At this time of the year there is usually a rise in the number of people that decide to carry out work on their homes, adding a variety of improvements that can range from simply decorating the home to installing a new kitchen or bathroom and even adding a new room or extension.
Many people that carry out home improvements do so in order to improve the property investment for themselves – perhaps to add practicality and functionality or maybe to add more space. Others that carry out home improvements decide to do this in order to try and increase the value of their property.
There are a number of key improvements that can help to add value to your home as well as to create more space in your home, which is ideal if you are expanding your family or simply want to enjoy the benefits of a larger property. Some of these improvements include:
Loft conversion: A loft conversion is a great way to add more space to your home and even create a new bedroom or study. You will find that you can increase the value of your home considerably with a well finished loft conversion, so if you are selling your home in the future you can expect to get more money for it. The average increase that you can expect from adding a loft conversion is around £20,000.
Room extension: Another way to create a lot more space in your home is to opt for a room extension. This is something that many people consider if it is not practical for them to add a loft conversion or they wish to benefit from a larger room. Again, this can add a considerable amount of money in terms of value to your home, adding on an average of around £16,000.
Conservatory: Adding a conservatory is a great way of creating extra space and benefitting from a lovely room in which to relax during the summer. You can get some great deals on conservatories these days, and by adding one you can add an average of around £8200 to your home.
However, not all improvements will add value to the home, although they can still make the home more comfortable. One official stated: 'Householders should primarily do the work with the aim of creating a home they can live in and enjoy as there is no guarantee of increasing property value.'
Wednesday, 4 May 2011
Wednesday, 16 March 2011
Pay towards your mortgage repayments
Interest rates are at the very generous rate of 0.5% but this doesn’t mean that everyone is able to make their repayments.
It takes hard work to get on the property ladder and nobody wants to fall behind on their mortgage payment.
The difficult financial climate isn’t helping and the fear of being hit with a repossession order is a growing concern for many people. We work hard for our property investment and we don’t want to lose it What we need is a way to increase our disposable income and make it easier to meet the repayments.
It sounds obvious but it’s a fact that there are a few simple things you can do to change your current situation. These may not be long term resolutions but at least it gives you something to tide you over in the short term.
Streamline your outgoings
Increasing your available income is easily done by reducing your outgoings. Simple. Check everything you spend especially gym memberships, mobile contracts, TV and Broadband packages.
These are usually the first place where you may be spending more than you need to.
Now, No one is saying “Get rid of your TV!” but if you’re paying for that movie channel you only watch twice a month then maybe cancelling it and joining a DVD rental service may save £10 a month? Do you go to the gym? Is there a nice safe path to walk? If you pay £20 a month for the gym can next month’s £20 be used to by equipment for the home instead? Do you spend £35 a month for your mobile and send 3 texts and make 2 calls for that amount?
Food is a biggie too. A pre-packed sandwich for your work day lunch is what? £3? £3 in the supermarket can get a loaf of bread, a big of meat and salad which can make a week’s worth of food!
It’s easily done. Those are extreme examples but those alone can save £30 a week without really impacting your quality of life.
Take a lodger
Got a spare room, enough space and don’t mind sharing it? Take in a lodger. There are a lot of people who are looking to rent, either temporarily or permanently. If you live close to a large institution such as a University of Hospital you’re well in. A friend or family member that you know and trust is also a good option if you need the money but are unsure of sharing your space with a stranger.
Storage Space
Renting a room as a temporary/permanent storage space is one very good idea especially if the idea of a lodger does not appeal. Storage facilities are expensive and can be a large cost for a small business, or someone who is moving house.
There is more to look in to with this such as checking exactly what is being stored (preferably nothing illegal, dangerous or smelly!) and how it is insured etc but this will be something you will only need to check once, then you can take the payment for allowing that room you never use to contain items you don’t own and use it to pay of that mortgage payment.
It takes hard work to get on the property ladder and nobody wants to fall behind on their mortgage payment.
The difficult financial climate isn’t helping and the fear of being hit with a repossession order is a growing concern for many people. We work hard for our property investment and we don’t want to lose it What we need is a way to increase our disposable income and make it easier to meet the repayments.
It sounds obvious but it’s a fact that there are a few simple things you can do to change your current situation. These may not be long term resolutions but at least it gives you something to tide you over in the short term.
Streamline your outgoings
Increasing your available income is easily done by reducing your outgoings. Simple. Check everything you spend especially gym memberships, mobile contracts, TV and Broadband packages.
These are usually the first place where you may be spending more than you need to.
