Time to re-vamp your property to sell by Angharad Williams

 

Sometimes it is easy to feel despondent that your house isn’t selling like you hoped it would. Now internet viewing is en vogue, potential buyers will have their own opinions formed before they even walk through your front door! Just visually changing the look of a few rooms could generate new interest or make a previous viewer see your home in a different way. Your estate agent will always be there to help you take more up to date photos and update your property’s  profile. Always remember that your estate agent wants to sell your house just as much as you do!

 

Make sure that your estate agent details and photos will really sell your property. Imagine you are a potential purchaser and you are searching on a property website, there are two virtually identical property with similar prices in your area. One of the properties has an excellent write up and amazing, bright and clear photos, Which one would you choose? Honestly?

 

Consistently ask these two very important questions to yourself:

 

1)      Have all the great selling points of my property been photographed and shown? Are the photos bright and clear?

2)      Have all the great selling points of my property been written out?

 

You could have a newly fitted kitchen with fantastic gadgets but you only have one photo of the kitchen and there are no details about the kitchen or the gadgets that you are leaving. You could have a family bathroom plus an en-suite, shown in the photos is only the en-suite. Potential purchasers could assume you have a very small bathroom. Also, you could have a fireplace which has been photographed, it may not state in the details that it is actually a working fireplace.

These are important issues which need to be addressed if you are selling a house properly.

 

 A few useful tips

 

What you will need to do first is walk around your property and take a good look at it. You could always ask a very honest friend if there are any improvements which they would make as a potential buyer. Ask yourself, are there any scuff marks? Is there peeling paint on the walls? Are the cupboards overflowing? Is the grouting tacky? If so, fix it! Take a look at your dining room table with six chairs, maybe this makes the room look cluttered. Remove two chairs and this will add instant space to the room. You will be shocked at how these minor undoing’s can put the viewer off.

 

Before your estate agent comes to take photos of your property, put yourself in the position of the viewer. Is this exactly how you would want a property to look if you were buying? Think deeply and make the adjustments which are needed. Make sure your house is clutter free and that there aren’t any dirty dishes or clothes lying around. Open all the curtains and blinds and turn the lights on so that the viewer will get a full feel of your homes’warmth. Make sure you are at home while the photos are being taken, as you can ask to see these photos before they are published on a property website. If you are not happy with the photos or details, ask for re-takes or re-writes. This is crucial in making your home perfect for viewers.

 

Remember to give your property a spring clean and remove as many personal touches and clutter as possible. You want your potential buyer to imagine living in your home, so this is vital that you make your home as neutral as possible. They will need to visualise their own family in your home, so removing clutter will make the rooms seem larger and remove unnecessary furniture which may be blocking the view of any hidden features. Viewers are always looking at your property as a whole so storage is always key. It is tempting to hide clutter in a wardrobe or spare room but viewers will always be looking at how big the rooms and storage areas are. A useful tip is to store unnecessary clutter in boxes, tucked neatly away in your garage or you could even ask a friend to store your boxes temporarily until the photographs are taken.

 

If your feel your property has ‘lost its touch’, it is time to give it a small budget makeover! Remember that there is potential in everything you own. That old kitchen dresser which suddenly stands out after you wallpaper the inside with a vibrant print or paint, which was previously viewed as a large, frumpy piece of furniture and unexpectedly lights up the room after being given a lick of something colourful. Also, if you dislike a piece of furniture but you don’t want to replace it, you could always paint it the same colour as the walls which will always make the room look bigger.

 

Always remember, paint, wallpaper and fabric are key to re-creating a brand new look for each room. Tester pots of paint may not cover a wall, but there is enough in the small bottles to paint old photo frames and then hang them on which was previously a dull, white wall. A tablecloth made by stitching off-cuts of fabric can brighten even the most boring dining table. Buying bright and bold bathroom towels or rugs can instantly add life to a room, making it look newer and more inviting. Re-organising your books according to the colour of the spines can instantly add bold patches of colour to your shelves. Adjust the focus of the living room, by organising the chairs so they face each other to add a more sociable approach to the room. Buy a few cheap plants and plant them in bright coloured pots to bring instant life to quiet and shy corners of a room. Any one of these minor changes can refresh your property at once.

 

If you still get people who are questioning whether all of this is worth it, make some changes and see what difference it makes. You will soon see that it is time to move onto the bigger stuff. Don’t forget to have a go; you can always change things if you don’t like them.

 

Remember this, it is all about creating or re-creating more interest in your property to sell your property. Never forget that your estate agent wants to sell your house just as much as you do.

