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One of the first things that sellers need to do is set the right price for their properties. Go too high and you will put potential buyers off. Too low and you may end up selling for less than the value of the property.

It’s a bit of a balancing act and you need to put a little work in to figure out how to price your property. There are some useful strategies to keep in mind.

Appeal to the Majority

Setting a price that excludes a large portion of potential buyers limits you in several ways. Firstly, you lose an entire pool of people who could have bought the property. This slows the entire process down and may cause problems elsewhere in the chain. There’s also a less expected effect. If potential buyers see that nobody else is bidding on the home they are going to start asking questions. They may get wary even if there is nothing wrong with the property. The idea is to get a few buyers interested, after which you can hopefully attain a higher price than you advertised as they bid against each other.

Avoid Odd House Pricing

You may get several people on the job when valuing your property. This could lead to a range of potential valuations. Let’s say your property has been valued between £450,000 and £500,000. Generally, you want to set the price at £5,000 or £10,000 increments. Asking for something strange, like £479,333, will just lead to more questions. It’s an oddly specific figure and buyers will want to know about it. Keep things simple to ensure the transaction process runs smoothly.

Sort Contract Exchanges Quickly

The exchange of contracts marks the point of no return in a property transaction. As a seller, it is in your best interests to get this process sorted as quickly as possible. Every delay gives buyers the opportunity to think harder about their offers and could potentially lead them to find another property. As a seller, you should know exactly what information you need to provide for the contract exchange and get your hands on it as quickly as possible. Speed this process up and you’re more likely to achieve a price that suits you.

Choose a Good Estate Agent

The benefits of having a good estate agent must not be underestimated. They can leverage their experience alongside a bunch of professional contacts to ensure your house is priced as it should be. Listen to your estate agent’s advice and keep an eye out for any who may not be able to help you as much as they claim. As a general rule, it is a good idea to get a valuation from a local agent who understands what local buyers are actually looking for. If you go solely with a national agent, you will find valuations get based more on statistics than actual experience.

The team at Hills Estate, for example, have unparalleled knowledge of the property market in London and the surrounding boroughs. That makes them ideal for pricing properties in those areas.

One of the key selling points for a property is the amount of space it has. Buyers will want as much room to play around with as possible, but sellers are generally limited by the constraints of their properties when it comes to how much space they can offer.

Still, there are some things that you can do to make increase the floor space that your home has to offer. Best of all, you don’t have to commit to building a full extension to do it. Each of these will require some investment on your part. However, you should find that each option will also increase your house’s value quite substantially.

Convert The Loft

The loft typically offers a lot of space. But, you are going to have to put in some work if you are going to make the most out of it and use it for something other than just a space to chuck stuff you no longer need. Renovating a loft means you need to take any existing insulation into account. You also need to ensure the structural integrity of the floors and possibly do a fair amount of rewiring to ensure the electrics meet the correct standards.

Still, a good loft can add a sizeable amount of space to your property. The most common loft conversion involves creating a new bedroom, which instantly adds thousands onto the value of the property. Further, a loft conversion can add a little extra character to your house. The sloped roof gives the room some charm.

Convert The Basement

Much like with their lofts, most people look at their basements as an area to store stuff they don’t ever use. You can see why. The typical basement is dark and dingy, so it doesn’t immediately strike you as the best room for a conversion.

Look beyond that surface, though, and you will see an awful lot of potential. You can actually do much more with a basement than you can with a loft. You don’t need to worry about getting the flooring right and also have no weight constraints. Some people have basements large enough to create small apartments, but they don’t use the space. Having a basement bar or second sitting room underneath the house will also add plenty of space and value to the property.

Knocking Down Walls

You need to think long and hard before making the decision to knock down any walls in your property. Not only do you need to avoid damaging any load bearing walls, but you also need to consider how lowering the number of rooms in the house may affect its value.

Still, knocking down a wall or two can add a fair amount of space to the property. For example. You may have a small reception room leading into the main sitting room. Knocking down the wall between the two creates a larger sitting room that a potential buyer can do much more with. It’s usually best to speak to a professional before choosing this option over the conversions.

