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All about buying a 2nd home

More people in the UK own a second home than ever before. In most cases, the second property is an investment opportunity — rented out for an additional income. But some are inherited, and some are bought as a holiday home away from urban sprawl.

If you’re thinking about buying a second home, there are a few issues you should consider before taking the plunge.

Why do I want to buy a second property?

Most people buy a second home as a buy-to-let opportunity. The property earns the owner a steady second income — while appreciating. You may want to buy a small holiday cottage for weekends, or somewhere you and your family can holiday. Some people buy a property with a view to cashing in on it in the future.

Think about your reasons for buying a second home. This should help you decide on the type of property you want.

buying a second home — a cottage

How much will buying a second home cost?

Most second homes are smaller and cheaper than the owner’s principal property. While the cost of buying it might be lower, there are tax implications you need to know about before proceeding.

A second home is referred to as a ‘secondary residence’ by HMRC. Any income you make will be assessed for Income Tax. And if you sell your home for a profit, you’ll be liable for Capital Gains Tax.

There’s also Stamp Duty to consider. Unlike buying your first home, there is no tax-free value on a secondary residence. You not only pay Stamp Duty on the full sale price, but you also pay it at a higher rate.

Can I let my second property?

Not everyone intends to let out their second home at first. Some people inherit property, while others decide running two homes at the same time is unaffordable. This is why you need to know where you stand in terms of the rental market.

The first thing you should do is check with your lender. A lot of mortgages don’t allow letting. You might need to remortgage in order to let out your second home. Even if you decide to move into the second home and let out your primary residence, you’d need to inform the mortgage provider and switch to a buy-to-let loan.

house to let

Do I have time for property management?

As the owner of a rental property, you have some serious responsibilities. You have to make sure your home is safe and habitable. You also have to abide by all the various letting laws in the UK. This all requires managing — as well as time and money. You can leave the day to day management of your rental property to a property company, but this will eat into your income.

Can I develop my second property?

If you have spare cash, you might want to improve and renovate your second property. If you know what you’re doing, you can increase the market value of your home by far more than the cost of renovation.

If the local property market is buoyant, and you’re OK with a little DIY, this might be a good idea. But when demand is even slightly depressed, the risks of property development increase markedly.

Can I use it as a holiday home?

You can use your second property as a holiday home. However, you’ll need to pay Council Tax. You’ll also need to consider the costs of running and maintaining the property. A lot of owners rent out their holiday home for a few weeks each year. This is allowed by most standard mortgages.

If you need to sell a second home fast or raise the money for purchasing one, Sell Property Fast Cash can help. We work with various partners to buy properties quickly and without fuss. In the right circumstances, we can buy a home in just seven days.

How to Sell a House Online Fast

The internet is an excellent resource if you need to sell a house fast. You can stay in control of the process while reaching an enormous audience. But it’s not without its challenges.

While there’s still a lot to be said for traditional estate agents, marketing your home on the internet can save you money — at least on upfront costs. But how do you sell a house online fast? And how do you maximise the sale price you achieve?

We’ve put together a few options to make your first foray into online house selling as easy as possible.

Find a reputable online estate agency

Several national online estate agencies allow you to list a house for sale from the comfort of your own home. They help with marketing and many of the logistics involved, but they aren’t without their issues. Companies such as Hatched, eMoov and PurpleBricks deliver results, but hidden fees and inaccurate marketing are just two of the criticisms thrown their way in recent years.

There are also property directories that allow you to create your property listing for a small fee. Sites like OnTheMarket give you the tools, but you remain in control of marketing and all the other processes involved.

Go it alone

Sell a house online

Nothing is stopping you from taking full control of your house sale online. You can, for example, create your website using a basic site-building service such as Weebly. Upload some quality photos and write detailed descriptions for every room.

If you’re playing the part of an estate agent, you should take every possible opportunity to market your home. Get on discussion boards and forums. Add comments to popular local websites. Stay active on all your social media accounts — using pages and communities on Facebook and hashtags on Twitter.

And don’t be afraid to use an online estate agency or property directory alongside your independent strategies. The more people you can reach, the faster you’ll sell your home.

Sell to a house buying company

Perhaps the fastest and simplest way to sell a house online is to approach a national house buying company such as SellPropertyFastCash. They value your home and make you an offer based on current market conditions. And while you might have to take a modest hit on the sale price, you can shave several weeks off the entire process.

