Tips on how to sell your home 11 – 15

It’s a flat market out there so if you are going to sell your home in a reasonable timescale you need to make sure you give yourself the best chance.

Here are the next 5 tips on selling your house

 

11. Access is essential

Homes that don’t get shown don’t get sold. Don’t make it difficult for the agent to make viewings. If you have very restrictive timeframes, or make prospective purchasers book viewings way in advance your property is less likely to sell.

 

12. Showing a Property

You are paying an estate agent to do this, so let them do their job and stay out of the way.

If you are showing the property yourselves.  Don’t unnecessarily point out problems. Do point out positives. Also make sure you allow them time to look around the house on their own.

On a first viewing be friendly but professional and don’t overload viewers with detail.

 

13. Choosing the Best Buyer

The person who offers the most is not always the best choice. Try and find out as much as you can about the buyers financial circumstances.

Cash buyers are best but if they are arranging a mortgage ask to see an “agreement in principle”.

If they have something to sell then their property should be “under offer” before you take your property off the market.

First time buyers with finance arranged can be great news because they have nothing to sell. However, they will be inexperienced so this can delay the process especially if they are trying to go it alone without a broker.

Find out what your buyers agenda is, does this match your own? Do they want to complete as soon as possible or are they fairly relaxed. You may want the latter if you are yet to locate a property.

 

14.  Accepting the offer

Your agent should present every offer to you. Make sure your agent has all the background information about the buyer’s position and their ability to move quickly. Also get all offers in writing.

Usually there is an element of negotiation, so make sure you know the lowest figure that you will accept.

Also know what items you are happy to leave behind. Curtains, furniture and white goods can all be used as bargaining chips.

 

15. Holding it all together

Make sure communication channels are kept open. It is important you speak to your estate agent and solicitor on a weekly basis. If things are dragging on a little, try to find out what is causing the hold up, also ask the estate agent to speak to the buyer to gauge their motivation / level of commitment.

I’m done with House selling tips – I hope they help… next week something different!

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

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Home Buying Tips – Tip 16 – 20

It is the biggest purchase of your life – let’s make sure that you get it right!

 

16. Credit File

Get a copy of your credit file from Experian or Equifax, to make sure that you know if there are any nasty entries.

In the modern climate even a couple of late payments can mean a decline or that you pay a higher rate or that you will need a higher deposit.

If there is any adverse credit at all, you need to speak to a mortgage broker as he may have specialist mortgage products or help you in repairing your credit file.

 

17. Check out the property

When you look around a property, check it thoroughly. Don’t be shy – you are spending 100’s of thousand’s and are entitled to check everything before parting with your hard earned cash.

You don’t need to be a surveyor to do these checks….

  • Check Windows and doors

Cupboards/ Draws to be opened to make sure they work

Check double glazing for signs of condensation as they may need replacing

  • Check for damp

Wet spots & mouldy peeling wallpaper. Look inside cupboards and does it smell musty?

  • Do touch that dial!

If it’s electric, switch it on – Switch on lights, test sockets, fire up that oven and switch on any  electric fires. Also make sure you have enough sockets (in the right places) for your needs

  • Locks

Ensure locks meet insurance requirements. Usually a 5 lever Mortice deadlock’s are required. Check windows for locks and make sure there are sufficient keys.

  •  Ceilings

Cracks, leaks, stains can all show signs of problems

  • Plumbing

Turn taps & showers on. Flush the toilet. Check that cupboards underneath sinks are dry.

  • Fire up that boiler

              Check the boiler works and isn’t making nasty sounds. Make sure all the radiators are getting hot and do not leak.

  • Lift mats and rugs

Are they being used to cover something nasty? If you look below you will know!

  •  Roof

             Check the roof for missing tiles or dodgy guttering

  • Walls

Cracks or mould could indicate something costly

  • What’s in the loft?

              Pop your head into the unknown and bring a torch. Check to see if any wood work is rotten.

 

18.       Consider resale value

If a property has been on the market quite a while – why hasn’t it shifted? Remember at some point you may wish to sell the property. When your secluded “niche” property, miles away from anything hasn’t sold in 3 years – it may not seem like such a bargain. Parking, garden size, transportation links, local schools and amenities should all be considered.

 

19.          So what ‘s it made of then?

Brick and tile are easy. However what if the property has a thatch roof or has concrete walls. Did you know that a property that looks similar but is made of concrete could be hard to obtain a mortgage on, or may be worth tens of thousands of pounds less than one made of brick?

20. Leasehold properties

Look for at least 80 years lease on properties. If it is less than this it may be harder to sell on in future. Leases can be extended but can cost upwards of £10,000 to do so.

 

5 More Home Buying Tips in the next blog………….

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tip 1 – 5

It is the biggest purchase of your life – let’s make sure that you get it right!

