Category Property

Do you plan to invest in rental property? If that’s the case, you’re definitely not alone. It’s no secret that buying a rental property and managing it can be a lucrative business venture, so it’s no surprise that so many people are eager to get into it. However, finding a rental home and giving over your cash is not as easy as it sounds. Many factors should be thought through before making such a substantial investment. In this article, we’ll share some useful information that will make it easier for you to invest in a rental property. 

Get A Good Mortgage When Buying A Rental Property

The importance of securing a decent mortgage cannot be overstated when buying a rental property. If you need a loan to buy the house, this is of paramount importance. All mortgages are not the same, and there are several to choose from. You should look around and get a few quotes before deciding.

In addition, you should check your financial situation to ensure that you can comfortably pay the mortgage. This is especially important if you intend to be a hands-off landlord and instead work with a property management firm. Keep in mind that even though you will be receiving rent each month, you are still responsible for paying the mortgage each month.

Think About The Location

Location is an important factor to consider when investing in a rental property. After all, getting tenants is why you buy a rental property in the first place. Your property’s location is a major factor in determining whether or not renters will be interested in it. Tenants may be hard to come by and keep if you don’t fix these problems.

As a result, it is crucial to give careful consideration to the location of the rental property before making a final decision. Think about accessibility to public transit and nearby schools as well as the safety of the immediate area. It is easier to locate (and keep) tenants when you’re in a more desirable location.

Be Prepared For Unexpected Expenses

An further crucial consideration is the fact that when buying a rental property, unanticipated costs can and will arise. As a landlord, you’ll inevitably face situations like this. As a landlord, you risk losing money due to a variety of factors, such as maintenance and vacancy.

It’s crucial to have a contingency fund in case of such unforeseen costs. One strategy for doing this is to put money aside on a regular basis. You won’t have to take money from your emergency fund or any of your other sources of income to address any unforeseen costs that may arise.

It’s likely not news to you that a viewing is a crucial part of selling your home.  You can select a trustworthy estate or letting agent, but if they don’t conduct a viewing in a professional, educational, and enriching manner, you’re not going to get an offer, no matter how nice your home is.

A successful showing will highlight your home’s best qualities and encourage potential buyers to visualise themselves in your space. Here, we provide the most effective strategies for making your home more appealing to potential buyers and increasing the likelihood that they will make an offer before they leave.

How To Prepare Your House For A Viewing

Before you conduct a viewing, give your house a thorough cleaning and make sure everything is in working order. At this point, you should be thinking about your potential buyers and how they could envision living in your property. Keep reading to find out more. 

Give Your House Some Kerb Appeal

In the real estate market, the first impression is crucial. This is why you need to conduct a great viewing. Most buyers will have multiple houses scheduled for viewings and may have already viewed several before they see yours, making it difficult, if not impossible, to sway their opinion if they aren’t impressed upon first glance.

Make your house more presentable by cleaning up the outside. Consider this question: what will a viewer observe right away? Take the time to maintain your front garden by cutting the grass and trimming the bushes. Keep the driveway free of litter, and put your rubbish bins somewhere out of the way. You should clean the windows and maybe repaint the front door (just remember to steer clear of particularly garish colours).

Think About Your Pets

You can’t expect potential buyers to share your enthusiasm for beloved pets. Give your home a thorough airing and vacuum up any loose hairs from the carpets, rugs, and soft furniture before you conduct a viewing. The smell of a wet dog or litter tray is not going to make a favourable impression. Since you’ve probably grown accustomed to your pet’s aroma, a friend or neighbour with a more objective nose could be of great assistance here. If your pet gets overly excited when meeting new people, consider having someone else take care of it during the viewing.

Show Off Your Floor Space

British homes are increasingly smaller despite the popularity of open floor plans and light, airy interiors. Among British residences constructed after 1930, LABC Warranty found that the largest dwellings were constructed in the 1970s. Sizing has decreased since then. While newer homes have smaller living rooms than those built in the 1970s by around a third, the average number of bedrooms has decreased to just under three from 3.6 in the 1980s.

If your home is modern and on the smaller side, you may want to give the impression of more room than there actually is when you conduct a viewing. Make the most of the extra square footage your older home has to offer. You can accomplish either of these aims by getting rid of unnecessary items and old furniture, but don’t just stuff everything into the loft or the garage; viewers should want to look there if they are serious. 

