No economic tutorial this week! (thank goodness you say!)
Instead, we thought we would share with you our thoughts, and offer guidance, based on our experience as property agents over many a year (more than 50 for some of the team!), in the world of residential property in its many guises.
If we may, we would like to divide you up into the four distinct (yet often overlapping) categories we see across our sector of the market, Sellers, Buyers, Landlords and Tenants, and over the next four weeks, we will tackle each of these categories in turn.
Sellers (or ‘Vendors’) are up first, and for those who follow our weekly update, you will remember our recent advice on the preparation of your home, not only to make sure your valuation appointment gives the very best impression, but also that you have acted on your agents advice for presentation, decluttering, painting, gardening, and the moving of cars ready for those who come to view.
However, today is perhaps more about you the seller as an individual, rather than your property.
The first step when heading into the market, is to obtain advice from an experienced agent with a true depth of knowledge of your locality, and with a track record of sales to back up that knowledge.
Second, is to have done some financial preparation, even before the market appraisal (valuation). Will you need a mortgage to secure your next home? Will your current lender help? Maybe you are going to increase the amount of your existing borrowing to cover the next house? Have you asked not only those questions, but also considered the other associated expenses of selling or moving, surveys, fees etc and of course the stamp duty – it has a bite these days!
Thirdly, let’s get a bit legal… Is your home in your name, or in joint names? Is your title registered? (If you bought a long time ago (pre 1989) your title may not yet be registered with the Land Registry). You may still have the file from when you bought the property, and you might still have copies of the title documents and title plan which will show your property boundaries.
Number four – a few Practical thoughts and actions… Has your home been extended or have you built a garage or other say home office? If so, find the planning docs and building regulations. Maybe you have replaced some or all of the windows? In which case make sure you know where the FENSA certificate is located. Have you got documentation for all your utilities? Rural homes often have private drainage or water systems, and there are relatively new regulations and requirements which you will need to comply with. It might even be worth getting a suitable contractor to inspect and advise you now, rather than just before exchange of contracts (which is when it often gets flagged up!).
Fifthly, everything we do these days seems to need us to identify ourselves (even when those asking know us really well!), so find your passports or driving licences, and check they are in date. You will also need a utility bill, and as many of us now only see them online, you will need to arrange a paper copy.
Finally, many sellers tell us they only want to move to a particular property, or that they don’t want to go to the market yet because they haven’t found their next ideal purchase.
Our considerable years of experience tells us, that once you have a ready, willing and able buyer, your thought process alters, your margins vary, and 99 times out of 100 you spot your next home!
We are great proponents of the truism “you live where you are meant to”, so don’t worry if you haven’t found your ideal home just yet!
Next week Buyers (‘Purchasers’) will be in focus!