Top Tips To Sell or Let in Current Market

Why the market price is slow?

Let’s start with what most are concerned about; Brexit. That’s right, the whole fiasco is stressful for everyone now be it buyers, sellers’ landlords or renters. There is so much uncertainty how Brexit will affect us.

Asking prices are down across London with Zones 1,2,3 and 6 getting the worst of it. The market is slower taking approximately 89 days for a property to get under offer which is longer than last year. (Rightmove)

The best time to sell a property is traditionally, during the spring/ summer months. For my fellow renters, as I’m sure you know, renting prices are increasing partly linked to Brexit so I would consider buying now, as mortgages are currently lower than rents.

Tips to help you make your property more appealing.

When it comes to homes be them flats, bungalows or houses, we may ask does my home look okay? What could I do to improve it? Will it cost an arm and a leg?

Well the answers to these questions are very simple and not what you think.

Little tricks and minor changes can make a big difference. If you walk into a dark room without the ‘light’ factor, buyers may not find it attractive. When you walk into a room, you will notice you’re drawn to the walls. What would you say if I told you going for neutral colours will make the room stand out.

In rooms, organisation is key to selling or letting, make minor changes to get the most out of the space – wow!

Take away shelves, minimize ornaments rearrange your sofa or table and chairs, making more space.

BEFORE                                                             AFTER

         

If the natural style of the building is 1930’s, going for the authentic old school furniture can help to keep the look uniformed.

 

It’s a good excuse for new bedding! Try some bright cushions, throws, rugs, maybe put up mirrors. Placing lamps in dark corners, along with changing heavy curtains for blind or voiles think, LIGHT, LIGHT, LIGHT!

Cleanliness is one of the main points that we can overlook, it’s a cost-free way to make your home look and feel fresh. Have a spring clean first, followed by weekly tidying, vacuuming and dusting.

 

 Why sell or let with Revere Properties

Selling properties can be difficult, managing buyer expectations and supplying correct information. If you’re a Landlord there’s no denying it, letting can be a minefield – making sure you do ‘right to rent’ checks, having correct and valid certificates, plus, correct and up to date paperwork etc. why not pop into our office, where I work (link below), to discuss your property journey.

http://www.revereproperty.co.uk/

We list our properties on the most popular property platforms, including Zoopla, On The Market and Revere, giving you the chance to be seen by your potential buyer or tenant.

When it comes to selling if you list your property above what it’s worth is just wasting your time, you will gain more interest and sell when listed at the right price.

Revere is a local estate and letting agent we are reliable, friendly and honest and will save you lots of stress, giving you more me time to enjoy spring and summer.

Looking forward to hearing from you.

Sahid Obalola

South London Seller Stays Put

As many of you will be aware the cost of moving can be extortionate, maybe, the reason why many of us will choose to stay where we’ve already made a home ……and made friends, …….become a member of the local gym, ….and shareholder, I mean, regular, at the pub, plus always wanted, but never found the time, to try that Lebanese restaurant at the top of the road!   This is exactly why a South London seller has decided against selling, instead, to stay where he and his family call home, just……. make it BIGGER!

Visiting different properties everyday across areas such as Battersea, Clapham, Balham, Brixton, Tooting and Croydon and continuously reading home and property related material- basically living and breathing property! – we have a good eye for interiors and furnishings.  Here, we are going to look at how to make your home meet your expectations with some basic steps to planning an extension.

1. Architect- Speak to friends, neighbours and colleagues, research recommended companies, or individuals, check they are a member of a recognised body.  A good place to start would be RIBA Royal Institute of British Architects. A quality architect will have knowledge in engineering and understand what can and cant be achieved with a building, thus avoiding costly surprises later in a project.  A perfect example is surveying the ground correctly, being aware of drain distances and depths, or as I recently discovered, being aware a certain tree species in your garden could mean foundations have to be dug deeper than standard depth!  Imagine the building officer visiting site and ordering foundations to be re dug……Eeeek!

2. Builder- Often your architect will be able to recommend builders suitable for your project. Tender the work out and again DO YOUR RESEARCH! (you’ll be able to sign up to Mi5 after completing your extension!) You could try recommendations, or on line reviews, check ‘Companies House’ if they’re Ltd to make sure they are still trading.  Go to see recent work and get to meet builders face to face – seriously ask yourself ‘can I work with this person?’  A friend of mine recently instructed a builder only to find out later he was very domineering and overpowering with decisions being made.  My friend found the whole process extremely taxing!

