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Landlords: Should You Let Tenants Decorate? 5 Things to Consider

Should You Let Tenants Decorate? 5 Things to Consider

Should you let tenants decorate?

That is the question for many landlords, as long-term tenants often start to question whether or not they are allowed to turn their rental property in Tower Hamlets into a style that suits them.

Since the number of people renting long-term is growing, more tenants are finding themselves wanting to ditch the plain décor and make a rental feel more like home. However, letting your tenants decorate a rental property is a relatively new concept for many landlords.

As a landlord, knowing how to respond to the decorating trend is tricky. There are downsides to letting your tenants decorate, but there are many benefits, too.

If you are considering whether you should let your tenants decorate, here is our advice on what the benefits are and how you can safely allow decorating.

Benefits of Letting Your Tenants Decorate Their Rented Property

Letting your tenants decorate shouldn’t always be met with a feeling of fear and dread. At City Realtor, we find that allowing your tenants to decorate can have its benefits.

1. Marketability

The number of people renting long-term is growing, so more and more tenants are looking for somewhere they can make a home. Depending on who your target market is, allowing your tenants to decorate a rental can easily make it more attractive to long-term renters. And long-term renters are the goal of many landlords.

2. Return on Investment

Decorating costs money. Even if your tenants are only buying a tin of paint or a few rolls of wallpaper, that can still be a few hundred pounds they’re spending on your property. Not only can this mean your property stays looking fresh, but you could even see a better return on investment for it.

Plus, if your tenants want to spend money on your property, it’s a good sign. It means they take pride in living in your rental and want to look after it as best they can.

Read our maintenance tips for landlords here

How to Safely Let Tenants Decorate Rental Properties

3. Set Boundaries

Stipulate very clearly in the tenancy agreement what you will and won’t allow. For example, you’re happy for them to paint, but they can’t remove any walls! Or they can put up shelves, TV brackets, and units as long as they fill in the holes afterwards.

Setting boundaries around letting your tenants decorate means you can retain a level of control over what happens with the property. This puts you in a better position if you need to re-market it in the future.

4. Discuss Plans Before New Tenants Move In

If you have a new tenant moving into your property, it doesn’t do any harm to ask them if they have plans to decorate.

Getting a feel for their style and what your tenant wants to do to the property can help reassure you that you’re not going to end up with a bad paint job or something you’d consider distasteful. It can also help you make up your mind about whether you want to let them decorate or not.

5. Take Pictures

Taking pictures of the property and undertaking an inventory before a new tenant moves in is an essential part of the onboarding process – whether you plan on letting tenants decorate or not.

If you’re allowing tenants to decorate, taking pictures is especially important. Not only will you have a record of how the property used to look (in case you want to change it back to how it was afterwards), but you can also check during inspections that the tenants haven’t renovated outside of the boundaries you set.

Need More Landlord Advice?

City Realtor are your local property experts in the Tower Hamlets area.

As property management experts in Tower Hamlets, we’re on hand to make your life as a landlord easier and more profitable!

If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.

Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

In the meantime, here are the answers to the most frequently asked questions on this topic.

Frequently Asked Questions About Laying Ground Rules for Tenants Painting Rented Property

Can tenants freely paint their rented property without any restrictions?

No, tenants must adhere to the guidelines specified in the tenancy agreement. If tenants paint, restrictions may apply, ensuring the property is maintained appropriately.

Are tenants allowed to hang pictures or shelves in a property they rent?

Landlords typically set guidelines in the tenancy agreement. While some may permit hanging pictures or shelves, it’s essential to check and seek approval to avoid potential issues.

Do many rental properties in the private rental sector allow tenants to decorate?

The flexibility varies among landlords, but an increasing number in the private rental sector recognize the benefits of allowing tenants to decorate within predefined boundaries.

How does setting boundaries on tenants’ decorating activities benefit future tenants?

Clearly defined boundaries in the tenancy agreement help maintain property standards, ensuring a well-preserved space for future tenants. It also facilitates smoother transitions between tenancies and protects the tenants’ deposit.

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August 2024 Property Market Update

August 2024 Property Market Update

The UK property market continues to evolve, with significant developments affecting buyers, sellers, landlords, and tenants. August 2024 has brought a fresh wave of changes, driven in part by the recent reduction in the Bank of England’s base rate. This latest property market update looks at the latest trends, and expert insights, offering an overview of what to expect in the coming months.

A Cooling Market Amid Economic Shifts

The UK property market is experiencing a period of moderation after several years of rapid growth. According to recent data from HM Land Registry, the average house price in the UK is currently just under £286,000, reflecting a 1.2% annual increase. While prices remain high, the pace of growth has decelerated slightly, signalling a more balanced market.

The Impact of the Bank of England’s Base Rate Reduction

A key development this month is the Bank of England’s decision to reduce the base rate to 5.00% (Bank of England – Monetary Policy Report). This move, is likely to have a significant impact on the property market. Lower interest rates generally make borrowing cheaper, which could encourage more buyers to enter the market and may provide some relief to those with variable-rate mortgages.

However, the impact of this rate cut may be tempered by the ongoing cost-of-living crisis. Inflation has eased and sits at the Bank’s 2% target, but household budgets are still feeling some pressure. As such, the market may see a cautious response to the rate cut, with buyers weighing the benefits of lower mortgage rates against broader economic uncertainties.

Buying: A Mixed Outlook

For prospective buyers, the market presents a mixed outlook. On one hand, the reduction in the base rate will lower mortgage costs, making property more accessible, especially for first-time buyers. Additionally, the slowing rate of house price growth may create more opportunities to purchase at lower prices.

Follow our step by step guide to buying a house

Buying Tips:

  1. Shop Around for Mortgage Deals: With the base rate reduction, lenders may offer more competitive mortgage deals. It’s advisable to consult a mortgage broker who can help you find the best rates tailored to your financial situation.
  2. Consider Fixed-Rate Mortgages: Given the current economic uncertainties, locking in a fixed-rate mortgage could provide stability in monthly payments, protecting you from potential future interest rate hikes.
  3. Focus on Affordability: Ensure that your mortgage repayments are affordable even if your circumstances change. Lenders are increasingly stringent with affordability checks, so it’s wise to budget conservatively.

