Making Home Ownership A Welcomed Experience

As you move through your 20s you might be thinking about your financial future. Everything from your career to where are you going to live and what kind of lifestyle you want to maintain.  These are all big questions that may take some time to figure out. One of the biggest questions is though whether or not to buy property.

Buying your first home is a landmark occasion – it signifies financial maturity and independence. As well as being an exciting milestone, investing in property can also be fraught with stress and not just during the process; once you’re a proud homeowner your financial responsibilities are literally set in stone.  With so much pressure on first time buyers to get it right, here is a handy guide to making sure your first move is the right one. More information can be found here.

  1. Check that you can afford it.  It sounds obvious but in the past some of the biggest issues facing first time buyers is taking on too much debt. Everyone wants to buy a beautiful house straight out but often, if you want to be successful on the property ladder you have to lower your expectations a little and look for the charm in less expensive properties. You can use a mortgage affordability calculator to work out if the asking price is just too much and this will save you many sleepless nights once the paperwork has been signed.
  2. Does it fit your needs?  When buying your first property you need it to be practical.  There is time in the future to find the perfect home to settle down in but for now most first time buyers just want a foot in the door.  Therefore consider your needs now before making an offer.  You might want to ask questions like ‘can I get to work easily?’, ‘am I close to local amenities?’or ‘is it big enough/too big for me or my family? Keeping in mind what you need from your property now will stop you taking on more than you can manage.
  3. Is it a fixer-upper? One way to get more brick for your buck is to look for a fixer-upper.  These are properties with huge potential but that needs a little tender loving care and a whole lot of hard work and financial investment. If you are considering this route be sure you can spare the time and money down the line otherwise your fixer-upper will be an expensive flop.
  4. Are you ready to settle down? Hand in hand with your practical needs comes the readiness for owning your own home.  Unless you are buying it as an investment property that you don’t intend to live in, you have to consider the reality of committing to one place for a period of time.  If you have itchy feet, a career that isn’t fixed or isn’t something you see a future in it might not be the time to buy.  Take some time out – travel, settle into your career or retrain – whatever you need to do to make ownership a welcomed experience.

 

 

 

3 Unique Ways to Stay on Top of the Property Development Game

Thinking outside of the box is something that every successful entrepreneur does. No matter what industry you’re involved with, inspiring change and taking risks is one of the defining factors of a successful business. It could go horribly wrong or it could propel you into stardom, but without inspiring drastic change, your business becomes stale and you’re not going to build success off copying others.

So here are three unique ways to ensure that you are constantly at the forefront of property development. Whether you specialise in affordable housing, first-time buyers or even luxury properties, you’ll find something here that will be of use to you and help to increase your exposure and relevancy in such a competitive market.

Follow the stars (literally)

When you buy a new electronic device, would you rather pick something that all your friends use, or would you rather be the odd one out and get something that no one uses? The mentality is similar with housing. You want to move to a location that you have heard of or you know about and not a random place in the middle of nowhere. You’re also more inclined to pick and area if there are celebrities living in the area. If the location is good enough for someone wealthy, then it’s more than likely going to be suitable for you as well assuming you have the money.

A great way to follow what the celebrities are doing is to actually use social media. Many fans will talk about housing and live in different parts of the world just to see celebrities and hang out with them on a regular basis. For instance, Beverly Hills is an extremely popular location due to it being the home of many Hollywood stars. If you specialise in luxury properties, then you’ll want to have homes for sale in this area. When celebrities move to different locations, you want to be at the forefront and you want to use the celebrity presence as a selling point.

Keep up with developments

Whether it’s a crowdfunded development project or something started by a rich and wealthy businessman, you want to try and jump on these new development projects as soon as possible. You can’t, however, expect them all to work 100% of the time. If the head of a new development project is someone you’ve never heard of, then you probably shouldn’t trust them or their claims because they don’t have a portfolio that you can refer to in order to judge their work.

Instead, you should follow trusted property developers around the world such as Joe Nahas, CEO of Coronation Property. The more successful development projects they’ve operated in the past, the more likely their new one will tick all the right boxes and be a worthwhile investment for you and your real estate agency.

Put yourself in the shoes of the buyer

This is usually something that is done on a per-client basis, however, it’s an essential component in any kind of property development selling strategy. If you don’t understand the needs of your clients, then you won’t make nearly as many sales as you could.

Analyse current market trends, your local market, and the types of clients you get. Learn to judge their character and their needs by asking questions or deducing from what information they’ve provided you. For instance, if a single professional adult is approaching you about studio apartments, then you can already try to imagine what they are thinking when it comes to the perfect property. Perhaps they want a bachelor pad, perhaps they’re a student that wants affordable accommodation, or maybe they’ve recently divorced and want to start a new life. Using this information, you can sell a home that is tailored towards their needs with pinpoint accuracy.

Purchasing Property Preparation – The Ticklist!

The market is as precarious as it ever was, maybe even more so. But as more people are finding it difficult to get their act together to buy their dream home, the option to rent appears to be a more sensible approach than ever before. But we all deserve our dream home, and it can take years to be “house-ready” so here are some things to make sure you are prepared for so you can get onto the property ladder with the least amount of fuss.

Make Sure You Look “Clean”

Before any bank is willing to lend you the money you have to show them that you are trustworthy. This means going over your recent credit history and checking that you haven’t had any missed payments, or you aren’t making any unnecessary spends. Something as basic as a cup of coffee that comes out of your account every day can add up, so think about if it means the difference between passing a credit check or failing it. Looking “clean” in the eyes of the banks can take some time to do, especially if you appear to have a questionable past when it comes to money, but if you undertake an overhaul of your finances, you will go the distance.

Do Your Research

In everything! Look at the area you want to move to, the type of house it is. Is the house a new build? If it is, the material might be more reliable than the houses built 20 years ago. Does the house not retain heat or is it a bit on the cold side? If you’re looking at an area, does it give you everything you need? Are there suitable amenities? Are there good-quality schools for your children? If you have found a house you love, it is possible to start some pre-purchase house
inspections
to make sure the house is everything you need it to be. This applies especially if you are a first-time buyer and need guidance. Check the property around different times of day too, that way you will get a proper appreciation of the area and if it meets your needs.

Be Prepared To be Flexible

We want our dream home to be perfect, and this isn’t always feasible. The area may not be the place you had in your head, but if it has everything you need in a home, from a big garden to the amount of essential bedrooms, you may want to think about setting up home there. It is all about being flexible to the extent that you may have to veer away from what you had in your mind, and this is something that not many people are willing to do. At the same time, this is where you can be easily taken for a ride by the estate agency, so don’t be swayed by a poky one-bedroom house that is in the perfect area. You simply need to weigh up your options, and that is what buying a great home is all about.