The Improvements That Add Value to Your Home

01Apr

The Improvements That Add Value to Your Home

The beginning of April marks the start of National Home Improvement Month, the time of year where home owners are encouraged to improve their homes, whether they are selling now or looking to sell in the future. So, what advice can we give you on how best to add value to your home?

As National Home Improvement Month starts, NAEA Propertymark (National Association of Estate Agents) offers advice on how property owners can add value to their homes by making improvements.

National Home Improvement Month encourages home owners to improve their homes this April. Whether you are selling now or maintaining your home to sell in the future, there are many small home improvements you can address to keep your property in best shape for when the time comes to sell-up, advises NAEA Propertymark.

Mark Hayward, Chief Executive, NAEA Propertymark, says: “Faced with a difficult housing market, updating and maintaining a property is more important now than ever for homeowners. Whether you need more space but can’t afford to move, or want to put your house on the market, you should be making the most of what you’ve got. You can be on a budget or willing to spend, there are always innovative improvements that can be undertaken which will successfully increase your home’s value”.

NAEA Propertymark’s 10 top home improvement tips to increase the value of your home:

1. Mirrors

If you cannot add a skylight or build a conservatory to brighten up your home, there are simple yet effective ways of creating light through the use of a few mirrors. Hanging mirrors opposite windows tricks the eye into thinking there is another window there and maximises the impact of natural lighting. Another illusion when capturing light is to reflect it into any darker corners, to make your property look bigger and brighter.

2. A pristine and private garden

Giving your garden a makeover can go a long way. Start by tidying away any litter, mowing your lawn, removing all perennial weeds and cutting back overgrown trees and shrubs.

Once you have made the space look attractive, try and create a feeling of solitude. An open, clutter-free space is appealing but privacy is essential. Consider growing trees or adding boundary fences and walls, which can go up to two metres without needing planning permission. Another option would be to assemble a structure in the space such as a pergola. As well as creating privacy, this is a great way to separate areas of your garden for socialising and to extend the use of your garden into the colder months.

3. Opening up space

Opening up living space is becoming more and more popular, particularly for the kitchen and dining room. Combining the two into one large room creates a sociable space, great for the whole family to enjoy. Knocking through walls to create this open-plan living space is an effective way to add value to a property because a larger space is not only trendy but more useful. However, it is important to remember the practicalities with this, as many consumers still like the front room philosophy that can be used for special occasions or to be used for privacy by the adults.

4. Makeover the kitchen

An attractive, hygienic and fresh looking kitchen is essential. Start by painting the cabinets to give a fresh look and replace doors and handles if needed. Improve kitchen storage where you can; a larder for example is hugely attractive among house-hunters. Make sure there is adequate lighting as well, it’s very easy and cost effective to install under unit lighting. Finally, ensure that any floor tiles are well fitted and a colour that is easy to maintain and keep clean.

5. Get rid of busy wallpaper

With each potential house buyer having varied tastes in patterns and texture, certain wallpaper designs can be seen as overwhelming. Wallpaper can also be difficult to remove which could lead to people being put off by if they are looking for a home to move straight into. We recommend using paint and keeping colours neutral, making it a simpler job for the next homeowner and the property overall becomes more appealing.

6. Replace doors

First impressions count. The front door of your home can say a lot about the rest of the house to viewers seeing it for the first time. If you cannot afford to replace the door, make sure it looks attractive by giving it a power wash or a fresh lick of paint.

7. Converting the loft

A loft conversion is a more expensive improvement yet probably gives back the best value for money. Most lofts can be easily converted and expanding the house upwards offers homeowners an extra bedroom for growing families or a space for extra storage. Adding an extra bedroom can give huge value to your home, particularly if it includes an en-suite bathroom. Remember to seek planning permission before undertaking this work though.

8. Be energy efficient

Fitting your home with energy efficient appliances can add value to your home by promising to knock the costs of bills. With a huge variety of new products on the market for this, it’s increasingly becoming a key feature for new homes.

9. Double glaze the windows

Noisy roads can impact the value of a property. It will keep the home warm and keep the noise out, even if it’s near a main road.

10. Install a fireplace

A fireplace can bring a lot of character to a room and creates a focal point. It’s also practical; the warmth from the fire allows you to reduce the use of your central heating which will lead to savings on your energy bills.

WRITTEN BY Katie Griffin Read more

Feb 28 2017

The Threat of Japanese Knotweed

28Feb

If you haven't ever heard of Japanese Knotweed, the Environment Agency describe it as "indisputably the UK's most aggressive and destructive plant".

Growing up to an inch a day, Knotweed has the ability to mature rapidly across a large surface area, with the slightest trace causing continuing problems.

Japanese Knotweed (or Fallopia Japonica) is a large, invasive plant species which finds its way into the fabric of a building, e.g. joints in concrete, cavity walls, weaknesses in broken mortar between paving slabs or bricks, and in severe circumstances, can cause major structural damage to properties.

In a landmark legal case, Network Rail is now facing compensation claims after they ignored pleas by residents to remove the Japanese Knotweed growing on its land after it encroached on to their homes.