Now, No one is saying “Get rid of your TV!” but if you’re paying for that movie channel you only watch twice a month then maybe cancelling it and joining a DVD rental service may save £10 a month? Do you go to the gym? Is there a nice safe path to walk? If you pay £20 a month for the gym can next month’s £20 be used to by equipment for the home instead? Do you spend £35 a month for your mobile and send 3 texts and make 2 calls for that amount?
Food is a biggie too. A pre-packed sandwich for your work day lunch is what? £3? £3 in the supermarket can get a loaf of bread, a big of meat and salad which can make a week’s worth of food!
It’s easily done. Those are extreme examples but those alone can save £30 a week without really impacting your quality of life.
Take a lodger
Got a spare room, enough space and don’t mind sharing it? Take in a lodger. There are a lot of people who are looking to rent, either temporarily or permanently. If you live close to a large institution such as a University of Hospital you’re well in. A friend or family member that you know and trust is also a good option if you need the money but are unsure of sharing your space with a stranger.
Storage Space
Renting a room as a temporary/permanent storage space is one very good idea especially if the idea of a lodger does not appeal. Storage facilities are expensive and can be a large cost for a small business, or someone who is moving house.
There is more to look in to with this such as checking exactly what is being stored (preferably nothing illegal, dangerous or smelly!) and how it is insured etc but this will be something you will only need to check once, then you can take the payment for allowing that room you never use to contain items you don’t own and use it to pay of that mortgage payment.
Thursday, 27 January 2011
US Property Market Issues
It’s not just here in the UK that is suffering from a property slump, in the USA celebrities are putting up some fantastic property for sale.
Sheryl Crow is selling her Nashville mansion at auction with a $7.5 million expected price tag. Fortunately for the “ALL I wanna do” singer she paid a measly $6 million for the huge property back in 2006.
So what does £4.7 get you? Just a seven bathroom, six garage, five bedroom, 3 storey dream home. Add in a theatre, swimming pool, staff quarters and a 3 bedroom guest cottage. If that wasn’t enough there is a 14 stall barn with an indoor riding area.
“Con-Air” star Nic cage recently sold his Bel-Air home for just the $10.5 million. I saw just because his initial asking price was over $30 million! The 40’s style 11,817 square foot mansion has 6 bedrooms, 9 bathrooms a very handy central tower (what?), wine cellar as well as the now “as standard” theatre and a swimming pool.
Just down the road from Mr Cage, a slightly smaller yet newer property sold for $22 million which shows just how much these property prices are falling.
The star of “National Treasure” sued his former business manager for allegedly leading him to financial ruin. But Mr Levin, Cage’s manager counter sued after accusing Cage of going “on a spending binge of epic proportion”. Part of this binge included further properties around the world and a property in Bahamas.
Sheryl Crow is selling her Nashville mansion at auction with a $7.5 million expected price tag. Fortunately for the “ALL I wanna do” singer she paid a measly $6 million for the huge property back in 2006.
So what does £4.7 get you? Just a seven bathroom, six garage, five bedroom, 3 storey dream home. Add in a theatre, swimming pool, staff quarters and a 3 bedroom guest cottage. If that wasn’t enough there is a 14 stall barn with an indoor riding area.
“Con-Air” star Nic cage recently sold his Bel-Air home for just the $10.5 million. I saw just because his initial asking price was over $30 million! The 40’s style 11,817 square foot mansion has 6 bedrooms, 9 bathrooms a very handy central tower (what?), wine cellar as well as the now “as standard” theatre and a swimming pool.
Just down the road from Mr Cage, a slightly smaller yet newer property sold for $22 million which shows just how much these property prices are falling.
The star of “National Treasure” sued his former business manager for allegedly leading him to financial ruin. But Mr Levin, Cage’s manager counter sued after accusing Cage of going “on a spending binge of epic proportion”. Part of this binge included further properties around the world and a property in Bahamas.
Friday, 7 January 2011
5 tips for buy to let properties
It is not an easy straight forward decision to become a Landlord…
Before you start, you need to know what the process is. Making it work is a combination of research, knowledge, hard work and luck. But if you pick the right area, property and price the returns are worth it.
So should you become a buy to let property investor? These 5 tips should help you decide.
Know Yourself
Do you have the time? Eventually it may only take an hour a week to run your property but in the beginning it is very time consuming. Having an expert to offer advice and advice could be the difference between a pass or fail. Joining a property club or taking a property development course will help greatly.
Do the Sums
It is predicted that house prices will stay around the same level for the next few years to your rent will be your income.
Also, the property should be in a good state of repair and well decorated to start out with so you need to have the budget for this and other expenses.
