Doorsteps blog posts

Blog entry by Doorsteps

3 Inspiring Design Trends for Redecorating on a Budget

Whether you’re selling your home online or simply want an updated look, it’s worth looking into current decorating trends. However, redecoration usually costs a lot of money.

Buying new furniture, installing new kitchen cabinets, and changing the flooring are all good ways to update your home. But redecorating doesn’t need to break the bank. Try these small changes instead of large overhauls. They can give your rooms a new look while still keeping you on a tight budget.

1. Soft White Rooms

You may be a fan of pure white walls, but design trends are moving away from this stark design choice. In the past, people liked to paint their walls pure white, as it gave rooms a luminous feel.

However, trends are moving away from pure white to softer shades. Warm up your space with a simple coat of dove grey paint. It’s a great way to give your rooms a face-lift without spending a large amount of money.

2. Update the Hardware of the Cabinets

When it comes to updating the furnishings, many homeowners go for a full replacement. But that’s not necessary if you only want to redecorate. Instead, try painting the cabinets. Choose colours like greys and deep blues to create a mood or make a statement.

You can also go to your local hardware store and buy replacement knobs and handles. When you are on a budget, this is a simple way to refresh the kitchen without investing too much into it.

3. Decorate with Throws and Pillows

Want to overhaul the look of your living room in spite of your tight budget? Use throws and pillows to add splashes of colour and print to the room. They’re easy to source and easy to replace if you get bored.

Mix and match different textures, colours, and patterns to create a unique look. And remember to coordinate with the furniture in the room, as your goal is to harmonise the decorating scheme.

What’s the Secret to Low-Cost Redecorating?

Work with what you have and go for smart solutions. A new colour scheme or moving items to different rooms can give your home a fresh new look. These budget-friendly changes can help rooms stand out when you want to sell your property online.

Read More
Blog entry by Doorsteps

4 Tips for Choosing the Right Price for Your Property

Setting a good price for your property is a crucial financial decision. 

The goal is to sell your property on your own timeline, without underestimating its value. But many houseowners find it daunting to pick a price, especially if they have little experience with navigating the property market. 

Here are some tips that will help you find the right price for your situation.

Don’t Go into Extremes 

Choosing an overly high price has some serious downsides. For instance, you may end up with a long and unproductive negotiation period, as serious buyers who know about the usual prices in the area will scroll past your advertisement.

On the other hand, low prices don’t always guarantee a quick or successful sale. You lose profits, and many possible buyers will assume the property requires repairs.

… But Match the Price to the Circumstances

After you discover the real value of the property, there are a few options to consider.

Are you in a hurry to sell? If so, lowering the price slightly can be a good approach. The same applies to sellers who want to avoid negotiations because they prefer to deal with potential clients as little as possible.

On the other hand, you can also start at a fairly high price and prepare to negotiate. You may get lucky and find buyers who are willing to pay extra because they love the property. If not, you can agree to lower the price by 5-10%.

Your selling method will also have an impact on the price.

If you’re planning to put your property on an online auction, you may want to start at a low price. But outside of auctions, it’s better to aim high. If you’re using ads to sell your house online in the UK, you should know that negotiation is presumed unless you mention that the price is final.

Don’t Forget About Stamp Duty and Other Additional Expenses

The price you set needs to cover all your current needs and expenses.

Before everything else, look up how stamp duty is calculated. Set a budget for solicitors, estate agents, real estate photographers, and many other professionals who contribute to the sales process. Don’t forget to factor in moving expenses as well.

Get Help with Valuation

There are online resources you can use to research property prices in your area. But these aren’t always sufficient, and it’s easy to get lost in the sea of available information. For the majority of people, the best solution is to hire professionals to appraise the property.

Keep in mind that different professionals may get different results.

Every valuation uses the same necessary information, such as the location of the property but the conclusions drawn may differ. For instance, mortgage valuers often undervalue the house to protect their interests.

Hiring local estate agents is the more reliable choice. They can draw from their own experience and give you a fair price.

Ready to Find Out What Your House Is Worth?

If you’re interested in selling a property, you can use online house valuation tools to get an estimate of your property’s value in no time. All you have to do is enter some basic information. At Doorsteps, you can use this feature for free.

For a more precise appraisal, you can also schedule face-to-face valuation with seasoned Doorsteps estate agents.

