Category Archives: Property Q&A

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renting

Why Renting is A Better Option in the UK

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Weigh in: Renting vs. Buying

Renting, In  some parts of the world, is frowned upon. For some, becoming a tenant has been considered a waste of money. Here in the U.K, however, renting is more convenient than buying a home.

A lot of financial experts claim that renting is actually a lot cheaper than buying your own house. And with today’s economy, it may benefit more people than we think.

According to  at Financial Times, buying a home in the UK is now 20% more expensive than renting. In his article, Pickford wrote:

Lucian Cook, Savills’ director of residential research, said the figures showed it was not only the challenge of funding a mortgage deposit that was constraining people’s ability to get on to the housing ladder, but also the extra expense of paying down a capital repayment mortgage over time.

“Even though paying off a repayment mortgage adds to your net wealth, it still makes ownership that much more expensive. It affects your monthly outgoings,” he said.

On the other hand, Express UK reported that renting can be more worthwhile than buying a home. This is especially true for those who are not planning to settle down and those who are strapped for cash.

In the report, the news site wrote that homeowners who sell up within five to ten years are more likely to put out more cash through buying as opposed to renting.  An excerpt from the report reads:

Dr Isaac Tabner, senior lecturer in finance at Stirling University said prospective homeowners tend to underestimate the financial benefits of becoming a tenant.

On average homeowners need to own their own home for up to a decade before returns from the rent they are no longer paying begin to compensate for the buying costs.

Dr Tabner said: “It is often thought that buying a house makes more financial sense in the long run: however, renting is frequently more worthwhile than buying for financially-constrained households, as well as households likely to relocate within 10 years.

“As well as a reduced ability to recover transaction costs, households relocating within a few years face a higher risk that medium-term prices will move against them, thus reducing or eliminating their equity, while financially-constrained households face much higher mortgage costs.”

 

 


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property

Points to Consider Before Buying a Rental Property

The Buy to let market has always been a busy and vibrant business opportunity, Letting a  property  is said to be a good business and it has been proven right because it can be a strong return on investment in the future. So, if you are planning to do this, you may have to ask what are the best points to be considered before you buy a rental property? Well, check this out!

  • Estimate and calculate the amount you will have to spend on the rental property.

You can talk to a mortgage broker or bank if you are not paying in cash. You also have to consider the expenses in management fees after you buy the property. Some landlords manage the property themselves in order to save but this can take up a lot of time, using a letting agency can take the stress out letting a property why not use their expertise !

  • Choosing the best area to invest your money.

Buying for the sole purpose of renting the property has risen up in England. So you have to choose the best location by considering the travel and transportation amenities of the area. It should be close to the supermarket, schools, transport routes, etc. where it would be easy for people to have an easy living.

  • Consider what type of tenant you want to stay in your property.

You can choose whether of it is a student, employee or single families.

  • Students or Employees – Most students spend their nights studying and employees only go home to rest. They would be needing a fully furnished space because they don’t spend much money by buying new furniture they like. It should also not be high maintenance.
  • Single families – It can be the exact opposite of what the above tenants want. They wanted to design it like their own home. They need an unfurnished space so they can choose what’s best and comfortable for them.
  • Always make the best business decision plan ahead.

This is a business afterall, you will not be living there  yourself and although you want to make this investment someones home you do not have to spend thousands of pounds on decorating and fixtures and fittings . Purchase the property by thinking about its return of investment in the future or you’ll end up broke. Always negotiate and check out the things that can be a problem to the property in the future and plan ahead .


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rent

How to Rent well

Do you know that over a third of the households in England are rented, and the cost can be surprising – rent for the record has an average of £1,270/month in England. Of course, not all people can afford these prices, we have a few helpful tips to make the experience a little less stressful.

Now, we will give you some tips on how to rent a home cheaply and safely –  including how to check your deposit is protected, a trick to make paying your rent boost your credit score, ways to furnish your flat for free and more.

Ensure you have contents cover from as soon as you move in

If you are renting, your landlord is the one responsible for building insurance, so you should only be getting contents cover. As building insurance generally covers the property itself, this is usually the landlord’s responsibility.

