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Moving into a Retirement Home — Top Tips

There comes a time for many people when round-the-clock care or medical supervision is needed. This is often a very distressing time, as it involves leaving behind a much-loved home — and the independence it provides.

Whether you’re thinking of a move to sheltered housing or helping a loved one to make the move, there are several issues to consider. As well as the lifestyle changes involved, you’ll also need to think carefully about the various financial implications.

Talk things through with friends and family before moving into a retirement home

Moving into a retirement home is always a big step. There are pros and cons involved, and you may not be able to assess them on your own. Ask your loved ones for their opinions. Is it the right time? Are there alternatives? For example, you might find that family rally round and give you the support you’re looking for.

Moving into a retirement home tips

There may also be the option of moving in with a relative. This might be the best option if you’re moving simply for the company. Selling a house for your retirement means you might be able to contribute to some of the bills.

Assess the costs of moving into a retirement home

The initially quoted cost of your new retirement home might seem affordable. You might even qualify for free or subsidised care. But never take the cost at face value. Make sure you get a full breakdown of all service charges and additional fees. The bigger the grounds, the higher these fees are likely to be.

And while there may be a range of activities to try out, find out how much they all cost. Some might be included as part of the package. Others, however, will need to be paid for separately.

Are there any exit fees?

Signing up to a private retirement community may involve a contract and a hefty deposit. But what happens if your circumstances change shortly after moving in? Your health might deteriorate, or you may be presented with different opportunities. Before you sign on the dotted line, check the terms and conditions. How easy is it to get out of the contract? Is there an exit fee involved?

Check whether or not you can sublet your retirement property, as this could be a good way of getting out without losing a small fortune.

Shop around

Moving into a retirement home - tips

There are now thousands of high-quality retirement homes across the UK. Before you choose one, make sure you’ve checked out at least four or five. Visit each one and compare the rental charges. Take the time to investigate the terms and conditions thoroughly. The ability to move on quite cheaply might be the deciding factor in your decision.

It’s also worth remembering that there are several types of retirement lease available in the UK. You can also buy a unit instead of renting it. However, you’ll need the capital upfront. But if you have it, this could be a good investment and a way of saving money. Of course, you’ll need to sell your existing home fast. But that’s not a problem when you sell to SellPropertyFastCash.

We are national homebuyers who purchase UK properties in as few as four weeks. There are no marketing, price negotiations or upward chains involved. Selling a property this fast could help you to start your new life in a retirement community as quickly as possible.

6 Common Mistakes Made by First-Time House Buyers

The mistakes made by first-time buyers are too numerous to mention in a single article. House buying is a minefield, and it’s normal to make a few mistakes along the way. But knowing what those mistakes are before you buy your first property should help you to secure the home of your dreams without too much stress and hassle.

The main aim is to find a suitable house in a desirable area for a great price. This challenge might sound easy, but it rarely is. And if you don’t have prior experience, you might be in for a tough time.

But worry not! We’re here to help you navigate your first home buying experience. Avoid the following mistakes, and you shouldn’t run into too many difficulties.

1. Not checking your credit score

You can save yourself an awful lot of time by checking your credit score before you start looking for mortgages. The last thing you want is to put yourself through an application process you can never complete. And if you know that your credit score is less than perfect, you can limit your search for mortgages that cater to situations like yours.

2. Not identifying your priorities

Among the most common mistakes made by first-time house buyers is a failure to identify property priorities from the outset. If you simply start bidding on homes you like, you may end up making a huge mistake. Consider the following questions:

  • Do you need to live near your place of work?
  • Do you need good transport links nearby?
  • Do you want a big garden?
  • Do you prefer open-plan living?
  • Do you need off-street parking?
  • How many bedrooms do you need?
  • What’s your budget for renovations?

Get these priorities clear in your mind, and you can fine-tune your property search for success.

3. Not getting your mortgage arranged first

How do you know you’ll get the mortgage you’ll need if you haven’t been approved? Save yourself a lot of time and heartache by getting pre-approved before you start putting in bids. This way, you’ll know exactly how much you can spend. Whittle your prospective homes down according to your budget, and you won’t be left embarrassed further down the line.