Provide As Much Information As Possible

There will be a set of questions ready and waiting for each potential purchaser. Your estate agent will have less time to accomplish the crucial business of selling your house if they have to spend the entire viewing answering these queries. Therefore, give as much information as possible in advance of the viewing. Is off-street parking possible on your property? Do you know if there are any authentic era details? How wonderful is the garden, if there is one? However, don’t be too dismissive of problems either (we’ll go into this more later).

Be Honest

Earlier, we mentioned that you shouldn’t feel pressured to cover up any imperfections you could find in your house. Caveat emptor (“buyer beware”) has traditionally applied to sales of residential property, however deceiving potential buyers is exceedingly unlikely to result in a sale.

If you’re worried that the truth about your home might scare off potential buyers, the best thing you can do is make sure your estate agent or viewing expert knows everything there is to know about it. Pretending that everything is well with the neighbours when you’re actually in the middle of a heated disagreement over the fence or the volume of your music might seem like a small thing to embellish. The truth always emerges in these cases, and if you’ve already sold the house by then, the buyer will likely try to get some kind of compensation from you.

Leave It To The Experts

You could be tempted to conduct viewings yourself – after all, who knows your property better than you? We recommend, however, that you have an expert conduct a viewing instead. This could be your estate agent, but if they aren’t able to attend a viewing or you want to have a little more control – or you’ve opted for a less expensive package that means you conduct the viewings yourself – Looksy can be there for you. Since giving tours of homes is our day-to-day work, we are in the ideal position to point out the most noteworthy features, address any queries, and determine whether or not the prospective buyer is interested. Get in touch today if you want to know more.

Furthermore, potential buyers may not feel at ease touring a home with the current residents present, increasing the likelihood that they will be too polite to raise pertinent questions and thus delay making an offer. Keep in mind, maybe most crucially, that anyone viewing your home should feel like they could actually live there. That might be hard with the current owners there. 

Whether you’re buying or selling, the process can be very demanding. That’s why you shouldn’t go through it by yourself. It’s often best if you can use an estate agent to get you through the process from beginning to end. Hiring an estate agent can help you in many ways; read on to find out more. 

You Learn More When You Use An Estate Agent

If you’ve never bought or sold a house before, it can be hard to figure out what to do. You might make a mistake that keeps you from getting the house of your dreams. If you are trying to sell your home but don’t do the right things, it could sit on the market for months. A good estate agent will explain the process to you so that you can buy or sell your home as easily as possible. In other words, you’ll learn more when you use an estate agent.

They’ll Do The Negotiating

People know that estate agents are good at making deals. Your estate agent can help you get the best price for your home when you sell it. If you want to buy a house, they might be able to help you make a deal with the seller. This means that you might be able to buy a house without spending all your money when you are working with an estate agent. 

They’ll Point Out Problems

If you are trying to buy or sell a home, you may run into many red flags. Things like problems with the roof, mould, and bugs need to be fixed before you move in. When you hire an estate agent, they can take care of all of these problems for you.

Also, if you want to sell your home, your estate agent will make sure it is in good condition. Your home’s value can also go up if you fix the problems.

They’ll Handle The Paperwork

No matter if you are buying or selling a home, you will have to fill out a lot of paperwork. When buying or selling, it’s important to pay attention to the little things. Your estate agent will go over all of the paperwork and contracts with you to make sure you understand everything. They will also check that the contract’s terms and conditions are fair.

To help you buy and sell property, you need to have an estate agent. They can teach you how it works. They can also help you negotiate to get more money or a good deal. Your estate agent will be able to see warning signs that you might miss. They can also help you fill out the paperwork you need to sign.

When you buy a new house, it’s a major milestone that will improve the quality of your adult life significantly. It is crucial to investigate the property thoroughly before making an offer on it since this will allow you to think through a variety of factors before committing to a purchase.

House hunting is a thrilling experience, but it can turn stressful if you don’t take your time. Carefully consider your needs as a family and your budget before settling on a home. This post will discuss some of the more important considerations you should make when buying a home.

