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Auctions

Auctions

When we receive enquiries by keen sellers we often come across the question of feasibility of selling at auctions. So we thought we’d put together a basic run through of what to expect from property auctions.

In many property auctions you will find what’s called the “Buyer’s Premium”.  Which is an cost added to the price the auctioneer sells the property for. It is vitally important you know how much this fee  actually is. It is usually a fixed amount which is then added to the price the property. Some auctions may charge a percentage rather than fixed fee – again make sure you know.

 

Auctions

If you are thinking of selling your property at auctions you must pay close attention to the amount the auction house charges as a buyer’s premium. Auctions will by law ,disclose their buyer’s premium in their property catalogue and in their terms of business. In contrast some auction houses do not operate with a buyers premium and instead will make their margin on sellers fees – in which case you need to know this to work out what you will net from your sale.

Are there bargains to be had?

Of course sometimes you can grab a bargain, but you must do your homework first. Many properties at auctions have failed to sell on the open market and are there for a reason. Some properties will be unmortgageable, for example, non-standard construction properties where very few lenders if any will lend on these type of properties. You must make sure you have your finance in place before you bid or you risk losing your deposit.

Be careful with properties that might be subject to adverse planning in the area or where the property has serious defects like dampness, subsidences, Japanese Knotweed or contamination issues. Also check the neighbourhood, particularly close neighbours. Properties offering high yields can be very misleading as there is no guarantee tenants will continue to stay on in the property.

auctions

Auctions

Now that you know how the buyer’s premium works for both buyers and sellers at auctions, go and enjoy your auction experience, but remember to take your time and don’t be tempted to buy a property until you have completed all your due diligence. Properties that are secured at a bargain are normally at a bargain for a reason but you may see an opportunity in a property no-one else has spotted.

 

 

UK house sales fallen

UK house sales fallen

Lloyds Bank have reported UK house sales have fallen to around 66% of where they were a year ago in some parts of the country – with heavy tax bills and rocketing prices making buying a house tougher than before.

UK house sales fallen…

“The recovery in the housing market has stumbled during the past year with sales declining in all regions,” said Andy Mason of Lloyds Bank. “Despite record low interest rates and government schemes, such as Help to Buy, sales remain significantly below the levels seen at the height of the last housing boom.”

So if you are looking to sell your home what does this mean?

First of all, it’s not to say that your home won’t sell. But, and it could be a big but, it may take far longer than it would of if you were selling a year ago. It may mean you have to present it in even better condition, refresh or replace a kitchen, bathrooms or that tired looking conservatory you’ve never got round to fixing up.

UK house sales fallenAt Property Buyer Scotland we are always on the look out for available property. We are in a position to act fast, minimise stress on your part and allow you to sell your property in a speedy manner.

UK house sales fallen

We are happy to buy distressed or unloved property that needs some time and finance invested in it to put it right. Don’t be put off contacting us because you’re house isn’t 100% – a wee secret – not many of our’s are!!!

UK house sales fallen – the knock on effect

The decline in transaction activity has knock-on effects in other parts of the economy, stretching from income for estate agents and conveyancing solicitors through to sales of furniture and electrical stores which tend to benefit when people move home and buy new goods.

 

UK house sales fallen

If you are thinking of selling your property and you need an answer quickly – get in touch with us either through filling out our online form – or call us on 0800 033 7679. We’d love to be able to help you move on with assurance and alleviate the stress involved when waiting to sell.

 

 

Interest only mortgage vs Repayment mortgage

Interest only mortgage vs Repayment mortgage

 

Taking out a mortgage is arguably one of the biggest and most important decisions you’ll make in your whole life. If you’re new to it there’s a whole load of terms and abbreviations that you’ll need to get to grips with. However one of the most straight forward decisions you will need to make is whether to take an interest only mortgage vs repayment mortgage.

Interest only mortgages have become far harder to get hold of in recent years, as lenders and view them as riskier than repayment mortgages. Some lenders have withdrawn from offering interest-only mortgages except for buy-to-let mortgages, while others will offer them BUT will ask for a large deposit or equity, often 50% or more – which is often completely unrealistic or unachievable.

 

Interest only mortgage vs Repayment mortgage

Interest only mortgage vs Repayment mortgage

So what’s the actual difference??

Interest only as the name suggests – means you only pay off the interest on the loan.