 

When moving into a new home you have a few choices to make. The main one is usually whether you want to buy or rent. Each offers its own advantages. Buying gives you full ownership of the property and all of the flexibility that comes with that. Renting offers less of a commitment and offers several protections that you may not enjoy when buying, such as ongoing maintenance as part of your rent.

However, there is a third option that offers something of a middle ground. Rent-to-own is becoming an increasingly popular concept.

What is Rent-to-Own?

The core idea behind rent-to-own is actually fairly simple. You start renting a place and pay your rent payments as you would with a normal rental property. However, under a rent-to-own structure, the money you pay towards rent actually goes somewhere. Instead of it all going into your landlords back pocket, some of that money actually allows you to build some equity in the property.

In essence, you can build up a deposit for the home while living there. After a few years of renting, you may have paid enough to commit to the full purchase. You can then make a choice of whether or not the property is right for you and move forward from there.

The Pros

So what’s good about the rent-to-own arrangement? There are a few things.

• Try Before You Buy. Spending some time in the property really gives you a better feel for what it has to offer than the traditional viewing that buyers undertake. You can work out if there are any issues that you need to concern yourself with and find out if you can actually make the house a home.
• You don’t need to make the full commitment to the property that you would if you were buying in the traditional fashion. You can rent for several months, or even several years, before you make any decisions. This gives you the chance to move on if the property isn’t right for you. This makes rent-to-own ideal for those who may have to move for work later or people who aren’t absolutely sure they’ll be able to keep up with mortgage payments.
• Fixed Price. The agreement will set the value of the home at a fixed price relative to the market at the time you signed the agreement. This means that you may pay less than the value of the property later on down the line, depending on how the property market goes. This can be a double-edged sword. If your market declines, you may end up paying more than the property is worth.

The Cons

It’s not all good news. There are several cons that you also need to keep in mind.

• The Cost. Most landlords will add extra to the standard rent payment in a rent-to-own agreement. This adds to your short-term bills. However, that extra money goes towards the equity you build in the property.
• No Guarantees for Landlords. From the landlord’s perspective, rent-to-own can offer some uncertainty. If the tenant chooses not to buy the property, the landlord has to start all over again. This can lead to comparatively few rent-to-own properties on the market when compared to traditional renting and buying options.

At Hills Estate we pride ourselves on offering exemplary service to our clients. Unfortunately, the same can’t be said of all estate agents out there.

Choosing a bad estate agent brings with it an array of problems. You may find you can’t get a house sold because of poor pricing and advertising. As a buyer, you may find a lack of information scuppers your chances at getting your hands on a property that is right for you.

So how do you know if you have a bad estate agent? Here are some of the warning signs that you should always look out for.

No Communication

Communication is massively important in the property sector. If your estate agent doesn’t take the time to talk to you and let you know what’s happening with a transaction, you can never feel fully certain that things are progressing as you would like them to.

Ideally, you should be in touch with your estate agent on a regular basis. They will answer your questions and take the time to call you to provide updates. Any that don’t may have too many things to focus on or may simply not care enough about your transaction. Either way, that doesn’t serve you as a client.

Poor Listening Skills

A good estate agent doesn’t just talk the talk. They also listen to what you have to say as a client. Do not underestimate the importance of listening. The best agents will take your concerns on board and adapt to your needs. The worst will just plough ahead, meaning you end up with a result that you didn’t want in the first place.

This goes for jargon too. The property industry is full of terms that you may not have heard of. If your agent uses a lot of these terms and doesn’t pay heed when you ask what they mean, it’s time to move onto somebody else.

Poor Leadership

You work with an estate agent so that you have guidance through the many complex issues that surround property transactions. Your agent should be able to lead you through everything from valuing a property through to considering offers and working with the many professionals that you will need to call in during the course of the transaction.

Poor leaders do not make great estate agents. You need somebody who will take things by the scruff of the neck and fight your corner, should it be required.

Under Pressure

The second you start feeling uncomfortable around your estate agent you also start to lose trust in that person’s abilities. This typically happens when the agent tries to place you under pressure to make a choice that you know isn’t right for you.

Bad estate agents don’t work towards their client’s ends. Instead, they find solutions that suit them and try to push their clients towards them. Take advice, by all means. Just don’t allow an agent to pressure you into making poor choices. Any that try mark themselves out as bad estate agents.