View our properties for sale in Tower Hamlets here

However, high living costs and tighter lending criteria continue to pose some challenges. Lenders have become more cautious, particularly in assessing affordability. The Bank of England’s latest data shows that the average mortgage approval rate has dropped by 10% year-on-year, reflecting a more stringent lending environment.

Selling: Adjusting to New Realities

For sellers, August 2024 brings a need for realistic expectations. Zoopla reports that the average time to sell a property has increased to 60 days, up from 45 days a year ago.

Selling Tips:

  1. Price Competitively: In a cooling market, pricing your property correctly is crucial. Overpricing can lead to your property sitting on the market for longer, which may deter potential buyers. Contact us for a realistic valuation.
  2. Enhance Kerb Appeal: First impressions matter. Simple improvements like a fresh coat of paint, tidy landscaping, and minor repairs can significantly increase your home’s attractiveness to buyers.
  3. Stage Your Home: Consider professional home staging to make your property more appealing. Well-staged homes often sell faster and at a better price.
  4. Be Flexible with Viewings: The more accessible your home is for viewings, the more potential buyers you can attract. Being flexible with scheduling can help attract offers faster.

Sellers are advised to price their properties competitively. With more properties available on the market, buyers have greater choice. It’s also important for sellers to be mindful of the condition of their homes; properties in good repair and presented well are more likely to attract serious offers.

Landlords: Navigating New Regulations

Landlords are facing a challenging landscape in August 2024, with new regulations and rising costs. The Renters’ Reform Bill, expected to come into effect later this year under the new Labour government, is one of the most significant changes. This bill aims to abolish Section 21 ‘no-fault’ evictions, strengthen tenants’ rights, and improve the quality of rented accommodation.

Additionally, the Energy Performance Certificate (EPC) requirements are tightening, with all rental properties needing to achieve at least a C rating by 2030. This means that landlords may need to invest in energy-efficient upgrades, which could be costly. On the flip side, the reduction in the base rate may provide some financial relief for those with mortgages on their rental properties.

Read 8 Things Every Landlord Should Know

Landlord Tips:

  1. Stay Ahead of Regulatory Changes: With significant legislative changes on the horizon, landlords should stay informed and ensure compliance. Consider joining a landlord association for updates and support.
  2. Invest in Energy Efficiency: Upgrading your property to meet the new EPC requirements not only ensures compliance but can also make your property more attractive to tenants. Government grants and incentives may be available to help offset some of the costs.
  3. Review Your Financing: With the recent reduction in the base rate, it may be a good time to review your mortgage arrangements. Refinancing could improve your cash flow and profitability.
  4. Focus on Tenant Retention: In a competitive rental market, maintaining good relationships with existing tenants is key. Consider offering incentives such as flexible lease terms or minor property improvements to encourage long-term tenancies.
  5. Consider Professional Management: If managing the increasing complexities of being a landlord becomes overwhelming, consider hiring a professional property management company. They can handle everything from tenant screening to maintenance, ensuring your property remains compliant and profitable.

Lettings: A Strong Demand but Pressured Supply

The lettings market remains robust, driven by strong demand and a limited supply of rental properties. According to data from Rightmove, average rents across the UK have increased by 6.8% over the past year. The shortage of rental properties, coupled with landlords exiting the market due to increasing regulation and costs, has led to intense competition among tenants.

For tenants, this unfortunately means higher rents and more competition, making it sometimes challenging to secure affordable accommodation. For landlords, the high demand presents an opportunity, but it also comes with the responsibility to comply with the new regulations and maintain properties to a high standard.

View our properties to rent in Tower Hamlets

Stay Informed and be Prepared to Adapt

This is a period of transition for the UK property market. The reduction in the Bank of England’s base rate offers potential benefits, particularly for buyers and landlords, but it is set against a backdrop of economic uncertainty and regulatory changes. Whether you’re buying, selling, or renting, staying informed and being prepared to adapt to these changes will be key to navigating this evolving market successfully.

City Realtor are your local estate agents in Tower Hamlets. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Tower Hamlets, please get in touch.

For no-obligation advice on buying, selling, renting or letting a property in Tower Hamlets please contact our expert property team at City Realtor on 0207 790 7702. Alternatively, get an instant valuation here. We look forward to helping you move home.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

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7 Tips to Create the Perfect Kitchen

7 tips to create the perfect kitchen

Your kitchen is the heart of your home, and often it’s the room where you spend the most time.

Whether you like to cook regularly for your family or entertain friends, having a kitchen you want to spend your time in is so important.

If you’re looking to renovate your current kitchen and transform it into the kitchen of your dreams, then there are plenty of elements to consider.

It can be overwhelming looking at all the different options and considering all the choices you have to make while staying within your budget, but with these tips from the City Realtor team, it’s totally possible to get the kitchen you feel is absolutely perfect.

You may also be interested to read: How to Update Your Home on a Budget

7 Tips for an Improved Kitchen Layout

1. Start with The Existing Kitchen

It’s vital to evaluate how your kitchen is currently laid out in terms of doorways and windows because this will affect the layout of your new kitchen.

It also matters how the kitchen relates to the rooms adjacent to it, so keep that in mind too.

Look at the current layout and make notes of what works and what doesn’t; then, you can start to draft design plans to address any shortcomings while still keeping the functions that work.

2. Assess Your Needs

You want your new kitchen to bridge any gaps that your current kitchen isn’t accommodating, but to do that, you need to understand what those gaps are and what you need.

  • Do you need more storage space for crockery or grocery items?
  • Do you need a bigger sink or new appliances like a dishwasher?
  • Are you improving the path between the fridge, oven and sink for ease of movement throughout your kitchen?
  • Do you need more worktop space for prepping or for small appliances?

These are all good questions to ask at this stage. Also, consider how you will use your kitchen because this will also affect the new design. If you’re upgrading it to make it your own space to cook and prep meals for one or two people, your needs will be quite different than if you plan on regularly entertaining and cooking for guests.

You may want to convert the space from kitchen to kitchen-dining, which might include adding a breakfast bar for added seating or opening up the space to include a dining table.

3. Consider the Kitchen Triangle

When it comes to your design, the kitchen triangle should definitely be considered. The oven, sink, and refrigerator are the three points of the triangle and should be grouped together or within a close distance for ease of movement and efficiency.