When you take out an interest-only mortgage, you are supposed to also make a monthly payment into an Individual Savings Account or another investment. The idea is that the investment will then generate sufficient returns to pay off the capital sum you still owe at the end of the mortgage term.

There is no guarantee of this, so any interest-only mortgage carries an element of risk.

Interest only mortgages are significantly cheaper month to month than a repayment mortgage and that is why many opt for them. The thought of ‘having to deal with a financial problem 25 years down the line” is often swept under the carpet as long as it allows the purchaser to buy their property.

Repayment mortgages encompass both the interest part of the mortgage and actually paying off your property. If you keep up all the repayments on your mortgage, you are guaranteed to have paid off the mortgage at the end of the term. Obviously taking out a repayment mortgage will mean you are paying more each month and affects your disposable income.

Interest only mortgage vs Repayment mortgage

So what should you choose??

We can’t answer that for you. Many factors come into play when choosing your mortgage.

Whether you choose interest only or repayment you still must choose how long you are committing to that agreement, are you fixing a rate for a period because you are happy with it now, or gambling on  a tracker staying low – these calls will differ from person to person.

 

Interest only mortgage vs Repayment mortgage

Spend time researching what options are open to you and what your plan is over the next 5-10 years as making the wrong call on your mortgage could set you back financially and ultimately waste your time. Talk to your bank and also arrange a consultation with an independent broker to cover as many options as you can.

Need to sell quick

Need to sell quick

For whatever reason, you would like to sell a property quickly it’s worth baring a few important points in mind.

If you need to sell quick – is going down the estate agent route the correct option for you?

At www.propertybuyerscotland.co.uk we can buy your property quickly and with no hassle, no time consuming viewings and no commission to pay to an estate agent.

need to sell quick

We can buy your property quickly and hassle free!

Need to sell quick

There are a million reasons why you may need to sell quick, at Property Buyer Scotland we are compassionate and try to be as helpful as we can – we will hold your hand through the whole process from start to finish.

 

 

 

I need to sell quick” – what is the process?

We would do some research in to what we will offer you for your property. We are the direct buyers, not middle men which allows us to act much faster than many other companies who are merely trying to match you with an investor.

We would have your property surveyed (the offer does not depend on this)

We can arrange a solicitor for you or you can use your own – we would pay your legal fees, so that selling your property doesn’t cost you a penny.

Once you have accepted our offer then it is down to the solicitors to do their work on both sides and when all is in order the sale funds are deposited in your account.

It seems easy and pain free doesn’t it – because it is!!!

 

If you need to sell quick, you don’t want endless viewings that go nowhere, having to keep your home spotless, or maybe you just don’t want to pay anything to sell up – then why not call us today and see what we can do for you – or fill in our form at www.propertybuyerscotland.co.uk

 

 

What is a Home Report?

What is a Home Report?

So you’ve decided it’s time to sell your home and put it on the market. You will have to provide a Home Report for potential buyers to view. So what is a Home Report?

A Home Report is a pack put together simply to help a buyer find out more information on a property and it is essential that you have one. The Royal Institution of Chartered Surveyors (RICS) in Scotland has confirmed that Home Reports will cost between £585 and £820. The cost will depend on the size of your home and the surveyor you decide to use.

We would cover the costs of your Home Report and Legal Fees when buying your property.

 

What is a Home Report?

The Home Report contains a single survey, an energy report and a property questionnaire.

 

Single Survey:

The Single Survey gives sellers detailed information about the condition and value of a property. It also gives buyers better information about the condition and value of a home to aid them in making an offer to purchase.

The Single Survey includes an accessibility audit. Scotland is the first country to require that the accessible features of every home for sale are highlighted to potential buyers. This information will benefit parents with young children and older people, as well as disabled people.

What is a home report?

Energy Report:

The Energy Report gives a home’s energy efficiency rating and its environmental impact in terms of carbon dioxide emissions. It recommends ways to improve the building’s energy efficiency and save fuel costs.

Insulation, windows and boiler efficiency are all important to the Energy Report.

Property Questionnaire:

The Property Questionnaire contains general information for home buyers.

It would include, for example: a home’s council tax band, parking facilities, factoring arrangements, any local authority notices that affect it and alterations that have been made to the home.The Property Questionnaire should also reduce the risk of delay and difficulties in conveyancing.

 

What is a Home Report?

Although helpful to prospective buyers a Home Report is a significant cost to pay. When we buy property we bare that cost as well as your legal fees – saving you a considerable outlay compared to selling through an Estate Agent.

