First Time Buyers are Failing to Count the Cost of Home Ownership

New research* shows that over 40% of first time buyers don’t take into account all the costs involved in buying a property and one in four buyers were shocked by the cost of bank transfers, searches and mortgage set up costs. (*Source: Pegasus Personal Finance, April 2016).

The research also found that 24.3% of first time buyers weren’t aware of land registry fees, 16.7% were unaware of stamp duty and 14.7% were not knowledgeable on solicitors’ fees.  One in 10 admitted a lack of knowledge on interest rates and some 13.5% of home owners, assumed to be those with variable rate mortgages, admitted they haven’t prepared for an increase in interest rates, should they unexpectedly climb from a seven year low of 0.5%.

On top of this, one in five buyers did not account for an increase in utility bills as a result of moving to a larger property, while the same number were surprised to see their car insurance costs increase. What’s more, 24.6% underestimated removal charges, while 13.9% viewed furniture and decor as a surprise expense.

According to Balgores Property Group, leading estate agents in Essex, first time buyers need to do their research and work out all the costs before they buy their first home.  Martin Gibbon a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group commented: “Unforeseen fees and costs can amount to £1,850 according to recent data from the Money Advice Service.  We have seen many first time buyers who have not budgeted for stamp duty and some of the other smaller costs like mortgage application fees and legal expenses. 

“It can be a nightmare trying to work out all the costs when you are buying a property for the first time, but it so important that first time time buyers crunch the numbers, or they could lose the house of their dreams.  Demand for property in Essex is soaring and so first time buyers need to be ready to buy, with mortgage approval and legals sorted.

“We can help first time buyers if they come in and see us.  We can give them a complete breakdown of all the moving costs, together with advice on mortgages and protection, as well as information on the running costs of the home they're interested in.  We have a range of mortgage specialists that will find the best first time buyer mortgages and will be able to guide buyers through all the costs incurred when applying for a home loan.”

For further information, contact your local office or visit www.balgoresproperty.co.uk.

Selling a home for the first time? Check out these top tips

There is a wealth of information out there for first-time buyers, but the same can't be said for first-time sellers.

Selling a home for the first time can be a complicated, daunting and stressful process, so we don't think it's right that the amount of advice for this demographic is so lacking.

Below, using our experience as estate agents operating across Essex and Kent, we point out some of the top tips to making that first sale as pain-free as possible...

Target your home effectively

If you are selling a home for the first time, you are likely to be upsizing from a smaller home to a larger one.

Consequently, your target demographic is almost certain to be first-time buyers. This demographic, likely to be young, tech-savvy and time-poor, will be searching for properties online through their smartphones, laptops and tablets.

With this in mind, your online sales strategy needs to be of the highest quality. Property portals will be the first port of call for many – and competition on these platforms is fierce – so you need to do all you can to make your property stand out from the crowd.

Talk to your estate agent about the ways in which you can do this. High-quality photos and snappy, engagingly written descriptions will definitely help.
 

Get the asking price right

A tricky thing to get right – after all, if you set it too low your risk selling yourself short, while if you set it too high you risk deterring would-be buyers.

You need to be realistic and fair with your asking price, but you'll also want to as much as possible for your home.

This is where a good and reliable agent is worth their weight in gold, taking into account the local market, national trends and other variables to set an asking price that will help to get your home sold.

Choose the right agent

Which leads us onto arguably the most important step of all, picking the right estate agency in the first place.

A good one will guide you through the sales process with the minimum of fuss, making sure they are on hand at all times to deal with any issues, complaints or stumbling blocks.

Inevitably, there will be delays and complications when it comes to house sales – that's just the nature of the beast – but if you have an agent on your side who can deal with everything in a calm, professional and good-humoured manner the chances of things going smoothly are that much higher.

A good agent will help you to produce a winning marketing strategy – both online and traditional – show your home off to buyers when it comes to viewings and do all they can to get your home sold for the best possible price.

Depersonalise, depersonalise, depersonalise

    

Yes, you want your home to come across as homely and cosy – that will have significant appeal to buyers.

On the other hand, you don't want it to appear too lived-in or personalised, because that might put would-be buyers off.

They want to visualise themselves living in the home they might purchase, which is less likely if there are family photographs and items of great sentimental value on show everywhere.

It's a fine balance to strike – depersonalising while also not making your home appear soulless – but getting it right will help to give your sales pitch a massive boost.

For more information about how you can get your home sold for the first time, please get in contact with Balgores Property Group at one of our many branches.

We operate across Kent and Essex. If you would like to know the worth of your property in the current marketplace, check out our instant online valuation tool. 

How to make sure your garden is ready for a summer sale

Spring is now well under way, blue skies are making an appearance on a more frequent basis and activity in the property market is, as usual at this time of the year, starting to motor.

The better weather and longer days encourages more people to get out and about, viewing properties and placing offers.

In these warmer months, gardens can become a major part of a property seller’s sales pitch. But what can you do to make sure your garden space stands out from the crowd, enticing would-be buyers?

Below, using our experience as estate agents working across Essex and Kent, we offer some top tips on how to get your garden ready for a sale this summer.

Seating

A crucial thing to get right as, when the weather is good, people will want to sit outside in comfort, whether that’s to sit back and soak up some rays with a nice cool drink or for a social occasion with family and friends.

Young professionals and families, in particular, are two demographics that are likely to make a great deal of use of outdoor space in the warmer months, so if you are aiming to sell to this market then seating becomes an even bigger consideration.

Comfort and style aren’t always the easiest bedfellows, but with seating it is possible to achieve both. With a bit of clever shopping, high-quality, pleasing on the eye chairs and furniture can be sourced for prices that won’t burst your bank balance. Rattan cube garden sets are very in vogue at the minute, as are stylish daybeds and corner sofa sets.

Table

As important as seating is a good-quality table, particularly for those buyers who like to dine al-fresco. The appeal of eating outside is that much higher when the weather is behaving itself, so investing in a good table – i.e. nothing cheap and plastic looking – is a sensible, cost-effective measure. It might cost you in the short-term, but it will be a valuable addition to your sales armoury when selling to certain demographics. 

Colour

Using colours that complement the rest of your garden is well-advised when it comes to dressing your outdoor space. Earthy greens, browns, greys and light blues would be along the right lines, helping to give off a natural, rugged kind of look. Lighting also plays a part – flameless candles and lanterns are a shrewd (not to mention reasonably priced) investment.

Central feature

If you have a part of your garden that you see as a major selling point – for example, a stunning water feature, a spacious BBQ area or a modern and functional shed/garage – then make sure to shine a light on it. Make it the centrepiece of your outdoor space. And, of course, make sure your agent sells its virtues to buyers when they come to view your property. 

Outdoor fireplace

This won’t be for everybody, but if you have an outdoor fireplace in situ already – or the will and funds with which to install one – you should work your garden around this.

Outdoor fireplaces are uber trendy at the moment, up there with cereal cafés and salted caramel ice cream.

As such, they will have a big appeal to certain buyers, particularly those who have aspirations to be the next Delia or Gordon Ramsay!

Look

Last, but by no means least, ensure that your garden looks the part. If it looks shabby, overgrown and unmaintained, buyers will be put off.

Make it look neat and tidy, plant a few shrubs or flowers, mow the lawn, and keep any decking and BBQ space in good condition. It could make all the difference to your sales pitch.

At Balgores Property Group we can offer expert advice on how to get your home sold this spring and summer. Contact us at one of our many branches for more information.

If you would like to have an estimate of your property’s current value, please check out our free online valuation tool.