Tag: buying

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Selling Your Home? Here’s How to Get Your Energy Performance Certificate (EPC)

How to get an energy performance certificate EPC

Since 2007, anyone who sells their home in England and Wales needs to get an Energy Performance Certificate, or EPC. An EPC is a rating of energy efficiency, which runs from A at the most efficient, to G, the least efficient. 

This helps homebuyers work out the rough cost of energy if they move into your property, and with many people now concerned about environmental matters, an efficient home can be a selling point.

Here’s how you can get your energy performance certificate and ensure the best possible rating.

What does the EPC tell you?

Not only do energy performance certificates include the current energy efficiency rating from A to G as well as 1-100, but they also show the potential rating the property could achieve if certain improvements were carried out. This is useful for those selling homes as fixer-uppers, as it allows you to show the home’s potential.

Included in the EPC is the environmental CO2 impact rating, which gives you an idea of the amount of CO2 that will be produced when heating and using hot water in the home.

Do I need to get an EPC?

Most residential properties up for sale since 2007 have needed an EPC, and if you’re renting out a property, you’ll need to get one produced every 10 years.

There are a few exceptions that might apply, although most exemptions are for commercial or religious buildings. If it’s a mixed-use building, such as a house that is part of a shop, if it’s less than 50m2 or if it’s used less than four months a year, for example, a holiday home, then you may be exempt.

How is an EPC generated?

EPCs are produced by expert assessors who’ll arrange to visit your property in Tower Hamlets once you’ve decided to sell. The assessor carries out a number of inspections, such as:

  • Loft insulation
  • Boiler
  • Double glazing
  • Hot water tank
  • Radiators

Once they’ve noted down some information, this is entered into specialist software which helps them calculate how energy efficient your home is, as well as its environmental impact.

These measurements are easy to carry out, there’s no drilling or noise, and it’s non-invasive, so there is no risk that things will get damaged.

The homeowner is the one who pays for the EPC, but the good news is that it’s not expensive. It’s easy to compare prices online, and you can use any assessor to do the report, as long as they’re certified.

Improving your EPC

Your report will include a number of ways that you can improve your EPC rating. These will be specific to your property, so it’s worth having a read through them and deciding whether to take action before you sell your home in Tower Hamlets.

If your EPC is particularly low, you may find this puts off potential buyers, so you may want to follow some of the suggestions, for example:

  • Adding more loft insulation: Topping up existing insulation can give you a few extra points.
  • Adding wall insulation: Drafty walls can make a home feel much colder and can lead to energy wastage as you keep turning up the heat.
  • Upgrading your boiler: A newer condensing model could add up to 20 points to your EPC rating, especially if your current boiler is very old.
  • Switching to renewable energy: Solar panels and small wind turbines in rural areas can boost your rating. The solar panels will usually give you the most points.
  • Sealing chimneys: Whilst open fireplaces are a nice feature, if there’s a draft, then this can lower your EPC rating. Consider adding a log burner instead.
  • Keep documentation: EPC assessors only carry out a visual assessment of your insulation, so if you have insulation in inaccessible areas, keep documents when it’s installed to show the assessor.

If you’re moving out soon, you may not want to get too many improvements made, as you won’t personally reap the benefits of them.

However, a low rating can put off potential buyers, as they may worry that the house is poorly maintained in general or will be very expensive to heat. It’s better to make changes that will improve your rating the most, such as installing a new boiler.

Looking to Sell Your Home?

When it’s time to sell your home in Tower Hamlets, an EPC is a legal requirement, but luckily, it’s a quick, easy process to get your grade, and is something the team at City Realtor can advise on.

Although it may seem like a pain when you have a million things to do, it’s easy to find an assessor to provide energy reports, and you may find it useful to have some tailored suggestions on how to improve your home’s energy efficiency and improve your existing EPC.

For further help with your EPC, please contact us and we will be happy to advise and recommend. Call us on 0207 790 7702 or email us at admin@cityrealtor.co.uk.

You may also be interested to read 7 Essential Tips That Can help You Sell Your Property

Frequently Asked Questions About Energy Efficiency Requirements

What is an EPC rating?

An EPC rating, or Energy Performance Certificate rating, assesses the energy efficiency of a property on a scale from A (most efficient) to G (least efficient). It indicates the potential energy costs and environmental impact associated with heating and hot water usage in the home.

Do I need an EPC to sell my home?

Yes, it’s a legal requirement to have an EPC when selling a home in England and Wales. The certificate provides valuable information to potential buyers about the property’s energy efficiency and potential energy bills.

What are the energy efficiency requirements for selling a property?