Make the initial approach online by filling out a contact form. You might be asked for basic details of your home, including the address, how many bedrooms it has and its current state of repair. Experts value the property before making an offer.

If you accept the offer, everything else is taken care of by the company. You don’t need to spend time on marketing, property viewings, conveyancing, or worrying about collapsed property chains. In many cases, you’ll get the proceeds of the sale within just four weeks.

A few tips for selling a home online

Take great photos

How to sell a house online

The quality of your property photos is crucial when you’re selling a house online. Make sure the rooms are well lit — preferably by natural light. And only use photos of the highest quality. If you don’t have a quality camera, ask to borrow one from a friend.

Tip: Take a look at the professional photos on estate agent websites. If your photos look inferior, don’t post them. Change your camera or enlist professional help.

Declutter

How your home looks on the screen is 95% of what you’re trying to do. Your property has to look appealing, and it has to allow potential buyers to imagine themselves living there. Get rid of all your clutter and unnecessary furniture. Create the illusion of more space by experimenting with different angles for your photos.

Neutralise

The internet is a great tool for selling houses fast, but you’ll be facing a lot of competition. Most house buyers need to imagine themselves in your home before they’ll even make contact. But this will be almost impossible if your home is filled with niche furnishings and distinctive decor. Opt for neutral shades such as whites, creams, magnolia and subtle yellows.

Pay for a premium listing

One of the reasons you decided to sell your house online might be the need for speed. But cutting costs may also be necessary. Don’t let the desire to minimise the cost of house selling stop you from getting your property listing to the very top of search results.

Paying a little extra for a premium listing with an online estate agent or directory will get your property seen by more people. And that’s always a good thing for both a fast sale and a high sale price.

If you’re keen to sell as quickly as possible, SellPropertyFastCash can help. Complete our simple contact form, and we’ll be in touch. We’ll assess your property and make a fair offer based on market conditions. All being well, you could have the proceeds of the sale in your bank account in just four or five weeks.

What’s the best time to sell a house?

Several factors combine to dictate the health of the property market. But one issue that many sellers forget about is the seasonal nature of the housing sector.

The UK property market experiences periods of high and low activity. The good news is that there’s a pattern involved. By delaying or bringing forward your house sale, you might be able to sell the property fast and for a premium.

But what’s the best time of year to sell a house in the UK? While there are always exceptions to every rule, the facts are pretty clear.

The summer is a relatively slow time for the property market

We all have different priorities in our lives. But there are times of the year when we’re more distracted than usual. Take the summer months of July and August, for example. This is when a lot of people go on holiday or spend lots of time with family.

What's the best time of year to sell a house?

As well as being distracted, people tend to be a little short on cash at this time of year. Why? Because they’re spending a greater proportion of their income on leisure activities. Saving for a deposit or all the various costs of house selling is rarely a priority.

Another reason for the house sale slump during the summer months is the school holiday. Children are at home for anything between five and eight weeks at this time of year. This means parents are too busy supervising their kids and keeping them occupied to worry about buying a new home.

The Christmas period is also a slow month for the property market

From around the middle of November, a huge number of homeowners in the UK start planning their Christmas. This takes the focus away from buying property. And it changes people’s spending priorities. Let’s face it: would you want to move into a new house just a week or two before Christmas?

And don’t expect things to pick up immediately after New Year. Buyers are counting the cost of the festive period. They’re hunkering down in their existing homes, waiting for spring. All in all, the Christmas period and the first six weeks or so of the new year aren’t great times to sell a house fast.

But there is an upside to selling during the winter months. Homes are usually at their cosiest and most homely when they’re lit up and warm. You can create a refuge from the winter winds that might prove very appealing at this time of year.

What is the best time of year for a fast house sale?

houses sell fast in spring

A good time of year for selling houses is autumn. Summer holidays and leisure activities are finished, and children are back to school. With Christmas still some way off, people have space (and money) in their lives for buying a new home.

But the best time of year to list a house for sale in the UK is early spring. Why? Because people are planning new beginnings. The kids are in school, the days are getting longer, the temperatures are rising, and Christmas is a distant memory. Also, a lot of buyers want to be in their new home well in advance of summer.

Of course, there’s little evidence to suggest homes are worth more in the spring than they are in the winter. However, there are times of the year when buyers are more numerous. And when that’s the case, you can engineer bidding contests to drive up the sale price.

