The latest from John Thorogood


Welcome to our March Newsletter, where we bring you the news that purchasing a home is at its most affordable level for a decade. With purchasing a home now such an attractive option, we have put together a step-by-step guide to selling your property - perfect if you have never sold before. We also offer some handy hints and tips to a successful spring sale - sure to help your property gain plenty of viewings! Finally, with our wealth of experience in the area we have put together a list of our recommended property people who will be able to provide you with a tried-and-tested service. 


It takes just 8 minutes to decide on a property

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.
 

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not and six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture or issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room which preventing the buyer’s imagination from running wild led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home, both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property, so ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.



Step-by-step selling process

 
 
Moving home is consistently included in the list of life’s most stressful activities, up there with marriage and starting a family. We like to make this process as simple as possible in order to keep the transition to your new home straightforward and enjoyable, so take a look through our guide and start your stress-free move with us…

1) Cash is king

First and foremost in our guide to selling is your finances – getting these in check will go a long way to smoothening out the whole process. Speak with your bank or mortgage provider to let them know your intention of moving in order to understand your financial position – for example, are there any charges for paying your mortgage back early? Of course, organising your new mortgage or understanding your options either with your current provider or elsewhere will put you in a good position when you are ready to move. If you need help we can recommend people to speak to.

2) Don’t budge on the budget

Once you have understood your position with your current mortgage, it is important to consider what it will actually cost to sell your home and budget for this accordingly, in order to avoid any nasty surprises during the selling process. Of course, estate agency fees should also be budgeted for as these are the foundation to selling your current property, but don’t forget the EPC document which sets out the energy efficiency of your home which is a necessity for a seller to provide. There are also conveyancing fees for your solicitor or legal conveyancer, as well as removal costs – don’t forget to factor in how much it may cost to move your possessions.

3) Fail to prepare, prepare to fail

You have your financials in place, you know how much it is going to cost to sell your property, as well as what your mortgage options are moving forwards, so it is time to get hands-on with the property sale. Prepare your property for selling in order to encourage a quick sale will put you in a better position to make an offer of your own on a property. The premise is simple; allow others to imagine themselves in your home by decluttering and showing off the raw potential that your property can offer to them. By decluttering the surfaces and removing the majority of your personal items and mementos, a buyer will be able to imagine their own possessions in your home and therefore be more likely to purchase your property. If necessary, bite the bullet and make the bigger changes – a fresh lick of paint here and there, a tidy up of the garden or a new bathroom suite will all help you to sell more quickly.

4) List early

To avoid missing out on your dream property, get your house on the market as early as possible – sometimes this may seem like you’re listing too early, but don’t be afraid to take the plunge. Listing your properly early will also help to focus your mind on the fact that you have made the decision to sell, and encourage you to be active in your own property search.

5) List with us

Our experience in estate agency and commitment to customer service sets us apart from other agents in the area – if you are looking for a smooth selling process with dedicated professionals, then look no further.

6) Offers galore

Your estate agent is legally obliged to pass on all offers which are made on your property – even if they are unrealistic, so be prepared to receive lots of differing offers and don’t jump at the first one. If you aren’t happy with the offer, you can reject it outright or alternatively if you are pleased with the offer, you can accept it straight away. Between those two extremes, however, there lies much room for negotiation so think carefully about what you’re prepared to accept for your property, and how this will affect your own search for your next property.

7) Say “I do”

Once you have formally accepted an offer, your next move will be to remove your property from the market – often offers will be made with the caveat that your home will be immediately removed from the property market to avoid gazumping (a higher offer being later accepted). At this stage, a formal acceptance is not legally binding – it is simply an agreement so do not rest on your laurels that the buyer is 100% committed; this is where being organised and making the process swift will help to avoid any second-thoughts by the people in your purchasing chain.

8) Contract tact

So, you have accepted an offer on your property. The next stage will be negotiating a draft contract between yourself and your buyer to cover things such as; whether fixtures and fitting are included, if they would like to seek any discounts for anything which has came up in their survey of the property and how long the passage of time will be between exchange of contracts and completion dates. Once the minutiae have been agreed upon, it is time to make the whole process legally binding and exchange contracts – if you pull out after this point then the buyer will get their deposit back and you may well be sued. If this point has passed without a hitch, then congratulations – you have sold your property! Once the exchange of contract happens, you will then have an agreed number of days to move out of the property (agreed when drafting the contracts which have just been exchanged between you and your buyer).

9) Moving day

You can move out right up to your day of completion – we’d recommend not leaving it quite so late just in case there is a problem with the moving process, but you do have the option!

10) Done and dusted?