Check your deposit is protected

To ensure your deposit is protected from the outset, ask the landlord or letting agent which scheme it’s with before you sign the contract. If you’ve already moved in and the scheme isn’t named on your contract, ask the landlord and get it in writing.

Ways to help ensure you get your deposit back

When it comes to checking your properties at the end of your term there, landlords can develop better microscopic vision than Superman, blaming you for all the damages present on the property. But there are ways to improve the chances of getting your deposit back.

  • Check your contract. Dig it out and give it another read. Does it say the carpets need to be deep-cleaned, or that all picture hooks need to be removed and filled in? If so, make sure these are sorted.
  • Fix all damages. Fix it, from the tiniest hole you have created, to the repainting you have done on the property for you to have your deposit back.
  • Ensure nothing’s missing or broken. Check the inventory thoroughly to make sure everything’s as it should be, and replace or fix as needed.
  • Take photos of the before and after for you to have proof. This could be the best evidence later if some dispute arises over your deposit.
  • Deep Clean thoroughly. Have it all check to other family members or a friend who’s meticulously clean and to check out if you’ve missed a thing.

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winter uk

Top Winter Activities in the UK

People in the country has already been feeling hints of the winter season. It has started to snow in some areas and the cold air is already breezing past every window.

With that, people are closing down their homes, making it feel warm as possible. Some are already prepared to stay in most days and just enjoy slumbering the winter season away. However, the winter season is much too precious to be spent indoors.

There are plenty of outdoor winter activities to try. With the right clothing and winter gear, you’ll be able to fully experience the joy winter activities can bring.

Here are some great winter activities the whole family can try. Thanks to The Guardian for these ideas.

Falconry, Torridon

Take a walk in the mountains with a Harris hawk. These compact and elegant raptors are among the birds kept at West Highland Hawking in the Torridons. They also have owls, falcons, kestrels and magnificent golden eagles.

You can spend a day learning about the birds and the ancient sport of falconry, before donning the glove and launching one of the birds into the sky in a widening gyre over the hills and loch. You use a piece of chicken to lure it back to your arm.

· westhighlandhawking.com. A hawk walk from £50 (£40 children), based at Hill Haven B&B, Kinlochewe, £28pp or the luxurious Torridon Hotel, rooms from £230, half-board, thetorridon.com.

Mountain biking, Machynlleth

On the southern edge of Snowdonia national park, and once the seat of Owain Glyndwr’s government, Machynlleth is now a major mountain biking centre. In the Dyfi forest, there is a specially built, fantastically varied, 15km circuit, including a final descent that has rock jumps, banked turns and berms, and a feature called the “eye of the needle” where you have to land in the narrow gap between two trees.

There are other routes and you can even create your own (with help from the Holey Trail bike shop) in the hills overlooking the sands of the wide Dyfi estuary.

· mbwales.com/machynlleth. Stay at Dolgelynen farmhouse B&B, £25pp pn, dolgelynenfarmhouse.co.uk.

Canyoning, Brecon Beacons

Canyoning (or gorge walking) is a great activity for making you feel like a real adventurer, but is actually pretty easy. For a start, it’s all downhill. Black Mountain Activities near Hay-on-Wye, has found the ideal gorge in the Brecon Beacons where you will clamber over boulders and fallen tree trunks, wade through the water and slide down weirs and plunge into pools. For the brave there are potholes to explore.

· 01497 847 897, blackmountainlodge.co.uk. A day’s gorge walking for £69 (£55 children) They offer a range of accommodation.

Winter survival, East Midlands

Dave Watson developed his skills not in the SAS but living rough as a teenager. His company, Woodland Survival Crafts, runs a winter survival course on the Derbyshire-Leicestershire border, which teaches you shelter-building, foraging in these unfecund months, and how to light a fire when all around you is damp (it involves a bow).

· 01283 730851, woodlandsurvivalcrafts.com. Three-day survival course for £165.

Do you fancy trying any of these out? Be sure to check the websites in those links above!