When selling a property, it must meet a minimum energy efficiency standard (MEES). This standard ensures that homes meet certain energy efficiency levels, contributing to reduced energy costs and environmental impact.

How can I improve my EPC rating?

Improving your energy rating with accredited domestic energy assessors can involve simple measures like installing low-energy light bulbs, adding insulation, upgrading your boiler, or even considering renewable energy sources like solar panels. These improvements not only enhance the property’s energy efficiency but also reduce potential energy bills for future occupants, improving property performance and reducing energy usage.

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 a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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Your 6 Step Guide to the Conveyancing Process

Your 6 Step Guide to the Conveyancing Process

Finding the home of your dreams in Tower Hamlets is exciting, and your next step is to secure the property as soon as possible.

But buying a new home can be a complex process, particularly when it comes to understanding the conveyancing procedure.

Here at City Realtor we always endeavour to ensure your sale and purchase runs smoothly, with no surprises along the way.

So, with this in mind, we have created a no-jargon guide to the conveyancing process to help you. But, first things first.

What is conveyancing?

Conveyancing is the legal term for the transfer of home ownership between a buyer and seller. The process begins once your offer is accepted on your chosen property in Tower Hamlets and completes when you have the keys in your hand on moving day! This conveyancing process is absolutely essential to ensure that all the legalities of your sale or purchase are covered and to make certain the transfer of ownership happens with as little stress as possible.

Who does the conveyancing?

Although you can do it yourself, we always recommend that the conveyancing process is undertaken by a professional solicitor or a conveyancer as it can be a multifaceted process.

You’ll need to instruct a legal professional as soon as your offer on a property is accepted, so it’s wise to make enquiries and carry out due diligence so that you have several options ready and can start the process without delay.

Once you have chosen and appointed a conveyancer or solicitor, they will draw up a draft contract and advise you of their charges. At the point of having your offer agreed upon, you will need to provide the full details of your solicitor. We have contacts for several excellent local solicitors, so please do ask us for our recommendations.

The 6-step Conveyancing Process

Step 1: Initial contact is made between legal representatives

The first task undertaken by your solicitor or conveyancer will be to contact your seller’s legal representative to request a copy of the draft contract, the property’s title and other standard forms.

Your solicitor or conveyancer will thoroughly examine these documents and raise any initial queries. They will also action a number of ‘searches’ to make sure there are no issues you need to be aware of that are not in plain sight.

The most common searches are local authority searches, environmental searches and drainage and water searches.

Step 2: Mortgage and survey requirements are confirmed

At this point, if you need one, you should make sure your mortgage is in place as your solicitor or conveyancer will require a copy of your mortgage offer for the next stage of the conveyancing process.

Use our mortgage calculator here

You will also be required to get a mortgage valuation. This is carried out on behalf of your mortgage lender and is to satisfy the lender that the property is secure against the amount of money they are loaning you.

A necessary survey may also be required at this stage. Whilst not a legal requirement, whether you decide to instruct a survey on the property or not will depend on both the property and your specific circumstances.

Step 3: Contracts are signed

Once all the searches have completed, queries have been answered, you have provided your mortgage offer and are satisfied with the survey that has been carried out on the property, your solicitor will agree details regarding the transfer of your deposit funds along with a completion date.

You will then be ready to sign the contract in preparation for exchange and completion.

Step 4: Contracts are exchanged

Next comes the exciting part! Exchange of contracts between buyer and seller. Your deposit will be paid on exchange and at this time you will be in a legally binding contract. The good news is that the seller can no longer accept another offer on the property and must sell the property to you.

However, if you back out of the purchase at this stage, you will lose your entire deposit. There is usually a deliberate delay between exchange and completion to allow the deeds to the property to be transferred into your name.

Step 5: Finally, it’s completion day!

Completion is usually set for 12 noon or 2pm on the agreed date, however, in reality it can happen as soon as the sellers’ solicitor confirms that all monies have been received.

You can then collect your keys to your new home from us – a moment that always makes us smile!

Step 6: The final legal work is completed

Whilst you move into your new property, your solicitor or conveyancer will tie up all the loose ends from a legal perspective.

They will ensure stamp duty is paid on your behalf, send your title deeds to your mortgage lender and make sure you receive copies of your legal documents. They will also send you your final bill for legal work undertaken.

Now all that is left for you to do is to unpack, settle into your dream home in Tower Hamlets and enjoy your perfect surroundings.

You may also be interested to read 10 Frequently Asked Questions When Selling Your Home

Get the Help of Your Trusted Local Estate Agent in Tower Hamlets

If you require further independent advice, help and assistance regarding the conveyancing process, the City Realtor team are happy to help.

