What is a deposit account?

A deposit account – like Wikipedia says – is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder.

Do you need a deposit to buy a house?

In the current UK property market, you’ll usually need a deposit of at least 5% of a property’s value to get a mortgage from a bank.

How much deposit does a first-time buyer need?

Before looking at properties, you need to save for a deposit. Generally, you need to try to save at least 5% to 20% of the cost of the property you would like. The mortgages with the lowest interest rates are only available when you have a large deposit.

How much deposit I need to pay for a property in Birmingham?

For example, for an apartment in Mason Way, Birmingham City Centre, B15 2EE with a £200,000 value, considering a 10% deposit, you will need to put on table £20,000 to get a mortgage.

What does offer over mean?

Offers Over – this indicates that the owner is looking for a price higher than the advertised price. The price advertised is usually pitched lower than the Home Report value.

What does Offers Over mean when you buy house?

When a property is advertised on property websites as “offers over”, it means that the property owner is hoping to sell for more than the market property value.

What is a home report value?

When, in 2008, the government introduced the Home Report system in Scotland, it meant buyers had access to all of the information needed before proceeding with making an offer on a property.

Can you get a mortgage to buy at auction?

Yes, you can get a mortgage on some property auction, but not all of them are suitable.

Where to find auction properties?

You can find home auctions through local governments, local estate agents, and online sites like Rightmove, Zoopla, PrimeLocation, etc..

Can first time buyers buy at auction?

Yes, you can. Remember if you do need a mortgage then the property needs to be mortgageable.

Can I make an offer on a property before the auction?

Most auction teams will welcome pre-auction offers, and if you are really interested in purchasing the property, then a prior offer is a good idea.

Can I buy an unsold property after auction?

Yes, you can buy an unsold property after the auction but you might need to act quickly. Interested buyers in the auction will be invited to make post auction offers after the sale has finished.

Posted by Love Your Postcode

Common Mistakes When Selling Your Home

Selling your home is known to be one of the stressful processes you can go through in your adult life. There are lots of steps to go through and plenty of chances to make wrong choices, but we are here to help! Read on for advice on how to avoid the most common mistakes when selling your property.

Overpricing your home

Everyone naturally wants to get as much as they can for their home, but the figure you would like and what a buyer will actually pay might be two different things! Agents will give you a fair market value based on comparable homes in the local area and it’s wise to follow their advice. An over-priced home will deter buyers and make it hard to sell. If you’re looking to sell in the near future, click here for a property valuation.

Ignoring repairs

Unless you are marketing your homes as a “project”, most people will be turned off by obvious repair issues that need sorting out. Buyers will probably also get a survey done and finding hidden problems you haven’t disclosed may lead them to reduce their initial offer. Again, take advice from your agent about what needs fixing.

Not presenting your home well

It’s really important to present your home in its best possible light to maximise its appeal. De-cluttering is the first step, followed by thorough cleaning and simple redecorating if necessary. You can even go a step further and “stage” your home so that everything is arranged to look as inviting as possible. A good agent will also help showcase your home in the best possible way by taking clear and sharp imagery to attract buyers.

Limiting viewings

You need to get as many people to view your home as possible. Be ready to flex your personal arrangements to accommodate viewings, even at short notice.

Working with the wrong agent

A good estate agent will work hard on your behalf. They will be great communicators and open and honest about how to get the best price for your home. Be sure to ask around for recommendations and don’t just choose the first estate agent that Google selects for you! As well as word of mouth, online reviews and social media pages are highly important to see how they have worked with clients in the past and how they will market your property.

We are here to help you avoid all the above mistakes, and make sure your home selling experience is as smooth as possible. Contact us on 0800 862 0870 to speak to a member of our sales team for more information.

property, Selling Tips, UK Housing Market

Posted by Love Your Postcode

Tips On Increasing The Rental Value Of Your Property

As a landlord, you want your property to be a profitable investment for years to come. The rent price your property achieves will be dictated by the market, but there are many simple things you can do to make sure your property stands out. You’ll need to be prepared to spend a little money, but it can be worth it in the long run.