If you want a kitchen island as part of your redesign, consider how it may get in the way of your prep and cooking. Furthermore, clustering related activities together like the sink, oven and hob should be factored in.

The goal is to make all of your cooking functions simple and efficient, especially if cooking in your current kitchen feels like a chore. Having easy access to the preparation areas and bin, pairing your fridge and food cupboards close together, and having the sink and oven in close proximity makes the whole process of meal prep and cooking much less painful.

It may be a subtle difference, but it can totally transform how you feel about cooking in your kitchen. The challenge is trying to create a layout that accommodates all of these pairings.

Thinking about moving? Get an instant valuation on your property here.

4. Think About Lighting

The way your kitchen is lit can dramatically change how you feel about it, so don’t let this be an oversight.

Consider where natural light will come into play during daylight hours and what parts of the kitchen need to be lit brightly for cooking purposes or which parts require dimmer mood lighting to set the tone while eating or entertaining.

5. Think About Storage Options

Another element to plan around is how much storage space you will need or want. Compare it to your current kitchen – are you happy with what you have now?

If not, think of ways to incorporate more storage into your design so you aren’t left scrambling to find enough space for your grocery items or pots and pans.

A well-designed kitchen properly integrates form and function, so this is your goal if you want your own perfect kitchen at home.

6. Set Your Budget

Before you get ahead of yourself and start planning costly renovations, set your budget, and be as honest as you can with yourself.

There are compromises you can make without losing your original plan’s functionality. It’s also wise to include a little bit extra in your budget for unexpected costs which often happen during renovations.

Do your best to stick to any budget you set, so that your new dream kitchen comes to fruition.

7. Get Inspired

It can be tough to design your own kitchen without any professional knowledge or expertise, so do some research and get inspiration from other kitchens you love.

Remember, some of those kitchens may have been created using unlimited budgets, so try to find some that are more within your range or find cost-effective alternatives if you are working with a smaller budget.

Look at design aspects too, like splashback tile designs, paint colours for the walls and cupboards, surface materials, and other accessories that work in the space. Above all, remember that your kitchen should function as you like, but it should also match your own style.

View property for sale in Tower Hamlets

Get in Touch for Expert Advice

Wondering whether to improve, or move? For expert buying and selling property advice, contact our team of experts at City Realtor on 0207 790 7702 or email admin@cityrealtor.co.uk.

Frequently Asked Questions About Designing Your Perfect Kitchen in the UK

My kitchen is small and the layout is awkward. How can I improve it for better flow?

Start by evaluating your current layout, including doorways, windows, and how it connects to other rooms. Sketch a plan to address any shortcomings while keeping functional elements.

I’m renovating my kitchen. What storage solutions should I consider?

Think about your current storage situation and how much you’d like to improve it. Design your new kitchen with more storage in mind, incorporating features like additional cupboards, drawers, or pantry space.

I love the idea of a kitchen island, but will it disrupt my workflow?

Consider how a kitchen island might affect the flow in your kitchen, especially in relation to the “kitchen triangle” (fridge, sink, hob). If space allows, position the island to avoid creating bottlenecks.

How can I create a well-lit kitchen that caters to both daytime cooking and evening meals?

Maximise natural light during the day and incorporate different lighting zones. Opt for bright task lighting near prep areas, and consider dimmer mood lighting for setting the ambience during meals or entertaining.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying your first home, or considering putting your property in Tower Hamlets on the market. We’ve answered even more of your FAQ’s here.

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Maximising Kerb Appeal: 5 Easy Home Exterior Tips

Maximising Kerb Appeal: 5 Easy Home Exterior Tips

You never get a second first chance!

When selling a property in Tower Hamlets everyone knows that first impressions matter.

Potential buyers often make quick judgments based on a home’s exterior appearance, so a well-maintained and visually appealing frontage will significantly impact a buyer’s perception of a property and even influence their willingness to pay a higher price.

As a homeowner looking to sell your property in Tower Hamlets, understanding the importance of kerb appeal and how to enhance it will give you a competitive edge!

In our latest blog from the team at City Realtor, we explore some simple yet impactful enhancements that can help boost your Tower Hamlets property market value by maximising its kerb appeal.

Staging A House On A Budget: Impress Buyers Looking for Property In Tower Hamlets Without Breaking the Bank

5 Ways to Improve Your Property’s Kerb Appeal

1. Spruce Up the Front Entrance of Your Home

The front entrance is a home’s exterior focal point, but how do you stage a house entrance?

Start by ensuring the front door is in good condition! A simple wipe down or a fresh coat of paint or stain can instantly revive its appearance. Add decorative elements such as a stylish doorknob or a wreath to create an inviting atmosphere.

Pay attention to the pathway leading to the entrance, repair cracks, and remove weeds.

2. Improve Your Landscaping

Taking care of your property’s landscaping will considerably impact its overall charm and attractiveness so you may ask, ‘how do I design landscaping around my house?’

First, focus on tidying up overgrown bushes or trees and removing dead or unattractive plants in your garden. Define your flower beds with edging and fresh mulch for a more polished appearance.

And, of course, don’t forget the importance of a well-groomed lawn. Regular mowing and proper maintenance are crucial for a neat and inviting look.

How to Make Your Garden Summer Ready

3. Upgrade Exterior Lighting

The proper lighting can transform your property, so update outdated light fixtures adding safety and beauty to your surroundings.

Consider strategically installing outdoor lights to accentuate architectural details and illuminate pathways.

With well-thought-out lighting, your property will exude a warm and inviting ambience, especially during evening viewings.

4. Revive the Exterior Paintwork

Does exterior paint increase home value? Yes! A fresh coat of paint can work wonders in transforming the look of a property.

Evaluate the condition of the exterior walls, window frames, and doors and choose a colour scheme that complements the style of the property and its surroundings. Always opt for neutral tones to attract a broader range of potential buyers.

Finally, ensure that the paintwork is done correctly, as quality craftsmanship will enhance the overall appeal of your property.

5. Clean and Repair Your Property

Regular cleaning and maintenance are essential to keep a property looking its best. Consider pressure washing the exterior walls, pathways, and driveways to remove dirt, grime, and stains.

