Property advice and our top tips

Welcome to the latest edition of the Town & Country newsletter. This month we share our property advice and some top tips.

Property demand has been rising since the release of lockdown, and a change in property priorities has been identified in potential buyers. We share what the most popular property features are in our first article. There may be some people who have continued to save for a house deposit during lockdown and are ready to search for their first home, so we also share a first time buyers guide. Elsewhere you will find some top tips for designing a home office, and a legislative update for landlords now that electrical safety regulations have come into effect.

We hope you enjoy this months edition. If you have any questions please do not hesitate to contact us.

Our Top Tips For Designing A Home Office

People have been working from home for a while now. With businesses offering a greater level of autonomy and flexibility to their workers for the long run, many of us will have created office spaces in our homes. These spaces are vital to our productivity, and we have therefore put some of our favourite design ideas together in order to make your home office a hotbed of efficiency.

Nail the basics
When designing a home office, it can be easy to get caught up in the design aesthetic first and foremost, but the basics of a suitable desk and comfortable chair are not to be overlooked. These two pieces of equipment could make your working-from-home bleak or blissful, so take the time to choose wisely. When choosing your seat, ensure that the height and lumbar can be fully adjusted; your thighs should be at a right angle to the floor and your feet totally flat to provide the most ergonomic seating position.

Don’t neglect storage
The old adage of ‘tidy space, tidy mind’ is prevalent for a reason – we tend to work best when we’re in comfortable, organised spaces. It’s easy to forget that a home office will need to have masses of storage in order to store your working documents, as well as any accoutrements you need on a day-to-day basis. When planning your home office, incorporate space for storage which includes shelving, cupboards and filing cabinets.

Create an oasis
Your home office should be a space that you want to visit; therefore, creating a pleasant and attractive room should be high on your priorities to encourage you to use it. Studies have suggested that using greenery in our work spaces can make us happier and improve cognitive functions, so adding plants or herbs in your office space are an easy method to incorporate some natural elements. In line with the greenery, keep the general feel of your home office light and airy by keeping walls and décor neutral, perhaps with one simple accent wall in a colour such as navy blue, which is supposed to help with concentration.

Creating space
Not everybody will have an extra room to dedicate to a home office, but don’t let that stop you. If you have an alcove in any rooms in your house, you can turn it into a mini home office simply with a fold down desk. You could also double up the use of your dressing table or kitchen table. One of the benefits of not having a dedicated fixed office space is that you can move your home office around if you feel like you need a motivation refresh.

First Time Buyers Property Search Guide

Those who have managed to continue saving during the coronavirus pandemic may be thinking of taking their first steps onto the property ladder and purchasing their first dream home. The good news is, mortgage lenders have reintroduced high LTV mortgages back to the market, providing first time buyers with a big boost to help in their property journey. If you are one of the thousands of people who are looking to get on that first rung of the property ladder, then finding the right home can be a daunting process. However, we’ve included some advice below to guide you through the process so that you could be moving in to your first home in no time at all!

1) Know your limits
Starting your search with a clear idea of what you can afford is a key aspect in terms of finding the right home. Often, first-time buyers are so excited at the thought of starting their property search that they begin with expectations soaring. Knowing your financial limit is key; before you start your search, we would recommend having a mortgage-in-principal approved so that you know exactly what you can afford. In the current climate, a mortgage in principal can be a requirement prior to being able to go on a physical property viewing. This is to help reduce the number of people visiting properties. Starting your hunt by looking at homes twice your actual budget will only end in disappointment and will unduly extend your search – be realistic, set your limits and keep those finances in mind!

2) Mortgage Availability
More mortgage products have been made available in the market allowing first time buyers to consider property purchase with just 5 – 10% deposit. This is known as a high Loan To Value (LTV). Now that physical valuations and surveys can go ahead, more lenders are offering products to cater for first time buyers, such as Virgin Money and Barclays, but providers may restrict the number of applications per day to ensure their services can be maintained. Contact a mortgage adviser to find out your options.

3) Don’t go it alone!
One of the biggest mistakes that first-time buyers make is trying to manage the whole process alone. Finding a good estate agent who will help you not only in the property search, but also during the financial process of buying a property, will be the difference between peace of mind and undue stress. Our sales team are happy to help with any questions you may have and can guide you through the entire process keeping you informed at each stage. Remember, it is the sole purpose of an estate agent to match properties with people, therefore as suitable properties are brought to market which suit your requirements you will be the first to receive property details if you’re registered with us – giving you the edge.

4) The physical viewing
When you are new to the property game, it can seem awkward to spend too long looking around; however, if you are serious about the property, it is important to stay as long as you feel you need to. One of the most difficult things to do when looking for a property, and often cited by even the most seasoned property purchaser as a difficulty, is to look past the current decoration. This can work in two ways; if you view a property with elegant decoration it is easy to fall in love with the aesthetic; however, keep in mind that the chic furniture will all be gone when you move in. The second way in which decoration can put a dampener on your search is that you dislike the taste of the current owners and can’t see through it. If you don’t like the presentation of a property, then try to look past the individual components such as curtains and carpets and instead focus on the bones of the room underneath; looking at the features of the room and the overall size as there could be a fabulous space just waiting to be uncovered.

