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Saulius Work & Travel
Website development
Website development
Dec 04, 2021
In Add value, Invest to property
Key takeaways There are plenty of ways to add value, from expanding a home's footprint to going up into the loft Some of the best ways to add value are the little things you might not think about, such as restoring period features and sorting dodgy layouts Look for homes with ugly exteriors, floorplan problems, or on busy roads, and make practical changes that will boost their resale value. 1. What is the way to extend the footprint of your home Building outwards is a great way to add value. Many Victorian and Edwardian terraced houses have a 'side return'. These dark and often under-used strips of garden present a great opportunity to extend a kitchen. Detached homes with plenty of outside space also offer the potential for future extensions. Properties with unconverted farm buildings or outhouses might be an opportunity to join up via a link extension. Don’t forget to check out the basement, as there may be space for a lower floor conversion. 2. What is the opportunities to add an extra storey? A home with a loft space that hasn’t yet been converted is ripe for adding value. Look at the adjacent houses to see if they have had dormer windows or full extensions. Planning permission is more likely to be granted if others on your street have done it. Adding a bedroom and bathroom is an effective way to boost your home’s value. If your roof is large enough, a conversion might turn a three-bedroom terrace into a five-bedroom home with two bathrooms. If your home already has a downstairs extension, look at whether there’s scope for adding another storey on top. Always seek expert advice from a builder on whether the existing extension is strong enough to support a second storey. 3. Explore buying more land nearby Don’t be too quick to dismiss a home where the plot is too small for the size of the property. Check out the possibility of purchasing adjacent land. If you are able to do so, this could mean a dramatic increase in the value of the property. This might mean buying a bit of extra land from a neighbour or the freeholder of neighbouring flats. It’s always worth asking the estate agent showing you around if they have any local intel to share. 4. What is the way to create an open-plan living space? Building an open-plan kitchen-living room is a great opportunity for adding value to your home. Look out for places with a small kitchen situated beside a large dining room or living room. Do a bit of detective work right away to work out whether the wall is internal or load-bearing. If it's load-bearing, you'll need to replace it with structural support. If in doubt, arrange a visit with a surveyor or structural engineer. 5. Scope out improvements to the layout Before you view and while you’re at a viewing, spend time scouring the floor plan. A bad layout offers huge potential if you can sort it out. Can simple changes be made? Is something obvious currently in the wrong place? Whether by opening up rooms, reinstating walls, or shifting doorways, most layout problems can be solved. Think big: using your imagination could really help you to cash in when it comes to selling. 6. Don’t overlook tired kitchens and bathrooms Pay close attention to homes with dated kitchens and bathrooms. They are two of the most valuable rooms in a property. A brand new kitchen with the latest mod cons and oodles of storage could add serious value. The same goes for a sparkling new bathroom suite with shiny taps, a power shower and fancy tiles. Yes, updating these rooms will cost you money, but you are more than likely to make it back in the value you add. 7. Consider adding a downstairs toilet A home with space to install a ground floor loo also has decent potential to add value. An extra toilet downstairs will appeal to families with young children, as well as older couples who may struggle with stairs. Think creatively. You may not need to knock down walls or build an extension to fit a downstairs toilet. It may be possible to put a loo under the stairs, in a large cupboard, in the basement, or by partitioning a room. Plumbing will be the biggest factor, so be sure to ask an expert. 8. Don’t rule out homes that don’t meet your aesthetic While an ugly home can be a turn-off at first sight, it’s worth looking beyond initial impressions. It might be possible to give the place a facelift. This could be especially worth it if the property is in a location known for its good schools or transport links. New windows, painting, cladding and plants can all make a dramatic difference. Consult an architect for bigger structural changes that can boost kerb appeal. 9. Consider buying on a busy road Many people don’t want to live on an A-road or main street that is full of noisy traffic. But there are steps you can take to improve the nose. Double glazing, good screening and a change of access to the property can be transformative. It might be possible to buy a home on a big road for a bargain price and improve both the interior and exterior so that you add considerable value. 10. Size up a room in the garden If a home almost meets your needs but doesn’t have that home office, why not see if there’s space for a garden room? A self-contained structure in the garden can add value as it increases the usable floor space. If you can install electricity and heating, or a wood-burning stove, it can be used throughout the year. 11. Seek out period features to restore You can add real value to a property by restoring original features. Spend some time looking at homes that are period but where these features have been removed. Restore an Edwardian home to its former glory by putting cornices back and replacing fireplaces. It can add wow factor and resale value. Wooden beams, original floorboards, bannisters and doors all offer potential, especially if they haven’t been treated very sympathetically by the previous homeowner. 12. A poor energy rating is an opportunity to add value You might view a home with a G-rated Energy Performance Certificate as a complete deal-breaker, but think again. It’s worth seeing these weaknesses as potential because dramatic improvements can be made to this property. It might be a matter of upgrading the heating system, installing a modern condensing boiler and insulating the loft and cavity walls. You might also add solar panels and ground/air source heat pumps. Changes like this will bring home of any age up to modern standards and will make a huge positive impact on its value. Your bills will get cheaper, too.
