Is it a Good Time to Buy Property?

Prices are up, prices are down, prices are stable…the newspapers are full of good news, bad news and indifferent news about Britain’s favourite subject (after the weather)…the property market!

 I have had an interesting chat the other day with a chap who lives in the local area and was thinking of buying a buy to let property in Dorking and he wanted my opinion on the state of the market and if it was a good time to invest. 

He was particularly worried that with all the newspaper headlines of an uncertain market, there would not be any demand from tenants. One of the best pieces of advice I can give to those looking to invest in property is a simple trick of the trade. You can judge the affordability of an area’s property market (and thus how much demand there could be) by simply finding the ratio of the average property price to the average salary. The lower the ratio the more affordable property is.

When we put this to the test, we found out that Dorking currently has an average property value of around £462,865. The average salary for someone living in Dorking is estimated £29,028 giving a ratio of  15.94 to 1.

Most lenders will only lend up to 4.5 times the income, so to buy that average house in Dorking at £462,865 a first-time buyer would need a salary around 100k and even then, would need to raise the 5% deposit. Which when your take into consideration buying fees, will be in the order of £27000.

The questions I seem to be asked on an almost daily basis by landlords are:

•       Is the time right to buy another buy to let property in the local area and if not local, where?

•       Are there any local property bargains out there?

When considering this landlord’s buy to let portfolio, yields can be in order of an average 4% - 6% per year, depending where you buy, so combine that with a steady rental growth, excellent increases in capital values of the properties themselves and it could be a good time to invest in the local property market.

Tenants inabilities to raise that sort of money for the deposit is driving demand for rental property. If you would like some advice about buying to let, be you a landlord with a portfolio or someone thinking of investing in the rental market for the first (second or third...)  time, please do give me a call on 01306 880442 and we can book a discovery meeting.

 

How to Let or Sell your Home this Autumn

Maximise your chances of letting or selling your home this Autumn.

The summer holidays have gone, the kids are back at school and normality returns. If you are thinking of letting or selling your home, now is the time to do it. The property market often sees a surge of people looking to move before Christmas. Whether your property is empty waiting for a loving tenant or buyer  to move in or your tenants have given notice- there are lots of things you can do to maximise its potential.

Check Gutters and Roofs - These easily get clogged up with falling leaves. Don’t wait for your current tenant to report your gutters are full and over flowing during a downpour. Get them cleaned and checked regularly and check for any missing/slipped roof tiles. It is little things like this that bring top quality tenants.

Gardens - Empty properties with gardens can soon become overgrown and full of leaves this time of year. So clear away any leaves and summer memorabilia (barbecues and furniture) Properties that have tenants packing to leave might not have the gardening at top of their mind and probably will not take care of it until a week before they move out. Why not offer a one off garden tidy up. Neat and tidy gardens this time of year really sell.

Windows - Try to keep windows sparkling clean. Tenanted property? why not include this in your tenant incentive when clearing the garden and gutters. Clean windows are such a great way to enhance natural light and create bright rooms.

Warmth-  If your property is empty and the Autumn temperatures really begin to drop set the heating to come on 30 minutes before the viewing. But remember don’t go too hot, the last thing you need is a stuffy house which sees your viewers rush to the door.

Home Staging tips for Landlords

Home staging really does work. From well kept gardens, summer outdoor furniture and some cleverly placed items. But what happens when you have an empty property waiting to be let or your have tenants moving out.

Even though a tenant isn’t looking to buy they still want to live in a clean, comfortable home. Tenants still want to be proud of where they live even if its not their own property. If you want to maximize your rent in a competitive market, or make your property more appealing in a slow market, consider home staging.  

Here are some tips to get you started-

Start with the front garden- This is the first thing potential tenants will see and you want to draw them in from the start.

Make a grand entrance - You need to make an impression, the homes entrance will have a huge impact on how potential tenants feel about the property. What do you want potential tenants to see when they open the front door? Make it welcoming, inviting and warm.