Clean windows inside and out and repair any visible cracks, loose handles, or damaged gutters. A well-maintained property exterior demonstrates care by the current owners, giving buyers confidence in its overall condition.

Improving Kerb Appeal Is Crucial To Making A Positive First Impression

As your local estate agent in Tower Hamlets, we always recommend upgrading the external appearance of your property to make it more visually appealing.

Doing so will significantly increase its marketability and attractiveness to potential buyers.

When a property has an attractive and well-maintained exterior, it creates a sense of desirability and makes a positive statement about the overall condition of the property.

Ultimately, improving the external appearance will significantly impact the success of selling or renting your property in Tower Hamlets area.

Thinking Of Selling Your Property?

If you’re ready to sell your property in Tower Hamlets, our team at City Realtor is on hand to offer you advice and support about presenting your property.

Get in touch with us today at admin@cityrealtor.co.uk or on 0207 790 7702 and let us help you find the right buyer.

Frequently Asked Questions About Boosting Kerb Appeal

What is kerb appeal and why is it important?

Kerb appeal refers to the first impression a property makes from the street. It’s crucial because potential buyers often make snap judgements about a home’s condition based on its exterior.

A well-maintained and attractive exterior can significantly increase buyer interest and even influence the final selling price.

What are some easy ways to improve my home’s kerb appeal?

Here are a few simple yet impactful ways to boost your kerb appeal:

  • Spruce up your front door with a fresh coat of paint or a new doorknob.
  • Tidy up your landscaping by trimming overgrown plants, adding mulch, and maintaining a healthy lawn.
  • Upgrade your exterior lighting with stylish fixtures to enhance safety and create a welcoming ambiance.
  • Consider repainting your property’s exterior with a neutral colour scheme to create a broader appeal.

How much does improving kerb appeal cost?

The cost of improving kerb appeal can vary depending on the projects you choose. Some tasks, like cleaning and basic maintenance, are relatively inexpensive. For more complex projects like repainting or landscaping upgrades, you can expect to spend more.

Should I hire a professional to help with kerb appeal?

While you can certainly tackle many kerb appeal projects yourself, hiring professionals for specific tasks can be beneficial.

For example, a gardener can ensure your landscaping looks polished, and a painter can guarantee a high-quality finish on your property’s exterior.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying your first home, or considering putting your property in Tower Hamlets on the market. We’ve answered even more of your FAQ’s here.

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10 Essential Tips For First-Time Buyers

10 Essential Tips for First Time Buyers

Welcome, first-time homebuyers! Are you ready to embark on the exciting adventure that is buying your first property in Tower Hamlets?

The team at City Realtor is looking forward to being your guide! We have some fantastic tips and advice that will help you navigate the home-buying process with confidence.

So, let’s get started.

10 Tips For First-Time Buyers

Tip 1. Don’t Let Emotions Run the Show

While entering a charming house with a white picket fence may capture your heart, remember that buying a home is a significant financial decision. Stay grounded and always let your head lead the way.

Tip 2. Get Your Finances in Order

Before you start house hunting, make sure your credit score is looking sharp and consider getting a decision in principle (DIP) for a mortgage. This step will give you a clear idea of your budget and demonstrate to the estate agent and the seller that you mean business. If you require assistance with your mortgage, City Realtor can suggest several independent mortgage companies with access to some of the most competitive mortgage rates in the market. Please contact us for more information on 0207 790 7702.

Use our mortgage calculator here

Tip 3. Research is Key

Get ready to unleash your inner detective!

  • Make a list of your must-haves’ and ‘nice-to-haves’ in a home.
  • Research different areas that are of interest to you at different times of the day.
  • Make lots of notes (or take pictures) of the pros & cons of the location.

Always remember, it’s okay to fall in love with a house, but don’t forget Tip #1!

Tip 4. The Inspection Survey

Once you’ve found “the one,” it’s time to get a survey. Hire a qualified surveyor to uncover any hidden issues that might turn your dream home into a money pit. You don’t want any surprises lurking in the basement!

Tip 5. Consider Negotiations

When it comes to securing your dream home, channel your inner negotiator. But remember to be reasonable. Consult with City Realtor, your estate agent in Tower Hamlets, and let us help you navigate the process.

You may be interested to read: 3 First Time Buyer Mistakes And How To Avoid Them

Tip 6. Embrace the Paperwork 

Brace yourself for an avalanche of paperwork. From contracts to questionnaires, fixtures and fittings to money laundering – it can feel overwhelming. Take your time, read everything carefully, and don’t hesitate to ask questions.

Remember, it’s better to be safe than sorry, especially when it comes to signing for what will probably be the biggest purchase of your life.

Tip 7. Surround Yourself with a Dream Team

Build a reliable team of professionals, such as estate agents, mortgage brokers, conveyancers and surveyors around you, who will guide you through the process. They are the superheroes who will ensure the home buying process runs smoothly.

Read our Buying Guide here

Tip 8. The Great Moving Adventure

Start decluttering early, pack strategically, and enlist the help of friends! And don’t forget to label your boxes, or you might end up with your underwear in the kitchen!

Tip 9. The Sweet Taste of Victory

Congratulations, you’ve made it! You’re now a proud homeowner. Celebrate this milestone, throw a housewarming party, and revel in the joy of having a space you can call your own. Pop that champagne and let the good times roll!

Tip 10. Embrace the Imperfections

Owning a home is an ongoing adventure, filled with repairs, renovations, and a fair share of surprises. Embrace the imperfections because they’re what make your home uniquely yours.

Are You Ready To Step On The Property Ladder?

As a first-time buyer in Tower Hamlets, finding the right neighbourhood needn’t be a challenge if you follow our tips. If you’ve chosen to buy a property in Tower Hamlets and need more information, get in touch with our friendly team at City Realtor on 0207 790 7702 or at admin@cityrealtor.co.uk.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

Frequently Asked Questions for First-Time Buyers

How much of a deposit do I need to buy a house?

The amount of deposit you need to buy a house will depend on the type of mortgage you choose. While some lenders offer mortgages with a 5% deposit, most require a deposit of at least 10% or more. A larger deposit can often secure you a better interest rate.

What are the costs involved in buying a house?