Feel free to contact us for a chat about how we can purchase property quickly and hassle free.

Interior Design Tips

Interior Design Tips

Sometimes it’s the small things that make a big impact on how your homes looks and feels. Overlooking simple additions or sometimes taking more out is all too common – and yes, it’s often easier said than done.

Interior Design Tips

Generally speaking, a kitchen is the activity hub of your home. Whether it’s the rush to feed the kids before football training or drama class, or if you like to spend some “me” time after your day at work cooking a nice dinner, a kitchen can be transformed from an eyesore to an organised activity centre.

  1. Make use of your cupboards. Yes, it sounds obvious but are you really making best use of cupboard space with items you frequently use? Could you maybe keep certain pots or pans that rarely see the light of day elsewhere?
  2. Have as little on display as you can – especially if you are anticipating viewers for a potential sale. Your kitchen habits likely vary from everyone else so best to keep as much as possible off the worktops and packed away instead.
  3. Use a closing bin. I know this sounds so basic but you would be amazed at how many homes operate with a tesco bag hung over a door handle. A closing bin helps eliminate last nights dinner odour which again if you are holding viewings, you definitely don’t want.
  4. Keeping surfaces clear and clean let a potential buyer see the true possibilities of your kitchen.

interior design tipsInterior Design Tips

5. Some colour is great. Too much is a huge put off.

A splash of colour here and there to accent a feature wall, or furniture is ideal – but taking it too far is more than likely going to have the opposite effect of what you’re hoping for.

Your potential buyer may have very different taste from you so don’t fall at the first hurdle by having a rainbow of colours throughout your home.

6. Carpets… Hire a carpet cleaner from your local home store. Bringing your carpets up to scratch will have a dramatic improvement in the overall look and feel of your home – the fresh shampoo smell is also a bonus!!

7. One room which can always make or break a sale is the bathroom. Having striking tiling and clean grouting can lift any bathroom to a new standard. Tiles don’t have to be expensive to have the wow factor. Think of using a feature tile as a band or mosaic to break up a wall or centre a fixture. Touches like this can make a huge difference and may well be worth the investment of a few hundred pounds.

8. In general if a bathroom suite is any colour other than white it will look outdated – replacing can be a cost effective improvement and one of the best interior design tips we could give

Interior Design Tips

9. When it comes to bedrooms, try to show them as that. A place to rest and recharge your batteries. Not a store room for toys, gym equipment etc. Keeping the feel of a bedroom to be relaxing, warm and inviting should be your aim. Clutter or possessions again should be kept to an absolute minimum to show potential buyers what you have.

10. Ok – maybe doesn’t fall under interior design tips but utilising any outdoor space is key. Try and make use of garages or sheds.  A buyer is much less likely to be put off by a messy or full garage as they are a cluttered house.

 

Is my Buy to Let still worth it?

Is my Buy to Let still worth it?

With the new tax laws surrounding Buy to Let properties, Landlords are seeing their profits being squeezed harder and harder, to the point of many wondering if it is still a worthwhile investment.

At the moment, Buy to Let Landlords can claim tax relief on their mortgage interest payments. In other words, they can offset the cost of the mortgage interest from the rental income when they calculate their profits however this not going to be the case much longer.

This change becomes far more drastic for Landlords in the higher tax bracket. Many Landlords are setting up LTD companies to move their properties away from direct ownership which will avoid the new tax changes – but it is important to remember that HMRC will treat any change of ownership as a sale which of course would trigger Capital Gains Tax on any profits.

 

 

buy to let

 

 

The new system will tax Buy to Let Landlords on their total income, with a 20% deduction on the mortgage interest payments. In addition to this, items such as the 10% wear and tear allowance is being taken out and effectively making Buy to Let far less attractive.

Is my Buy to Let still worth it?

If you have a Buy to Let property or a portfolio and are unsure of whether or not to hold on or to sell up, why not get in touch with us to chat it through. If you decide that the new profit levels are no longer worth the effort required, we are able to purchase individual properties or portfolios quickly and hassle free.

In short the general consensus seems to be that Buy to Let properties owned which will not gain much capital appreciation yet produced rental yields are far more likely to be sold off.

Every individual has different investment strategies and aims. We may be able to offer a solution or advice to whatever query you have – and we’re always keen to grow our network.

 

www.propertybuyerscotland.co.uk is operated by Panacea.