4. Aiming for the very top of your house buying budget

So, you got a surprisingly high mortgage offer that expanded your options significantly. Don’t make the mistake of looking for houses at the very top of your range. Judge houses by their merits rather than their price-tag. And don’t forget that there are plenty of hidden costs involved in buying a home. Once stamp duty, fees and legal costs are factored in, the cost of buying your first home could be way higher than you bargained for.

5. Buying with your heart

Of course, there’s always going to be an emotional aspect to buying a first home. After all, this is going to be your refuge from the outside world for quite some time. But don’t get overly attached to any particular house during your search. Try to take an objective approach to property buying. Is it big enough? Can you afford the repairs and renovations? What’s the school like?

While your preferred home might look how you imagined it, there’s far more to consider. Be practical and pragmatic. If it’s not going to serve your needs on a day-to-day basis, move on to the next option.

6. Not getting a survey

House surveys are crucial for first-time house buyers

Understandably, you want to get into your new home as quickly as possible. But failing to carry out the necessary structural checks could backfire spectacularly. Once the house becomes yours, any defects become your responsibility. And that can be a very expensive mistake.

If you’re getting a significant mortgage, the chances are your lender will insist on a comprehensive survey. This will look for everything from damp in the walls to movement in the foundations. But if you don’t need a large mortgage, you may have the option of saving a few pounds by skipping the survey. This is a huge risk, and it’s just not worth taking.

Buying your first home should be fun and exciting. But don’t get too carried away with the romance of it all. Proceeding with caution maximises your chances of a successful first purchase.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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Should I Sell a House Due to Ill Health?

Ill health can have a range of adverse effects on almost every facet of your life. But one of the issues many people struggle with the most is their financial welfare. How do you continue paying the bills when you’re not able to earn?

Are you asking yourself: Should I sell a house due to ill health? If you are, you’re probably worried about what the future holds — particularly if you have a mortgage to pay.

Assess your situation in full. Think about the short, medium and long term. And to help you make the best decision for you and your loved ones, here are a few issues to consider.

How will I pay my mortgage when I’m ill?

Making mortgage repayments every month is a significant commitment. Miss just one or two instalments, and you could find yourself on the wrong end of eviction proceedings.

Do you have illness cover with your mortgage? How long will the policy continue to make mortgage repayments? Do you expect to be better by the time the cover runs out? These are questions you must answer truthfully. If you’re in any doubt about your ability to make your monthly mortgage repayments in the future, you should seriously consider selling your house now.

But selling your house isn’t your only option. If you need several months off — and you don’t want to move — consider an equity release scheme. This allows you to stay in your home while you unlock a hefty chunk of equity for your immediate needs.

Will I have medical expenses to worry about?

One of the great privileges afforded to people in the UK is access to the NHS. But while you don’t have to worry about treatment fees, there are other costs to consider. For example, you might need additional care at home. You may want to adapt your home to cater to your needs while you convalesce.

Should I sell a house due to ill health?

By selling your existing home now, you can get your hands on the money needed to aid your recovery. If you don’t have time to wait for the open property market to produce a buyer, SellPropertyFastCash can help. We buy houses fast. There are no lengthy negotiations or protracted conveyancing processes involved. If the circumstances are right, you’ll receive the money for your fast house sale within a month or two.

If you require long term care, you might be required to pay for it. There is help available from the UK Government, but it’s means tested. You can find out where you stand by checking out the Age UK website.

Is moving house due to ill health really the best option?

Having a lot of equity in your home when you’re struggling with illness can be a huge comfort. A quick house sale or an equity release scheme is a great way to unlock the money you need to get you through such a tough time. But is that always the best option?

Moving house might be a huge strain on your mental and physical health. If so, unlocking equity might be the best option. However, if you’re up to the move, you can make a clean break and a fresh start in your new home. Downsizing your property due to ill health is relatively simple when you sell to a “we buy any house” company.

Should I sell a house due to ill health?

Don’t underestimate the stress involved with selling a house on the open market. It’s tough enough at the best of times. But when you’re ill, it can set back your recovery considerably. A fast house buying company can take a lot of the burden off your shoulders.

Speak to your clinicians

Before you do anything, take the time to speak to your doctors and medical professionals. Ask them what they suggest. It might be that moving house is the last thing you need. An occupational therapist, for example, might suggest that your current home is perfect. Or if you’re determined to sell your property, he or she might help you to choose your next home.

