Five Occasions Where Property Specialists Can Help You
Property specialists can be very useful to have when you need them. Most people are not experts in anything to do with their property and this can result in some serious issues arising. When you don’t know enough about a topic to make informed decisions, you should bring in an expert.
This is exactly what you should do with anything related to property. Watsons will ensure that you don’t make a mistake that could cost you dearly.
1. Help Buying Your First Home
The process of purchasing your very first property can be daunting. There is so much to consider, including inspecting the home, running diagnostic tests, checking for structural flaws, and not to mention determining the price for the home.
For most first-time home buyers, the process does not go smoothly and they learn a lot that they can use for next time. However, if you call in the experts early, you can avoid all the mistakes the first time around and have a much better home buying experience.
Common mistakes that can be avoided by having an expert by your side include:
Not Getting an Agreement in Principle
You need to be sure that you can get a mortgage before you commit to buying a home. This is something that cannot be skipped, so talk to the lender and get an agreement in principle before you even start to view properties. This will save you from looking at properties beyond your price range.
Not Knowing What a Leasehold Is
With a leasehold property, you may be limited in what you can do with the property and you will only own the home for a specific amount of time. The freeholder is the person who owns the land and they need to grant permission for any changes that you want to make. You’ll also pay ground rent on top of what you pay for your mortgage.
It’s very important to know the difference between a freehold property and a leasehold. It could determine whether you want to consider the home in the first place. However, many new homeowners fall into this trap and are stuck with a limited-time lease on the house they live in, along with severely limited abilities to change the property.
Underestimating the Additional Costs
Buying a home is not only the actual property price. You’ll also have to pay fees for everything from legal advice and valuation to house surveys and conveyancing. This all adds up very quickly to give you a total that is much higher than you may have originally anticipated. Plus, you may need to pay council tax, assorted types of insurance and other bills and you could be far from what you originally estimated you would need to pay.
Not Checking Out the Area
How well do you know the area you plan to purchase property in? It could be far different than you imagine. Just because you fall in love with a house doesn’t mean that the neighbourhood is pleasant. Do some research ahead of time or talk to the property experts about it to determine if you really do want to live in this particular area.
All of these situations could be remedied by having an expert advise you. It’s certainly worth your time and money in the long run.
2. Getting a Property Valued
There are several reasons you may wish to have your property valued. These include:
Buying or selling a property: You always want to know the fair market price of a property whether you are buying or selling. This will help you to set a proper price if selling and figure out a fair offer if you’re buying.
Renting a property: If you plan to rent out a property, you need to know how much it’s worth in order to set the rental price. Rent is usually around 10% of the value of the property, though sometimes it’s less.
Mortgaging a property: When you get a mortgage, it is usually your property that is put up as collateral. This means you need to have a clear idea of the value, which will affect what type of loan you’ll be offered.
Transferring a property: Are you giving up your property or having someone gift it to you? You’ll still need to pay stamp duty and this is dependent on the value of the property itself.
Taxes: The value of the property will also affect and determine how much you pay in taxes, including municipal, property, ground rent, vacant land, and wealth tax.
All of these are excellent reasons to determine the value of the property. Knowing what it is worth will allow you to move forward with the next steps in getting a loan or setting a price on the property.
In this situation, a chartered surveyor will go over the property and look at the area around it as well. They will carefully consider any structural defects, what nearby homes have sold for, and other factors to ensure that the property valuation is as accurate as possible.
3. Management of Your Lettings
Do you rent your home or another home? If so, you know how frustrating it can be to deal with tenants at times. They may create a lot of friction in your life. The simplest way to make your life easier is to hire someone to manage your rental properties.
If you only have one place that you rent out, you probably don’t require a manager. However, if you rent a block of flats or several homes, you can outsource this and enjoy the benefits without the hassle.
4. Selling Your Property at Auction
Once you’ve decided to sell your property, there are many ways you can manage the actual sale. However, if you want to drive the price up and get the most possible, you can sell the property at an auction. This will require having a property specialist who can arrange it all for you. The auctioneer is the one who will handle the sale and it’s best if you can check their history to determine just how well they’ve done on previous auctions.
Does the auctioneer get the best prices? Do you feel they can reach your valuation? By examining their previous records, you’ll have a much better idea of how likely your property is to sell for the desired price and possibly more.
Before selling, you should get an auction appraisal. This will help you to determine what the price should be set at. However, in most cases, you can get a better price and faster by putting your property up on auction. Pitting buyers against each other is an excellent way to prevent being undercut and to drive prices up.
If you have planned to sell your property, this could be the best way to earn more money from the whole process.
5. Party Wall Matters
Neighbours can be a huge issue, particularly when you want to do renovations or any type of changes to a party wall.
A party wall is a wall that is shared by people on either side of it. When one party makes a change to the wall that affects the other, disputes can arise. You may need some outside help when dealing with a situation like this, whether you are on the side that is making changes or vice versa.
Any time a project will affect those on the neighbouring side of the wall, everyone affected must be notified. If you find that you are caught up in a power play dealing with this, you may need to call in the experts. Property agents may be able to help you smooth over the situation and figure out a way to ensure everyone benefits from the changes.
Property disputes can be quite difficult for all involved and can become quite heated. This is why it’s helpful to have some experts on your side to advise you and to help prevent an ugly situation.
If you’re still looking for someone to help you out with a property issue, contact us to find out how we can aid you.