Check everything around the property and ask plenty of questions about all of its features including electrics, windows, the loft. Having this in-depth look into the property will hone your mind onto the minutiae and take you away from the excitement of wanting to make an offer. If you feel like you still have more to see around the property then arrange another viewings; seeing the property at a different time will give you a better feel for the neighbourhood and your immediate neighbours.

5) Don’t take all of the credit
You have your mortgage-in principal, you’ve worked with an estate agent to find that perfect home within your budget and you have visited the property a couple of times. The dream is practically complete; you have that contract signed and the countdown to completion is on – so now you’re on the home straight to first-time property bliss. How to celebrate? A new car that will look lovely on your new driveway, a large television to adorn your living room wall or an expensive sofa to relax upon? Whatever happens, before your property purchase completes do not take out any other credit lines whatsoever as this could put the property purchase in severe jeopardy. Some mortgage lenders will pull one final credit report before completion in order to ensure that your status has not changed – taking further credit out will endanger this so wait until your purchase completes before splashing out the cash.

Landlord Update - Electrical Legislation

As a landlord, it is important to keep up with the latest legislation in order to keep your tenants and yourself secure. The latest change to keep abreast of is the government’s new electrical safety regulations – specifically for electrical installations in your properties. Fall foul of these rules, and you could be facing financial penalties of up to £30,000.

In recent years we have seen somewhat of a reform to the rental sector with seismic changes including the Tenant Fees Act, Fitness For Human Habitation Act and a potential review of Section 21 evictions. The new Electrical Safety Standards regulations will apply to all new tenancies from July 1 2020 and for existing tenancies from April 1 2021.

One of the key features of the legislation is electrical inspections, with landlords having to ensure that all electrical installations in their property are inspected and tested by an appropriately qualified electrician at least every five years. Documentation around these inspections then need to be shared with new, existing and prospective tenants as a legal requirement. Should the local authority request the paperwork, a landlord is also then required to supply this within 7 days of receiving the request.

Here is an overview of the changes;

• A landlord is required to obtain an inspection and test report from a qualified person, supply that report to each tenant within 28 days, and to the local housing authority within seven days of a request. A copy must be retained until the next inspection is due.

• For new tenancies, the landlord must supply a copy of the last report to any new tenant before occupation, or any prospective tenant within 28 days of a request.

• If the report requires further investigative or remedial work, this must be carried out within 28 days or sooner if the report suggests. Written confirmation of the work being carried out by a qualified person must then be given to the tenant and the local authority.

• If a landlord is in breach of the regulations, the local authority can serve remedial notices, if necessary, carry out the required works themselves recovering their costs from the landlord and can impose financial penalties of up to £30,000.

If you would like to read the full guide for landlords published by the government, you can do so here or if you would like to talk to us about your rental properties, please do not hesitate to contact us and we will be able to advise you.

How Have Property Priorities Been Changing?

2020 has forced us to make many changes in our lives, from home working, to self-isolation, it has created a time period for us to step back and re-think what is most important to us. As life slowed down many transformed their lifestyles and now need their homes to fit into this. This drive for change has already started to be noticed by agents and property portals, with a decrease in demand for the more vanity features and an increase in lifestyle practicality. Findings from a report released by the Royal Institution of Chartered Surveyors (RICS) have also confirmed the trends.

Home Office
When searching for property, features such as spare rooms for home offices spaces have been key for many. Working patterns have changed over the past few months, with many opting for more flexible work routines for the long haul. Home working has been found to be very productive and provide a better work life balance for many. For those that no longer want to commute, space for a comfortable home office is a number one priority.

Garden or Balcony
Properties with a garden or balcony have dramatically shot up the priority list. According to RICS, more that four fifths of property professionals believed that there is an increased desire for gardens or balcony’s for potential buyers. The lockdown period we have all faced has shown many how important the great outdoors is and having access to that on your own property is the most convenient way of getting outdoors.

As well as this, having space for garden storage has also been high on the property wish list. This is so that bikes and garden furniture can be stored securely. The rental sector has seen a dramatic increase in searches for property with bike storage in line with the encouragement from government to cycle to work where possible.

Proximity to Green Space
Having a garden or balcony is not the be all and end all for everyone. For some, as a long as they are in proximity or easy access to public outdoor spaces, they can still meet their needs for getting into nature. There have been many home hunters looking outside of city life to be closer to nature trails, local parks, and cycle routes. Outdoor exercise has become a staple part of fitness routines, so having nice locations to cycle or jog is key to meeting the fitness goals for many.

Home Improvements
The UK is poised to spend billions on DIY and home improvements following our period of lockdown. Spending so much time at home has caused people to have less tolerance for the areas of their home that they have been meaning to change. From extensions, to converting rooms into different functions, society is certainly starting to take ownership of their lifestyles and make their environments fit into their preferred ways of living.