Moving house due to ill health is a huge move. Take your time making the decision, and seeks advice from clinicians, family and friends. And if you need to sell your property to generate much-needed funds, contact us today.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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Should I Buy a House in a Flood Zone?

Climate change will probably lead to increasingly unpredictable patterns across the UK. Areas that were once safe from flooding could become established flood zones over the course of the next century. And you need to know what it means for you as a homeowner.

Perhaps you already have your eyes on a home that’s located in an area known for flooding. While that relatively cheap asking price might be attractive, you could end up paying a lot more for the property in the long run.

Before you do anything, ask yourself: should I buy a house in a flood zone? We’ve put together a few tips to help you make the right decision.

What factors are causing the floods?

Buying a house in a flood zone isn’t always a recipe for disaster. You have to know what causes the floods before you can make an informed decision. Perhaps there’s a nearby river that’s prone to bursting its banks. Or maybe a coastal property is at risk of severe tidal surges.

Buying houses in flood zones

A major cause of urban flooding is inadequate drainage systems. You need to know what you’re dealing with so you can assess the risks and decide whether the bargain is worth it. You should also get an idea of what your building and contents insurance premiums will look like.

How prevalent is flooding in the UK?

According to The Environment Agency, around one in six properties is at a heightened risk of flooding. As a result, large swathes of countryside and coastal areas have been precluded from new house building projects. Unfortunately, some housebuilders continue to erect housing on known flood plains. Contact The Environment Agency if you have any concerns.

Areas of the UK are classified as anything from “high” to “very low” risk. This all depends on the area’s proximity to low-lying coastal areas, rivers, and known flood plains. Just remember that these areas are increasing in quantity and size. It’s worth checking the website regularly.

How does flooding affect home insurance?

Even areas at a slightly heightened risk of flooding attract higher-than-average insurance premiums. If you live somewhere that’s deemed “high risk”, there’s a good chance your insurer will request an “Insurance Related Request Letter”. This must be obtained from The Environment Agency. But getting the document could result in a substantial insurance discount.

Buying homes on flood plains — insurance

Are there additional costs involved?

The most obvious additional cost is the extra insurance premium you’ll need to pay. But that’s not all. Some insurers will refuse cover unless you make improvements that can mitigate the effects of flooding. You may also need to demonstrate to your insurer that you have contingency plans in place in case the worst happens. This might include access to a pump and a supply of sandbags.

What other flood prevention measures can I take?

There are certain things you can do to your harm that can reduce the effects of flooding. The simple steps to take include installing tiles instead of carpet and installing waterproof doors. Also, make sure that all your power points are several feet from the floor. Most builders install them just a few inches from the skirting boards. It’s also a good idea to fit non-return valves in all your drains.

Selling a home in a flood zone?

If you’ve already bought a home in a flood zone, you might be keen to cut your losses and sell. You’ll need to be honest about the risks to potential buyers. And it’s a good idea to keep written records of flooding events and the subsequent repairs you carried out.

But the merest hint of a flooding risk can make selling a house very difficult. If you’re in a hurry to sell a house in a known flood zone, a “we buy any house” firm such as SellPropertyFastCash can help. You get a fair market price based on the risks involved, and you don’t need to worry about time-consuming processes such as marketing and conveyancing.

For more information on how https://www.sellpropertyfastcash.co.uk can help you find cash buyers for your house please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

9 Things You Need to Know About Saving for a House Deposit

Since the housing crisis of 2018, banks have imposed a range of tighter restrictions on mortgage applications. The days of the zero per cent mortgage are long gone.

You’ll need a minimum of a five per cent deposit. And because house prices are at record levels, you’ll need several thousand pounds to be considered for a home loan.

Getting that kind of money together isn’t easy. It requires hard work, organisation and a lot of sacrifices.

To help you on the house buying path, we’ve put together 10 top savings tips for saving for a house deposit.

1. Cut back on your spending

To save tens of thousands of pounds, you’re going to need to stop the more frivolous aspects of your spending. Stop buying those morning coffees, and cut back on your trips to the local restaurant. Go through your bank statements, and look for opportunities to save money. The more frugal you are, the faster you’ll get your deposit together.