 

Housing market in 2017

Housing market in 2017

Buying your home is likely to be the biggest investment you’ll make, so it’s always good to get some facts and figures to reassure you of the housing market in 2017.

 

Housing market in 2017 – good or bad?

One thing is for sure – there are less houses going on the market compared to 2007, even as much as 40% less. What does this mean, well it could account for homeowners clinging on to their property and not moving up or down the ladder as readily as before. It could also mean that the housing market in 2017 has changed in the way homes are sold.

Less property on the market = more potential buyers per property. In an ideal world, more people competing for the same property would drive up house prices dramatically – but this hasn’t happened. Mortgage lending checks and controls have become far tighter, although the housing market in 2017 has raised prices by an average of 4% in the last year.

If you are considering your home in 2017 and would like to sell quickly with minimum fuss – contact us today. We can pay your legal fees and any survey costs.

housing market in 2017Even if you would like some advice on the housing market in 2017, feel free to pick up the phone to us. At www.propertybuyerscotland.co.uk we love property and we love helping people.

 

Problem selling your home?

Problem selling your home?

Selling your home on the open market never seems to be as quick or as easy as it should be. So if you are fighting through a problem selling your home, here’s something to bare in mind.

Valuation

You’ve invited your local trusty estate agent round to value your house in order to put it on the market and sell up. Naturally, you want to hear the highest figure possible – and that can be your first and most important stumbling block. Being unrealistically high on the valuation is a sure fire way to create a problem selling your home.

So, you ask – why would the estate agent pitch my home too high? An estate agent knows that by telling you they feel that your home is worth slightly more than maybe is realistic, you are more likely to opt to use them. Of course, IF, they sell it at the agreed valuation then everyone is happy. You have a higher sale price, and the estate agent collects a healthier commission – but say this didn’t happen in the time frame you wanted, or worse – needed.

 

At www.PropertyBuyerScotland.co.uk we don’t work with inflated valuations. We base our calculations on house prices that have actually sold, and WILL sell in the current climate. We are the solution to the headache of the problem selling your home. We buy direct from you, we are not “middlemen”, we make decisions and act on them.  We are fast, efficient and always working to make your property sale as smooth and as quick as possible.

 

problem selling your home

 

Problem selling your home?

We want to help you sell your property as quickly as possible.

Having a property vacant, or just not being able to sell can be a massive burden both financially and can impact your quality of life.

So don’t let it, let us take the problem selling your home away from you – fill out our enquiry form today and one of our advisors will make contact with you.

Remember that selling with estate agents will usually mean a 1%-2% commission, plus the Home Report cost and your Legal fees. Property Buyer Scotland on the other hand, could guarantee purchasing your property and would take care of these costs – and that surely would reduce the problem selling your home.

If you need to sell your property, beware of this…

If you need to sell your property, beware of this…

There is a boom just now in the property world. So you would be forgiven for thinking this is a good thing when coming to sell your property – there’s a catch though. If you need to sell your property, 9 times out of 10 you would sell to the highest offer wouldn’t you – and there’s the problem.

 

The boom I was referring to is in the Property Sourcing World. So in theory you could be offered X amount for your property, which you are happy with. The problem is though, is that the person who offered you X, isn’t actually the buyer. They will try and find someone to buy it at X and take a fee for doing so. They may or may not disclose this to you at the time – so make sure to ask the question of who is actually buying your property, as if you need to sell fast – this could make months of difference.

 

At Property Buyer Scotland we are the direct buyer. We do not act as middle men, so when the sale price is agreed – that is the sale process well underway, as we don’t have to then find someone to buy your property.

 

The need to sell vs Speed of sale

How quickly your property can be bought can be absolutely crucial. To avoid costly bridging loans agreeing a sale date sooner rather than later may save thousands instead of having to use bridging loans (where you have a temporary loan until your property sale is complete). So in this case, the speed of sale may be just as important as the cash amount offered. If you need to sell your property then don’t delay in contacting us today on 0800 033 7679 or fill out our enquiry form in as much detail as possible.

need to sell
Basically, just be careful that you don’t agree a sale price with someone who isn’t actually in a position to buy your property. We have heard too many times of hold ups when the need to sell fast is crucial for the seller.

Contact www.propertybuyerscotland.co.uk today.

We can come to your home for a chat, discuss what options are available to you and how quickly you need to sell your property. If you would rather speak over the phone first we are more than happy to do so.