In addition to the deposit, there are other costs involved in buying a house, such as:

  • Stamp Duty Land Tax (SDLT): A tax paid to the government based on the property’s value.
  • Conveyancing fees: To cover legal work and paperwork.
  • Mortgage fees: Various charges from the lender, such as application and arrangement fees.
  • Survey fees: To assess the property’s condition.
  • Moving costs: Costs associated with transporting your belongings.

Click for Stamp Duty Calculator

How long does it take to buy a house?

The time it takes to buy a house can vary, but it typically takes between 6-12 weeks from accepting an offer to completion. However, this timeframe can be longer depending on various factors, such as the property’s complexity and the speed of the conveyancing process.

What is a chain in property?

A chain in property occurs when the buyer of one property is also the seller of another. This can sometimes delay the process if one link in the chain experiences issues. To avoid this, some buyers opt for properties that are cash purchases or those with no onward chain.

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What Insurance Should I Have As A Landlord?

What Insurance Should I Have As A Landlord?

Becoming a landlord comes with its share of excitement and challenges but protecting your investment is crucial. The right insurance can be a game-changer, ensuring that you’re covered for unexpected events like property damage, tenant issues, or legal troubles.

We are often asked ‘what insurance should I have as a landlord to safeguard my rental property in Tower Hamlets?’ So, let’s break down the essentials every landlord should know.

Landlords in Tower Hamlets with Buy To Let mortgages will usually have adequate building insurance in place. Even those who own outright usually insure their property for its rebuild cost, with cover in place for damage caused by floods, fire, and storms.

However, there are other risks involved in renting out a property. As well as your building insurance, it makes sense to put suitable protection in place so you’ll be financially covered if something goes wrong.

At City Realtor, sadly we have seen landlords take a significant financial hit when something unexpected has happened to their property.

To avoid this happening to you, you should consider taking out insurance to cover the following:

5 Essential Types of Landlord Insurance

1. Your Property Contents

If you’re letting a property and it’s fully furnished, good home contents are essential. However, even if you’re renting your property out as unfurnished, you will probably still have contents such as curtains, carpets, white goods, and light fixtures and fittings in the property.

The final bill could be very high if everything had to be replaced, so consider whether you need additional contents cover.

2. Damage Caused By A Tenant

Whether deliberately or accidentally, if your tenant causes damage to your property and you can prove it, it’s usually possible to retain their deposit to pay for the repairs.

But what happens if the final cost to repair the damage is higher than the deposit amount? Malicious damage insurance will cover your repair bill in this eventuality.

Read ‘Maintenance Tips For landlords’ here

3. Public Liability Cover

If any tenant, visitor, or contractor is injured in the property and thinks it was your fault, they could take you to court for compensation.

Public liability insurance covers both any compensation that is awarded plus your total legal costs.

4. Costs For Alternative Accommodation

Should the rental property be so severely damaged that the tenants need to be relocated while repairs are completed, you could incur additional costs to cover alternative accommodation. This insurance will ensure you won’t take a financial hit.

5. Legal Expenses And Rent Protection

If you’ve never taken out insurance for legal expenses and rent protection, then this is something you should consider.

If your tenant defaults on their rent, your income will be protected. Not only that but the expense of evicting the tenant will also be covered.

Giving yourself as much protection as possible against any unexpected costly bills makes sense.

Unfortunately, some landlords in Tower Hamlets find that they end up out of pocket because they failed to consider the potential risks.

With adequate landlord insurance, you can enjoy peace of mind knowing your income is safe and you won’t get any unpleasant financial shocks.

Read ‘8 Things Every Landlord Should Know’ here

Need Help With Your Rental Properties?

As property management experts in Tower Hamlets, we’re on hand to make your life as a landlord easier and more profitable!

If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.

Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

In the meantime, here are the answers to the most frequently asked questions on this topic.

Frequently Asked Questions About Landlord Insurance

What is landlord insurance and why do I need it?

Landlord insurance provides financial protection for your rental property and your income as a landlord. It typically covers damages to the property, loss of rent, legal expenses, and liability claims.

What does landlord insurance cover?

Landlord insurance policies can vary, but they generally cover:

  • Building insurance to protect the property structure
  • Contents insurance for any belongings you provide
  • Landlord liability insurance to protect against claims for injuries or property damage
  • Rent guarantee insurance to cover unpaid rent
  • Legal expenses insurance to cover legal costs related to tenancy disputes

How much does landlord insurance cost?

The cost of landlord insurance depends on several factors, including the property’s value, location, the number of tenants, and the level of cover you choose. It’s essential to compare quotes from different insurers to find the best deal.

Is landlord insurance mandatory?

While landlord insurance isn’t legally required, it’s highly recommended. It provides essential protection for your investment and can help you avoid significant financial losses in case of unexpected events.

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July 2024 Property Market Update

Property Market Update July 2024

The UK property market continues to be a topic of conversation, with July 2024 seeing a mixed picture. In our latest property market update, we’ll look at the latest trends for buyers, sellers, landlords, and renters, and of course we are keeping an eye on the potential impact of the recent general election and the incoming government.

Property Market Overview: Steady Growth with Regional Variations

Nationwide house prices saw a modest 0.2% rise during June 2024, bringing annual growth to 1.5%. This is quite a significant shift from the heady days of double-digit growth in 2023. However, it’s important to remember that the market can vary significantly depending on location.

Buying: A More Balanced Market

For potential buyers, July has seen a more balanced market. Rightmove reports a rise in available properties, easing intense competition and making for an altogether calmer buying experience and considered decision-making.

The best mortgage rates are hovering around 4.7% and recent cuts to the base rate offer hope for even more improved mortgage deals in the coming months, with Oxford Economics still predicting a Bank of England base rate cut in August.

Tips for Buyers:

Do your research: Understand your budget and target areas thoroughly. The experienced team at City Realtor can help you with buying a property in Tower Hamlets. Simply call us on 0207 790 7702 for advice.

Be prepared to act quickly: Great properties can still attract multiple offers so it’s important to have a mortgage agreement in principle to help you secure your new home.

Consider working with a mortgage broker: With a complex mortgage landscape, a broker can secure the best possible deal for your circumstances, ensuring you get the most out of your budget. City Realtor is happy to recommend a mortgage adviser. Please just ask.