Neighbours Robin Waistell and Stephen Williams saw the value of their homes halved after the weed spread into the foundations which resulted in Mr Waistell unable to sell his house. It is virtually impossible to secure finance on land or property with Japanese Knotweed on or adjacent to it as UK banks and lending institutions will not give mortgages on properties affected by knotweed.

After a four-day hearing at Cardiff County Court, the rail giant was ordered to pay £4,320 to each of the men to treat the knotweed and £10,000 each in compensation for the fall in value of their homes. The judge added that if the knotweed was not treated, they could also claim for the full drop in value, a substantial £66,000.

So, what advice can you give on how best to spot and tackle Japanese Knotweed?

Knotweed is often identified during site surveys. Whilst it may look small and contained, do not underestimate the scale of the potential problem; the plant can grow up to nine feet in height and roots up to three metres deep. It is important to have the plant treated as soon as possible to avoid further growth and prevent the property sale from falling through.

Financially, eradication of Japanese Knotweed can become costly if left untreated.

For more information, our useful guide on Knotweed sets out eight top tips on what to look out for and how to deal with the plant.

Source: NAEA PROPERTY MARK

WRITTEN BY Katie Griffin Read more

Feb 27 2017

Government Response to Starter Homes Consultation

27Feb

Government Response to Starter Homes Consultation

Over the last twenty years the proportion of under 40 year olds who own their home has fallen by over a third, from 61% to 38%.

The Housing White Paper, Fixing Our Broken Housing Market, sets out the Government’s plan to help over 200,000 people become homeowners by the end of the Parliament through its programmes.

To coincide with the release of the housing white paper, the Government also released the results of its consultation on starter homes.

For young aspiring home owners who would be unable to obtain a mortgage for the full market price of a home, the Government is committed to ensuring there is a range of affordable homes to support their aspiration to buy. Starter homes will be an important part of this offer.

Starter homes are targeted at first-time buyers, between 23 and 40 years old who are unable to get a mortgage for the full market price of a home. Sold at least 20% below market value, the Government’s aim is for starter homes to be sold to those who are genuinely committed to living in an area.

The average market price for homes bought by first time buyers in November 2016 was £180,000 across England outside London and £422,000 in London. After discount, each starter home will cost no more than £250,000 outside London and £450,000 in London. The Government expect starter homes to be entry level properties priced in line with the local first time buyer market.

In May 2016, NAEA Propertymark responded to the DCLG consultation on starter homes, questioning the affordability of Starter Homes, despite their 20% discount. We also raised the issue that there was no reference in the consultation to the size of starter homes and therefore local authority planners should consider policy to reflect the changing demographic of first time buyers.

The Government has decided not to implement a compulsory starter homes requirement on councils at this point in time. The Government said they will commence the general duty on councils to promote the supply of starter homes and bring forward regulations to finalise the starter homes definition and monitoring provisions.

Consultation results

The Government will restrict the sale and sub-letting of starter homes following initial sale and will set out its plans in regulations. NAEA suggested that the restrictions on the sale and sub-letting of starter homes for the planned 5 years following initial sale should be longer.

Government have carefully considered the arguments for a longer repayment period and as a result, the restricted period will be 15 years (a period of between 8-15 years was suggested in the consultation). The Government will also incorporate a mortgage requirement through the regulations. This would require a minimum 25% mortgage and enable the use of home purchase plans in this requirement.

Flexibility will be given over the age restriction to joint purchasers looking to buy a starter home. When one purchaser is under 40 years old but the other is older than 40 and both are first-time buyers, they will be eligible to buy a starter home. Injured military service personnel and those who partner has died in service will be exempt from the age restriction.

The starter homes requirement and off-site commuted sums

The Housing and Planning Act 2016 allows for off-site commuted sums to be made in lieu of starter home provision. This would mean that local planning authorities must agree to an off-site contribution for purpose built private rented sector housing and specialist older people’s housing.

NAEA Propertymark were among the supporters for the use of commuted sums to deliver starter homes where the local planning authority agrees.

Monitoring and reporting

The Government will include a monitoring requirement on the number of starter homes granted planning permission. Local planning authorities will have the option to annex the starter homes monitoring requirements to their Authority Monitoring Reports (AMR). Reports will be required to be published on an annual basis, however to allow more flexibility, Government have not yet specified the date for the production of the first report.

Housing White Paper

Following a consultation in December 2015, the Government will change the National Planning Policy Framework (NPPF) to allow more brownfield land to be released for developments with a higher proportion of starter homes.

Through the Housing White Paper, the Government are consulting on proposes to amend the NPPF to introduce a clear policy expectation that suitable housing sites deliver a minimum of 10% affordable home ownership units. It will be for local areas to work with developers to agree an appropriate level of delivery of starter homes, alongside other affordable home ownership and rented tenures.

The Government are also consulting on their intention to make clear through the NPPF that starter homes should be available to households with an income of less than £80,000 (£90,000 for London).

The housing white paper consultation is open for responses until 2 May 2017.