Contact us on 0207 790 7702 or email admin@cityrealtor.co.uk.

Frequently Asked Questions About Conveyancing in the UK

Do I need a solicitor to buy a house in the UK?

While it’s not mandatory, it’s highly recommended to use a solicitor or conveyancer to handle the legal aspects of buying a house in the UK. The conveyancing process involves complex paperwork and legalities, and a solicitor can ensure everything is done correctly to protect your interests.

What are the different stages of the conveyancing process?

The conveyancing process typically involves six main stages:

  1. Initial contact and exchanging documents with the seller’s solicitor.
  2. Completing searches and obtaining a mortgage offer (if applicable).
  3. Reviewing contracts, addressing any questions, and arranging a survey (optional but recommended).
  4. Signing contracts and exchanging them (becomes legally binding at this point).
  5. Completion day (paying the remaining balance and receiving keys).
  6. Final legal tasks like registering ownership and paying stamp duty.

How long does conveyancing take?

The conveyancing process can take anywhere between 6-12 weeks, depending on the complexity of the sale and the efficiency of the solicitors involved.

What are some of the costs associated with conveyancing?

The costs associated with conveyancing will vary depending on the solicitor you choose and the complexity of the sale. However, you can expect to pay solicitor fees, search fees, and stamp duty land tax.

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 a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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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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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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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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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.

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June 2024 Property Market Update

June-2024-Property-Market-Update

During June we’ve seen the UK property market continuing on its path of cautious optimism. While the fast growth seen in previous years has eased, a sense of stability is emerging, underpinned by rising buyer demand and a potential shift in interest rates.

Let’s delve into the key trends shaping the market this month.

Market Recovery Gathers Momentum

The good news for buyers and sellers is that the property market is experiencing a steady recovery. After a period of uncertainty, house prices are showing signs of growth again. According to Nationwide Building Society, May 2024 saw a 0.4% increase in average house prices, bringing the annual growth rate to 1.3%. This indicates a market that’s found its footing and is on an upward trajectory.

Regional Variations Remain

While the national picture is one of growth, it’s important to remember that the UK property market is a patchwork of regional variations. Scotland continues to lead the pack with a significant 6.7% annual increase in house prices, while England and Wales are seeing more modest rises of 1% and 1.3% respectively. Northern Ireland has also shown steady growth of around 4%. Understanding these regional differences is crucial for both buyers and sellers when making informed decisions. If you would like to know more about the Tower Hamlets region, please call us on 0207 790 7702 to discuss.

The Interest Rate Question

A significant factor influencing the market is the ongoing speculation around interest rates. With inflation falling closer to the Bank of England’s 2% target, a potential base rate cut is on the horizon. However, in June, The Bank of England made the decision to keep interest rates the same – at 5.25%, meaning the rate has now remained static for the past 10 months. An interest rate drop could be a game-changer for the market, making mortgages more affordable and potentially boosting buyer demand. Some economists predict the first cut could come as early as August 2024, while others think we may have to wait until December! The impact of this on house prices remains to be seen, but it’s likely to contribute to a more vibrant market.

Election Jitters or Business as Usual?

The upcoming general election in July has caused some to wonder if it will stall market activity. However, experts suggest this is unlikely to happen. In contrast to past elections with significant policy shifts, the current political landscape doesn’t propose drastic changes impacting the housing market. The first interest rate cut, however, is expected to have a more significant impact on market activity this year.

Supply and Demand: Finding Balance

The good news for buyers is that there are signs of a healthy increase in the number of properties coming onto the market. This increased supply is expected to keep house price inflation in check throughout the year. While significant price hikes might be off the table for now, the steady flow of properties ensures buyers have more options in a balanced market.

What Does This Mean for You?

Landlords: The rental market continues to see high demand, with rents rising at a slower pace than the previous year. Zoopla reports an average increase of 6.6% for new lets in April 2024. While this presents an opportunity for stable returns, it’s important to remember tenant retention is key. Focusing on good communication, responsive maintenance, and ensuring your property remains competitive in terms of rent and amenities will be crucial for attracting and keeping quality tenants.

Buyers: With a potential interest rate cut on the horizon, affordability might improve in the coming months. However, with increased competition due to rising demand, it’s still a seller’s market in many areas. Being prepared with a well-researched offer and a strong financial position will be key to securing your dream property in Tower Hamlets.

Sellers: While significant price rises are less likely, the market conditions remain favourable for sellers. At City Realtor we suggest focusing on presenting your property in its best light through minor improvements, home-staging and competitive pricing to attract buyers quickly in a market with more options.