Selling: Strategic Timing Can Be Key

Sellers may need to adopt a more strategic approach in July’s market. There are still plenty of buyers around, however, the number of properties for sale dropped off slightly following the election announcement in May. With a new government now in place, it will be interesting to see whether this picks up again. July and August can be quiet months for sales, but a well-presented property with a competitive asking price, will likely attract interest.

Tips for Sellers:

Price realistically: Get an accurate valuation of your property to attract serious buyers. Remember that the highest valuation is not always the way to go! Always consider an estate agent who you feel you can trust to market your property in the best way and achieve the price your property is worth. For a free valuation, call City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk.

Presentation is key: Invest in decluttering, staging, and kerb appeal to make your property stand out. First impressions matter, and potential buyers often make snap judgments during viewings.

Landlords and Lettings: Adapting to Changing Regulations

Landlords are still navigating a period of significant change. In The Kings Speech on Wednesday 17th July, The King announced that the Government would introduce legislation to “give greater rights and protections” to those renting – including “ending no-fault evictions”, with draft legislation published on leasehold and commonhold reform.

In a further statement from Downing Street, the Government said: “The Renters’ Rights Bill delivers our manifesto commitment to transform the experience of private renting, including by ending Section 21 ‘no fault’ evictions…The Bill will give renters much greater security and stability so they can stay in their homes for longer, build lives in their communities, and avoid the risk of homelessness.”

Tips for Landlords:

Stay informed: It’s crucial landlords keep up-to-date with changes in regulations and legislation by following resources like the National Landlords Association (NLA). If in any doubt speak with a member of our lettings and property management team at City Realtor on 0207 790 7702.

Consider tenant retention rather than rent increases: A reliable tenant who takes good care of your property can be more valuable than a small increase in rent. Building a positive relationship with your tenants can lead to long-term stability and fewer void periods.

Maintain your property: Regular upkeep ensures your investment remains attractive to tenants and minimizes the risk of costly repairs later.

The General Election and the Property Market

The recent general election has added another layer to the property market. The incoming government’s policies on housing, taxation, and infrastructure spending will undoubtedly impact the sector in the long run. However, the immediate effect is likely to be muted and the established nature of the UK property market suggests it will continue to function even during a period of political change.

Looking Forward: A Market in Transition

The UK property market is in transition. Modest growth, regional variations, and the influence of the new government are key factors to consider. However, while there may be adjustments ahead, the fundamental strength of the UK property market is likely to endure.

For buyers, sellers, landlords, and tenants this period offers an opportunity to be informed, strategic, and adaptable. By understanding the current trends, staying informed about future developments, and seeking professional advice when needed, you can navigate the UK property market with confidence.

City Realtor are your local estate agents in Tower Hamlets. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Tower Hamlets, please get in touch.

City Realtor are your local estate agents in Tower Hamlets. We are delighted to bring you our property market updates each month.

For no-obligation advice on buying, selling, renting or letting a property in Tower Hamlets please contact our expert property team at City Realtor on 0207 790 7702. Alternatively, get an instant valuation here. We look forward to helping you move home.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

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9 Moving Home Packing Tips For A Smooth Move

9 Moving Home Packing Tips For A Smooth Move

Moving to a new home in Tower Hamlets is an exciting milestone, but packing up your entire life can be a source of stress and anxiety. However, fear not because we have some moving home packing tips for you! With proper planning and organisation, the moving home packing process will be much more manageable.

In this blog, the team at City Realtor will share our moving home packing tips to help you achieve a pain-free move with minimum stress.

So, let’s get into it!

9 Tips to Make the Moving Process Better

1. Create a Packing Timeline

Start your moving home preparations by creating a well-structured packing timeline.

  • Begin early, ideally at least six weeks before your moving day.
  • Break down your packing tasks into manageable chunks, focusing on one room at a time.
  • Make a checklist of items to pack in each room, along with deadlines for completing each task.

By spacing out the packing process, you’ll avoid feeling overwhelmed and reduce the last-minute rush as moving day approaches.

2. Get Rid of Unwanted Items

Before you start packing, take the opportunity to declutter items you no longer need. Go through each room methodically and sort your belongings into three categories:

  • Keep
  • Donate
  • Discard

This will make your move more efficient and will help you save on moving costs by reducing the number of items to be transported. Plus, donating usable items will give you the satisfaction of helping those in need.

3. Gather Packing Supplies in Advance

There’s nothing more frustrating than realising you’re running out of supplies in the middle of the packing process. Avoid this by gathering all the necessary packing materials well in advance. Go online and stock up on sturdy moving boxes of various sizes, bubble wrap, packing paper, packing tape, labels and markers. Having these supplies to hand will prevent last-minute scrambling, and ensure that your belongings are adequately protected during the move to your new home.

4. Pack Room by Room

To stay organised during your move, pack one room at a time. This method ensures that items belonging together stay together, making unpacking at your new home a breeze. As you pack, label each box with its contents and the room it belongs in. To take it a step further, consider colour-coding the boxes for each room. This visual cue will help you and your movers identify where each box should go ready for unpacking.

5. Use the Right Packing Techniques

Proper packing techniques can make a huge difference in protecting your belongings during the move. For fragile items like glassware and dishes, use generous layers of bubble wrap or packing paper to ensure they are well-padded. Utilise dividers or crumpled paper to prevent items from knocking against each other during transport. For clothes, keep them on hangers and cover them with bin bags, creating makeshift garment bags that will protect them and make unpacking much quicker.

6. Pack a First-Day Essentials Box

In the hustle and bustle of moving, it’s easy to lose track of the items you’ll need upon arrival at your new home. Prepare a “first-day essentials” box containing the items you’ll require before you’ve had a chance to unpack. This box should include:

  • Toiletries, loo roll and medications
  • Change of clothes and fresh linen for bedding
  • Important documents (such as identification and medical records)
  • Phone chargers
  • Essential kitchen items (tea and coffee, milk, mugs, kettle)
  • Any other necessities that will help you get through the first day comfortably

7. Seek Professional Packing Help

If the idea of packing overwhelms you or you don’t have the time to do it yourself, consider hiring professional packers. They have the expertise and experience to pack your belongings efficiently and securely, saving you time and ensuring that your possessions are well taken care of during the move. While this may be an additional expense, the peace of mind and time saved can be well worth it, especially if you have valuable or delicate items that require special attention.