2. Open a savings account

Don’t leave the money you’ve saved sitting in your current account. You’ll always be tempted to spend it on frivolous things. Open a savings account, and transfer your spare cash into it as regularly as you can. And make sure you get a good rate of interest and tax-free savings with an ISA.

3. Set yourself goals

Saving for a house deposit

Set yourself monthly savings goals. Start a diary and set a realistic goal every month. But take into account any significant spending commitments you can’t avoid. By splitting your savings target into manageable chunks, you won’t lose heart when progress is slow.

4. Sell unwanted items

Go through all your possessions and set aside anything that you don’t need or want. Hit the local car boot sale to sell your cheaper, everyday items. If you have expensive items worth selling, list them on eBay or at local auctions. If you have a car to sell, list it on a car selling site, on Facebook or in the local newspaper.

5. Downsize your home

Renting a home in the UK is more expensive than ever. If you’re prepared to live in a smaller home or a less popular area, you might be able to save a lot of money every month. Downsize your rented house, and transfer the money you save every month into your savings account.

6. Create a spending budget

Don’t leave anything to chance. Create a monthly spending budget that includes all your essential outgoings. And be realistic. For example, never spending money on leisure activities and treats isn’t sustainable. Make space in your budget for these things.

7. Set up a standing order

Saving for a house deposit

Don’t let your bad memory get in the way of saving for a house deposit. Set up a standing order with your bank, so the money is transferred automatically every few weeks. Set the payment date to your payday, so the money leaves your current account before you can spend it.

8. Find an additional income

The quickest way to save a house deposit often involves increasing your income. Whether you ask for overtime at work, take in a lodger or find a second job, every little helps. Just make sure the extra money you make all goes into your savings.

9. Ask your parents

Buying a home in the UK is harder than ever for first-timers. House prices are higher than ever. And the average income precludes a lot of people from getting on the property ladder in their area. But asking the bank of mum and dad for help could be the answer. Whether this involves dipping into savings or an early inheritance, a gift or loan from a loved one can get you on the housing ladder fast.

If you’re disciplined and determined, there’s no reason why you can’t save for a house deposit in just a year or two.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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Do Broadband Speeds Affect House Prices?

Broadband speeds are still woefully low in many areas of the UK. People in rural areas are still struggling to get speeds that can handle streaming the likes of Netflix and Amazon Prime. And if you’re a homeowner affected by this issue, it might be doing damage to your property’s market value.

A 21st-century problem for homeowners

The traditional factors that affect house prices still apply today. Whether you have a large garden, the proximity of transport links and the performance of schools in the area all play a part in setting house prices.

But a relatively new factor at play is the average broadband speed in the neighbourhood. More and more of what we do requires a speedy connection to the Internet. If an area simply doesn’t have the infrastructure to support the necessary speeds, interest in homes there suffers. Put simply, fast broadband is non-negotiable for more and more house buyers.

According to Hyperoptic, the demand for superfast broadband continues to grow. A recent survey revealed that 60 per cent of the 3000 people questioned said that speedy Internet access was more important than having an extra bedroom.

Explore all the possibilities in your area

Do broadband speeds affect house prices?

If you’re in the process of selling your home, do everything you can to find a fast broadband service. While you might have to pay a little more than you’d like, the outlay could add thousands to the value of your home.

The Hyperoptic poll revealed that the respondents who prioritized fast broadband in potential homes were very likely to disregard a property that offers less than 9mbps. If your current broadband provider provides less than this, you stand to lose a lot of value in the open market.

But there’s good news — if you can find superfast broadband, that is. According to Hyperoptic, having a broadband speed over 100mbps could add up to £23,000 to the value of your home.

What’s the minimum broadband speed I need?

If you want to secure the average house price for your area, you’ll probably need to offer a minimum speed of 18mbps. If you live in a large town or a city, this shouldn’t be an issue. However, you might find that only one or two providers can deliver what you need — curtailing your options significantly.

Do broadband speeds affect house prices?

But if you live in the country, there’s a good chance you’re still connected to the Internet via old copper lines and antiquated telephone exchanges. If that’s the case, you’ll be lucky to find broadband speeds of 5mbps.