The key thing to remember when selling a property is that you aren’t looking to sell yourself along with it. What might work for you when it comes to décor or furniture positioning may not actually show off the full potential of the rooms in your property.

As such, to maximise your potential for selling the property, you may need to stage some rooms to show off every positive aspect of the house. Here’s a little guide on how to get started.

Get Rid of Clutter

This may seem like a simple tip, but it is remarkable just how many people fail to get rid of clutter in their homes before arranging viewings. Every piece of clutter distracts the viewer from what he or she came to see. Further, clutter can make rooms appear smaller than they actually are, which lowers interest almost immediately.

Get New Furniture Now

You may be planning on replacing some of your creaky old furniture after the move, but it really pays to get it early so you can use it in the staging process. After all, a sagging sofa that has clearly seen better days is very unlikely to spur anybody to think positive thoughts about the house. As a general rule, try to get rid of anything that is out of style or just looks worn, as the impression viewers get from these items will often transfer over to the house.

Eliminate the Grime

Many people will point to the kitchen and bathroom as being two of the major selling points for a property, so make sure you give them the proper attention. Give everything a good scrub and make sure metal fixtures really sparkle, as grime and stains just lead to these rooms looking dour and unattractive. Further, consider opening a window or using an air freshener to get rid of any unfortunate odours that viewers may come across.

Use The Light

Light can play a massive part in showing off the qualities of a room, so use it to its full effect wherever you can. This may require you to rearrange your furniture in a way you don’t personally like, but remember that this small period of discomfort can pay dividends when it comes to selling a property. You can always move things back around again when you move away.

Clean The Carpets

It doesn’t cost a huge amount to have your carpets steam cleaned. You may even have the equipment to do it yourself. A good clean can make even threadbare carpets more appealing, plus you will be able to get rid of any unsightly stains that would otherwise put people off.

Paint and Stain

You don’t need to replace every dated fixture in your property. A little work with paint and strainers can lend a whole new lease of life to old cabinets, cupboards, and walls. It may take a little bit of work on your part, but it is certainly cheaper than buying everything brand new in an effort to sell the home.

Did you know that 90 percent of home buyers search for properties online? In the modern age, the internet has become the primary tool for house sellers and landlords for advertising their properties. The web allows you to reach a much larger portion of the buying market than adverts in newspapers or “for sale” signs outside your home, though both still remain useful.

This means that you need to take full advantage of your online listing to demonstrate everything that your property has to offer, thus attracting those all-important viewings that can lead to a sale. To help you along the way, here are some tips for creating a great online property advert.

Good Pictures

The core of any great online property advertisement is good photographs. People want to be able to see what your property has to offer and if you don’t give that to them they will likely move onto the next one.

Your aim is to highlight everything that each room has to offer. Avoid some of the common shots that you will see online, such as pictures of the corners of a room, unless you compliment them with pictures that show the wider room. Stage rooms, where required, to show their full potential and take full advantage of lighting from the windows to make living areas and the kitchen, in particular, look as impressive as possible.

The Description

Your property description is crucial for delivering the information that your pictures can’t provide. Place your focus on the key points, such as the number of bedrooms sizes of the rooms, and how energy efficient the property is. Note anything that may save the buyer money in the long run, such as insulation, double-paned windows, and appliances.

What you need to avoid is clogging the description up with information that doesn’t serve the purpose of selling the home. Be concise, don’t leave anything important out, and prioritize the information that you would find valuable if you were buying a property.

Choosing Good Websites

An online property advert is only going to be as effective as the website that it is hosted on. If the site doesn’t reach the right people, you will find that replies and expressions of interest are minimal.

Avoid classified sites, such as Craigslist, as these tend to be a little too vague, both in terms of what they allow you to show off the property and the sort of people who may express interest. Instead, find a good, local estate agent and work with them to create the right sort of advert. Consider who would be interested in the property and make sure your advert appears on niche sites that would appeal to that audience, as well as the larger property websites.

Provide Plenty of Contact Options

Failure to return contact can scupper a property transaction before it starts so ensure you offer multiple methods of contact, such as telephone numbers and email addresses. Better yet, providing options gives the interested party with the choice of a preferred contact method, rather than forcing them to contact you in the way you choose for them.