Read on for our top five tips on how to make your property stand out from the rest and get the best possible rental income.

Get the basics right

You want your tenants to stay for as long as possible, so make sure the property feels like a real home rather than a temporary stop-gap. Ensure that the paintwork is fresh and the flooring clean. Don’t opt for the cheapest possible furniture but choose decent items that you wouldn’t mind living with yourself. Make sure everything is in working order and no routine repair or maintenance jobs are overlooked.

Focus on kitchens and bathrooms

These are the rooms that can make or break a decision to rent, but they can easily become tired and shabby and lose their appeal.

Between tenancies it’s vital to give them a deep clean and to assess if they need any refurbishment. Replacing a worktop, updating tiling or adding a heated towel-rail needn’t be expensive but can give a fresh, up-to-date look.

Add an en-suite

This won’t be a cheap option, but especially in larger properties, having an extra bathroom can greatly add to the property’s appeal and allow you to charge a higher rent.

Tidy up green space

If your property is lucky enough to have a garden, then make the most of it. Attractive outdoor space can be a major selling point, so make sure it is well-maintained and has a few desirable features such as a seating area, a BBQ or a decent-sized shed.

Install the fastest possible broadband

With WFH very much the new normal for many people, having a super-fast internet connection is a real plus point. Paying for premium broadband installation will be money you can easily recoup in additional rental.

With these simple steps, you’ll have a property that will be profitable and a solid investment. If you’re looking to let your property, contact us our lettings team on 0800 862 0871 or click here for more information.

property, Rental Investment, Rental property, To Let, UK Housing Market

Posted by David Price

How to evict a tenant. A step by step guide.

Landlord and tenants have a unique relationship and quite often it’s a great partnership, but when rent arrears pile up the landlord has to look at ways to get the property back to put back on the rental market. Tenant eviction is a necessary part of being a landlord in 2020.

Posted by David Price

How much deposit do I need for a mortgage to buy a house?

How much deposit do I need for a mortgage to buy a house? This article will help you find the answer to this question. Read on.

Posted by David Price

Offers Over: How much should you need to offer?

You don’t know how much to bit for a property and ask yourself this question: “Offers Over: how much should I need to offer? This article will help you find the answer to this question. Read on.

Posted by David Price

Upsizing your property – all you need to know

Whether you’re extending your family or you’ve been saving for a long time to be able to afford a larger property to live in, there are always factors to consider when moving home; and when upsizing your home there is no exception.

Posted by David Price

How do I find out when was my house built?

Knowing the age of your home or house you are about to buy can be important. If you’ve just moved to a house, you’re probably curious to know when it was built.

Posted by David Price

Semi-detached house, an ideal first home

A semi-detached home is a single property which is separated into two homes by a wall. Semi-detached houses are hugely popular with home buyers and renters across the UK.

Posted by David Price

How do property auctions work in UK? [ 2019 guide ]

Property auctions may seem like platforms for frantic bidding, but if you know what you are looking for, you could find an absolute bargain. As a seller, if your property is well-marketed in advance of the auction, you could receive far more than your guide price, let alone your reserve price.

Posted by David Price

What do i have to disclose when selling a house in the UK?

“What do I have to disclose when selling a house in the UK?“, is the question that all sellers have on their lips. When selling a property in the UK, it is necessary to provide certain information about the property to the buyer, if you do not want to encounter legal difficulties.

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Common Mistakes When Selling Your Home

Tips On Increasing The Rental Value Of Your Property

How to evict a tenant. A step by step guide.

How much deposit do I need for a mortgage to buy a house?

Offers Over: How much should you need to offer?

Upsizing your property – all you need to know

How do I find out when was my house built?

Semi-detached house, an ideal first home

How do property auctions work in UK? [ 2019 guide ]

What do i have to disclose when selling a house in the UK?

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