3. Design-  Consider what you are trying to achieve. More space? More light? A more sociable area? What features would you like-  roof lights? A wall of By-fold doors? Are you aiming for the Renzo Piano style of extensions?  Perhaps designer chic, think of a BoConcept showroom?   Further considerations, a flat roof will be cheaper, however the lifespan is only 10-15 years. A pitched roof? It is more expensive, though can be more attractive and should last 50 years+.  Finishing the build, will you have the walls rendered or maybe have a brick facade? With high demands for quality insulation, what will be the most beneficial?

 

4. Materials- Whats your style? Mine’s a rustic french farmhouse style! Think exposed beams, exposed brick, flagstone floor, oh and lots of candles!….. Again, do your research and get ideas, designers will use a mood board, or apps such as pinterest to gather ideas.  Some clever ideas include- Using tall cupboards- giving larder storage, this is ideal for keeping mops and vacuum cleaners hidden.  Taking cupboards to the ceiling will give a seamless look and will mean less cleaning!  Find a home for your washing machine and tumble dryer, no one wants to listen to the whirring sound of a washing machine during Celebrity Jungle!  You may not wish to blow the budget on kitchen cupboards….so don’t! instead get the carcasses from a mainstream company, such as Ikea, then you can have fancy bespoke door fronts made!  How about a show stopping piece?  That decorative light fitting you remember from your favourite department store, a special piece will show your personality and creates a great talking point for visitors.  The floor will subtly finish a room, why not take it into the garden to visually extend your living space?  Look for a durable, waterproof tile, try porcelain which is hard wearing and can be digitally printed creating an array of finishes, including marble effect orwood effect.  A Battersea Landlord recently used the porcelain wood effect tile and I could not tell the difference! Consider extending a kitchen worktop to create a dining space, keeping the look uniformed. Open shelving can soften your look, offering character, plus giving essential space for displays of books (hopefully you still have some of those!) or CD’s (hopefully those too?!), china, jars, bottles etc. 

 

Now, go and try that Lebanese restaurant which you keep meaning to visit, then get researching for your new extension and…..good luck!

For further property advise please contact Melissa De-Vall and                  Bruno de Sousa at Revere- enquiries@revereproperty.co.uk

 

 

How New Property Tax Laws Effect Landlords

One of my Landlords with a rental property in Tooting recently asked what were my thoughts regarding new tax changes for residential property. For anyone uncertain of these changes, let me explain!-

The Government are restricting the amount of income tax relief Landlords receive on residential property. Landlords will no longer be able to receive tax relief on financial costs (such as mortgage interest). This change is being bought into effect gradually over the next four years –

2017-2018               75% of finance costs can be deducted from property income (previously this was 100%)

2018-2019               50% of finance costs can be deducted from property income

2019-2020               25% of finance costs can be deducted from property income

2020-2021               No deductions of finance costs can be made from property income

This would mean on an average one bedroom flat in Brixton, with a rental income of £1,400.00pcm/ £16,800.00pa and an ‘interest only’ mortgage with monthly payments of £450.00pcm/£5,400.00pa, – Year one (2017-2018), the Landlord would receive tax relief on 75% of the mortgage interest (equating to £4,050.00), leaving them to pay tax on the remaining £12,750.00 of the rental income. For a normal rate tax payer at 20% this would be £2550.00 for the year. It would be prudent to speak to an accountant, as there may be other costs which could be deducted from the rental income before tax.

So, what are my thoughts? Well if a Landlord doesn’t incur financial costs on their rental property this will not affect them. For Landlords with a portfolio of properties, some accountants suggest it could be more beneficial to run as a company, where such costs would be company costs, thought, with this model there are other tax changes to consider. I’ve adopted the thought that becoming a Landlord is a ‘decision’, and when making such a decision, costs must be considered. However there will also be an income generated – even if that income is just paying off the mortgage- it’s still an income, and with an income comes tax.

Until now having tax relief was a bonus that many of us have come to take for granted. Ultimately your rental property is your business, it will earn you money. Keep your property in good condition and keep up to date with legislation- even better, as many Landlords do, have Revere take care of all your property needs whether it be letting or selling.

Maybe its time to flick through a property magazine to get some ideas for your next property venture.

We’re happy to discuss any of your property queries, contact myself of Bruno.

Melissa De-Vall, Revere Property Limited, 020 7223 3922 enquiries@revereproperty.co.uk