Unfortunately, we can’t always sell our home at the best time of the year. If you need a quick house sale now, SellPropertyFastCash can help. We buy homes directly from owners throughout the UK, and we take care of all the legal stuff on your behalf. You get to sidestep the marketing and negotiating stages of the process — saving you time, fees and a great deal of stress.

How to Sell a House without an Estate Agent

An experienced, locally based estate agent with a proven track record of success can maximise the sale price your property achieves on the open market. But there’s nothing stopping you from going it alone.

If you want to sell a house without an estate agent, planning, organisation and some detailed research all go a long way.

To help you sell your home without an estate agent for the first time, we’ve compiled a few simple tips.

Value your property

The first thing you need to do is ascertain the price potential of your home. A lot of people start by asking a local estate agent to provide a very rough price range. Alternatively, use Rightmove and Zoopla to compare your home to recently completed house purchases.

The chances are you’ll discover a price range that homes just like yours sell for in the area. Set your initial asking price at the upper end of this range if you’re not in a major hurry. But if you need to sell a house fast, aim for the lower reaches of the range.

Take photos

How to sell a house without an estate agent

Before you take any photos, make sure your home is in great shape. It should be clutter-free, tidy and clean. Remove unnecessary furniture to create the illusion of more space.

Take all your photos with a high-quality camera. And make sure you do so when there’s lots of natural sunlight flooding into the property. Take a few shots of each room from different angles — and choose the best ones.

Advertise

One of the critical services offered by estate agents is marketing. Local agents always have potential buyers interested. They also provide listings in local papers, on websites and in their shop windows. And they have large social media followings to tap into. You can’t compete with these marketing channels, but you still have several opportunities.

The most important thing you can do is to publish a property listing on a major house selling site. While there are some paid-for directories, the likes of Property Sell and House Ladder allow you to post basic listings for free.

  • Other places to advertise and market your home include:
  • The local newspaper
  • Local chat rooms
  • Local property blogs and websites
  • Local shop windows
  • Community centres
  • Word of mouth
  • Local supermarkets
  • Local coffee shops

Obtain an Energy Performance Certificate

You must have an Energy Performance Certificate before you list your house for sale in the UK. Get this as soon as you decide to sell. Unfortunately, you’ll need to pay a registered energy assessor to compile the report and issue the certificate.

Manage the viewings process

How to sell a house without an estate agent

Once you’ve obtained an energy certificate and listed your property for sale, you can start inviting potential buyers to viewings. Try to keep your home in a neat and tidy state at all times during the entire process. While it’s great to be organised and manage a structured bookings process, it’s also beneficial to be ready for last-minute viewings.

Make a few notes in advance of the first viewing. Think about what potential buyers might ask you as they walk around your home.

Potential questions you might be asked include:

  • What are the neighbours like?
  • How much is the Council Tax?
  • Where’s the nearest train station?
  • Where’s the nearest bus stop?
  • What are broadband speeds like?
  • How old is the boiler?

If you’re ready to answer questions, you’ll come across as genuine, knowledgeable and honest.

Formulate a negotiation strategy

Don’t go into the process without knowing exactly what you want. Set yourself a minimum sale price, and stick to it no matter what. Of course, if you haven’t received an offer after several property viewings, your price expectations might be a little high.

If a buyer likes your home, they might put in a quick offer — but it may well be significantly less than your asking price. Before you say no, and as long as it meets your minimum price, research the most recent house sales in your area again. Is the offer fair? Do you think will get a higher offer if you wait it out? Are you confident that a counter-proposal will be accepted?

Consider an alternative to selling a house without an estate agent

Selling a house without an estate agent can be stressful — and a lot of work. If you don’t have the time or you’d prefer to avoid the process at all costs, SellPropertyFastCash can help. We buy homes directly from owners, without the need for marketing, price negotiations or hassle. We take care of all the paperwork, too. And in some cases, we can complete the purchase of a UK home within a month of making an initial offer.

Can I avoid gazumping?

Gazumping is when a house seller accepts a higher offer after they have accepted an offer from another buyer. The original buyer is left “gazumped”, often after paying for surveys, searches and legal work.

The phenomenon became popular during the 1980s. And although it’s in decline in England and Wales, it’s still a problem. According to Emoov.co.uk, a quarter of the people who bought a home in 2018 were gazumped. The previous year, more than a quarter of would-be buyers befell the same fate.

While legislation might solve the problem in the future, there are a few things you can do to avoid being gazumped.

