First Time Buyers Desperately Need Independent Advice!

So it’s not just Designs on Property that has received lots of requests for help and advice from first time buyers, now Unbiased has revealed that they too have been inundated with guidance requests about the complex task of getting a mortgage.

During the credit crunch, apparently over 40% of enquiries for Unbiased have been from First Time Buyers. For Designs on Property this figure is around 30%, with other people questioning whether it was worth trading up or not; how to find a property ‘below market value’ for investment purposes and whether it was worth selling up for a while and renting in the hope or expectation that prices go down further were other popular questions.

Read on to find out more about independent advice for First Time Buyers.

Kate Faulkner comments on the OFT Report on Home Buying and Selling

BUT ARE THEY RIGHT? According to the latest review on housing (one of many!) the OFT claim “A shake-up in how homes are sold, including updating legislation to allow new entrants into the market, could lead to a better deal for house buyers and sellers”.

Their main reason for this thought appears to be because the “housing market remains dominated by traditional estate agents with weak competition between them on price. As property prices rise during housing booms, so too do estate agents' fees”.

It’s an interesting conclusion and having worked in this market for over 20 years, my experience of estate agent competition is that it’s quite intense. So how exactly is the OFT claiming ‘weak competition’ on price and backing up the suggestion that selling through an agent is an ‘expensive’ process? Read on to find out!

Think you can trust lenders, mortgage advisors, surveyors and solicitors?

We constantly hear about horrendous things that estate agents and letting agents get up to, but the property bubble and resulting credit crunch has shown that the finance, legal and surveying professions I once took for granted I could trust, isn’t as squeaky clean as it should be.

Now, don’t get me wrong, I believe the majority of people and companies in the property and finance industry CAN be trusted. It’s just that we all need to do our due diligence as property is such as big expense and a big part of our daily lives, at the end of the day it’s our haven we come home to, the place we can be ourselves and relax.

So what’s happened since the credit crunch to these professions?

Will house prices fall by 50%?

This is a popular view that is often headlined by the media about the property market. Interestingly, when you look into the people and companies that give this prediction it’s worth bearing in mind that they are often financial speculators who invest in stocks and shares and other financial vehicles, or they are economists who see the property market very differently to the average buyer and seller.

So be warned when reading these reports, there is much bias around predictions that property prices will fall as there is from the property industry that prices will rise!

So what are the facts behind this prediction that property prices will fall by 50% and what are the chances that it WILL actually happen?

Why do you need a Building Survey?

Surveyors are an incredibly important part of buying and selling a home. Sadly the biggest problem caused when buying and selling a home is that few buyers pay for a survey, believing that the mortgage valuation buyers must pay for to their lender is sufficient to find out if there is something wrong with the property: it absolutely isn’t!

A good independent surveyor is an invaluable resource for buyers. Let me ask you this, would you buy a car without a valid MOT? Would you service a boiler yourself (hopefully not, it is illegal!)? Then whatever you do, don’t pay out hundreds of thousands of pounds on a building that you haven’t had thoroughly checked from top to bottom!

So here I explain why it is so important to get a Building Survey carried out!

It’s official: Buying a home is more stressful than having a child!

I have moved many times and as a result I don’t tend to find it stressful it anymore, which is why I set up Designs on Property. However, one thing I don’t have to worry about when I move is how the kids feel and all of their things that need moving.

Apparently though, according to latest research from Unbiased owning a home is now more stressful than having a child! Which even though I now completely understand the stresses and strains other people go through when they move, I still find it a little hard to believe!

Find out the results of the research here!

What is Buying at a Discount?

Buying at a discount - this is a term you may have come across in property investing, but do you know what it actually means?

Lets face it, we all want to buy at a discount, but the problem is few people want to sell a property for less than it’s worth!

So, What is Buying at a Discount?

Choosing an Estate Agent to Sell your Home

While the property market was booming, it wasn’t difficult to choose an estate agent to sell your home. Buyers were desperately chasing any property that came onto the market from any agent.

In 2010 it’s a different story. There aren’t the number of buyers there used to be and being honest, there aren’t the number of agents either! As the number of properties for sale has halved, many agents have gone out of business or turned to lettings to try and keep their business afloat.

To avoid wasting time and money, read on to ensure you choose the best agent to sell your home.

Also take a look at the Top Five things you need to know when choosing an Estate Agent to Sell Your Home.

What are the Pros and Cons of Selling Privately?

Thinking of selling your property but would like to save some money on estate agent's fees? Then you could look into selling it privately.

But before you get the tape measure and digital camera out, you really do need to know 'The Pros and Cons of Selling Privately'.

Has the Credit Crunch made Homes Affordable Again?

Affordability of property typically relates to how much the average property is worth versus what the average wage is. When this ratio is more than three or four, the statistical reports announce that ‘affordability’ is impossible for most people.

It is true that the cost of housing has increased in the UK and that despite the current circumstances, it is likely to increase again once the economy is on the road to recovery and people’s jobs seem more secure and the future more optimistic.

The big problem with affordability studies is that they take into account average statistics – which as anyone reading anything I’ve written on property before knows, this is rubbish. Read on to find out why!