House Size

Depending on the perspective of the camera, a house can look either bigger or smaller in a picture. It’s risky to buy a new house online without first visiting it in person.

The home’s square footage should be proportional to your family’s needs. The number of bedrooms, bathrooms, and living space must be appropriate for your needs.

When looking for a house, be sure to tell the estate agent what you want from a home so they will be able to narrow down your options better.

Garden Size

At first, the garden might not be your top priority, but if you have kids or pets, you will want to buy a new house that meets their needs. Even though you can have children and pets in an apartment, it won’t be the best place for you to live.

Ask to look at houses with medium-sized to large gardens that are easy to take care of. Every garden needs to have the grass cut, weeds pulled out, and the edges trimmed from time to time.

When you look at the garden be sure to check the property fence for any problems. That will affect your safety and security, as well as whether or not you can keep your pets inside.

Location

Your new home’s location is pivotal. Especially if you have teenagers, it will be a huge relief to live in close proximity to places like schools, shopping centres, and eateries. Consider the safety of your children as they walk to school and spend time in the garden.

Before meeting with an estate agent, it is a good idea to do some preliminary research on the areas you’re interested in and provide a shortlist of your top ten alternatives. A home’s final price tag will be affected significantly by its location.

Hidden Costs

The process to buy a new house is more complicated than it initially appears, especially if you need financial backing from a financial institution. Closing costs and legal fees are just two of the many unseen expenses that might arise when purchasing a home.

This is important to remember while you look at different houses, as you shouldn’t base your decision just on the asking price.

Considering a career as a real estate dealer? In the real estate business, “flipping” means purchasing a property at a low price with the intention of increasing its value through repairs and subsequent sale. Maximizing the return on investment means making improvements to the property with minimal outlay of cash. One profitable flip can yield tens of thousands of pounds for many investors. Here are a few suggestions for making money when you flip property.

Set A Budget To Flip Property

One of the worst things about flipping houses is that you need a lot of money right away. This needs to be enough money to cover the deposit on the property and any improvements you want to make. In most cases, you’ll need at least £30,000.

Figure out how much money you can spend if you want to flip property. It’s important not to go over your budget so you don’t have to take out extra loans that could hurt your long-term profits.

Inspect Properties Thoroughly

Before you buy a house to flip, you should always check it out carefully. This will give you a good idea of how much work needs to be done and whether you can afford it. Don’t buy a property without doing your research, or you might end up with more debt than you can handle and be unable to flip property successfully – or at all. 

A lot of people buy homes at auction. A few weeks before the auction, a catalogue is usually sent out. During this time, try to see any properties you might be interested in bidding on. Find out as much as you can about the property and how it is kept.

Shop Around For Loans

Few people can afford to buy a house outright, and this is especially true for first-time investors. Getting a mortgage is the only option.

Investors who want to flip property might apply for specialised private loans. These often need sizable upfront costs (about 20%), but they may also come with benefits like being interest-free for the first 12 months (this allows you to work on improving the property without having to worry about mortgage repayments).

Identify The Biggest Value Boosters

You might want to do a lot of different things to improve the property. Try to concentrate on the changes that will make the most difference (without costing too much in the process).

What are some big ways to boost value? First, you should fix any damage that you can see. Roof repair can often add a lot to the value of a home. Next, think about adding a new bathroom or kitchen if the one you have now is old or worn. This can help increase the value by thousands. Lastly, if the property has a garden, clean it up and give it a fresh coat of paint. Keep the decor simple so that as many people as possible will be interested.

DIY As Much As Possible

You want to spend as little money as possible on making the house better when you flip property. Putting in work is a great way to make sure of this. This means making as many changes as you can on your own so you don’t have to hire contractors.

Some jobs, like electrics, plumbing, and roof repairs, can be dangerous if you don’t know what you’re doing. It’s best to hire a pro for these jobs. But you can save a lot of money by doing things like painting, tiling, landscaping, and laying floors on your own.

It’s important for landlords to know what tenants want. What are tenants looking for in a place to live? What should landlords put first when they buy a property to rent out? What turns away renters?

Some landlords find it hard to figure out exactly what their renters want, and some renters find it hard to find a place that meets their needs. In this article, we talk about the most important things that renters want in a place to live and what landlords can do to make renters more interested.

