Everything You Need to Know About Selling, Buying or Renting a Home
Welcome to the ultimate knowledge hub for all things property. We have split this guide into three in-depth sections: one for people selling their homes, one for tenants and one for people looking to buy.
After reading this blog, you will be equipped with the knowledge you need to move closer to your property goals, whether that goal is to become a homeowner or to sell your property for maximum value. So, let’s dive in and help you take the next step on the property ladder.
Advice for tenants
Renting a home is a great way to start your journey on the ‘property ladder’ and gain independence, but without the hefty upfront costs that come with getting a mortgage.
However, even though renting a property isn’t as complicated as buying one, there is still a lot to consider, like where you should choose to live, and what information needs to be included in your tenancy.
To help you on your way, we have designed this section to be a comprehensive checklist of everything you need to know as a prospective tenant.
Where should I start?
If you know where you want to live, then home hunting is your first step. The obvious solution at this point seems to be to get yourself on property portals, like Rightmove and Zoopla. But, in a competitive market where there is more demand for housing than there is supply, idle scrolling on these platforms during your dinner break isn’t enough. You will find yourself missing opportunities if you’re not proactive.
We recommend setting up alerts on the property portals. It’s easy to do. Just create an account and select the option to receive alerts. This way, the moment a new property comes to market that meets your criteria, you’ll immediately be notified.
Also, ring local estate agencies. Be specific when you tell them what you’re looking for, including size, location etc. They should call you when a suitable property is available to rent, meaning you can be one of the first people to view it.
When you start viewing opportunities, take the time to explore different areas, visit multiple properties and ask questions. Consider factors like proximity to work or school (if you have children), access to amenities and the safety of the area.
When you find a place you want to live, don’t be afraid to negotiate the terms of your lease. Likewise, if the property needs some changes or repairs before you’re comfortable living in it, then don’t be afraid to ask.
Try before you buy
Before you move into any property, make sure you view it in person. This allows you to get a better sense of the space, check for any potential issues or damages and ask any questions.
It’s easy to miss things in photos, so seeing the home in person is vital. If you’re viewing a property in a new area, then go there just before your viewing or hang around after. See how noisy the area is, and check that you feel safe there. These things are easily missed when looking at listings on property portals.
Budgeting
Budgeting is another crucial aspect of renting a home. Determine how much you can afford to spend on rent, utilities and other expenses. Take into account your income, savings and any other financial obligations. It’s also recommended to set aside some money for unexpected expenses or emergencies.
Important questions to ask the landlord or agent
Make sure you ask the landlord or property manager questions before signing any lease or rental agreement. This ensures that you have a clear understanding of what is expected of you as a tenant and what you can expect in return. Some common questions to ask include:
- What is the monthly rent and what is included in it?
- Are utilities included, or will I be responsible for paying them separately?
- Are there any additional fees or expenses I should be aware of?
- What is the length of the lease agreement?
- Are pets allowed? If so, are there any restrictions or additional fees? ● What is the policy on maintenance and repairs?
By asking these questions, you can avoid any surprises or misunderstandings later on. Ask as many questions as you need. The last thing you want is to be tied into a lease that contains unexpected costs or agreements.
Create a ‘rental CV’
Just like applying for a job, a rental CV highlights your qualifications and demonstrates your professionalism and responsibility. It helps you to stand out from other applicants and shows landlords or property managers that you are a reliable tenant.
Your rental CV should include relevant information, like your employment history, income, references and any previous rental experiences. It’s also a good idea to include a brief introduction about yourself and why you would be a great tenant. By creating a comprehensive rental CV, you increase your chances of being selected by the landlord.
Advice on selling a property
For many people, their home is their most prized asset. Whether you’re selling somewhere you have lived and made memories, or you are offloading a property that you invested in or inherited, one thing remains the same; you want to sell your asset for the best price in the quickest time.
In this section, we’ll show you how to achieve just this.
Watch current market trends
It’s important to stay abreast of current market trends and housing statistics. This way, you’ll know if house prices are currently rising or falling, and how this will impact your sale.
The Royal Institution of Chartered Surveyors (RICS), provides comprehensive data on a national, regional, and metro-market level. By accessing this information, you can gain insights into pricing trends, reports and market conditions specific to your area.
Additionally, organisations such as the UK government’s Land Registry offer property-related information and data for the UK, including listings, property prices and transaction history.
Market data is important for analysing whether we are in a ‘buyers’ market’ or a ‘seller’s market’. If we are in a seller’s market, then it’s likely you can demand a higher price for your property. However, if we are in a buyer’s market, then you might not make as much money, but it could be a faster sales process. Having this information in hand means you can decide if you want to sell your property right now, or hold off for a little while until the market changes.
Finally, utilising resources like Intanest can help you determine a competitive listing price based on local comparables and current demand, ensuring that you are paid your home’s true value, and aren’t waiting around on the market.
Arrange your finances
Now you have your data and you know what your property is worth, it’s time to get your finances in order.
The first step is to calculate your outstanding mortgage balance and any other debts related to the property. This will give you an idea of how much equity you have, and what you can expect to walk away with after the sale.