Organise your finances

The best way to avoid being gazumped is to get your finances and legal issues organised in advance. If you can minimise the time between agreeing on a sale and the exchange of contracts, the chances of being gazumped reduce dramatically.

Avoid being gazumped — sort out your finances

The measures you can take to avoid gazumping include:

  • Secure your mortgage “agreement in principle” before you make an offer
  • Appoint a solicitor or conveyancer
  • Make sure you have all the relevant ID and paperwork ready
  • Get your property on the market early
  • Price your property for a reasonably quick sale
  • Where possible, wait until an offer is made on your home before you put in your offer

Insist that the property is taken off the market

As soon as your offer is accepted, stress that it’s on the proviso that the property is taken off the market immediately. And get this in writing. This should give you some legal protection if the seller accepts a higher offer at the last minute.

Ask for the “For Sale” signs to be removed, along with property listings in shops, local publications and the Internet. But remember: the seller doesn’t have to do any of this. If they refuse, proceed with caution.

Keep the process moving swiftly

It’s vitally important that you’re always available to answer questions and sign paperwork. Any delays can increase the chances of being gazumped before contracts are exchanged. Stay in regular contact with your solicitor and mortgage lender. They won’t be as keen to protect your interests as you are.

Strike up a rapport with the sellers

There’s always the chance the homeowner will suddenly accept a significantly higher offer. And, right now, there isn’t much you can do about it. But if you’re on first-name terms with the owners, they’re more likely to regard you as people rather than faceless buyers. Offer a hand of friendship. Strike up a few conversations. Above all, make friends with them.

Get insurance

While you might be confident of the deal going through, you should never take chances. Buying a house costs several hundred — sometimes thousand — pounds. If you get gazumped, you stand to lose almost everything you’ve spent until that point.

Just in case the worst happens, take out specialist home buyers protection insurance. This will cover your loss of upfront expenses, which include mortgage costs, surveys and conveyancing fees.

Buy at auction

Avoid being gazumped — sell at auction

If money or time is tight, consider buying your next home at auction. While this route presents its risks, gazumping isn’t one of them. Once your offer is accepted, you sign the initial paperwork and pay the deposit almost immediately.

Sell your home to a national homebuyer

A delay in the sale of your house increases the risk of being gazumped. To speed up the process, sell your property to a national homebuyer such as Sell Property Fast Cash. This negates the need for marketing, negotiations and protracted conveyancing processes. You’ll get up to 100 per cent of your home’s market value, and the quick sale you need to minimise the chances of being gazumped on your next purchase.

What Are The Hidden Costs Of Buying a Home?

If only securing a mortgage were a simple and quick process. The entire endeavour would be rewarding and hassle-free. Unfortunately, applying for a home loan is more complex than ever before — and more expensive.

If you’re buying a home for the first time, it’s important to get a handle on all the costs involved. Too many people go headfirst into the house buying process without researching the process. They quickly discover a range of hidden costs that stretch their finances to breaking point.

Knowing you have the necessary deposit is great, but you also need to know that you can cover the entire cost of buying a home in the UK.

Here are a few of the main house buying costs you need to budget for.

Valuation fees

A lot of lenders charge a flat fee for valuing a property. Providers need to know that they can recoup their outlay quickly if things go wrong. This means they have to verify that the price you’re paying is reasonable. While the fee varies, expect to pay around £500.

Arrangement fees

Mortgage application

Arrangement fees are part and parcel of buying a home in the UK. They cover the administrative tasks required to assess an application and process it quickly. In most cases, you’ll be expected to pay this fee after you’ve been granted a decision in principle but before completion. Unfortunately, this particular fee is usually non-refundable. If the purchase falls through (even if it’s not your fault), you’ll forfeit the money you’ve paid.

Arrangement fees range from around £750 to £2,000.

Legal fees

While there’s no legal requirement to hire a solicitor or a conveyancer, it’s in your best interests to do so. And your mortgage provider may insist on it. Buying and selling a house in the UK is a legal process. It requires legal expertise to see it through to completion. Try to set aside at least £1,000 for these costs. While the final bill may be a lot less, it’s always good to have a contingency fund in place.

Taxes

There is a tax applied to every house sale in the UK with a final sale price above £125,000. Stamp duty is paid by you, the purchaser. The processing of this payment is usually arranged by a solicitor or conveyancer. But it comes out of your pocket. If you’re selling a house at the same time, your legal representative will take the stamp duty from the proceeds of the sale.