 

Angharad Williams

Revised UK house price forecast from Savills

It would appear that it is not all doom and gloom out there, I actually came across a more optimistic article in What House? magazine, interesting reading!

Leading UK residential estate agency Savills has revised its predictions for the housing market over the next four years - but crucially, it still believes that house prices are shortly to suffer further falls, albeit with a gradual decline rather than an outright crash.

Yolanda Barnes, Savills' head of residential research, explains the company's forecast. "This will not be a repeat of 2008, as some doomsayers have suggested," she emphasises. "[It is] a necessary short-term correction of recent growth which was driven by abnormal market conditions rather than fundamental demand and wealth. The market now faces short-term price falls followed by a period of low or zero growth."

Looking further ahead to 2011 and 2012, Barnes foresees little to cheer about: "By the end of 2011 we expect the price growth of 2009 and the first half of 2010 to be eroded...with price growth expected to resume across all regions in the second half of 2012."

Barnes' analysis identifies the recovery of the economy and improved mortgage lending as the two prime factors in contributing to improved house prices - the same two factors that this week's RICS UK House Price Survey saw as being the driving force behind reversing the recent downturn in property prices.

Once again, regional variations will buck the national trend, according to the Savills report, with London and the South East leading the way in achieving sustained price growth.

Barnes concludes her analysis with a cautious note of optimism: "We firmly believe that the UK residential markets have seen the worst of the price falls, though lower turnover is expected to be a longer-term feature of the market. For investors, our mantra is clear: seek out quality and invest for the mid- to longer-term and you will have little to fear from the market."

 

 

 

guide to sharia law mortgages

In addition to not charging interest, Islamic mortgages must also comply with various other aspects of Sharia Law. For example, the money used by the bank to purchase the property must come from activities deemed permissible by Islamic standards. Banks offering Islamic mortgages must not be involved with impermissible activities such as financing companies involved with alcohol, gambling or non-halal meat.

There are two main types of Islamic mortgage available in the UK – Murabaha and Ijara. In basic terms, both involve the lender purchasing a property and either selling it to the buyer at a slightly increased price, or renting it to the buyer over a period of time until the mortgage is paid in full.

Murabaha (deferred sale finance)

For this kind of mortgage, the buyer is required to finance a percentage of the property upfront – typically up to 20%. This option is therefore best for people who are starting out with some capital behind them.

The key benefit of Murabaha mortgages is that from day one, the property officially belongs to you – it’s registered in your name. The repayment period and monthly repayment amounts are agreed between you and the lender. Repayments are fixed for the term of your mortgage. The maximum repayment term is 15 years, and you can repay the loan in full at any point without penalty.

How does it work?

 You apply for a Murabaha mortgage and agree repayment terms with your lender

Your lender will purchase the property and sell it back to you immediately at a slightly higher price that will take into account the value of the property, length of repayment term and amount of your deposit

The property is registered in your name

The sale of the property to you by the bank is recorded in a Murabaha mortgage contract

You make the first payment (deposit) on the day of completion. The deposit is typically 20% of the purchase price.

Ijara (lease to own)

Ijara mortgages have proven to be the more popular product available, as there is no requirement for a large initial payment or deposit, and it is a slightly more flexible arrangement.

The main difference between Ijara and Murabaha is that with an Ijara mortgage, the property will not immediately be registered as belonging to you. Instead, you will essentially rent the property from your lender. In addition to the agreed monthly repayment amounts, you will also pay monthly rent to the bank.

At the end of the agreed term or once the purchase price has been repaid in full, ownership of the property is transferred from the lender to you.

How does it work?

 

You apply for an Ijara mortgage and agree repayment terms with your lender

You agree to pay back the purchase price through fixed monthly installments (usually over a period of 25 years), and also to pay an agreed amount of rent to the lender. The rent amount will decrease annually as you pay off the mortgage itself

Once the purchase price has been repaid in full, the lender will transfer ownership of the property to you.

Replacing an existing mortgage

If you already have a conventional mortgage and would like to replace it with a Sharia-compliant mortgage, the process is fairly straightforward.

The bank will purchase your property from you at its current market value, and you will agree to buy the property back at the same price. While the bank pays off your previous interest-based mortgage, you will make equal monthly repayments to the bank.

Who offers Sharia Law mortgages?

While the Islamic finance market in the UK is still developing, there are more and more high street and niche banks offering Sharia-compliant products. You should go further than the high street to do your research and compare prices before making a decision about which lender is best for you.

Any lender to whom you apply will check your credit history through an approved agency, and will also take into account your income, profession and where applicable, the size of your deposit.

Who can apply for a Sharia Law mortgage?