The Bottom Line

The UK property market is moving towards cautious optimism. House prices are showing signs of growth, with regional variations offering opportunities for both buyers and sellers. The potential for a base rate cut later this year could be a major driver of market activity. With an increased number of properties coming to the market, a sense of balance is emerging. Whether you’re a buyer, seller, or landlord, staying informed and seeking expert advice will be crucial for navigating the market effectively.

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 or selling 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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May 2024 Property Market Update

Property Market News May 2024

With headlines in the news about stagnating house prices and rising mortgage rates, May has been a challenging month, with the cost-of-living crisis still biting homeowners. However, it’s not all doom and gloom! Owning a home is still beneficial, offering long-term living and financial stability.

General Election News

Prime Minister Rishi Sunak has announced that we’re heading to the polls on Thursday, July 4th, 2024. This forthcoming general election could bring some stability to the property market, which is great news for buyers and sellers who’ve been dealing with a shaky few months. With inflation nearing the Bank of England’s target and a potential interest rate drop on the horizon, things are looking up. Expect a busy second half of the year for property deals!

How Can First Time Buyers Get on the Property Ladder?

The end of April saw the release of the BSA (Building Societies Association) report which confirmed that first-time buyers currently face the most challenging conditions in seven decades to get onto the property ladder, with an increasing reliance on the Bank of Mum and Dad, or having two high incomes.

The report highlights that home ownership among young adults has been declining for twenty years but, while saving enough money to put down a deposit has long been difficult, the squeeze has been tightened in recent months because of mortgage interest rate increases.

It’s not hard to see why more young people are opting to move back in with their parents, with this now being the most commonly reported living arrangement for those aged 18-34. This is in stark contrast to the figures for 1997 which showed that those in the same age bracket were most likely to be living as a couple with children!

Many first-time buyers are undeterred though, with recent Bank of England figures showing that over the past three years, over a million mortgages extending beyond the state pension age of the borrower have been taken out. Many of those loans have been approved for applicants under the age of 30 as high mortgage rates lead people to opt for extended repayment periods to keep their costs affordable.

Twice the number of homeowners under 30s with ultra-long mortgages can be seen today when compared with two years ago, while the number of under 40s has also seen a 30% increase. It’s also clear that first-time buyers are adapting to higher borrowing costs by targeting smaller, more affordable properties. This adjustment is helping to maintain activity levels in the market with a steady flow of new buyers entering the market.?

Base Rate Held at 5.25% – Good News or Bad News?

The Bank of England most recently held the base rate at 5.25%, despite predictions that there would be a cut.

Meanwhile, three of the UK’s top lenders announced they would be raising their rates on fixed deal mortgages. NatWest, Santander, and Nationwide are the latest three to follow their rivals who increased mortgage rates after expectations about the speed and extent of Bank of England interest rate cuts were scaled back. That’s the bad news!

However, a rate cut is expected, followed by further cuts later in the year. That’s the good news!

A Month of Ups and Downs!

May 2024 was a month of ups and downs in the UK lettings market! The rental market remains robust, with high demand pushing average rents to record levels which is positive for landlords and investors. However, some tenants are still struggling with the impact of the cost-of-living crisis and its knock-on effect on the number of homes available to rent.

Some good news for landlords has been released in Propertymark’s latest insights report , which shows signs of the rental market beginning to stabilise after a rocky period towards the end of 2023 which saw the percentage of arrears peak at 4%.

This month’s report reveals that since the start of the year, the number of tenants in arrears has been falling, and has now reached a low point of 2.5%, indicating that landlords can start to breathe a sigh of relief and look forward to less frustration over rent collection.

Has There Been An Increase In Landlord Confidence?

In a recent report from PayProp, their latest Rental Confidence Index r evealed that an astonishing 54.5% of the landlords involved in their survey were going through the process of selling their properties!

It’s not surprising, then, that half of all tenants who have moved during the last year have done so because their landlord took the decision to sell up. By contrast, the percentage of tenants who left their homes due to eviction stood at under 12%.

However, the announcement of amendments to the Renter’s Reform Bill has led to positivity amongst UK landlords. In a further poll commissioned by PayProp, the number of respondents who reported a negative view of the private rental sector fell compared with those asked the same question in 2022. Over half of landlords are now feeling more positive about the sector’s future.

In a smart move by first time buyers, 66.7% of properties being sold by landlords are being snapped up by first timers. But this does mean that the number of private rentals is dwindling – an issue that is now seeing prospective tenants fiercely competing to offer on properties.

Did You Know?