Here are the first 5 tips to buying a new home

1. Get financial advice – Day one. I was deliberating this one because I am a broker and I did not want to use this thread to “sell my services”. However what is the point in going shopping without any money?!?

A good Broker can tell you how much money you are going to need for a deposit and fees. He can also work with you to find out how much you can afford and how much you can borrow.

If you are not ready yet he can help draw up a plan to get you in a position to purchase, or if everything “fits” – he can get you an Agreement in Principle from the Lender.

2. List all of the costs

Deposit required Varies
Mortgage Arrangement fee – Typically £500 – £1500
Valuation Fee Typically £200 – £300
Legal Fees Typically £800 – £1000
Stamp Duty 1% of the purchase price over £125,000, 3% over£250,000 as so on
Surveys More detailed surveys cost more money typically £400 – £800
Removals Depends on distances involved
House repairs and furnishings You’ve bought the house, now it’s time to fill it up. Don’t leave yourself so broke you have to sit on the floor!

3. Make a list of Needs and Wants

The Needs are what a property must have. For instance, if it has to have a minimum 3 bedrooms what’s the point in seeing one with 2?

The Wants are what you would like the property to have. You want to find a property with as many of these as possible, but if a property didn’t have some of these it wouldn’t necessarily be a deal breaker.

Just remember to be realistic, if you can’t find that 5 bed Town House in Kensington for £250,000 then perhaps you need to lower your sights.

When you are seeing loads of properties this will help you to keep track and short list those ones for a second viewing.

4. Don’t be shy – in the UK we don’t like to haggle but as the saying goes if you don’t ask you don’t get.

So, these are the golden rules….

  • Set a maximum / “walk away” price.
  • It is all too easy to get carried away whilst bidding but make sure you set a maximum price you are prepared to pay for the property.
  • Start low.

Put in a “cheeky offer” say 10% – 15% below asking price, if you have someone who wants to move in a hurry they might say yes!

If they say no –  ask them what they would accept. Then you can always put in another higher offer…. just remember to walk away when you hit your maximum price.

Usually you will meet somewhere in the middle.

  • Maximise your position.

If you are a first time buyer with no property to sell, tell them that it means you can move quickly.

Tell them you have your finance arranged and have an Agreement in Principle with Solicitors all   tee-d up and ready to go.

Tell them you have a highly motivated broker ( I’m sure I know one of those) who can get everything tied up quickly.

5. Arrange a Mortgage in Principle*

I know I touched on this earlier but the reasons for doing this are important:

1) It gives you a much more accurate reflection on how much you can borrow. A lenders calculator or a comparison site will only give a very rough indication.

2) It stops you falling in love with a property you can’t get the finance for.

3) It strengthens your buying position and show’s you are serious.

4) It can put an end to any Estate agent – “you have to sit down with our adviser……” tricks.

5) It allows you to move fast instead of losing out on a property.

6)  We know in advance if there are any issues on the credit file and arrange a plan to sort them.**

*Be careful about obtaining an agreement in principle from multiple lenders as this could stop you getting any finance for a period of time.

**Did you know a single late payment on a credit card will mean some lenders will not lend to a First Time Buyer

 

        5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tips 6-10

It is the biggest purchase of your life – let’s make sure that you get it right! 

6. What’s in the Neighbourhood?….

  • Do you like the local shops?
  • Is there graffiti on the walls?
  • What are your priorities? – What do you need in walking distance: Good schools, Pubs, shops,….?
  • Are there parks and open spaces?
  • Pop in to the local police station or ask the local bobby.

One of my clients thought it was wonderful to live down the road from a pub……that was until he found out that the local youths drunken pass time was to run across the roofs of cars on their way home. Unfortunately he had a convertible!!…..

7. The top ten things to ask the sellers:

1. Who lives upstairs/ downstairs, next door?

2. Have there been neighbour disputes?

3. How long has it been on the market and how many viewings / offers have they had?

4. If it is a flat – how long is the lease, how much is the ground rent/ maintenance charge?

5. How long have they lived there and why are they moving?

6.When was it rewired, how old is the boiler and when was it last inspected?

7. Have they found a property? If so how many people are in the chain?

8. Have there been any structural problems?

9. What is included in the sale?

10. What renovations have been done?

8. View at different times of the day/ week

Does a quiet road on a Sunday become a noisy speed track on weekdays?

Is it quiet in the day because the neighbours are at work only to play loud music at deafening volumes until the late hours?

….Do yourself a big favour and arrange a few viewings at different times

9. Take photos with your mobile

This can help you keep track when you are viewing many properties

10.  Check out the neighbours

It’s useful to find out who you will be living next to, also chat to neighbours who may be a little further away as they are more likely to be honest. They are less likely to be friends with the neighbours or anxious to get shot of them.