8. Label Electronics and Cables

Disassembling electronics can be a daunting task! It becomes much easier if you label each cable and component as you go. Take pictures of the setup before disassembling to help you reassemble them correctly in your new home. Place all the cables and accessories in labelled bags and keep them together with the corresponding electronic device. Additionally, consider using cable organisers or ties to prevent tangles and confusion during unpacking.

9. Secure Hazardous Materials Separately

Certain items, such as cleaning materials, aerosol cans, and flammable liquids, are considered hazardous and require special handling. Keep these items separate from your regular packing and transport them safely or dispose of them responsibly before the move. Check with your local waste management facility or follow your area’s guidelines for the disposal of hazardous materials.

Moving Home Doesn’t Have to be Stressful

Read our Guide to Buying here

Selling? Get an Instant Valuation

Planning ahead, decluttering, using proper packing techniques, and seeking professional assistance are key factors in ensuring a successful and stress-free move.

If you are planning on moving to the Tower Hamlets area soon, embrace the excitement of starting a new chapter in your life and take our moving home packing tips on board.

As your local estate agent in Tower Hamlets, come and speak to a member of our team at City Realtor. Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk and let us be your guide to a seamless and enjoyable moving experience.

Frequently Asked Questions About Packing Tips to Make Moving House Easier

Frequently Asked Questions About Packing for a Smooth Move

How many cardboard boxes should I get for packing?

It depends on the size of your home and belongings. It’s better to overestimate – you can always return unused pack boxes.

Should I pack my clothes on hangers?

Yes! Use wardrobe boxes or bin bags to keep clothes on hangers, saving time unpacking and ironing.

What can I use to fill empty spaces in boxes?

Scrunched-up paper towels, packing peanuts or even clothes can fill gaps in boxes and prevent items from moving around.

Can I pack everything myself, or should I hire professional movers?

Professional movers can be a great option if you’re short on time or have fragile boxes. However, they do add to the cost of moving.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying your first home, or considering putting your property in Tower Hamlets on the market. We’ve answered even more of your FAQ’s here.

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12 Home Improvements To Boost Value And Take With You When You Move!

12 Home Improvements to Boost Value and Take With you When you Move!

When preparing to sell a property in Tower Hamlets, you may consider making home improvements to boost value.

Home improvements can play a significant role in elevating the overall charm, aesthetics, and functionality of your property, leading to enhanced appeal to viewers. However, it’s important to recognize that not every upgrade you make has to be left behind as a permanent fixture for the new homeowner to inherit.

When planning your home improvements, consider a blend of both permanent and easily removable upgrades, allowing you to personalize the property while still providing the option to revert to its original appeal or offer the buyer the possibility of reimagining their new home.

Easily removable upgrades can be influential in making your property in Tower Hamlets stand out. These changes can create a stylish and sophisticated atmosphere that captures the interest of potential buyers, while still offering customisation options for the new owner to truly make the space their own.

12 Home Improvements You Can Make to Extract the Most Value

Here are 12 home improvements to boost value – and that can move with you to your next home.

Get an instant valuation here

1. Removable Wall Art

Personalising your living space becomes hassle-free with removable wall art. Opting for durable wall decals or high-quality tapestries allows you to add character to your home without making permanent alterations. This way, you can easily transport these decorative pieces from one house to another, ensuring a consistent and comfortable atmosphere in each residence.

2. Smart Home Devices

Incorporating smart home devices, such as speakers, security cameras, lighting systems, and thermostats, elevates your living experience with increased convenience and functionality. The beauty of these devices is their portability; simply uninstall them when it’s time to relocate, and enjoy the same enhanced lifestyle in your next home.

3. Portable Fire Pits and Heaters

Adding portable fire pits and patio heaters to your outdoor space can boost kerb appeal and make your property more enticing during estate agent viewings. Additionally, you can look forward to enjoying these outdoor enhancements in your next home’s garden or patio.

4. Modular Furniture

Modular furniture pieces, such as wardrobes, sectional sofas, and convertible tables, provide the flexibility needed for seamless transitions between properties. By investing in these versatile items, you can ensure your furniture will be adaptable to various spaces, layouts, and styles.

5. Potted Plants

Instead of spending on expensive landscaping projects, opt for potted plants as a more cost-effective way to enhance your Tower Hamlets property’s greenery. These plants add appeal and can easily be transported to any new home, making them a practical choice.

6. Bespoke Mirrors

Mirrors can serve both aesthetic and functional purposes in any living space. By selecting large, ornate, or custom-designed mirrors, you can visually expand and elevate your interiors during property viewings and incorporate these statement pieces in your next home.

7. High-Quality Window Treatments

Invest in versatile, high-quality window treatments such as curtains or blinds, and ensure they are adaptable to fit various window sizes and styles. This will enable you to maintain your preferred look from one property to the next, all while providing functional light control and privacy.

8. Lighting Fixtures

Selecting high-quality lighting fixtures like pendant lights, table lamps, or chandeliers can significantly enhance your home’s ambience and is one of the easiest home improvements to boost value. Moreover, these fixtures can accompany you when you move and can seamlessly blend into new spaces.

9. Freestanding Bookshelves

Freestanding bookshelves offer portability and versatility that built-in options lack. These pieces provide not only extra storage space but also serve as decorative elements that can easily integrate into various home interiors and layouts.

10. Outdoor Furniture

Investing in high-quality outdoor furniture can elevate your outdoor living space, making it more attractive and functional. These transportable items will add value and aesthetic appeal to your property, both now and in the future.

11. Decorative Rugs

Rugs can effortlessly add warmth, texture, and style to any room. As an affordable home improvement option, decorative rugs easily transition to new homes, regardless of room size or colour scheme, maintaining your design preference from one house to another.

12. Door and Cabinet Hardware

By choosing high-quality door and cabinet hardware, you can add a polished, luxurious finish to your kitchen and bathroom spaces. These removable embellishments can be reused in your new property, ensuring a refined touch in your next home.