What can I do if there are no options?

Unfortunately, there’s not very much you can do if there isn’t any fast broadband infrastructure in your area. Reach out to all the major providers, and ask when (or if) they plan to increase speeds in the near future. Get your neighbours to do the same. If there’s a demand, a company will agree to install fibre-optic broadband in the area eventually.

Until then, you might have to settle for a slightly lower-than-average sale price. And if you can’t find a buyer because of your woeful Internet speeds, Flying Homes can buy your home for up to 100 per cent of its current market value.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

Quick House Sale

Should I Buy a New-Build Home?

The population in the UK is rising fast. So much so, there’s a real housing crisis that is making life a misery for families up and down the country. According to Crisis, we need another four million homes just to keep up with demand.

In many areas of the country, your best chance of getting on the property ladder involves the purchase of a new-build home. But a modern property isn’t for everyone. If you’re not sure, consider the various pros and cons involved in buying a property directly from a builder.

The pros of buying new-build homes

You choose what your home looks like

If you’re involved in the building project from day one, there’s a good chance you’ll be able to choose a range of features and fittings. You may get to choose paint colours, kitchen cupboards, tiles, taps, light fixtures and a lot more besides.

In most cases, a new-build home is delivered to its new owner with the bare minimum of decorative features. This means you have a blank canvas on which you can express yourself. When you buy an older property, this isn’t always the case.

There are usually fewer issues to deal with

New-build home snagging

When you buy a new-build home, you can be fairly sure that it’s ready to move into. You don’t have to worry about things breaking down or failing shortly after you move in. And even if there are problems, your builder is legally responsible for putting them right.

And it’s not just structural issues you don’t have to worry about. Buying from a developer means you don’t have to worry about the upward property chain collapsing.

There’s often help

You’re much more likely to get help from the government to buy your home if you’re dealing with a major developer. The likes of Help to Buy and Start Homes Initiative can make getting on the property ladder a lot easier — and cheaper. Schemes such as these are often developed in conjunction with national house builders, so the entire buying process is simple and accessible.

Homes are built to modern standards

Building and environmental standards change fast these days. You can now be certain that a new-build house complies with all the various energy-efficiency and building guidelines. This isn’t always the case with older homes. An energy-efficient home is usually easier to sell than older properties. And such a home can drastically reduce your energy bills.

The cons of buying new-build homes

They’re often more expensive

New-build homes

Buying a new home from the builder gives you a property that’s ready to move into. You won’t need to do any repairs or improvements, and that’s something you might have to pay a premium for.

There are often better bargains to be found if you’re prepared to move into an older home. Yes, you might have a lot of work on your hands, but the price you pay is significantly lower than it is for the average new-build.

There’s an element of the unknown involved

New-build homes are being snapped up very quickly these days. And in some cases, they’re being bought before ground has been broken. To make sure you don’t miss out on the new-build of your dreams, you’ll have to sign a contract and pay a deposit before you’ve seen your new home. And that’s always slightly risky. While your prospective new home might look great in a brochure, you can never be sure until you’re looking at bricks and mortar.

New-build homes often suffer from niggling issues

Not all new-build homes are delivered to their new owners in perfect working condition. In fact, there are often teething problems during the first few months. It’s not unusual for builders to be working on snagging lists long after a property changes hands. Issues such as cracking walls, movement, faulty plumbing and damp do arise from time to time. If you’re buying an older home, a survey will identify such issues before you commit.

Most people are very happy with their new-build home — even if there are a few teething problems at first. But it’s always best to be aware of the worst-case scenarios before you take the plunge.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

Selling Houses For Cash

Getting on the Property Ladder: A First-Time Buyer’s Guide

The UK housing market is still in rude health, but raising finance is still difficult for first-time buyers. The days of the 100 per cent mortgage are long gone. If you’re a first-time buyer trying to get on the property ladder, you need a good credit rating and a hefty deposit.

Buying your own home for the first time is a minefield. You may have to jump through hoops to raise the finance you need. That’s why we’ve put together a brief list of tips for getting on the property ladder.

Consider shared ownership

Mainstream banks and mortgage providers now lend between three and five times the applicants’ annual salary. If the home of your dreams requires more than this, the chances of securing an approval are low.

