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Home improvements to help boost your house price

 

Whatever your budget, there are plenty of ways you can add value to your property before selling this year.

 

For inspiration on where to start, have a look at these home improvement suggestions, ranging from high cost to low:

 

Conservatories or sunrooms – adding a conservatory or sunroom is one of the most cost-effective ways to add more value to your home, with an estimated 6% uplift to the value of your property.

 

Updating your kitchen or bathroom – it is often said that potential buyers will look at the kitchen and bathroom first before they pursue a property.

 

Updating your kitchen or bathroom isn’t always the cheapest home improvement option, but it is one that can certainly boost your value by a significant amount, with an average property value increase of 5.5%.

 

If this home improvement option doesn’t quite suit your budget, but you still think these rooms could do with a refresh, replacing old worktops or cabinet doors is a fail-safe way to improve the overall look.

 

Updating old boilers and central heating – a new boiler or central heating system is a key element to consider if yours hasn’t been updated recently.

 

A dated or inefficient heating system could put potential buyers off, as this will result in more hassle for them after moving in.

 

Fixing a damaged roof – improving the core foundations and features of a property is always a safe bet.

 

A new or fixed roof is essential for both insulation and structural purposes, and – again – will save buyers from having to take on the task themselves.

 

Upgrading the home to be smart and energy-efficient – energy-saving smart home improvements are not only good for the environment but are also a great addition to have to add value to your home.

 

This can be achieved by installing smart lighting, using energy-efficient LED bulbs, followed by upgrading to eco-friendly appliances, adding double glazing and upgrading insulation.

 

Creating a defined sunspot in the garden – a recent survey by Rightmove showed that properties with a south-facing garden could be worth up to £22,000 more than those without.

 

There’s not much you can do to change the orientation of your garden, but if you don’t already have a defined sun-spot, creating a zone for this will help potential buyers picture themselves living there and enjoying the weather and seasons to come.

 

Redecorating – decorating can make a world of difference to your home, whether that’s a fresh coat of paint, updating wallpaper or installing new carpet.

 

It’s also important to remember to stay neutral and avoid any loud colours that could deter potential buyers.

 

Tidying up the front garden – the front garden is the first thing that welcomes people to your home, so it's important to keep your garden up to scratch.

 

  

Before beginning any major project, it’s important to ensure that you are spending your money wisely and understand the cost versus the potential return you will gain.

 

Get in touch with us today to talk about your home improvement plans and get advice on what will make the most difference to your home's value.

 

 

Mortgage agreements for early 2021 at their highest since the financial crisis

 

Mortgage approvals have reached a 14-year high, propelled by last year's property market boom.

 

The Bank of England’s mortgage data from the end of last year shows a 24.2% increase in mortgages agreed compared to the previous year, and at any time since the global financial crisis, with £87.7 billion worth of mortgages agreed.

 

In Q4 2020, mortgage lending reached £76.6 billion, with a year-on-year increase of 4.2%, whilst the share of mortgages with a low loan-to-value was 4.5% down in a year; the lowest since 2007.

 

Considering that the housing market was effectively closed for two months in 2020, it is incredible to see that the year ended with more approvals than the one prior.

 

The value of new mortgage commitments hitting a 14-year high was largely driven by homeowners who looked to move into larger properties and see savings of up to £15,000 from stamp duty tax in the process.

 

This activity has resulted in the annual growth rate for new mortgage commitments almost quadrupling in Q4 2020.

  

April should signal a turning point for first-time buyers, who will now have access to 95% mortgage options once again due to government-guaranteed support.

 

Having been absent until now, it's thought that the return of lower deposit mortgage products will lead to more positive growth for the sector in 2021.

 

As we head into the popular seasons for home selling, with schools and businesses reopening and the vaccine program continuing to take effect, we'd like to help you with your plans this year.

 

To learn your property's value, visit our website.

 

 

 

Residential transactions 23% higher due to stamp duty and vaccine news

 

February saw a total of 147,050 residential transactions according to HMRC, which is a 23% increase from January’s total and a whopping 48.5% more than February 2020.

 

The cause of this surge seems to be as a result of the vaccine roll out, as well as the stamp duty holiday.

 

As transaction numbers increase month-on-month, we're able to see just how strong the market is, having shown tremendous resilience so far during the pandemic.

 

As buyers and sellers were previously rushing to meet the original stamp duty deadline, which should have seen savings end on March 31st, it's anticipated that even more sales will be agreed and records beaten over the next few months.

 

 

Whilst the stamp duty holiday as we know it will be in place until the end of June, offering up to £15,000 worth of savings, there will be homebuyers who benefit long after this date with a phased out easing that sees smaller savings until September. 

 

Due to Brexit and then COVID-19, there have been delays and hesitations in the sector, with a number of us wanting to see a return of 'normality' before proceeding with any plans.

 

If you’re looking to start the buying or selling process in 2021, get in touch with our team today.

 

What you need to know when investing in a buy-to-let property

 

Investing in a buy-to-let property is a dream that many of us will have at one point or another.

 

Property has always been a dependable investment option, with successful landlords able to set up their rentals to run like clockwork whilst benefitting from an additional source of income.

 

Before considering your first step, there are some key considerations to be aware of.

 

 

It won’t happen overnight

 

As much as we would like to say otherwise, having a buy-to-let property doesn’t just happen overnight.

 

Just like starting a new business venture, there are rules and regulations you need to comply with to protect yourself and your property.

 

Whilst some of these components can take time to understand and navigate, lettings agents like ourselves are fully equipped to guide you through all of the requirements.

 

 

Know the area you’re planning to invest in

 

It’s important to do your research on the area before signing on the dotted line, such as speaking to local agents about seasonal trends and rental yield opportunities.

 

Is it a hotspot for rental demand? Are there any attractive amenities, universities or transport links nearby that would appeal to tenants?

 

 

Ensure you can afford a buy-to-let deposit

 

Whilst a standard home can be secured with as little as 5% of the price of the property, a buy-to-let investment is usually much higher.

 

The average deposit is 25% for a buy-to-let mortgage.

 

It's also likely that your income will be evaluated, as you need to be earning at least £25,000 a year for most lenders.

 

 

Think about your target tenant

 

It’s important to put yourself in the shoes of a tenant and consider what they would want from a property.

 

Being a flexible landlord is key to ensure that tenants stay for longer, which is always great news for a landlord as you can minimise on void periods and secure your rental income.

 

When you have your buy-to-let property ready to market, it is a good idea to position your home based on the type of tenant you’re targeting, such as using the right communication methods to reach them.

 

 

For guidance on how to start your buy-to-let journey, get in touch with our experienced team.