Kitchen the jewel of the home- When you think about the most heavily used room, chances are it is the kitchen. From cooking or eating to socialising and entertaining. Make sure the kitchen is clean, clutter free and well lit. The work tops should not be full of items but some staged items to give a tenant an idea of how they could use the space.

Less is more- Do not over do the home staging. Over staging homes could end up looking cluttered. Do not distract key focal points such as fire places and windows with views. Remove furniture that block walk ways.

Lighting- Change your old style energy saving bulbs to the new halogen ones, this gives a more crisper light.

Curtains and Blinds- Providing curtains and blinds is such a helpful thing to do as a landlord and finishes off your property.  Keep curtains and blinds neutral, good quality and make sure they are correct length. Keep them open during the day to make the most of the natural light.

Love these tips but unsure how to home stage your property whilst tenants are still there? Call Charlotte for your free FULL home stage appointment.  

We really are letting faster than the leaves falling from your trees.

What to read next:  Why is September a good time to Let your property?

What to do next: Download your copy of What Every Landlord in Surrey Should Know Before Renting

Speak to Charlotte:  If you need some help with your buy to let search or current rental property I would love to hear from you. Drop me a line at charlotte@perrenproperty.co.uk or call me on 01306 880 442

How to let your Home this Autumn - Maximise your chances of letting your home this Autumn.

The summer holidays have gone, the kids are back at school and normality returns. If you are thinking of letting your home, now is the time to do it. The property market often sees a surge of tenants looking to move before Christmas. Whether your property is empty waiting for a loving tenant to move in or your tenants have given notice- there are lots of things you can do to maximise a let.

Check Gutters and Roofs - These easily get clogged up with falling leaves. Don’t wait for your current tenant to report your gutters are full and over flowing during a downpour. Get them cleaned and checked regularly and check for any missing/slipped roof tiles. It is little things like this that bring top quality tenants.

Gardens - Empty properties with gardens can soon become overgrown and full of leaves this time of year. So clear away any leaves and summer memorabilia (barbecues and furniture) Properties that have tenants packing to leave might not have the gardening at top of their mind and probably will not take care of it until a week before they move out. Why not offer a one of garden tidy up. Neat and tidy gardens this time of year really sell.

Windows - Try to keep windows sparkling clean. Tenanted property? why not include this in your tenant incentive when clearing the garden and gutters. Clean windows is such a great way to enhance natural light and create bright rooms.

Warmth-  If your property is empty and the Autumn temperatures  really begin to drop set the heating to come on 30 minutes before the viewing. But remember don’t go too hot, the last thing you need is a stuffy house which sees your viewers rush to door.

Can't wait to get started?  How about one more cup of tea first, and read our Autumn Home Staging tips for landlords to add that extra sparkle in your investment. Click Here 

Enjoy.

September you often see a splurge in the property market whether you are letting or selling. But why is it so popular.

Indian Summer - September in recent years has seen some great weather. The trees are still green and the grass is still growing.  Your house will look great in photographs and you can still capture the summer sun. Plus; more than likely you will still have a high chance of  getting the best weather on viewings.

Schools - The schools are back and for many the routine is back. It's hard to keep homes tidy when your children are off school and with lots of events and holidays scheduled it's also hard to maintain and manage your investment property. For many September is the time to get back to normality.

Earlier night - That’s right, this is always attractive as when the nights are longer your viewers can’t view too late into the evening.  That means they’ll come during working hours, so you’re tenants normal routine isn’t disturbed! 

September really is a great month to find tenants.  Why don’t you download What Every Landlord in Surrey Should Know Before Renting.

Until Next Time...

What to read next:  Swimming Pools Landlord or Tenants responsibility What to do next: Download your copy of What Every Landlord in Surrey Should Know Before RentingSpeak to Charlotte:  If you need some help with your buy to let search or current rental property I would love to hear from you. Drop me a line at charlotte@perrenproperty.co.uk or call me on 01306 880 442