In countries where Islamic mortgages have been introduced, they have become a popular choice for both Muslims and non-Muslims alike. Some non-Muslims are attracted to the idea of a mortgage that isn’t interest-based, as well as to the ethical aspects of Sharia-compliant finance.

You choose a property and agree a purchase price with the seller You choose a property and agree a purchase price with the seller

 

PETS AND RENTING

 

I am not really a pet person, I am ‘that’ person who pats the air around someone’s beloved new pet, and who can’t stop thinking of wayward dog hairs on my black trousers. I have (just in case you think me an awful person) sponsored a donkey for many years, and regularly buy my sister’s dog a stocking for Christmas.

I gather that pets become part of the family, and as such should be able to relocate when you do. The main problem in this instance is that many landlords do not allow pets of any kind into their rented properties. This is not the case on the continent, where rental properties really are treated as your home; this includes taking your furry family member with you! Not all landlords are amenable to the idea of taking on tenants with pets, fearing that they will damage furniture, fixtures and fittings, or leave flea infestations when they depart. It can pose a serious challenge to pet-owners looking to rent, especially in properties in popular urban areas. So how do you go about finding a home where your pet will be welcome?

Since the Office of Fair Trading published a welcome set of guidelines on fair and unfair terms in rental contracts in 2001, it's no longer quite so common to come across upfront 'no pets' specifications in lettings ads.

Many reputable letting agencies have added to their contracts words to the effect that landlords will not withhold consent for a pet unless it's unreasonable.

And although many landlords still won't entertain the idea of dogs inside their properties, it at least gives you the chance to ask. The best approach is to be upfront and honest from the start, when someone waits until they get the contract that says 'no pets', to say that they have a dog, it looks like they've been trying to hide something. And that makes it more difficult to negotiate.

 

           
TOP TIPS FOR TENANTS WITH PETS

 

Give yourself plenty of time to look for a property, and be prepared to move fast if you find somewhere suitable that will accept your pet.

 

House-training is a must and obedience-training, for dogs, is an added bonus. Make sure that fleas and ticks are under control, and let a prospective landlord know about all of it. The more they feel you are a conscientious pet-owner, who takes their concerns seriously, the more likely they are to agree to let to you.

 

Ask if you can introduce your dog to the landlord. Once they see how well-behaved it is, even a landlord who has said 'no' to pets just for an easy life may come to reconsider.

 

Expect to pay a higher deposit - and be prepared to offer to do so, if you sense reluctance on the landlord's part.

 

Offer to remove every trace of your pet's presence when you leave, and suggest that you add a clause to the contract saying so. It's probably a good idea to specify from the start what that will involve, and could include deep cleaning of the carpets, flea treatment if necessary and deodorising.

 

If you want to put in a cat-flap, approach the landlord/agent in a way calculated to get a 'yes', by offering to sign a rider to your contract that you will put things back the way they were when you came. It might be as easy as simply replacing the bottom door panel, or replacing a pane of glass for window cat-flaps.

 

House prices- the facts

We are greeted this morning to our nation’s papers being full of doom and gloom. The Times leading headline reads ‘House market stalls as economy falters’ Is this misleading? Are we on the brink of a housing market dip or worse?

In truth what may actually be happening is that the flooding of properties coming on to the market coinciding with news of severe government cuts does nothing to inspire confidence in an already tenuous housing market.

So let’s separate the facts from fiction. Property prices are falling, that is a fact, and in some areas are remaining stagnant, but this is not the result of a ‘failing’ economy, it is to do with the volume of properties flooding the market.

On FindaProperty.com this supply into the market has risen by 31% over the past 12 months and by 9% alone in June – so there is no argument that, after a period of price rises many sellers have decided to put their homes on the market and see what happens.

Unfortunately, this has the adverse effect of driving property prices down. There are ample properties for perspective purchasers to choose from, this then gives them the power to barter, that’s when prices drop. This does not mean that we are all on the road to economic and property doom.

The other point is that although the property market may be wobbling this month, it is a very regional, not national picture. The Findaproperty.com sales index clearly reflects what the Nationwide and RICS figures also show – that in London, SW and the NW surveyors are feeling a bit downbeat about the market while in the NE, Yorkshire and Humber, Wales and the Midlands there’s a bit of a pall.

But most importantly the same surveyors say things will look up over the next three months – which probably reveals the real story here; everyone is on holiday and buyers are thin on the ground at the moment, while properties for sale are rising.

Cameron hints at changes for council tennants

I have just read an interesting article in the Times, David Cameron is hinting at huge changes for council home owners, those waiting and those already living in council properties.

