g ftTr~v>ww!^^ •i- propertytoday.co.uK 38 Clitheroe Advertiser &Times, Thursday, September 25th, 2008


Buying property Ms still a sound idea'


WOULD-BE house buyers nervous of entering the mar­ ket at such an uncertain time should still see buying a home as a sound invest­ ment. That is the advice of Peter


Bolton King, Chief Execu­ tive of the National Associa­ tion of Estate Agents


(NAEA). He said: “ It has been a


tough time for the industry, and a loss of confidence is clear from the drop in sales and a ‘wait and see’ approach. There has been a


stream of negative informa­ tion in the media and, despite all the pessimisms, a property should still be seen as a sound invest­ ment. The market is shaky now, but it will return in the next year or two and offer substantial returns. The reduction in new-build homes is serving only to increase pent-up demand. As long as a home is pur­ chased with the plan to keep it for the foreseeable future, then now is a great time to invest in a property.”


WHEN looking to sell their property, a significant number of people make simple mistakes that undermine their ability to self their property


quickly. When selling property, don't under­


estimate the strength of the emotional bond developed with your current home. If you're not prepared emotionally to move home, you will find it hard to


Clitheroe 422324 (Editorial), 01282 478111 (Advertising), 01282 422331 (Classified) www.clitheroeadvertiser.co.uk


Buyers may Jose out ■under new


your home


accomplish the jobs crucial to the suc­ cess of your sale:


. . See your home (and all its associated


emotional attachment) as a house. Its a commodity to be sold and, to make the best of it, needs a cool business-like


approach. Be able to remain realistic about your


price and the merits of any offers received.


Maintain the motivation, energy and


critical eye needed to present your house in a way that gives you the best chance of selling at the highest price in the shortest time.


Do you know the true condition of


your property? Haggling over your price becomes


possible once house buyers find prob­ lems raised in the survey. If you want to avoid this and put yourself in the best negotiating position possible, get to know the true condition of your property (before you put it on the market). Most owners have a pretty good idea of this,


. but if you are in any doubt, here's how to get the information you need: .Commission a pre-sale survey from a


chartered surveyor. This will cost any­ where from £350 to £1,500, depending on the size and age of your property. Invite two or three local builders to


come and give your property a once­ over.


Builders have an excellent grasp of the .


common defects from which residential property suffers. Most builders will do this for nothing if they think there's a job in the pipeline. If the survey or the builder does find problems you can either: Fix the faults arid avoid having to drop your price later: or Get detailed quotes for the work need­


ed. That way you will know what a rea­ sonable price reduction would be when buyers start haggling.


Are you.going to ask for too much money? Everyone wants to sell for as much


telephone Harry Hitman: 07815 780 794 or email: harryf^brockhallvillage.co.uk or visit tiie


Showhome open 10am - 5pm daily


BROCKHALL VILLAGE BrocWiatl Village,


old Langho Lancashire, BB6 BAY ■^THEHEARTOFTHERfflBLf VALLEY ■*-«


money as possible, but there is always , the temptation to 'test the market' and ask that little bit more.


^ • These days the Internet allows you to instantly compare all the property that's


■ ■ for sale in any area. Because of this, the vast majority of buyers are just too well


■ informed to overpay. Remember that a property is only


.


worth what a buyer is willing to pay for it. Vi/hat a buyer is willing to pay is directly linked to what other properties like yours are being advertised (arid sold) for. It may seem counter-intuitive but, in reali­ ty, asking for more often leads to selling


for less. Whereas, asking for less, often leads


to selling for more. An unrealistic asking price will leave


your home sitting unsold while all around, others are selling-up and getting on with their lives. On the other hand, if you advertise your property competitive­ ly, you will attract buyers. The more you can attract the better,


because this breeds competition. Com­ petition between buyers starts bidding wars and bidding wars result in higher sale prices.


