Property : Buying, Selling, & Renting

A change of scenery in your life is refreshing and exciting, but it also comes with a lot of stress and worries. Whether you’re up-sizing to make space for your family, or letting go of your spacious home in the search for somewhere to retire, there is a lot to consider. We have collaborated with some of the best local businesses to help ensure your next move goes as smoothly as possible.

Buying

Finding the perfect home can be difficult, and sometimes impossible to find. There are lots of things to consider, for example, the location, the size and layout of the property, the availability of local schools; and not to mention the sound structure of the building itself and any work that needs doing to it. ‘Compromise’ is a term widely used in the property market and more often than not, compromise is something may have to do. Working out what to compromise on is the tricky part.

The most common compromise is the price. It goes without saying that purchasing property is very expensive, especially now more than ever with house prices still on the rise, but we are still seeing buyers paying even more than their maximum budget to secure the perfect house. You may be undecided about what is best to compromise on therefore, it is best to find out your top three criteria to prevent yourself from regretting your house purchase.

To further ensure you make the right decision, it is important to view houses in person as they may have a lot more to offer in real life as opposed to pictures. You may notice that there are issues with the structural condition of the property that may not have been apparent on the website.

It is no surprise that the current housing market is booming ever since the pandemic hit but the market has increased significantly for buyers as opposed to people selling up. There are currently more people looking to buy as there are houses available which are driving the prices of the property up.

This is great news for people looking to sell their house as property is getting snatched up very quickly however, it’s looking very competitive if you’re looking to buy. This could extend the transitional period if parts of the chain are still looking for a house to buy.

A great tip we received from your local solicitors; Wolferstans, is to secure a buyer for your current property before putting in an offer for a new home. This puts you in a more attractive position for lenders and moves you up the pecking order as your transition period will be drastically reduced.

We spoke with the Plympton and Plymstock Wolferstans branch in this edition of OM to find out more about the conveyancing team and what they offer. Have a read of their business profile next.

TIP: Typically, the best times to buy are spring and early summer as proven in the property market history however, the right time for you and your financial situation is the more important. By all means, keep a lookout for patterns in the housing market and speak to estate agents to find out the best times to buy.

The housing market can seem a particularly daunting place for first-time buyers. There are lots of different options and schemes in order to help get you onto the property market but finding the right one for you is key.

A lifetime ISA is a great way to save money towards buying your first home with the government adding a 25% bonus on top of what you have already saved. You have to be between the ages of 18 and 39 to be eligible for a LISA and the amount caps at £4,000 per year.

If your EPC rating is green on your new home that you’re looking to buy, you could be entitled to a ‘Green Mortgage’ which could save you a lot of money. Lenders could offer incentives such as cashback or better interest rates on an energy-efficient house. Your energy bills will also be a lot cheaper. Mick Quick from Tech Survey’s explains Green Mortgages and EPCs in more detail in the magazine.

Selling

The average house price in the UK hit a record high of £275,000, which is great news for sellers but less so for the buyers.

Selling your home is a decision not to be taken lightly. You may have lots of precious memories in your home that may be difficult to part with, or you may have spent a lot of money renovating it to your liking, therefore, it’s good to ensure you’re making the right choice.

Firstly, think about why you’re selling and if you can make any improvements to your current home to persuade yourself to stay in it for longer. You may love the location and house but feel like you need a little bit more space for your family. Considering an extension or a conservatory will work out more affordable than up-sizing. It can also increase the asking price of your property by 7% when it comes
to selling.

If you have made the all-important decision to sell your home, the first thought that might pop into your head is the value of your property. There are many ways you can increase the value of your property, however, if you are looking to sell fairly soon, you may want to choose some more affordable solutions.

Dream Doors Plymouth bring new life to old kitchens at just a fraction of the price of a brand-new fitted kitchen by simply replacing the doors, worktops, handles and accessories. They have a wide variety of materials, colours and patterns to choose from and they will work with you to create the kitchen of your dreams.

Doors and windows are the second things you notice on a house after the overall structure so it’s important to make a good impression with beautiful windows and a welcoming door. This will help boost curb appeal when buyers are viewing the house.

Sunrise Windows, located in Plympton are your local approved installers of replacement windows, doors and conservatories. With a comprehensive range of high-quality double-glazing windows and uPVC doors as well as a fully qualified and experienced installation team, Sunrise Windows offer one of the best windows and door services in the Plymouth area.

Although the garden is a very personal space and is often altered from homeowner to homeowner, a neat and tidy garden fence will go a long way when it comes to selling.

Knight Fencing offer a wide range of beautiful garden fences in different styles and finishes. They will also repair damaged fences with quality materials and skilled workmanship.

Selling your home is time-consuming and can be emotionally challenging, especially if this is your first time selling. Be realistic when it comes to the value of your property, it may be valued at a lower price than what you think it is worth. It is important to keep your emotions out of the selling process as we can become very protective over our homes.

Working with an agent will be good in the long run as they will be able to guide you through the process leaving you with none of the guesswork.

Renting

The cost of living is soaring to record highs, not only are house prices going up but renting rose by 2% in 2021.Renting your property is a great source of income if there are little or no maintenance issues to fix, however, it can come with a lot of stress as you are giving up your home to a stranger.

There are so many websites to advertise your home for rent. More and more people are offering up rooms in their house to make a little extra income on the side. If you are in a good location with great transportation links, your property could be a hotspot for renting.

When renting your property, don’t forget about your EPC rating. It is legally required for renters and sellers to have an EPC rating. By 2025, if you want to rent your property, you must have a rating of at least an E. Come 2028, all domestic rented properties will have to be a C or above. Learn more about EPCs and the best company for the job, Tech Survey’s, in the magazine.

Houses, whether you’re buying, selling or renting come with a large price tag and a complicated process. We wish you the very best on your property journey and hope these tips will help ease the process.