But you can tip the balance in your favour by looking for homes that offer shared ownership. You get to buy a share in the property (typically 25 to 75 per cent). The rest of the house is owned by the developer or a housing association.

Shared ownership drastically reduces the mortgage and deposit you need. But it’s not without its drawbacks. You may be required to pay rent on the share you don’t own. And you must have permission to make any significant changes to the property.

The UK Government runs three schemes under the Help to Buy initiative: Shared Ownership, Equity Loan and a specialist ISA. Check out the website for more details or talk to a financial advisor who specialises in property.

In most cases, you’ll get the option of buying the rest of the property at a later date.

Team up with someone you know

Getting on the property ladder

There’s nothing stopping you from buying a home with someone other than your partner. For example, if you and your best friend want to buy together, you can apply for your mortgage together. This means you only need to find half the deposit. And you can combine your salaries to increase your budget.

Find a guarantor

A few mortgage providers will allow you to assign a guarantor to your mortgage agreement. This usually has to be a close relative, however. The person you choose must demonstrate that they are in a position to make the repayments if you fall behind. As soon as you miss a payment or two, the institution will chase the guarantor for the arrears.

A guarantor will usually need to provide collateral in the form of their own property. However, other forms of collateral are sometimes accepted.

By finding a guarantor with the necessary assets and a good credit history, you may be able to apply for a larger mortgage. And the lender may consider accepting a far lower deposit. Being a guarantor is a good way for parents to help their children onto the housing ladder without handing over huge sums of money.

Don’t pull the trigger until you’re ready

Getting on the property ladder

Being in a hurry to move into your first home is understandable. But moving too early can end up costing you money and unnecessary stress. Don’t buy your first home until you are financially stable.

If you have to move into your parents’ home while you save your deposit, so be it. Paying rent to a landlord means you’re paying off their mortgage instead of your own.

Before you sign on the dotted line with your mortgage provider, crunch the numbers as many times as you can. Will you have enough money after paying your mortgage to live your life? And what happens if you suddenly lose your job? Do you have a financial buffer or contingency plan?

Buying a first home is a big step. This milestone event often happens at a time in our life when we haven’t yet reached our financial peak. While things might be tight, make sure they’re not dangerously so. If you lose your home to repossession early in life, getting back on the property ladder later might be almost impossible.

If your first-time house purchase didn’t go to plan, we can help you move on fast. We buy houses for up to 100 per cent of their value. This means you can raise the funds you need for debt repayments, your next purchase or to avoid repossession. In many cases, we’re able to complete the purchase of a home within just four weeks.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell a house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

I Want To Sell My House Fast

Everything You Need to Know About Buying a Second Home

Whether you’re looking for somewhere to enjoy holidays or an investment opportunity, buying a second home requires financial planning and a thorough understanding of the process.

We’ve researched the process to help you navigate what can be a complex house buying journey.

Securing finance for your second home

If you have the cash to buy your second home, the process is straightforward. Simply make an offer. And when all the legal paperwork is in place, transfer the cash.

But what happens when you need to raise finance to buy your second home? If you already have a mortgage for your primary property, the process can be complicated.

Financing a second home

You will need to demonstrate to the bank that you can comfortably afford the repayments on both your home loans. In most cases, you’ll need to demonstrate you have the required income first. You can’t, for example, tell the lender that the rental income from your holiday home will cover the repayments. After all, holiday rentals are seasonal in nature. There may be long periods of the year when you receive little or no income from the property.

You might be able to secure finance against any equity you have in your primary property (the home you live in). Buyers can often obtain favourable terms if they have significant collateral. But you’ll still need a sizeable deposit — perhaps a lot more than the five per cent average.

Paying tax on a second home

You’ll have to pay stamp duty when you buy your second home — regardless of the price you pay. The rate is 3% on properties up to £125,000. The rate increases on a sliding scale as follows:

  • 5% for properties over £125,000
  • 8% for properties over £250,000
  • 13% for properties over £925,000
  • 15% for properties over £1.5m

For tax purposes, you must decide which is your main home. If you choose to sell your second home, and make a profit in the process, you’ll have to pay capital gains tax. However, it’s important to get advice from an accountant. You can offset any more you pay for agent’s fees, legal costs and stamp duty against any profit you make. This means you probably won’t pay tax on the total amount of profit — just the net profit you make after deducting all your expenses.