In all of the rush of trying to buy a new home, many first-time buyers may potentially find themselves tripped up by the fact that they have bad credit ratings. In some cases, this will not actually be the fault of the buyer. You may be very good with your money, but if there is no evidence that you are capable of paying bills on time, such as you don’t have a credit card that you use and pay off regularly, you may still find your credit rating is low.

So what do you do in such situations? Here we have compiled a couple of quick tips to help you bolster your credit rating so you can secure a mortgage.

Get a Credit Card

While not always the soundest financial advice, getting a credit card can actually help to boost your credit rating. The key here is ensuring you are able to pay off the credit card at the appropriate times. For best effect, use the card for small transactions and pay them off instantly with money from your bank account. Avoid falling into the trap of only paying the minimum payment each month, as this will cause interest to pile up.

Clear Your Debts

If you have high amounts of debt you will find it difficult to secure a mortgage for a property as lenders will see this collection of debt and possibly consider you unsuitable for the loan. As such, priority should be placed on paying off existing debt. Focus on the largest debts with the highest amount of interest attached to them first. Make a concerted effort to pay off that debt, which may possibly require putting a halt on your savings. This may be frustrating, but it will pay off in the long run with improvements to your credit rating.

Be On The Electoral Register

Strangely, having a presence on the electoral register is seen as a positive in regards to your credit score. This is likely because it proves your citizenship, amongst other factors. Confirm that you are on the electoral register by visiting this site to find out the address of your local register and contacting them. However, it is safe to assume you are on it if you receive mail alerting you of upcoming elections.

Each Lender Has Their Own System

In truth, there is no universal credit score in the United Kingdom. Instead, each potential lender has their own system for working out your credit score based on various internal factors. Your reliability will almost certainly be one, however, you also have to remember that banks are now money-making institutions, for better or worse, so many will also consider your score based on how much money they will make from you and what future products they may be able to sell to you. The key to remember is that rejection from one lender may not mean rejection from another, so make sure you speak to multiple lenders. However, you also need to be wary of shopping around in a short time frame, as many lenders may use this to reject a loan application. It is, in many ways, unfair, but it is currently the nature of the beast.

Selling your property can be a time-consuming process as you will need to deal with a number of prospective buyers while ensuring everything relating to the property is up to snuff. Of course, this can present an issue for those who want to sell their properties as quickly as possible.

With that in mind, we have created a short list of some useful steps to take if you want to ensure your transaction goes as smoothly as possible and nothing stands in the way of making the sale.

Involve Solicitors Early

You are likely going to need to work with a solicitor at some point during the property sale, so you might as well get the process started early and have somebody in place who you can call on quickly. In particular, you should ask your solicitor to examine the title of the property and prepare a pack. Not only will this throw up an issues before you put the property on the market, it will also mean that there are no delays later on and your potential buyers can’t chip away at your asking price due to documentation not being in place.

Staging

Staging the property is crucial right from the off too. After all, most estate agents use the web to advertise your property for sale, so you need to have photos that represent the best qualities of the house. Make furniture adjustments in rooms to highlight everything they have to offer and spend a little time touching up the exterior of the property, paying special attention to gardens and paintwork. This will make for great photos and will also leave a good first impression on any buyers who come to visit the property, resulting in more offers coming your way.

Speak to Your Mortgage Provider

You need to ensure you have an adequate amount of equity in the property before you sell and it is also important to determine if there are any early payment fees you will face in regards to your mortgage. Take a trip to your provider at the start of the process to get the key questions answered so you know exactly where you stand throughout the process and don’t get tripped up by any unexpected barriers later on in the sale.

Communicate

Maintain communication with your estate agents and solicitors so you stay on top of everything that is happening with the property. Good agents and solicitors will make sure they contact you regularly anyway, but it still helps to give them a call if you need questions answering or want to chase up documentation.

Moving Out

Try to avoid same-day exchanges where possible, as these need multiple transactions to be conducted smoothly to ensure no delays. Further, you will ideally want to have a little bit of time to move out of the property properly, as rushing around will often lead to important items getting missed out. If you are using a removals company, do some research to find one that is reliable and capable of keeping to a strict schedule.

