31 August 2010

Selling your home is an exciting time and choosing the right estate agent to help you is an important decision. Many people make the mistake of assuming all agents are the same, and opt simply for the company that offers the lowest commission rates or the highest valuation. Don't be fooled into thinking this is all that matters though - there is much more to selling a home than money...

Before you even think about inviting an agent to your home, pay them a visit as a prospective buyer, looking for homes similar to yours. You can tell a lot about how well an agent will do with your own home this way. Put yourself in the position of the buyer - are the staff friendly and helpful? Do they offer you a good selection of relevant properties? How proactive are they at adding you to a mailing list for follow up? If they are happy to let you browse and don't interact, chances are they won't do a good job of selling your home.

Ask for recommendations from friends and family, and look for an agent that is well-established, and who knows the area well.

Once you have a short list of potential agents, invite them to your home to value your property. Prepare a list of questions in advance that you want to ask so that you get all the information you need. You should be finding out about the agent's track record at this stage - how many properties similar to yours have they sold recently? How many viewings do they get on properties like yours?

You also need to make sure you are clear up front on the details - who is going to be doing the viewings and how and where do they intend to market your home? Ask for a copy of the contract, and information about fees, including details of exactly what you get for your money, as not all agents offer the same package of services. If you are not sure about anything - ASK!

Once you have chosen an agent, you should expect plenty of viewings, feedback from potential buyers, and regular updates. You are paying for a service, so don't be afraid to check up on how they are marketing your home and how actively it is being promoted.

17 August 2010

Becoming a landlord for the first time can be a daunting prospect – how do you go about finding suitable tenants, drawing up tenancy agreements, collecting rent?

If you’re thinking of letting a property in Somerset, you can always ask Ware and Co for advice, but in the meantime here are our top tips for finding tenants and securing the best possible deal:

Can you afford it? Earning income as a landlord can sometimes seem like an easy way to make money, but that’s far from the case. Property is a long term investment, and you need to plan your finances carefully in the first instance to make sure your plan is a profitable one. Take into any mortgage repayments, account agents’ fees, maintenance, repairs and void periods, when your house might be empty between tenants. If in any doubt, take independent financial advice.

Do your research: Letting agents will be able to advise you on what to charge for your property, but you may find it useful in the first instance to look around at similar flats or houses in Taunton and Somerset to see what the average rents are. The rent you can charge will depend on factors such as location, proximity to schools, transport links and local amenities, as well as the size and condition of your property.

Keep and open mind: Many landlords make the mistake of being too prescriptive about the type of tenants they are looking for, and excluding certain groups altogether. Stay flexible, and let your agents be your guide when it comes to picking the best tenants for your property.

Keeping up appearances: Just like buying a home, first impressions really do count, so your house needs to be in tip top condition if you are going to attract the right tenants at the right price. Carry out any repairs that need doing, tidy up the front garden, and don’t let yourself down with scruffy paintwork!

If you own a house or flat in Somerset that you are looking to let, Ware and Co can take the hassle out of the process with our tailor-made landlord service. We can do everything from collecting references and rent to preparing inventories. Please contact us for more information about how we can help you let your property.

13 August 2010

With house prices too high for many first time buyers to get their foot on the ladder, the rental market in Taunton and Somerset is thriving, with new properties being let often within days of coming on the market.

If you are looking for a house to rent then, it is important to know exactly what you are looking for so you can move quickly and get the home you want. Here are a few things to bear in mind when you're thinking of renting a property:

Do your research - be clear in your mind about where you want to live and what you can afford, so that you don't waste time searching in the wrong areas. Are you looking for something in Taunton town centre, or so you want a more rural location? Do you want to be close to work or schools?

References - landlords and letting agencies will want to run checks on you, so make sure you have references ready. This might be your employer, current landlord, bank etc. Gather this information in advance, so you are ready to move forward when you find the house you like.

Credit checks - most landlords will also want to carry out credit checks to check that you can afford to pay the rent. Most agencies will want your annual income to be at least three times the annual rent, or 30 times the monthly rent, to be sure the property is affordable for you. If you don't earn enough, you may be asked to provide a guarantor, so if this is the case make sure you have a friend or family member who is able to provide this security for you.

Deposits - although it is cheaper than buying and selling, there are costs involved in renting a new property, so remember to allow for these. In most cases this will include a security deposit (often the equivalent of a month or six weeks rent), a month's rent in advance, and any costs involved in setting up the tenancy agreement and running credit checks. It is also worth bearing in mind costs such as removals, post redirection etc - it all adds up!

To get you started, why not browse the properties currently available for rent in the Taunton area through Ware and Co?

09 August 2010

House prices may be relatively low, but first time buyers are unable to get on the property ladder because lenders are demanding larger and larger deposits.

The latest housing affordability index, produced by Lombard Street Research (LSR) in conjunction with The Sunday Telegraph, shows that houses are at their cheapest relative to disposable incomes than at any time since 2001.

You'd think this would be good news for first time buyers, but the number of new mortgages being approved has actually fallen sharply over recent years.

Financial uncertainty is stifling the mortgage market, with many lenders far more reluctant to take risks. The result is that borrowers are being asked to put down larger and larger deposits.

According to the Council of Mortgage lenders (CML), the average first time buyer is now being asked to stump up a 25% deposit, compared to an average of just 10% three years ago.

05 August 2010

Latest figures from Halifax show average house prices in the UK rose by 0.6% during July 2010, balancing the reported 0.6% fall in June.

The rise is in contrast to other surveys, such as that produced by Nationwide this month, which show house prices falling in July by half a percent.

House prices are known to fluctuate significantly on a month by month basis, and unfortunately this is unlikely to signal the start of an upward climb. Not good for sellers, but reassuring news for anyone looking to buy a house in Taunton.

"Overall, there has been little change in prices during 2010," said Martin Ellis, housing economist at Halifax, "in line with our view that house prices will be broadly unchanged over 2010 as a whole."

The Halifax figures show the average UK property is now worth £167,425, which is 16% below the peak seen in August 2007 but 8.3% above its recent low in April 2009.