What's next?

The Starter Home Land Fund will be committed to supporting the preparation of brownfield sites and development in rural areas – 30 partnerships with local authorities were announced on 3 January 2017, with further partnerships to be developed in due course.

Starter homes now sit alongside the Government’s efforts to build other affordable home ownership tenures (shared ownership, Help to Buy and Right to Buy). The result of these changes mean that the Government has changed its focus from starter homes, to a wider range of affordable homes.

Housing Minister Gavin Barwell said:

“This government is committed to building Starter Homes to help young first time buyers get on the housing ladder. This first wave of partnerships shows the strong local interest to build thousands of Starter Homes on hundreds of brownfield sites in the coming years. One in three councils has expressed an interest to work with us so far.”

SOURCE: NAEA PROPERTY MARK

WRITTEN BY Katie Griffin Read more

Feb 20 2017

How to find a tenant quickly and avoid a void period

20Feb

How to find a tenant quickly and avoid a void period

No one wants an empty house. One of the main worries that many landlords experience is the possibility that a month or more will pass between lets without any rental income. It is crucial to minimise void periods where possible by acting fast and making sure you get the next tenant for your property. It is inevitable that circumstances will change and people will move on but there are quick and easy steps to reduce void periods.

Advertise online

This is one of the cheapest and most effective ways to finding a new tenant. Most people have access to some form of internet, whether it is on your mobile phone or laptop. Using a letting agent is an easy way to get your rental property noticed without having to do all the work yourself. This means your property will be promoted by them, which should help you gain interest from potential tenants.

Word of mouth

An old-fashioned way of finding a suitable tenant, word of mouth can still be surprisingly effective. Talking to people living close to the empty property or your friends could lead to finding someone who might be interested in renting your property.

Setting the right rent

It’s always good to do a little research into competitive rental rates. Make sure that the property is good value for money and all repairs are up-to-date as potential tenants will always do a thorough search before making their choice. You want to make sure that your property is at the top of their wish list.

Social media

It may be worth posting about your vacant property on social media sites such as Facebook, Instagram and Twitter. One of your contacts may know of a person who is looking for a property to rent.

Finding the right tenants

Trying to fill the void period may be quite time consuming, but it is worth spending time trying to select tenants that will be delighted to call your property their new home. Make sure you have the correct references and requirements from the new tenant before having them sign the contract to rent your property. It is important to see whether the tenant can pay rent on time and continue to do so without occurring late rental charges.

Do you have a property that is for rent? Are you looking for your next tenant? Contact us now on 01364 652652.

WRITTEN BY Katie Griffin Read more

Feb 18 2017

How to Buy a Forever Home

18Feb

How to Buy a Forever Home

Is a ‘forever home’ a myth? Your personality, or perhaps your finances, may well dictate whether you find a forever home or a ‘for now’ home. There are people who know exactly what they want and stick to it, but it will take a lot to settle on one property and stay with it.

To find a property to last a lifetime, consider these 5 main points:

1. Flexibility
Being realistic is what makes a home last forever – the demands you make on your space will change. The current trend for open plan living spaces could work in your favour as you will be able to zone the space differently according to your needs; dining space can soon become a play area, for example.

Think about the style of the property, not so much the décor but the structural elements; sleek, modern lines maybe give you thrills now, but could mean sharp edges for small children. You want a property that suits you, but one that you could also suit you in 20 years. You don’t need to be psychic to know that when something is appealing to you because it's the trendiest place you’ve seen and your friends will love it, it may not be the best choice for a forever home.

Thinking too far into the future can be scary, but what if your grandfather needed to come and live with you in the next couple of years? Think about how your older relatives navigate the space and use that as a guide for the practicality of a home.

Something else to consider is whether you might need to rent some, or all, of the space out. What if you want to travel or your children emigrate? Thinking about the space in these terms will help to see how applicable it will be to your changing life.

2. Location

This is always a huge factor in finding the right home. But when it comes to your forever home, taking a closer look at all your needs will allow you to future-proof, as far as possible at least. Education from pre-school through to sixth form should be factored in.

Lasting homes should be well facilitated too - from bus routes to shops, the more local amenities available, the more robust your home will be for whatever circumstances appear on the horizon.

Like this post? Read more about how to find the right property for you here.

3. Costs

An efficient home will make a great deal of difference. A sprawling mansion with tennis courts and a pool may seem like it will cater for every eventuality, perfect for children’s parties and social gatherings, but space often equals costly maintenance.

What’s more, buying a drafty old property that you never properly repair, one that’s always in need of a little mending here and there, will fritter your money away. Choose a home you can afford to fully repair if necessary, or stir towards a cost-effective home you know you can heat through the winters.

In short, for longevity find an efficient house!

4. Can you sell it?
This is important: things change, you may want to move! Forever rarely means forever these days and we find more and more that change isn’t so hard – getting bored with you property can easily be fixed. So, don’t think only about your life in a property, ask yourself who would want it if you put it up for sale? Don’t pick, or develop, a property which is too niche.

WRITTEN BY Katie Griffin Read more