim to make the buyer pay the fee. 
  
  
• Mortgage broker and mortgage arrangement fees - you will often use a mortgage broker to find a good deal. Remember, this may cost you a few hundred pounds, up to 1% of the mortgage. The mortgage arrangement fees range, but they too can reach up to 1% of the mortgage. Arrange this with your lender, as some request that you pay all of the fees upfront. 
  
  
• Removal - in some cases, you will be able to arrange removal for free on your own or with friends. However, if you have a lot of your belongings to move, chances are you will need a company for the job. The price for such service depends on the scale of the move, so it is a good idea to get a few quotes to factor in the price. 
  
  
• The costs of owning a property - as you move in a property, you will have to consider much more than just a mortgage. There are bills, in the form of gas, electricity and water to consider. Council tax is also a major component of yearly expenses, with the range depending on how big the property is. If the place is serviced, service charges apply. Parking is also a consideration, as in many areas you have to pay an annual fee for parking. 
  
  

These are all important considerations to make when it comes to buying and owning a property. All of the extra expenses can hit you hard if you don’t account for them. 

© Open Estates

If you are taking your first steps on the property market as a first-time homebuyer, you already know it is a bit of a challenging ordeal. And while it is true that venturing on the property market can be daunting with all of the pitfalls that await, there is some hope in the end. All it takes is some research on the most common mistakes that you can make so that you can avoid them: 

1. You underestimate the time it takes to secure a mortgage

Getting a mortgage is not as straightforward of a process that many believe. However, there is no definitive timeframe for approval, and that is something you have to consider. Expect somewhere between 18 and 40 days between submission and approval, though bear in mind that in some cases it can take longer. Starting the mortgage application process as early as possible is very important. 

2. You don’t get an agreement in principle

Getting an agreement in principle from a lender is a necessary step in the home buying process. Essentially, this is a certificate from the lender that states the amount they are likely going to lend you. It may not be a 100% accurate offer, though it still gives you a good idea of how much you have to spare. 

3. You underestimate the cost of the home

The property itself indeed makes for the biggest expense. However, know that there are even more costs to it. Legal fees, getting a survey report and conveyancing costs are all things to consider. Additionally, don’t forget about the household bills and the cost of repairs you need to conduct. Building insurance and council tax only add up further, and if you disregard them, you will find yourself overwhelmed. Do a simple calculation of how much you will need for this property and beware not to get caught financially. 

4. You use the wrong solicitor

Most mortgage lenders work with a panel of solicitors they are ready to instruct immediately. If you decide to enlist a solicitor who is not on the same panel, chances are you will end up paying again for an approved solicitor. Always make sure to check the list of approved solicitors of your lender and hire one of them. 

5. You barely understand the terms ‘freehold’ and ‘leasehold’

Depending on what property you buy, there may be some limits as to what you can do with it, not to mention there may be extra fees. A leasehold means you will only be able to live there for a set amount of years, though you don’t own the land of the property itself. To make any alterations, you have to get permission from the freeholder. A freehold property puts you in the role of a sole owner – of the building and land, it is on. In this case, there are no service charges, though you will have other costs for maintaining the building. Knowing the difference between these two is important. 

6. You don’t do any research into the area

Looking into the area before you have even registered with an estate agent is very important. Set your priorities straight. Do you require good transport links, schools, green spaces, or other local amenities? If possible, spend some time in the areas that have properties for sale, to get a good feel of the place. 

Avoiding these mistakes is essential for ending up with a property that best serves your needs and requirements. 

© Open Estates

If you are selling your home, it is only normal to aim for a quick and lucrative sale. One of the best ways to ensure this is to consider home staging. This is a legitimate strategy, which involves preparing the place in such a way as to appeal to most buyers who come to view it. 

While it is true that home staging features many aspects, one of the most important things to consider in that regard is decluttering. This is a task that many people struggle with, yet it is necessary to look into it if you wish to ensure the place looks its best. 

In this guide, we will explore the importance of decluttering your home, what the benefits are how to do it in the best possible manner.  

Why should you spend your precious time in the old house before you move? 

Inspiring prospective buyers through some great photos and then showing them an aspirational lifestyle in your home is a sure recipe for success. By taking the time and effort to implement changes to your décor, often having to do with reducing the clutter, you can up your chances of landing a good deal for the place quickly. And while you may not feel like paying much attention to this, especially when moving to a new home, it is an aspect of the sale that can make a huge impact. 

What difference does decluttering make?

If you are selling your home, because you have outgrown it and need a bigger one, then it is important to consider a decluttering session. If a prospective buyer comes around and finds that there is very little space in there, they will not be happy. There are additional benefits to decluttering as well: 

It is a nice way to move out from the area emotionally

If you have lived in this home for quite some time, it can be difficult to emotionally move out. It is a good idea to sort through your stuff and see what items you will bring with you. As you pack and throw away clutter, the area will change, and you will see it less as you home. 