All of you cat lovers out there will naturally be wary of the situation your feline friends find themselves in when you move to a new home. After all, your cat is going to have to spend some time adjusting to the new place and figuring out its new territory. However, this problem grows a little for those who are moving into a flat, as this often places increased restrictions on where the cat can go.

Happily, being able to wander outside is not always required to keep your cat happy. Here we have compiled a few useful tips to ensure your cat can make the most out of its new home.

Be Careful of High Falls

One of your key concerns as a flat owner, particularly in a high-rise building, is the possibility of your cat getting out of a window and falling. As such, it is advised that you keep windows your cat could escape through closed at all times. Remember that any fall above two stories has the potential to cause serious bodily harm to the animal and always be conscientious of the fact that you need to take care of both of your needs at all times.

Get The Right Type of Cat

If you are a current flat owner who is considering bringing a feline into your life, it is important to choose carefully to ensure you don’t end up with a cat who desires the great outdoors. Ideally, you are looking for cats that are content with being lap cats, i.e. felines that don’t get restless after spending time in small places. Excellent choices include the Ragdoll cat and the British Shorthair. Alternatively, if you are adopting a cat from a shelter, be sure to speak with the professionals to let them know about your living situation. They can help you locate animals that are well-suited to live in an apartment.

Provide Entertainment

All animals need stimulation at times, so you need to account for this when living in a flat. If you don’t, you may end up with torn clothing, furniture, and curtains. A good scratching post will usually be more than enough to tend to your cats needs to give its claws an occasional workout. Furthermore, buy other toys that the cat can play with and take some time to keep the cat entertained each day. You’ll soon find that the two of you form a bond and your cat doesn’t end up starved for attention.

Cat Grass and Litter Trays

A lot of pet stores have now started to offer “cat grass” which can be placed in pots. This offers your cat the opportunity to graze and experience a little of the outside world without having to actually be let out. Keep in mind that a lot of felines use grass to help them clear up digestive issues, so the lack of outdoor interaction could cause problems for them. Further, remember that cats general enjoy cleanliness. You will be using a litter box with an apartment cat, so make sure the box is cleaned regularly else your cat may start leaving little presents elsewhere in the flat.

The stress involved with searching for a new flat can lead to mistakes being made during the process, particularly when it comes to checking the little things that really enhance the living experience.

With that in mind, we have compiled a small list of some of the things you need to look out for during your search, so you know exactly what you are getting for your money.

Is Decorating Allowed?

Making a house a home is an important part of anybody’s life. For renters, it can make you feel more like you have your own space, rather than that you are simply borrowing it from somebody else.

As such, it is important to speak to your lettings agency to find out what restrictions apply to decorating the apartment. In many cases, property managers will be happy for you to decorate as long as you fill out the appropriate paperwork and cover any signs of damage, such as nail holes, before you vacate the property at the end of your tenancy.

However, others may have strict no decorating policies that you must abide by. Breaking such a policy, especially if it is included in the tenancy agreement, will often be grounds for losing your security deposit.

Are Pets Allowed?

More often than not, most of the flats you visit while searching for a place to rent will not allow pets. This is due to the potential for animals causing damage while staying at the property, which can reduce its viability for future tenants or, at the very least, require property managers to conduct maintenance.

However, in some cases, you will find that pets are allowed. Even then restrictions often apply. It is crucial that you understand these restrictions and follow them to the letter, as any evidence to the contrary may be grounds for breaking the tenancy agreement. Obviously, if you have pets already, this makes your search more difficult.

Is Parking Available?

Convenient parking options are not always available with rented properties, which may cause issues, especially if the property is in an area where alternatives to on-site parking are not readily available.

Safety and security are your key priorities, so take some time to speak to property managers and previous tenants, if possible, to find out if there are any suitable parking locations nearby. Happily, most dedicated residential buildings will have some form of parking available.

Do the Fixtures Work?

It may be time-consuming, but it is important that you check every light fixture, socket, and tap in the flat before making any decisions. You can do this quickly by bringing a phone charger and checking that all of the plugs work. Flush any toilets and turn on the shower to ensure those work correctly too.

Anything that doesn’t work should not be considered a deal breaker. However, you should make a note of the issue and inform the property managers. In many cases, this will result in the issue being fixed before you move in.

If you are interested in renting a flat and want to work with a quality lettings agency in London, contact Hills Estate today.