Spending too much time and money renovating for sale When it's time to sell, it's only natural


to want to make the maximum profit pos­ sible. Because of this, many house-sell­ ers are quick to believe that fitting a new bathroom suite or kitchen will be a sure way to make a quick and easy last- minute profit. Unfortunately, this is usual­ ly not the case and, once fitting costs are factored-in, most last-minute renovation


projects barely break even. Instead, keep in mind that painting,


cleaning and refinishing surfaces have always been the easiest, quickest and cheapest ways of increasing the achiev­ able sale price of a property. When you're selling, it's far more profitable to just present what you have, as well as


you can. Good presentation does take time and . .


effort but you will be rewarded by dra­ matically enhancing the saleability of your property. To help you on your way, here is our eight-step plan to getting your property ready for sale:


1. Glean your house from top to bot­


tom, inside arid out. 2. De-Clutter. 3. Finish any DIY and catch up on rou­


tine maintenance. 4. Understand that first impressions


count and spruce-up the outside. 5. Depersonalise the interior. 6. Go neutral (it's a cliche, but it really


does work). 7. Define the use of each room. 8. Eliminate bad odours.


THERE has never been a trickier time to venture.into the property market and for a first-time buyer it can be truly daunting. Here, in the latest of a series of articles, local mortgage expert Jan Bull sets out some.sage advice for those trying to set foot on the property ladder:


h all you nee(j to search for local services... local pagesQSIES


First-time buyer? Unless you’re genuinely experi-


.^nced in the mortgage maze, anyone teuying a home for the first time will "normally benefit from independent mortgage advice. Accurately assess­ ing fixed rates against trackers and discounts, white avoiding unnecessary credit checks, normally requires spe­ cialist advice. That enticing low inter­ est rate may not be the best deal over­ all and you may not be eligible anyway, • which means wasting time and losing the house of your dreams. What cash does a first time buyer need? 100% mortgages are history.


scheme HOMEBUYERS seeking to.purchase property under the Government's new shared equity initia­ tive risk losing out if the property market picks up, warns the Law Society. The Government's


revised equity share scheme allows vulnera­ ble families, who are no longer able to keep up with their mortgage repayments, the chance to sell their home and rent it back, or to enter into a shared equity or shared ownership scheme on the property. Paul Marsh, society


president, says: “While any move by the Govern­ ment to tackle the trou­ bled housing market is welcomed, we are con­ cerned that if the market picks up those home- owners in the scheme will be losing out as they will have a smaller pro­ portion of the property’s equity. “This is a very short­


term solution which runs the risk of leaving many homeowners on lower incomes in these equity share schemes trapped. Sharing the equity also means sharing the sale proceeds of any eventu­ al disposal. If a homeowner has a


50 per cent share, they will only get 50 per cent of the value.” The Law Society is


concerned that those entering the scheme are not fully aware of all the dangers. Mr Marsh added: “It is


essential that buyers get some legal advice as to the implications of the scheme and advice on other alternatives.


Clitheroe Advertiser &Times, Thursday, September 25th, 2008 39


New energy law - landlords take note


LANDLORDS - does your property hold an Energy Performance Certificate? As of October 1st, all


landlords in the social and private rented sector in England and Wales will be legally required to present an Energy Perfor­ mance Certificate (EPC) of a property to new ten­ ants. Richard Paliister, pic­


tured, of John Paliister Chartered Surveyors in Clitheroe, is urging land­ lords to take note of this latest legislation regard­ ing residential property and make sure they take steps now. He also advises that


providing an EPC may actually help landlords to attract tenants: “An EPC provides the


prospective tenant with an indication of the ener­ gy efficiency of the prop­ erty being considered,” he said. Even if certification does not actually help


landlords attract tenants in the short term, if ener­ gy costs continue to rise, prospective tenants are likely to take the efficien­ cy rating of a property more seriously prior to committing to a tenancy. .“Only time will tell, but


what we do know is that .the legislation is here to stay, and failure to pro­ vide the required EPC will result in the landlord receiving a fine.” An accredited Domes­


tic Energy Assessor (DEA) will carry out an inspection of the property and produce a certificate which is valid for 10 years. The cost of an EPC will


vary depending upon the size of the property. In a recent study, the


Government discovered that domestic energy accounts for 27% of the UK'sentire carbon dioxide emissions. However, there are many relatively simple but effective ways


'Gardens — add value


to our homes'-


research NEW research from York­ shire Bank has found that homeowners think their garden is worth more than £9,000 - with those currently without one wilt­ ing to shell out over a third of their annual salary to add one to their property. As the housing market


contracts, Yorkshire Bank’s quarterly Home- buyers Report found that many are looking at gar­ dens as a way of adding