The rate at which stamp duty applies to house purchases depends on the final sale price. The more expensive the home, the higher the percentage you pay. Use an online calculator to work out how much stamp duty you will pay when your house purchase goes through. The rates and thresholds change regularly, so it’s important to use the very latest figures.

Survey fees

Buying a home is always a significant investment. You need to know that your money is being spent on a home that is in a good state of repair. This is why surveys and searches are crucial. They identify any current or potential problems with the property that might adversely affect its market value.

While you might be tempted to save money by avoiding surveys, your mortgage provider will probably insist on them. Lengthy, complex surveys can cost as much as £1,000. However, somewhere nearer £500 is more common. Make sure you have around £2,000 set aside for all the various surveys and searches that might be required.

Removal fees

Costs of buying a house — removals

If you have a lot of possessions and large, bulky items of furniture, you might need the expert services of a professional removals firm. These services don’t come cheap, costing as much as £5,000 if the job is a complex one.

Of course, you can save a lot of money by moving your possessions yourself. Hire a large van, and enlist the help of friends and family. But even then, you should budget for the cost of van hire, refreshments for your helpers, insurance and any damage that might occur during the move.

Other costs

Moving into your new home isn’t an end to the costs. You’ll probably want to decorate. And there may be a range of niggling repairs that needed attending to quickly. You may even want to renovate the property. And there’s new furniture to think about. If this is your first home, you might need everything from a new bed to a couch. And then there are all your kitchen appliances to think about.

Make a list of all the required repairs, renovations, furniture and appliances. Create a realistic budget, and stick to it. You might be willing to move in and improve your home gradually over time, but it’s always good to know what you’re facing before you commit to such a huge investment.

If you’re budgeting for a forthcoming house purchase, you may also be selling a property at the same time. You can sell your house fast and avoid a lot of the associated costs by turning to Flying Homes. We buy houses for up to 100 per cent of their market value. And in the right circumstances, you could have the proceeds of the sale in your account 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

Cash Buyers

House Prices – March 2015

The price of housing has increased by an average of 5.3% over the year March 2014 to March 2015, according to the Land Registry. This indicates the continued trend of restricted supply of properties on the market and thereby increased demand. The average property is now valued at £178,007, still down from the peak of £181,049 which it reached in 2007 before the financial crash. A 0.8% decrease has occurred since February 2015.

London’s average cost of property remains the highest in the UK with a price of over £462,000 as against the average overall price of just over £178,000. London’s price rises have lured out more house sellers so there is a good supply of properties to buy, making the market more active.

House Prices in England and Wales

As has been typical over the last few years London has seen the greatest rise in average property value in this period with an increase of 11.3%. The South-East continues to rise strongly, with the North-East the only region showing a price fall, that of 2.9% over the year and 4% over the previous month.

Eastern England seems to be the strongest part of the country in term of prices, reducing times to completion to a low 64 days and with increased supply.

If you’re planning to sell your house fast in the near future then now is a good time with prices steadily rising in most areas of the country. If you are in the North-East where prices have dropped then your property may be seen as very good value and be of interest to a buy-to-let landlord or a first time buyer.

The variation in the house price increase was from 3.6% for flats up to 6.1% for semi-detached houses, showing more strength for larger and detached properties and lower increases for the larger number of flats and maisonettes.

If you want to sell your house fast and have a semi-detached or detached property then both price increases and the scarcity of properties available are working in your favour at the moment.

Time To Market

How long it takes you to sell your house is extremely important. Delays can land you in all sorts of financial difficulties. The standard time for completion has improved lately to 88 days. However, with Sellpropertyfastcash you might be able to complete in a much shorter time such as ten days in favourable circumstances.

House Sales and Repossessions

From January 2014 to January 2015 the number of completed house sales in England and Wales has dropped by 18%. 53,168 sales per month were made during the year. This includes a slightly steeper decrease of 19% for properties worth over £1 million.

Repossessions also dropped, this time by 45% to 590 per month, with the greatest fall this time in London.

Overall while prices are increasing in most areas of the country such as Liverpool and Manchester, there is a lack of supply of new properties for sale coming on to the market. So if you have a property you want to sell quickly then this is a good time to call Sellpropertyfastcash and turn your property into cold, hard cash in your bank account.

Source:

  1. Land Registry – https://www.gov.uk/government/organisations/land-registry
  2. Home.co.uk

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

Fast House Sale

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