This is especially important if you’re upsizing or buying a house in a more prestigious area where prices are higher. You need to make sure that the sale of your old house can fund the purchase of a new one, especially after tax, solicitors fees and other expenses.
Carefully analyze your costs and weigh them against what you hope a property sale will achieve for you. Will you walk away with the money you need? If you’re unsure, then speak with a financial advisor or mortgage broker for further advice.
Set your price
Setting the right price for your property is crucial to attracting potential buyers. Research current market trends and compare similar properties in your area to determine a competitive and realistic price. You may also consider consulting with a professional valuer for an accurate valuation.
Make sure you don’t overprice your property, but add a little bit on top for some room when negotiating. On average, most houses sell for 10% below their asking price.
Prepare your property for sale
Before listing your property, it’s important to make it as appealing as possible to potential buyers. Declutter, clean and stage your property to showcase its best features. Address any necessary repairs or improvements that could enhance its value.
Choose a method of sale
There are different ways to sell your property in the UK, including using an estate agent, selling privately, or opting for an online estate agency. Selling privately can be more hassle, but it means you don’t have to pay a fee to an estate agent. Consider the pros and cons of each method and choose the one that suits you.
Market your property
Once you’ve chosen a method of selling, it’s time to market your property. Take high-quality photos, write compelling descriptions and list your property on popular online platforms, or use an estate agent if it feels more familiar. If you use an agent, then they should do all of these things for you.
Social media is a powerful tool, so consider using it to reach a wider audience, especially among community Facebook groups.
Negotiate offers and accept the one that works for you
As offers start coming in, carefully review each one and negotiate, if necessary. First-time buyers and cash buyers typically complete purchases quickly. Speed might be a priority for you over money, so if you’re offered less but you’re not stuck in a chain, it could be worth considering. Only accept an offer that works for you, and analyse it appropriately to weigh the pros and cons.
Complete the legal process
The final step is to complete the legal process of selling your property. This involves conveyancing, which includes transferring ownership, completing the necessary paperwork and handling any outstanding legal matters. It’s recommended to hire a solicitor or conveyancer to guide you through this.
Complete the legal process
The final step is to complete the legal process of selling your property. This involves conveyancing, which includes transferring ownership, completing the necessary paperwork and handling any outstanding legal matters. It’s recommended to hire a solicitor or conveyancer to guide you through this.
How Intanest supports property sellers
Intanest is an online platform that connects buyers and sellers directly, putting control back in your hands. Our website streamlines the selling process by allowing you to list your property and connect with interested buyers directly. You also have the option of cutting out the middleman, saving on costly commissions and having more control over negotiations and closing terms.
Advice on buying a property
If you are considering buying a property in the UK, it is vital to know what’s happening in the market. According to the Office for Budget Responsibility (OBR), house prices are expected to fall by 9% over the next two years before rising again. This prediction can provide valuable insight into the potential value of properties in the near future. However, it is essential to note that these predictions are subject to change and may vary depending on various factors, such as location and economic conditions.
Have your money ready
Before you buy anything, you need the money to do it. Thankfully, when it comes to buying a property, there are a plethora of options available to you. Different mortgage options offer differences in how much of a deposit you need to put down, and how high your interest rate will be.
As of 2023, the average property value in the UK is approximately 6.7 times the average income. This ratio highlights the importance of financial planning and budgeting to ensure that you can comfortably afford the property you desire. It is advisable to consult with a financial advisor or mortgage broker who can guide you through the process of obtaining a mortgage and provide advice on affordability.
If you have never owned a residential property, check out our ultimate guide for first-time home buyers by clicking here.
When should you buy your first home?
Once you have your finances in order, it is time to start searching for properties that meet your criteria. The UK property market offers a wide range of options, from apartments in busy cities to quaint cottages in the countryside. It is important to define your priorities and consider factors like location, size, amenities and proximity to schools or transportation.
When you have found the right property, it’s time to make an offer. Negotiation skills come into play during this stage as you aim to secure the best possible price. Research is crucial here, and knowing the average price of homes in your area is the key to buying at market value, and not overpaying.
Once your offer has been accepted, it is essential to engage the services of a solicitor or conveyancer who will handle the legal aspects of the purchase. They will conduct searches, review contracts, and ensure that all the necessary documentation is in order. It is important to work closely with your solicitor throughout this process to avoid any potential issues or complications.
Finally, when all legal matters have been addressed and the contracts have been signed, it is time to complete the purchase. This involves the transfer of funds and ownership, as well as arranging for insurance and utilities to be set up in your name.
Intanest – Your hub of property knowledge
We are building a hub of knowledge that is tailored to your specific needs. We ensure that everyone can find relevant and helpful information, regardless of their position in the property industry. For more information that will help you on your property journey, visit our blog that includes information for sellers, renters, buyers, developers and investors where you will find all the relevant guides.
We are a growing space for everyone on their property journey who want to be able to share and exchange their knowledge and success. Stay connected and be the first to know about the latest trends, news and advice in the world of property.