This year we are already seeing increased demand for sustainable homes. Energy-efficient features and eco-friendly designs are becoming more sought-after, alongside smart security, energy management tools and automated heating systems.

What Next?

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 with us at City Realtor on 0207 790 7702 or email 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!

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3 First Time Buyer Mistakes – And How To Avoid Them!

3 First Time Buyer Mistakes - And How To Avoid Them!

As a first-time buyer looking at properties for sale in Tower Hamlets you’ve reached an exciting milestone, however, it can also be a daunting and complex process.

One of the critical stages in this journey is viewing places to potentially call home. Yet many first-time buyers make some common mistakes during viewings that impact their buying experience and future investment.

So, how can you avoid first-time buyer mistakes?

The team at City Realtor will help you explore three common pitfalls and provide insights so that you can avoid them, ensuring a smoother and more informed property-buying journey.

You may also be interested to read our guide to buying.

Mistake #1: Failing to Consider Your Needs and Budget

One of the first and most significant mistakes we see first-time buyers make is not considering their needs and budget. Here’s why it’s essential:

  • You’ll waste time on unsuitable properties. Without a clear understanding of your needs and financial limits, you may end up viewing properties that are either too expensive or don’t meet your requirements. This can lead to wasted time and frustration.
  • You could overextend your finances. Falling in love with a property that’s beyond your budget is a common mistake. Stretching your finances to purchase a property can lead to financial strain and potentially put your future stability at risk.

How to Avoid This Mistake: Before you start viewing properties and making offers, create a list of your ‘must-haves’ and ‘nice-to-haves’. Determine your budget, including costs like deposits, legal fees, and moving expenses. Stick to your budget and prioritise properties that meet your criteria.

Use our mortgage calculator here

Use our stamp duty calculator here

Mistake #2: Not Asking the Right Questions During Viewings

First-time buyers often underestimate the importance of asking the right questions during property viewings simply due to inexperience. Here’s why this mistake can be detrimental:

  • You might overlook potential issues. Not asking critical questions about the property can lead to missed red flags. Issues like hidden structural problems, maintenance history, or neighbourhood concerns may go unnoticed, leaving you with unexpected challenges post-purchase.
  • The lack of informed decision-making. A lack of questions means a lack of information. Without essential details about the property and information about the area, you may make decisions based on limited knowledge, which can lead to buyer’s remorse.

How to Avoid This Mistake: Prepare a list of questions to ask during viewings. These can include enquiries about the age of the property, any recent renovations, what the neighbourhood is like, utility costs, and any known issues. A good estate agent will be able to provide you with this information or direct you to relevant resources.

Mistake #3: Ignoring the Bigger Picture as a First-Time Buyer

It’s easy to get caught up in the aesthetics of a property during the excitement of viewings, but failing to consider the bigger picture is a common mistake with long-term consequences:

  • You might overvalue cosmetic features. First-time buyers often place too much importance on superficial elements like decor and furnishings. While these can be appealing, they shouldn’t overshadow more substantial factors like location, potential for growth, and future resale value.
  • You could neglect long-term goals. Viewing properties with only your current needs in mind can be shortsighted. Consider your long-term goals, such as starting a family. Ignoring these factors may result in outgrowing your home sooner than expected.

How to Avoid This Mistake: Balance your appreciation for aesthetics with a practical assessment of the property’s potential. Evaluate the location, proximity to amenities, transport options, and the area’s growth potential. Think about how the property aligns with your long-term goals.

Making the Right Choices on Your First Property Buying Journey

Navigating the property market in Tower Hamlets can be challenging, but you can avoid first-time buyer mistakes during viewings and make a significant step towards a successful purchase.

Remember that working closely with a reliable estate agent in Tower Hamlets, like the experienced team at City Realtor, will be invaluable in helping you avoid first time buyer mistakes and make the right choices during your property buying journey.

If you’re a first-time buyer looking to get on the property ladder and would like advice, we would love to hear from you. Email us at admin@cityrealtor.co.uk or call us on 0207 790 7702.

Frequently Asked Questions About Other Common First-Time Buyer Mistakes

How can a bad credit score affect my mortgage options?

A low credit score can limit your choices and potentially lead to higher interest rates from mortgage lenders.

Can I afford a higher monthly mortgage payment than what’s pre-approved?

Don’t exceed your pre-approved budget. Mortgage lenders consider your income and credit score to determine a sustainable monthly payment amount.

What should I do to improve my chances of getting a mortgage?

Work on improving your credit score by paying bills on time and reducing your debt. A larger down payment can also strengthen your application with mortgage lenders.

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 more of your FAQ’s here.