You can show the buyer what is important in your home

When a prospective buyer comes to visit the place, they can easily get distracted by too many items lying around. You want them focused, and you want them to imagine what it would be like for them to live there. That is something you can only achieve if you remove the clutter from the area. In other words, if you keep too many personal belongings in there, there is no space for the buyers to make their own story and see how it will fit in this home. 

You can make the most of the space in the area

Buyers appreciate a lot of free space in a home. That is why it is important to free it by removing clutter from the area. This will give them a chance to see the floor, the walls, etc. It will also reveal potential problems for you to fix before inviting people over. 

What are the items should you remove from the place?

There are some items you need to remove, as they don’t serve the purpose of selling your home. For example, if you are using the bedroom as a TV room, you need to make adjustments. Also, if you have plenty of personal aspects, you need to consider removing them, or they will be too distracting to buyers. 

Following these decluttering tips when selling your home is a sure way to guarantee a quick and lucrative sale of your home. 

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If you are selling your home, you surely want to make the best deal possible. However, at times it may feel like this is impossible, especially when your home is not selling right away.

The property market is often unpredictable and dynamic. One moment you have everything pointing to the fact that it will be a quick sale, while the next you are left wondering what went wrong, as no buyer is in sight. You need not despair because there are many things you can do. Some of them involve compromise on your side, whereas in other cases you have to take matters into your own hands. Following are a few recommendations on what you can actually do when your home is not selling:

1. Look to rent instead

If you absolutely need some money and you cannot get that from selling the place, perhaps renting is a viable alternative. Sometimes people just don’t want to invest in a new property, but they will be more willing to rent it. What you have to remember is that as a landlord, you will need to do quite a lot. Managing the property is a serious task, and if you are not experienced, maybe you should get someone else to do it.

2. Wait a bit to sell 

In theory, it is possible to sell your home in any market, you can actually wait until the situation is more advantageous. Perhaps now is not the best time to rush for sale, since it is a buyers market out there. Or perhaps you are eager to sell in the winter, only to find it is rather difficult to find buyers then. Regardless of the disadvantage, you can always wait to sell, if that is possible. This is a good thing to do when you have no time constraints, as it allows you to make the most of the sale.

3. Work with a different estate agent 

Sometimes the very reason for not being able to sell your home quickly lies not with the place itself, but the real estate agency you have hired. Sometimes the agent you get on the case is just not that good. Maybe they lack the experience with your specific type of property, and you simply need a new perspective. Whatever the reason, sometimes working with a different estate agent might just be the thing you need to get the sale going.

4. Reduce the asking price 

Sometimes the reason for your home not selling might be the price. If you and your estate agent have set up too big of a price, finding a buyer may prove difficult. Obviously, reducing the asking price will then be a viable course of action, even if it means going for less than market value. Nobody likes to sell for less than they initially aimed for, but sometimes that is the best course of action. There are investors, who will be more than interested in making such a deal.

5. Is a lease offer an option?

If you talk about the situation with your estate agent, you may come to the conclusion that a lease option is the best for you. Some borrowers will find this an attractive option since they don’t have access to conventional financing.

As you can see, you have got a few options available when your home is not selling. Choose the one you think will best solve the problem for you.

For more info on the matter, you can consult with Open Estates.

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When you first hear the term party wall, you may associate it with, well, a wall that people party around. However, in real estate, this term is used to denote the shared wall you have with your neighbour, which practically divides your two homes. Most often this is the wall between two sections of a semi-detached house or the terrace. If you have a garden, then a party wall could also be the barrier between yours and your neighbour’s property. A party wall agreement is something you need to obtain before you can initiate building works, like loft conversions, damp proof courses insertions or even when digging new foundations for an extension.

To proceed with the work on your property, you need to obtain a Party Wall Agreement with any adjoining owners that will be affected. Alternatively, you can appoint a surveyor to prepare a Party Wall Award. This is a document outlining what work will be carried out and how the construction process works. To get all of this going, you should serve a party wall notice on your neighbour in writing, to inform them of the planned party wall works.

You should not worry about extra expenses to get the serving notice. There is actually a standard form, which you can get for free. Alternatively, you can get a party wall surveyor to get things ready, which will cost you a flat fee. Usually, you will want to include a letter of acknowledgement for your neighbour. If you are doing any building works that affect a party, you need to give two months’ notice, whereas, for excavations, you only need one month. You don’t need planning permission to serve a party wall notice, but keep in mind that once you do that, you will have up to a year to start the work.

Gaining an answer from your neighbour will usually happen within three weeks of serving the notice. There are three outcomes:

• Assent – the best case scenario is you get assent, given that you deal with any problems that arise. In this case, you don’t require a party wall award and to appoint party wall surveyor. Take any note of the party wall and document any cracks. A surveyor can further assess and do a schedule of condition to minimise the risk of disputes later on.
• Dissent – in case your neighbour dissents, or doesn’t reply within the 14 days, you will require a party wall award. In this case, both you and your neighbour appoint an agreed surveyor to act impartially for both parties. This is not the same person the homeowner is using for their works. The role of the surveyor is to produce an ‘award’, featuring all of the proposed works and a schedule a condition of the neighbour’s home. An architect can also be appointed to act as a surveyor.
• Each homeowner appoints own surveyor – in this case, the cost can fall completely on one person, who is looking to obtain the part wall agreement.

