Posted on Leave a comment

Stay or Sell: Making a Decision on Your Property

stay or sell

Article written by Jim Vogel

Elderaction.org

jim@elderaction.org

As the housing market continues to surge, you may be looking at your property and considering whether to stay or sell. Either of these decisions comes with a host of merits and setbacks. You will want to review all of them to ensure your next move is the right one.

Improving

The term ‘home improvement’ can refer to a couple of new flowerpots or a complete household restructure. However major your intended changes, as long as they improve the property, they should also improve its selling price. There are many conversions that are almost guaranteed to add value. A cellar-turned-living space can add 30% to the price, for example.

If you are making upgrades to improve value, it is worth speaking to a Designed to Sell consultant. Experts will usually have insider knowledge of contracts, construction costs, and market trends. Their advice can help you make and execute a smart decision.

Walls often escape our consideration when home renovating, but they can be the key to unlocking or dividing property. If you’re struggling for space, knocking one wall down can create new, breathable open-plan areas. Just remember when doing this to take cautious measures. Seek advice, and work methodically so as not to damage yourself or any other structures.

Alternatively, dividing up a house with walls may offer new potential for renting. Especially in two-tier houses, you can split a property into units to be used by tenants. Again, this is a big commitment and can cost upwards of £25,000 for even a simple living conversion.

When deciding whether to improve your home, the most important question should be ‘do I want to continue living here?’ Home improvements, however drastic, can’t change the area you’re living in, and may further entrench you in it.

Selling

Contrary to common belief, selling a house these days can be relatively stress-free. In terms of preparation, sometimes a declutter and deep clean will be all you need. When dressed properly, a house can fetch 10% above its previous sale price. To discuss the viability of selling and the costs of getting everything ready, again, you’ll want to consult with an expert. These reviews can now be done virtually, so you won’t need to worry about pandemic restrictions. Just an hour’s conversation will give you an idea as to how much work is required before you’re ready to list.

As well as the work required to sell, you’ll probably be thinking about profitability. How much you can make from selling will depend on the state of the market, your local area, and the specifications of the property itself. All of these variables are subject to change. Keeping a finger on the pulse of investment trends, changes to stamp duty, and supply and demand is key to ensuring you sell at the best price possible.

Remember, the housing market is aligned with society at large — that means it responds to stimuli like the wider economy or the pandemic. Garden properties, for example, are in hot demand since the start of COVID.

If you’re unsure of the financial feasibility of a move, our advice is to use a mortgage calculator to estimate your monthly payments and check whether a new loan is viable. Oftentimes, with some financial gymnastics, you’ll find there were more options than you originally thought.

Whether you decide to sell or stay, you’ll want to bring your property to its best potential, but getting it there is hard on your own. For the best outcome, it’s crucial that you seek advice from experts and use the services that are available to you.

Designed to Sell is a home staging company, operating in the Essex area. Speak with us today and see how we can improve the interior of your home.

Posted on Leave a comment

Government agree with lenders to end EWS1 form requirement for below 18 metres

EWS1

So glad some common sense has prevailed and now people in flats under 18m will be able to sell their properties. I know this regulation has trapped millions in their homes – devaluing them dramatically – causing stress and worry for owners who were potentially looking at paying for thousands of pounds worth of unnecessary work.

Lets hope the mortgage companies will all now start lending again to those in flats under 18m, and get the market moving.

Posted on 1 Comment

100 Top Tips to Stage your Home and See it Sell!

Stage your home

Are you looking to sell your home in the coming months?

You need 100 Top Tips to Stage your Home and See it Sell!

The UK is currently experiencing a surge in house prices as demand meets a record shortage of homes for sale. Supposedly a frenzy of activity has driven UK property prices to a record high in April 2021, at the exact time that the government has launched a mortgage guarantee scheme to help people with small deposits on to the housing ladder.