Completion is official when the property changes ownership (contracts signed and exchanged), payment for the property is accepted and the keys have been handed over. All of these final touches occur on a pre-agreed date to ensure that all parties are in accordance, and there is no break in the selling chain. On this day, the property deeds as well as the money are transferred between the legal teams for each party, who will then register the transfer of ownership with Land Registry. Once the money has been transferred to your legal team, they will pay off the mortgage and you will then only have their fees to cover in order to finish up your sale neatly.



Purchasing a home at its most affordable level for a decade

 
Buyer hesitancy has been a common theme over the last few years, with affordability of housing, Brexit and a lack of confidence in the market frequently coming up as reasons for renters to stay put. It’s understandable that plenty of potential buyers are feeling a sense of unease when it comes to taking the plunge on a house, but the reality is that more and more people are putting their worries aside and searching for that perfect home, even within the current climate.

December saw a rise in mortgage approvals, for instance, and we now have more good news to share due to the fact that affordability is improving at its fastest rate since 2011, meaning that purchasing a home is more affordable than it was ten years ago.

According to mortgage broker Private Finance, the average borrower is saving £104 per month on what they would be paying in 2008, with average monthly payments falling from £804 to £700.

Whilst house prices have risen at a much quicker rate than wage growth inflation over the last 20 years, the broker is insisting that once the initial payment is made on house, monthly repayments are broadly in line with the same levels seen 20 years ago.

“News of the UK property market’s affordability crisis is never far from the headlines,” offered Shaun Church, director at Private Finance. “What we often fail to acknowledge, however, is that thanks to falling rates, those with a mortgage today are in a similar – if not better – position than their predecessors, who owned property at a time when housing was considered vastly less expensive” explains Shaun Church, director at Private Finance.

“Homeownership can be attainable. Those in a position to buy should shop around for the best rates on the market, to ensure they capitalise on the incredibly competitive rates currently on offer. Borrowers should also consider locking into these with a longer fixed term, to cushion themselves against any further rate rises and keep the monthly cost of ownership low for as long as possible.”



Tips for selling your home this spring

 
It has been hard to miss the fact that the days are getting that little bit longer, and the temperatures a little fairer lately. With the sun shining a touch more frequently, and the first sightings of daffodils here and there then there’s no doubt that spring is in the air. With the season slowly revealing itself, this is a great time to sell your home with buyers more active through the spring months than any other time of the year. Follow our tips and you’ll be able to make the most of the changing of the seasons to sell your home…

1) Spring cleaning counts

That long-standing custom of a good spring clean is something you should take to heart if you want to sell your home quickly over the coming months. Washing all of the windows inside and out so that they sparkle, and the same for your windows and doors, will make the right impression to buyers. Make sure your home reflects the fresher spring months and ensure it is clean and bright.

2) Don’t neglect your outdoor spaces

With the weather perking up, people naturally cast a more critical eye on the outdoor spaces of the properties which they are looking at. After a cold winter, it is easy to leave your garden a little unkempt but passing the lawnmower over the garden (mowing diagonally will make the space look larger) and tidying up those outdoor spaces will make your property much more sellable. Although spring is coming, we all know how unpredictable the British weather can be, therefore putting a hardy outdoor mat outside the front door as well as somewhere to pop umbrellas out of the way will save unnecessary dirt and debris being brought in to your pristine property.

3) Spring has sprung

Fully embrace the transitioning seasons by planting flowers at your door – pop a planter outside full of cheerful tulips and daffodils to put potential buyers in the right mood. Pops of colour around the home will also translate into happy and contented buyers, who are therefore more likely to make an offer. Fresh flowers in the house will also make that all-important difference and set the right tone, so fill a few vases and put them in different rooms for a consistent wow factor.

4) Accessorise to the max

A few accessories can make all the difference to the overall presentation of your property and aligning these to spring is perfect for impressing your prospective buyers. Choose soft spring colours to lighten up your rooms – throws, cushions, towels and bed linens are all easy to change over to create the perfect ambiance, and you can take them with you when you sell your property.

5) Smells like a good deal

First impressions are absolutely imperative when it comes to selling your home, with research showing that buyers take only 8 minutes to decide whether they would like to buy a property or not. A fresh smelling property is exactly the right impression, so ensure that you have aired your property, and that there are no untoward scents. A sure-fire way to fill your home with a pleasant and attractive smell is to put some bread in the oven and set a homely, welcoming feel.



John Thorogood's recommendations

From the best electrician to the most reliable solicitor. Over the years we’ve worked with many property people between and around the commons. If you need assistance, we can point you in the right direction…

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