Always remember that your priority is to maintain a good relationship with your neighbour. Talk to them about the part wall notice first, as that is always better than just mailing the notice. A good talk is often enough to alleviate any fears and show them the planned works. Give your neighbour the contact details of your building company and/or surveyor, if they need further details.

Now that you know your options for getting a party wall agreement, you can better plan any works on your property that require a green light by your neighbour.

Remember, at Open Estates, you can always find out such useful guides.

© Open Estates

Whether you have just moved in a recently purchased home or you have been resident for many years, you should always be looking for ways to cut your bills. Energy saving is a good thing to keep in mind, especially if you are struggling with home maintenance and lease costs. Besides switching your supplier, which often has little to no effect on your actual energy bills, you can take several more effective steps:

• Insulation – one of the very first things you should look into is insulating your home. Experts calculate that nearly one-third of the cost for heating your home gets lost through the walls. Therefore, isolating the area seems like the best course of action and an excellent way to save energy. According to some, cavity wall insulation can potentially save you up to £150 each year. As for the loft area and insulating it, the figure is even higher – up to £180 a year.
• Insulation for your hot water tank – speaking of insulation, you should consider an insulation jacket for your hot water tank. This can save you £45 every year.
• Change your boiler – your boiler is responsible for roughly 60% of your energy bill throughout the year. It definitely makes sense to upgrade to a more efficient model. When you choose an A-rated energy efficiency boiler, you are looking at £300 reduction per year.
• Fix dripping hot taps – a single dripping hot water tap can waste so much hot water as to fill your bathtub halfway. You best fix the leaking taps right away and ensure they are always turned off.
• Turn down the temperature – did you know that when you turn down your thermostat by a single degree, you can essentially cut 10% off your heating bills, allowing you to save nearly £100/year? By implementing some heating control, you can essentially net huge savings and keep your home at a comfortable temperature at all times.
• Switch to energy saving light bulbs – energy-saving light bulbs have now become standard for most homes. If you haven’t replaced all of the bulbs in your house with such, you should definitely do so now. Just a single energy-saving bulb can save you up to £50 over its lifetime, not to mention it lasts much more than ordinary bulbs.
• Make use of an electricity monitor – if you wish to see your energy consumption in real time, you can use an electricity monitor. The main benefit of knowing the figures is that you can then make a better decision on how to make your home more energy efficient. It is a simple enough gadget to install on your own, so you should definitely consider it.
• Avoid standby mode – if you often leave your appliances on standby, you pay about £35/year. According to research, leaving a single laptop on a charge, even after its battery is at 100% costs about £3.

As you can see, there are a lot of ways to reduce your energy bill. It is up to you to implement them to become a better homeowner.

At Open Estates, we have even more useful tips on real estate and home ownership. Be sure to check with us online or contact us at 01923 537 111

©  Open Estates

If you find that interest rates are low enough, you may feel tempted to invest your money in a buy-to-let property. This is a common enough practice for many people, who wish to earn a little extra from tenants.

Buying a property to let is a fantastic option, according to many real estate agents. As a matter of fact, many of them help clients with exactly the task of finding the right property to let. There are a few things to consider in regards to such investments

• Who is the target tenant – this is perhaps the most important decision you have to make. It is also the one that will significantly influence the buying process. Who will the property be rented to and how much money do you expect to make of this? You need to research the chosen area and what people usually search properties there. In doing so, you will find out whether you want to target students, families, retirees or professionals. The type of tenant will largely determine how much you can charge for the place.
• General area – the area you buy the property in is also an important factor to consider. It will largely determine your yield and return, which is essential for every investment. Location matters a lot. People are always more interested in neighbourhoods with more amenities, good public transport options or just general proximity to important areas in the city. Of course, other things could also attract tenants: nightlife, sports clubs, school and university campus, etc. Put yourself in the shoes of your desired tenant and consider what they want the most.

• Work out what you can afford – if you want to be a landlord, you need to know what you can afford. Being a homeowner yourself is a good start to be accepted for a buy-to-let mortgage. You need to keep in mind all of the budgetary requirements since a buy-to-let property is pretty much like buying your own private home. There may be unexpected costs that you also need to plan for.
• Mind your legal responsibilities – as a landlord, you will have some responsibilities. After all, renting is much like running your own business. There are tax purposes and additional legalities, such as safety certificates, landlord license and energy performance certificates to name a few. Complying with these regulations is the only way to avoid big fines so ensure you are prepared.
• Should things go wrong – it is not possible to plan for everything, but you should do your best. Many things could go south, such as bad tenants and empty properties. Having the right safety processes in place will help you deal with them much. You need to prepare with some knowledge of eviction notices, tenancy agreements, legal matters and more. Make sure you pay attention to tenant referencing to have peace of mind about your tenants.

Now that you know what it takes to find a buy-to-let property and to become a landlord, all you have to do is find the right property for this purpose

At Open Estate we can help you with that. Just contact us on 01923 537 111 with your query.

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