Good Location

When people are looking for a place to rent, location is very important; it’s a crucial factor in what tenants are looking for. Most people want to live close to their jobs, as well as to shops, restaurants, and public transportation.

Obviously, you can’t move a rental property that you already own. But landlords who want to buy a property to rent out should think about where it is and what kind of tenants would be interested in it.

Tenants don’t want to live too far away from things they might need. Especially if they don’t drive and there aren’t many ways to get around. It’s important to live near a local supermarket, a doctor’s office, a pharmacy, and other shops, and families put a lot of value on being close to a good school.

Tenants care a lot about where a place is, so landlords should be sure to list all the nearby services in the property ad so that tenants looking for something specific know they have found it.

Safety & Security

Everyone who rents a place wants to feel safe there. Most people wouldn’t choose to rent a place in a dangerous area, so location and safety are often linked.

In addition to the number of crimes in the area, renters like to know that the alarms and locks on the windows and doors work. Because of this, it is important for landlords to make sure that the rental property has a security system that works.

Landlords can make their tenants feel safer by putting in CCTV, adding extra locks and a peephole to the front door, and making sure that all safety certificates are in place.

Landlords should also schedule a mid-term inspection to check on their property and make sure everything is safe and working. This also gives the renter a chance to talk about any questions or worries they may have.

Outdoor Space

Many renters like having their own outdoor space, like a patio, balcony, or garden. If those options aren’t possible, tenants, especially those with young children, often want to live near a park.

When tenants have outdoor space, they can enjoy the sun during the warmer months, have outdoor gatherings with family and friends, and have a whole other place to relax. People were stuck in their homes for so long during the pandemic that they realised how important it was to have space outside.

If the house has a garden, updating and improving it can make it more appealing to potential renters. This shows the tenants that the landlord cares about the property and is willing to make changes. It can also raise the value of the house.

The last thing you want is for your house to bring you anything but happiness. Of course, this isn’t always the case. In any case, it’s not likely. You have to be aware of the risks and dangers that are in every part of life. If you know what the dangers are, you’ll be better able to protect your property. In this post, we’ll talk about some of the most common threats to homes and give you advice on how to protect yourself from these property problems.

Other People Can Cause Property Problems

Most people won’t be a threat to your home in any way. But some of them will be. Some places have more crime than others, but you should always keep in mind that it can happen anywhere. Home security systems these days are pretty high tech, which is a good thing. If you have one of these, you’ve done a lot to keep thieves from breaking into your house and solved big property problems. Also, you should make sure your house is completely safe. For instance, are there any obvious holes or weaknesses that a criminal could use?

Mother Nature

Nature could be a threat to your home, depending on where you live. In fact, climate change is causing this to happen more and more often. Nature will do what it does no matter what you do. But you can lower the chances that it will hurt your house. For example, if you live in a place where hurricanes happen, you might want to look for impact windows. If you live in a place where it rains a lot, make sure your roof and gutters are in good shape. Think about where you live and what weather problems are most likely to happen, and make sure your property is as safe as possible.

Pests

Another way that nature can enter your house and cause property problems is via pests. There are certain regions where this occurs more often than others, but it can happen everywhere. Pests aren’t only a nuisance that you’ll have to deal with. They also detract from the overall appearance and feel of your home. People don’t want to feel as if they’re living in a home that’s full of unwanted company. To prevent this issue, you should keep your home clean, and if you suspect that you have pests, you should bring in specialists immediately. They aren’t going anywhere on their own.

Being Out Of Date

Family time at home is all about unwinding, laughing, and creating happy memories. Also, it should be a location where everyone can feel at ease and at peace. It’s a long-term strategy, however. When the time comes to sell your home, you’ll want to receive the most money for it feasible. Allowing your house to become out of date is one of the more subtle ways it may be damaged. By failing to stay up with contemporary building requirements, you may ultimately see a decrease in the value of your home. Keeping track of these matters is critical to prevent property problems.

Now that summer is here, many people who don’t have gardens wish they did and want to make the most of their outdoor space. Outside space has become more important to homebuyers in the past two years, whether they live in a city or a rural area.

In the past, we might have seen back yards that were neglected or not used enough. Now, everyone makes the most of every inch of exterior space. Here are some suggestions.