Ultimately, the key to successfully selling your property in Tower Hamlets is to strike a balance between making home improvements to boost value and removable upgrades that contribute to a captivating visual appeal – all without limiting the new owner’s potential for personalization and creativity.

Making home improvements doesn’t always mean a permanent change to your property. For the best advice, discuss ideas with your estate agent in Tower Hamlets to understand what additions can benefit a sale and which ones can transition with you to your new home. In doing so, you can enjoy the benefits of your home improvements no matter where you live.

Improving, Then Selling?

What Next?

Do you require a valuation or no-obligation advice on buying or selling a property in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are improving your home with a view to putting your property in Tower Hamlets on the market. We’ve answered more of your FAQ’s here and below.

Frequently Asked Questions About How Much Value You Can Add to Your Home

Should I invest in new kitchen and bathroom fittings before selling?

Modern kitchen and bathroom fittings can significantly increase your property’s value. However, it’s wise to consult with an estate agent in Tower Hamlets to ensure you’re making updates that appeal to buyers in your area.

What about energy-efficient features like underfloor heating?

While not essential, energy-efficient features like underfloor heating can add value to your home. Potential buyers are increasingly eco-conscious, so such upgrades can make your property stand out.

Can I convert my loft or garage into extra living space?

Loft conversions and garage conversions (with planning permission from your local planning authority) can be a great way to add significant value to your property. However, always weigh the cost of the project against the potential return on investment. Consulting us is recommended.

Do minor repairs like fixing broken roof tiles make a difference?

Absolutely! Potential buyers are looking for a well-maintained property. Addressing minor repairs and ensuring your home is in good condition will create a positive impression and can add value during negotiations.

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8 Essential Questions You Should Ask When Viewing A Property in Tower Hamlets

8 Essential Questions You Should Ask When Viewing A Property

Searching for a new home can be an exciting yet overwhelming experience. With so many factors to consider, it’s essential to approach property viewings in Tower Hamlets with a critical eye and ask the right questions to avoid mistakes.

Whether you’re a first-time buyer or a seasoned homeowner, our latest blog post put together by the team at City Realtor will guide you through essential questions to ask when viewing a property in Tower Hamlets.

By being proactive and thorough during your viewings, you will gather valuable information to make an informed decision about your potential future home.

You may also be interested to read our Guide To Buying.

8 Questions to Ask Estate Agents When Viewing a House

Here are the top eight questions you should consider.

1. What is the Current Condition of the Property in Tower Hamlets?

The condition of a property is a crucial factor that influences its value and ongoing maintenance costs. Take note of any visible signs of wear and tear, such as cracks in the walls, dampness, or faulty fixtures. Don’t hesitate to ask the estate agent or seller about recent renovations or repairs. This will give you an idea of how well the property has been maintained and whether there are any potential issues that need to be addressed.

2. Are There Any Structural Problems?

Understanding the structural integrity of a property is vital for your long-term investment. Ask about the age of the building, its construction materials, and any previous structural work that has been carried out. Look out for signs of subsidence, such as uneven floors or cracks in the walls. If you have concerns, you should consider hiring a surveyor to conduct a more in-depth assessment of the property.

3. What is the Energy Efficiency of the Property in Tower Hamlets?

Energy efficiency is not only important for the environment but also for your utility bills. Before you view, you can ask for a copy of the property’s EPC (Energy Performance Certificate), which will indicate its energy efficiency. Enquire about insulation, double-glazing, and the type of heating system installed. A well-insulated and energy-efficient home will save you money in the long run.

4. How Secure is the Property?

Feeling safe and secure in your new home is essential. Ask about the security features of the property, such as locks, alarms, and the presence of any CCTV cameras. Additionally, you could go online and research data about the crime rate in the area and whether there have been any recent significant incidents.

5. What is Tower Hamlets Like to Live in?

The neighbourhood you choose will greatly impact your daily life. Take the time to explore the area surrounding the property and ask questions about local amenities. Are there nearby schools, parks, shops, and public transport? How is the traffic in the area? Understanding the neighbourhood will help determine if it aligns with your lifestyle and preferences. You can view our local area guides here.

6. Are There any Planned Developments or Potential Noise Issues?

While the current state of the neighbourhood may be appealing, it’s important to consider future developments. Ask about any planned construction or infrastructure projects in the area, such as new roads, railways, or commercial buildings. These developments can impact traffic, noise levels, and even property values.

7. What are the Running Costs?

Buying a property in Tower Hamlets involves more than just the purchase price. Enquire about the running costs of the property, including council tax, utility bills, service charges (if applicable), and any ground rent. Understanding these costs will give you a clearer picture of your monthly expenses and help you budget accordingly.

8. What is the Sale History of the Property?

Ask the estate agent about the property’s sale history.

  • How long has it been on the market?
  • Has the price been reduced?

Understanding the property’s sales journey can provide insights into its desirability and potential negotiation points. Additionally, consider researching the property market in Tower Hamlets to assess whether the asking price is reasonable.

Asking the Right Questions is Crucial for Making an Informed Decision

For more advice when buying a property in Tower Hamlets, speak with a member of our team at City Realtor on 0207 790 7702 or drop us an email today at admin@cityrealtor.co.uk.

Frequently Asked Questions About Viewing Properties in Tower Hamlets

What should I look for during a property viewing?

Take note of the property’s condition (cracks, dampness) and ask about any major renovations done. Don’t hesitate to enquire about potential issues like subsidence or ask if planning permission would be needed for any alterations you envision.

What about the surrounding area?

Explore the local area! Consider factors like noise levels, transport links (trains, buses), and amenities (schools, shops). Is there a park nearby for walks?

Are there any hidden costs I should be aware of?

Running costs include council tax (check the band), utility bills, and potential service charges (if applicable). Understanding these will help you budget effectively.

I’m interested in the property’s energy efficiency. What can I do?

Ask the estate agent to show you the property’s Energy Performance Certificate (EPC) which will indicate its energy efficiency rating. Enquire about insulation, double-glazing, and the type of heating system installed. A well-insulated property can save money on bills in the long run! Consider researching how much natural light the property gets throughout the day, as this can also impact energy use.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying your first home, or considering putting your property in Tower Hamlets on the market. We’ve answered even more of your FAQ’s here.