Rightmove’s monthly survey of properties has found that the stock available to buy has fallen to the lowest proportion recorded, with buyers snapping up properties quicker than ever before. The average number of days to sell a property has also dropped to its lowest-ever level, at just 45 days, reflecting the scramble to secure a deal.

So why do you need to stage your home in this current market?

Even though there are plenty of potential buyers out there, it is crucial that you appeal to the widest audience – so that you can achieve the best price for your property in the quickest time frame. This is how Home Staging can help you. Home staging is the process of improving the appeal of your home – making it look bigger and brighter and more inviting – in order to increase its sale price; but without a huge financial outlay. It can decrease the time your home remains on the market, while helping you achieve the best price.

When you declutter and stage a property, potential buyers can easily visualise themselves living in the space, with the lifestyle your property offers. Most property searches now start online – and the property will appear more attractive on Rightmove and Zoopla, so get more immediate interest. It makes potential buyers feel more confident in the property, that it is in good condition and move in ready – and shows the full space the property offers.

Designed to Sell can help you stage your property and get it sale ready, but if you want to know our 100 Top Tips we have created this handy guide – to help you get sale ready on your own!

Homestaging book - 100 Top Tips to stage your home and see it sell!

Feel free to contact us if you want more advice or to discuss your property sale.

Posted on Leave a comment

Can you make money through flipping property?

Flipping property

Flipping property. It’s a plan that a large number of people like the idea of – buy a property below market value, do some work on it and then sell for a profit.

Yes, it can work well, as long as you follow the rules. Too often people spend more than they planned as the excitement of bringing a property back to life takes over their life.

So where do you start when looking at this as a strategy to make some money?

  1. Start at the end… this may seem strange but you need to have a good idea of what the likely selling price will be and make sure this is realistic – rather than start with the price the property is on the market for. What have properties around that area sold for? (move out a quarter of a mile). What is the demand in the area; what is the likely selling price if you refurbish it to the standard that there is a demand for?
  2. Now work out the costs of your project and allow a 10% contingency on top. One of the main things you need to get right is your renovation budget. This is achieved by knowing what your customer will expect for the price and realising its about what your buyer wants not what you want.
  3. Next work out how much profit you would like to make from the project. What is the minimum you would accept?
  4. At this stage, add your costs and profit and take them away from the likely selling price. This gives you the absolute maximum price you should pay for that property.
  5. Then see if you can negotiate to get it for less.

So even if the asking price of a property looks good, it may not necessarily be good enough for you to tie up your money.

Going back to point 2, the most important thing to get right when flipping is to work out the standard required. Too often people either go for a higher end finish than is required, and this actually eats into your budget, so step away from those designer taps! Alternatively, if you do a budget refurbishment and your buyer is expecting a high spec finish, they will not even come over the threshold to look at your property.  Have you noticed that many estate agents today are using their photography skills to concentrate on taps! These same agents are however a great source of knowledge on what people are buying and what they will pay for it in their area too.

I hope this has helped you look at flipping a property in more detail, and as always if I can help you on your property journey then please get in touch.

Debra LongProperty Coach – Helping you get further, faster when investing in property

07488 281059

debra@djlpropertycoaching.co.uk

Posted on Leave a comment

Stamp Duty Holiday extended

sell your home

Its great news that the Stamp Duty Holiday was extended until end of June, instead of it ending on 31st March as originally planned. This means that all sales up to a value of £500,000 will have no stamp duty and be a major relief for all those struggling to complete before the end of March.

Will this affect your future plans? If you want to get your property sold quickly, having it staged by a professional can really help. In their 2021 Annual Report the HSA surveyed property professionals and over 51% of those questioned believed staging helped their properties to sell faster. If you would like a copy of their report, or to discuss their findings, please contact us.

For more details on the stamp duty holiday check out the piece below on rightmove.

https://www.rightmove.co.uk/news/articles/property-news/stamp-duty-holiday-extension?utm_source=clipboard&utm_medium=sharing&utm_campaign=news

Email or call

Jackie: 07726 270 850

Louise: 07800 586 353