Millions of people who have been stuck for years on council house waiting lists could benefit from sweeping reforms, David Cameron said yesterday.

The Prime Minister revealed the policy during a candid session with voters as he warned that looming budget cuts would shrink the State for good.

Council tenants should have to move into the private sector if their earnings improved significantly, he said, to help to tackle the backlog of five million people on waiting lists.

The Government is considering introducing reviews every five or ten years, which would mean that those given council homes could be moved into smaller places once their children have grown up.

In addition, no one would be able to keep a council property in the family by handing it down a generation.

Mr Cameron said that he wanted to see a more flexible system where people could "move through council housing rather than seeing it as something you get for life".

Launching an event in Birmingham to brace the public for severe spending cuts, he said: "Should we be asking: when you’re given a council home — maybe in five or ten years you will be doing a different job, you will be better paid, will not need that home and will be able to go to the private sector."

He conceded that the proposal would trigger "quite a big argument". He said that people had to open their minds to new ways of doing things so that Britain lives within its means.

Grant Shapps, the Housing Minister, will launch a consultation on council house tenure this year and the results could be included in legislation in the current parliamentary session.

Kay Boycott, ofthe Shelter charity, said that the policy could be very costly for local councils to implement. To justify taking away the only bit of safety and security the poorest and most vulnerable in our society have, it would need to be proved beyond a doubt that there would be a significant benefit for those in housing need."

The Prime Minister also claimed "moral responsibility" for public sector cuts amid concerns that voters are unprepared for the sheer scale of the austerity measures to be revealed in October.

In his starkest warning yet of how the £113 billion squeeze will reshape Britain, Mr Cameron said that services axed would not be reinstated when the good times returned. He said that instead the country should use this "painful and difficult process" to find ways of doing more with less.

He insisted that the cuts gave Britain a chance to return to a more secure financial footing and offered a "prize" on the other side. "It’s going to be a difficult period for Britain. We shouldn’t think it’s all doom and gloom. At the end of this there will be light and hope and a stronger economy."

During a 60-minute question-andanswer session, the first of several that he and Nick Clegg will hold over the summer to brace the country for the pain, Mr Cameron fielded 19 questions from an audience of Heart FM listeners and Birmingham Mail readers.

Rose Jones, an official for the West Midlands Fire Brigades Union, asked him to pledge to reinstate anything that the Fire Service lost to cuts once the country returned to economic health.

Mr Cameron replied: "Should we cut things now and then go back later and try and restore them? I think that’s the wrong approach. Let’s do this in a way that’s sustainable. We have all got to open our minds and think, how can we work in a different way? Let’s try and think of a different way of what you are doing so we can find ways of doing more for less."

He urged banks to increase lending >and said that cutting the debt was a moral issue. "I don’t think we should be racking up debt for our children to pay, for future generations to pay."

He said that the budget situation was "dreadful", worse than Greece or Spain.

However, he insisted: "If we can do it, the country can come out stronger and with more better-paid jobs for people. We can be a real success story in this decade as we have been in the past."

Garages are not just for cars!

The garage may not be used for housing the new Audi, bike storage or even that extra freezer anymore. It would appear that times are changing. Pantries, outdoor lavatories and coalholes are all things of the past, rooms that were at one time vital but are now confined to history. The garage in terms of its use may be going the same way.

 More than one in ten of homeowners have converted or plan to convert their garage for some other use than keeping the Bentley warm and dry. Garages are now being converted into an extra bedroom, studio or that all-important home office. More people than ever are working from home. It has been estimated that with 3 million now working from home, the garage provides workspace for approximately 500,000 home offices.

 On average the typical garage conversion costs around £6,000 but it is thought to add an extra £7,000 in value to the property. At the height of the credit crunch, contractors noted a rise in requests for garage conversions, the new mantra being ‘improve don’t move.’

 We are now seeing ‘green shoots’ within the housing market. Activity levels are still a way off where they need to be. The banks are still not lending anywhere near enough money out to potential homeowners, deposits required are high and of course there is tremendous job insecurity nationwide. These factors certainly prohibit many people moving simply for that extra room.

 Homeowners, are turning to the less traditional areas of their abodes to create that much needed workspace etc. It seems like the next step after converting the loft and basement is to look to the garage for this extra space. It is no longer a necessity to house the family car within a garage as they are now far less likely to rust. We are also a lot less precious about our vehicles. Parked on the front drive is now the norm, there are various methods of  ensuring your cars security without having to lock it away from sight.

 Those of us who drive the big gas guzzlers are also very aware that parking these ‘homes on wheels’ in a somewhat restricted indoor space is no mean feat!!