Letting your second home

Letting a second home

Before you buy a home to let, investigate the local rental market. You need to be certain that the rent you can achieve will cover your mortgage repayments and expenses.

You will also need to register for self-assessment tax returns. Even if you don’t make any profit, file a return anyway. List all your expenses, and keep records of everything.

As a tenant, you have certain legal obligations to fulfil. For example, you’ll need to pay for an annual gas safety inspection. You’ll need to attend to repairs as quickly as possible. And you’ll also need to buy landlord’s insurance cover.

There are usually several steps you need to take before you can list your second home in the rental market. As well as fulfilling your legal obligations, you may need to make cosmetic improvements. List all of the costs involved BEFORE you buy the property. The potential return on your investment may make the entire endeavour unprofitable.

However, if your goal is to simply cover costs until you can sell your second home for a profit, breaking even might be sufficient.

If you’re left with two homes and need to sell one of them quickly, Flying Homes can help. We buy property fast, and for up to 100 per cent of market value. Buying a second home can be risky, but we’re here to help if things go wrong.

For more information on how https://www.sellpropertyfastcash.co.uk can help you get a fast house sale please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

We Will Buy Your House

Can Spring Cleaning Help You To Sell Your House Fast?

Spring is about new beginnings, and what better way to reboot your home than by spring cleaning it. Springtime is also a great time to sell a house, as there are usually more buyers around. But can spring cleaning help you to sell your home fast?

Yes — to a point.

But you’ll need to do more than vacuuming and polishing. Your spring clean must include all those niggling repair jobs you’ve been putting off for so long. Think about your spring clean as a way to get your property ready for viewings.

A clean, well-presented home in good repair maximises the chance of finding a buyer quickly. And to help get you there, we’ve compiled a list of simple spring cleaning tips for selling a house fast — and for the best possible price.

Get the carpets cleaned

Carpet cleaning for fast house sale

You probably don’t need to replace all your carpets to impress prospective buyers. Professional cleaners use state-of-the-art cleaners and strong carpet shampoos to remove dirt and stains. You might be able to restore your floor coverings to their showroom condition.

Deep clean the bathroom

The bathroom is one of the most important rooms in the home. It has to be functional, but it must also be clean and presentable. This is why it should be one of your cleaning priorities. And a quick once-over with a cloth and a cleaning spray probably isn’t going to deliver the results you need.

Pay attention to the following:

  • Clean tile grouting with white vinegar or steam
  • Remove mildew and mould with an appropriate cleaning agent
  • Remove limescale from taps, plugholes and showerheads
  • Remove soap scum from your bathtub and shower
  • Remove grime from all your kitchen furniture
  • Clean the windows thoroughly
  • Clean mats and runners
  • Ensure only fresh towels are on display during viewings

Deep clean the kitchen

Another important room for prospective buyers is your kitchen. This is where a lot of families spend most of their time these days, so it has to be spotless. Don’t take shortcuts here. Clean and degrease the entire room. And make sure you move appliances to clean underneath them. Buyers should take one look at your kitchen and feel comfortable eating in it.

Neutralise

Neutral colour schemes maximise appeal to house buyers

If you already have neutral colour schemes, make sure all your walls are clean and free from dust. Don’t be afraid to give rooms a fresh lick of paint to neutralise decor. The likes of white, cream and magnolia have universal appeal.

Clean your windows

There are many reasons why you should spend extra time on your windows. They’re crucial in creating so-called kerb appeal. And they play a key role in generating clean spaces. But perhaps most important is their impact on the natural light in your home. Natural light makes spaces feel larger and airier. Brightening up your home by allowing light to flood in can make the entire property feel brighter and more spacious.

Tip: Get a professional window cleaner to clean your windows and window frames just before you start welcoming prospective buyers to your home.

In short, clean your home from top to bottom just before you start hosting property viewings. Cleanliness is crucial in allowing people to imagine themselves in your property. Get it right, and you can speed up the house sale process considerably.

But if you still can’t find a house buyer, we can help and can complete many purchases within just four weeks.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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