Understand Tax
Buy to Lets are a good property investment due to the tax breaks. You can claim back the interest on the mortgage against the rental income and even some money to spend towards repairing wear and tear. Also, Insurance, cleaning, gardening and commission to letting agents can be offset against tax.
Remember capital gains tax is still applicable.
Find the Right Properties
When you are looking to invest in property the right kind of property is probably nothing like the ideal family home YOU would like.
Take into account the area and demand in that area. Near a large source of employment or education is a good place to start.
You may like a detached with large bedrooms, often, a terraced house with small bedrooms and large living area is a better choice.
Source the Right Mortgage
Buy to let mortgages usually require a large deposit. Obviously, shopping around for the best deal is the way forward with your mortgage.
Before you start, you need to know what the process is. Making it work is a combination of research, knowledge, hard work and luck. But if you pick the right area, property and price the returns are worth it.
So should you become a buy to let property investor? These 5 tips should help you decide.
Know Yourself
Do you have the time? Eventually it may only take an hour a week to run your property but in the beginning it is very time consuming. Having an expert to offer advice and advice could be the difference between a pass or fail. Joining a property club or taking a property development course will help greatly.
Do the Sums
It is predicted that house prices will stay around the same level for the next few years to your rent will be your income.
Also, the property should be in a good state of repair and well decorated to start out with so you need to have the budget for this and other expenses.
Understand Tax
Buy to Lets are a good property investment due to the tax breaks. You can claim back the interest on the mortgage against the rental income and even some money to spend towards repairing wear and tear. Also, Insurance, cleaning, gardening and commission to letting agents can be offset against tax.
Remember capital gains tax is still applicable.
Find the Right Properties
When you are looking to invest in property the right kind of property is probably nothing like the ideal family home YOU would like.
Take into account the area and demand in that area. Near a large source of employment or education is a good place to start.
You may like a detached with large bedrooms, often, a terraced house with small bedrooms and large living area is a better choice.
Source the Right Mortgage
Buy to let mortgages usually require a large deposit. Obviously, shopping around for the best deal is the way forward with your mortgage.
Friday, 5 November 2010
What Can You Buy For 50,000 Pounds?
In the 70’s you could buy a beautiful large 4 bedroom detached for less than £50,000 but nowadays £50,000 doesn’t get you anything…
Or does it?
In London you can buy currently buy a 1 bedroom flat in Bermondsey for £10,000!
In Somerset and you can pay as little as £7,500 for a plot of land.
Why are so many property owners missing out on these deals? They have been told that property bargains are a thing of the past!
The average UK property price at time of writing is £230,562 so it is very difficult to believe that you can invest in property for £10,000 never mind even looking for them.
Yet because property owners are missing out, doesn’t mean you should too!
Take the following locations… if any of these have the right values and demand, you can potentially make a huge positive cash flows every single month:
• Bradford: 1 bedroom terrace £50,000
• Kent: 1 bedroom static home £48,950
• Bristol: 1 bedroom flat £34,000
• Coventry: 1 bedroom flat £28,000
• Birmingham: 2 bedroom flat £19,950
• Cardiff: 1 bedroom flat £15,000
• Manchester: 1 bedroom first floor flat £20,000
• Nottingham: 2 bedroom flat £24,950
• Lincoln: 1 bedroom flat £22,500
• Oxford: 1 bedroom flat £30,000
• Plymouth: 1 bedroom flat £30,000
Or does it?
In London you can buy currently buy a 1 bedroom flat in Bermondsey for £10,000!
In Somerset and you can pay as little as £7,500 for a plot of land.
Why are so many property owners missing out on these deals? They have been told that property bargains are a thing of the past!
The average UK property price at time of writing is £230,562 so it is very difficult to believe that you can invest in property for £10,000 never mind even looking for them.
Yet because property owners are missing out, doesn’t mean you should too!
Take the following locations… if any of these have the right values and demand, you can potentially make a huge positive cash flows every single month:
• Bradford: 1 bedroom terrace £50,000
• Kent: 1 bedroom static home £48,950
• Bristol: 1 bedroom flat £34,000
• Coventry: 1 bedroom flat £28,000
• Birmingham: 2 bedroom flat £19,950
• Cardiff: 1 bedroom flat £15,000
• Manchester: 1 bedroom first floor flat £20,000
• Nottingham: 2 bedroom flat £24,950
• Lincoln: 1 bedroom flat £22,500
• Oxford: 1 bedroom flat £30,000
• Plymouth: 1 bedroom flat £30,000
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