 

    5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application. 

Why use a Broker?…. Why shouldn’t I just go directly to a Lender?

Reason 1 – Choice

Okay! Okay! – I know what you’re thinking! Of course I’m going to recommend using a Broker because I’m biased. But that’s the whole point – a Whole of Market Broker isn’t biased towards one Lender – he can find the best Mortgage to suit your circumstances.

In simple terms a Lender is a shop that sells money, a Broker helps you pick the BEST shop!

Reason 2 – Advice

Many people are not aware that many Lender’s do not offer advice, they simply show you the range of available products and let you pick. They are not accountable for advice because they give none.

A Broker is fully accountable and works under full advice and recommendation. Unlike a Lender who may have 4 or 5 mortgages – a Broker may have to select from 1000’s and therefore the questions asked are much more thorough to ensure the mortgage is the best one available for you.

There are also many things so consider other than the headline rate including: Lender criteria, loan to value, portability, fees, incentives, term, overpayment, tie-in, rate type, service levels – a good broker should be able to advise on these based on what is most important to you.

Reason 3 – Time

Ask yourself these questions:

1.Do you want to spend the time to trawl through the offerings of dozens of Lenders?

2.Do you want to take the risk of losing a lot of time (and potentially your dream home) when you’re application is rejected because of something in the small print?

3.Do you have the time to fill out the forms, ensuring they are filled out right first time and the time for the usual back and forth with the lender?

4.Do you want the headache of chasing up solicitors, chasing Estate Agents, Lenders and Surveyors?

If you answered NO to any of the above questions then you need a Broker, if you answered YES to wanting to fill out paperwork then you need to get out more!

 

Reason 4 – Broker only deals and Lenders

Some Lenders only deal with Brokers and not the general public

Some high street Lenders give exclusive rates to Brokers

A Broker will give you availability to these products.

Reason 5 -Technology

Many people research mortgage or insurance products on-line using a comparison website. However the information required is basic and does not take in to account more detailed criteria – therefore the recommended product may not be best or even available based on your circumstances. A Broker will use a professional sourcing system which is much more accurate helping to ensure you get accepted for the right mortgage first time.

Reason 6 -Experience

Technology can only take you so far – an experienced Broker is familiar with the rapidly changing criteria in the small print. One example is the type of income that a Lender will take into account. Some Lenders will take 100% benefits, overtime, bonuses etc. Some won’t take any.

No system is sophisticated enough to reference all of this criteria, but a good Broker dealing on a daily basis with his Lenders contacts can.

Reason 7 – Getting Accepted

Did you know if you go to a variety of Lenders and aim to get accepted they may all run credit searches against your name? This could actually stop you getting an acceptance from any of them.

Did you know that many Lenders will not accept someone who has used a pay day Lender in the last 12 months?

A good Broker can help advise on the do’s and don’ts to ensure you get accepted in these days of tougher lending criteria.  Sometimes it may mean that I work with a client for months prior to purchasing to get them into a position where they would be accepted.

Reason 8 – Protecting your Family

Lenders don’t really understand insurance – would anyone want to get insurance from them after the payment protection miss-selling scandal??

They also only have one, usually expensive, Provider. When it comes to insurance one size does not fit all!  You can also spend a lot of money on cover that doesn’t do what it’s meant to do. One slip on the paperwork can mean your insurance won’t payout when you need it to and your family could be homeless.

A decent Broker will advise from a variety of Providers to find you the best product with the best premium that fits your criteria and your budget. He will also make sure the paperwork is filled out correctly.

If you don’t know whether you need waiver of premium, DTA, LTA, Critical Illness, Income Protection, Own Occupation, Suited Occupation, TPD….I could go on…then you need a Broker.

Reason 9 – Ongoing Advice & Other services

A good Broker should keep in contact and also be available should you need to “sound things out.”

Often a client will call me months before a new move so I can supply options before we finalise things.

A good Broker may also be a portal to Commercial Lending, Secured Loans, Debt Advice, Wills and IHT Planning and Pension advice. In essence he is a “go – to” guy for your financial requirements.

Reason 10. Relationships

The average mortgage is 25 years to 35 years in duration – Murder carries a shorter sentence!

If you find a good broker you will be doing business for a very long time. He will get to know how you like to work, he will have a good understanding of your finances and will provide differing financial advice based on your requirements at the time.

A good Broker will proactively give you advice and options throughout your relationship that can save you thousands of pounds and save you from costly mistakes.

In the long run he benefits by your repeated loyalty and you may even refer him to friends and family.  Find a broker who values your business and everyone wins.

Now try getting all of that from a bank….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.