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Saulius Work & Travel
Website development
Website development
Nov 22, 2021
In Property Questions and Answers
• AST – Assured shorthold tenancy (the most common tenancy agreement in the UK, which grants tenants a number of protections to ensure landlords cannot be unscrupulous ) • BMV – Below market value • Conveyancing – The legal process of transferring property from one owner to another. In the UK, conveyancing is conducted by either solicitors or conveyancers • Freehold – One of the two main types of property tenure, the other being leasehold. A person owning a freehold owns both the property and the land it is on. While most, but not all, houses are freehold, very very few flats are leasehold (and those that are are generally not desirable for legal reasons). Freeholds are generally seen as more desirable than leaseholds, as there is no need to pay ground rent (GR) or service charge (SC). Note that there are different types of tenure for property in Scotland. • GCH – Gas central heating • GR – Ground Rent, a charge payable by a leaseholder to a freeholder • HMRC – Her Majesty’s Revenue and Customs • Leasehold – The main type of property tenure. A leasehold entitles the owner to the right to occupy the building for a certain number of years (typically around 120 years, but this can be 70 years or less – a ‘short lease’, or 900 years – known as a ‘virtual freehold’). The leaseholder does not own the land the property is on, and, in the case of a flat, does not own the ‘fabric of the building’ (such as the external structure and communal areas). Leaseholders must pay GR and SC to the freeholder. Almost all flats and a small number of houses in England & Wales are leaseholds. • RICS – Royal Institute of Chartered Surveyors • ROCE – Return on capital employed, calculated by operating profit divided by cash employed • SC – Service Charge, a charge for the maintenance of a property paid to a freeholder by the leaseholder. This is generally for things like upkeep of communal areas, landscaping and building repairs. The cost of such is distributed among the leaseholders within a freehold. • SDLT – Stamp Duty Land Tax, a tax incurred on the purchase of property • STC – Subject to contract • Yield – the gross annual rent of a property divided by the purchase price of that property. Usually used to compare investment opportunities.
What's property glossary basics? What're Key terms for property professionals and agents? content media
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Saulius Work & Travel
Website development
Website development
Oct 24, 2021
In What's guaranteed rent?
The agent should provide you with a commercial lease agreement and NOT an assured shorthold tenancy (AST) as the agent is not going to live in the property. Work+Travel agency will then become the landlord for the sub tenant(s) and will be responsible for the service of any notices and dealing with any breaches of the tenancy agreement. The commercial lease will generally be from 3 to 5 years and should make it clear that landlord are entitled to a guaranteed rent from the Work+Travel agency on a specified date, that the agent has the right to rent out the property, and make it clear who is responsible for repairs as well as how the lease will end. There must be an early termination clause with the agent in case circumstances change and landlord need property back. Be aware that some agents who allow early termination may look for compensation as a result of costs involved for the unexpired term of the agreement. By entering into this type of agreement the agent landlord effectively becomes the landlord of the property or the rooms in the property that are to be let out to tenants. The agent will be managing the property and the tenants will deal with the agent directly. Benefits to the landlord •Guaranteed start date of contract •Guaranteed rent for the length of the tenancy •No missed rent payments or late payments •No empty void periods •No tenant queries or management issues •Same day rent payments •Maintenance work instructed and carried out, with the internal condition of the property guaranteed (subject to fair wear and tear and usually limited to the amount of the security deposit) Points for the landlord to consider If you are thinking of instructing an agent to take over managing your property be sure you do the following: •If you have a buy to let mortgage then check with your lender that you are allowed to enter into this type of arrangement •You should also be aware that the statutory responsibilities of you as the owner cannot be transferred to the agents. Examples include gas safety, health and safety, electrical checks etc; however the agent can carry these out on your behalf •Make sure your landlord insurance allows you to enter into this type of arrangement. • Do agency have valid Professional Indemnity insurance? • Will you be paid the agreed rent, even if there are void periods? • What happens if you need your property back before the end of the agreed term?
How guaranteed rent arrangement should be set up? content media
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Saulius Work & Travel
Website development
Website development
Oct 24, 2021
In Property Questions and Answers
It is a legal requirement for letting agents who handle client money to join a client money protection scheme for the benefit of their clients, to safeguard money they hold on their clients’ behalf. Professional indemnity insurance is a requirement for client money protection so agents should have both.
Does my agent need to have professional indemnity insurance or client money protection insurance? content media
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Saulius Work & Travel
Website development
Website development
Apr 24, 2021
In Property Questions and Answers
Your forum comes with a Member’s Area, which site visitors can use to get to know each other and personalize their profile pages. Members can also add new posts, write comments, and like posts. When visitors sign up as members, they can join conversations, fol