Add Perimeter Seating To Your Outdoor Space

Seating around the edges is the best way to use any outdoor space. A modular sectional is a flexible piece of furniture that can be set up to fit into a corner, making the most of your outdoor living space. For even more options, think about sectionals without arms. The armless modules can be added to a straight-lined sofa to make it longer.

Add Light

Installing outdoor lighting is a good idea for a lot of reasons, but one of them is that it makes your space look bigger. If you want to spend a lot of time outside in the evenings with friends, you should plan for outdoor lighting. Putting lights in your posts, floors, or above can do a lot for the mood, safety, and security of your home. 

Update What’s Underfoot

Brick pavers are the best choice for any size outdoor space because they are strong, last a long time, and are easy to keep clean. Brick pavers can be used to make strong, even surfaces in courtyards, patios, and porches. Pavers can look either old-fashioned or sleek and modern, and they go well with a wide range of building styles.

Make Your Outdoor Space Creative

When it comes to how your deck or patio looks, you can do anything. Depending on where you live and how much money you have, you can pretty much design your outside space however you want. Use ideas from bigger designs that you can make smaller. Look at the design as a whole, the materials, and any other details that you like.

Investing in property is an old method of accumulating money. People have been doing it for hundreds of years, looking for methods to raise their net worth and ensure profits.

Is 2022, however, the right moment to invest in property? This piece examines the present status of the market and what it means for individuals like us. Just because the market is hot doesn’t mean there aren’t any inexpensive houses out there ready to be snapped up.

Invest In Property For A Passive Investment

To get into real estate, you don’t have to go out and start purchasing homes. Passive techniques are becoming more popular as a way to invest in property.

People wishing to get into real estate, for example, are purchasing real estate investment trusts (REITs) to avoid some of the hefty transaction costs associated with traditional real estate acquisitions. Instead of purchasing homes outright, people are putting what they can into shared ownership of baskets of real estate. They can generate a return from property without having to put up large sums of money.

Overseas Investment

Even while the local property market is hot, there are still bargains to be had in other countries. Flats for sale overseas may be offered at a lower price than the market rate in your native country. Remember that the real estate market varies greatly from place to place, even within the same country. You can frequently discover deals in one location that would be tricky to find in another.

More Affordable Homes For You To Invest In Property

People are wanting to rent more cheap houses as a result of today’s inflationary climate. As a result, landlords with lower-priced homes are likely to encounter more demand. Rent competition will most likely drive up the lower end of the market, improving returns.

Investing in this sort of property is thus one option. Furthermore, even if interest rates climb during the remainder of the year, mortgage payments will be less of a problem. You’ll be repaying less on a single home, and rising rentals will likely cover the difference when you invest in property of this type.

Have you ever considered staging your living room? Whether you’re a seller or a landlord, staging your living room can mean the difference between a sale/finding a new tenant, or having to wait. When you stage your living room in the right way, it can show the people looking around how they might live, and what can be done with the room. With that in mind, read on for some useful tips.

A New Suite For Staging Your Living Room

If you have an old, sagging sofa in your living room, it’s going to make it look less desirable than if you have a brand new suite. This is why it’s a good idea not to put off buying your new furniture if that’s something you were intending to do anyway. For one thing, you’ll have more money before your move than after (moving is very expensive), and for another, when you’re staging your living room you want to offer up a good impression.

It’s true that the new owners or tenants aren’t going to be using your furniture (although, when it comes to tenants, the option might be there – even more reason to get a new sofa), and you might think it’s no one’s business what your stuff looks like. That’s true, but it’s also true that you’ll create a more positive subconscious impression when there are nice things around you.

Your Carpeting

How does your carpet look? Is it dark, has a lot of patterns, or both? Would having it cleaned by a pro make it look better, or does it really need to be replaced? If the carpet is dirty, worn, and old, it will look like the house hasn’t been taken care of. If you want to show that the house is well-kept, you might want to spend a few hundred pounds on a new, neutral carpet to make staging your living room easier.

Your Lighting

This can really change how your living room looks. Downlighters and table lamps can make a room feel warm and inviting, while uplighting can add a bit of drama. If you have overhead lighting, it’s usually best to turn it off and use your other lighting options to make the room feel more like home.