.value to their existing properties, while enjoying the benefits they bring to their quality of life. The investment howev­


er, seems justified - 90% of those with gardens say they use it at least once a week, while a staggering two-fifths (41 %) say that they make the most of their gardens by using them every day. Yorkshire Bank’s


in which landlords can improve the energy per­ formance of their proper­ ties before arranging an EPC assessment. For example, correctly


insulating properties using cavity wall insula­ tion and loft insulation, which is efficient and a


cost-effective way of stor­ ing energy. Double glazing will also


reduce noise pollution and lower overall heating costs, as will replacing a boiler of 15 years or older. For more information


about E P C ’s or how to arrange one for your


property, or to request a free advisory leaflet for landlords, please contact John Pallister Chartered Surveyors on 01200 425697


(e-mail:


info@pallisters.co.uk). You can also v is it the company’s website at: www.pallisters.co.uk


Stamp duty to be suspended for a year


THE Law Society has wel­ comed th e move by the Government to su sp e n d stamp duty on properties worth £175,000 or less for one ye a r . However, the society fears it might be too little, too late.


S ociety president Paul


Marsh says: “Finally, we have some certainty in the market. “The Law S o c ie ty ha s


been pressing for the bur­ den of stamp duty land tax to be alleviated for many


ye a rs . Now it seems the Government ha s waited until the last moment to lis­ ten. “Everyone looking to buy


was holding their breath fol­ lowing recent suggestions there would be a suspen­


sion. At least now everyone knows where they stand. It might be too little, too late. The Government has spent far too long dithering on ini­ tiatives that have failed to help.the market, su ch as Home Information Packs.”


needed in mortgage maze


5% or 10% deposits are now required. You might still borrow five times income, but an excellent credit score is needed. If your credit history has hiccups your broker can still help. If you are buying at over £175,000, you must budget for stamp' duty at 1% (it rises further still above £250,000). You also pay valuatiqn and legal


fees, and usually an arrangement fee for the lender. Some lenders will add fees to the loan, but even so a typical house price of £150,000 still means at least £7,500 deposit, and perhaps £200 valuation and £700 in legal fees.- Add to this a new suite, HD television and washer/dryer etc. and £10,000 or more is needed.


Many first-time buyers struggle to find this money. So what can be done? Until banks start buying and selling


mortgage backed securities among themselves again there is iittie likeli:


hood of a change in the present situa­ tion. Many turn to family for help and many parents are responding. Some are able to provide cash from


savings. Another common solution is for a parent to release equity from their own home (by way of equity release - only for over-55s) and many see equi­ ty release as passing on an early inheritance. Currently, equity release is the only area of property lending • that is growing, with more tenders entering the market. Government is shortly to announce “a raft of meas-, ures” to help first time buyers, but what these will genuinely amount to once political “snap, crackle and pop” has died down remains to be seen.


• Jan Bull is an independent mort­


gage adviser and director of tocaily- based company Mortgage Salad. She can be contacted by phoning 0800 9883377 or by e-riiaii: jan@mortgage- saiad.com


research also found that the top uses for British gardens spanned both practical and social activ­ ities - with providing an area to hang out washing topping the poll, closely followed by offering a space for socialising and an area for the kids to play in. Other favoured uses


include gossiping with neighbours over the gar­ den fence, playing sports and exercising. The value placed on a


garden also appears to mature over tifne - while first time buyers valued a garden at £4,361, more established homeowners are willing to pay as much as double this fig­ ure,.with their valuation reaching at a staggering £11,932. . The value of a garden


also seems to vary with age -


those in their for­


ties will pay the most for a garden than any other age group - £11,650, compared to just £7,333 for those in their twenties and £8,363 for pension­ ers. Looking across the UK,


.those who place the most value on a garden are homeowners in the South East (£16,363), Yorkshire & Humber (£11,392) and


1 the : West Midlands (£10,162) .- where land can be at a premium and the British weather often at its best. However, homeowners


in the North East, North West: and Scotland -


1 . where poor weather may . dampen the desire to get outdoors - would fork out the least (£4,463, £6,006 and £7,433 respectively).


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34