Read More
Blog entry by Doorsteps

5 Things You Need to Know About an Online House Valuation

Valuation is one of the most important responsibilities you have as a seller.

You naturally want to sell your property for an impressive sum. If you undervalue it, you’re making a mistake and missing out on potential profit. In fact, you may actually make it harder for the house to sell. Potential buyers will compare it to other properties in the neighbourhood, and they’ll conclude that something must be wrong with yours because the price is low.

But setting an unfairly high price is just as counterproductive. You’ll miss out on some excellent opportunities and waste time. Even if you’re willing to negotiate on the price, you’re alienating serious buyers and making the sales process unnecessarily fraught and complicated.

Online House Valuation – A Simple Way to Get the Selling Process Started

Formal valuations are getting replaced with the easy online equivalent. Here is what you need to know about using the internet for property valuations.

1. Online House Valuation Saves You Money

Traditionally, valuation requires experts to analyse the property. To find out what your house is worth, they need to know the following:
What neighbourhood is the property in, and how well do nearby properties sell?
How many bedrooms does the property have?
What are the current market trends in the city or town where the property is located?

But online valuation tools can be just as effective. These tools use algorithms to determine the value of your house based on the facts you entered. By using online valuation, you can save up on hundreds of pounds. Some agencies, like Doorsteps, allow you to use their value calculator for free.

2. There Is a Difference Between Selling and Letting Valuation

The best selling price for your house will depend on the above parameters – mainly the address and the number of bedrooms. But what if you are planning to let the property instead of selling it?

It can be difficult to tell how much your property is worth to potential tenants. Once again, using an online tool is a fast and convenient way to get the answers you need. Remember that you’ll get the best-quality tenants if you set a fair rent. Undervalued homes tend to attract tenants who aren’t going to stick to a regular payment schedule.

3. It’s Useful to Re-Evaluate Your Property from Time to Time

Convenience is one of the most significant upsides of online tools. You can get a quick and accurate assessment of what your property is worth without having to schedule any meetings. You don’t even need to pick up the phone. The only thing you have to do is to fill out an online form and add some contact details.

This means that you can do it routinely. Hence, online house valuation lets you keep an eye out for good times to sell.

The property market is going through some rapid changes in the wake of the Brexit referendum. Prices are going down in some parts of the country, and they’re soaring in some locations. So if you have a property you may want to sell in time, it’s a good idea to check its current price. You may discover a new opportunity.

4. Online Valuation Is Only the First Step

Some people use these free online tools and then create online or newspaper ads. This method may work out well, but there are many more methods at your disposal if you want to make your sale as successful as possible.

If you decide to work with Doorsteps, you can get in touch with our online estate agents. They’ll use the valuation to help you find the best way to sell your property. They’ll schedule an on-site meeting with you, and then they’ll photograph the property and draw up a floor plan. After this, Doorsteps takes care of advertisements for you.

5. There Are Other Useful Tools You Can Use

In addition to online valuation, you can dig deeper into the possible worth of your property. There are websites that let you look at price trends, broken down by property type or even nationality. You can also look up past ads in the region, selling prices included. If you’re putting together a long-term plan, you can also read up on forecasts for your neighbourhood.

What Is the Takeaway?

Online tools aren’t the be-all and end-all of house valuation. But they’re affordable, easy to use, and they can give you some basic guidelines. Between these tools and an experienced agent, you can be sure to set the best price for your property.

Read More
Blog entry by Doorsteps

5 Ways to Minimise Risk When Investing in a Manchester Flat

It’s an exciting time for property purchases in Manchester.

While most British houseowners are hesitant to sell due to Brexit, there was an unexpected property market boom in the north of England. Prices are growing at an impressive rate at the moment.

If you’re an investor, this is an excellent time to buy property in this vibrant city. Should predictions prove true, you can sell your property a few years from now at a considerably higher price. But Manchester’s economy is growing rapidly, so buying property in the city is also of interest to anyone looking to start a new life and a new career.

However, there are some risks to keep in mind. Let’s take a quick look at a few ways you can ensure a safe investment.

1. Have a Solid Plan in Place

First, you want to know exactly what kind of investments you need to make. When are you planning to put the house on sale? Do renovations fit in with your timeline, or are you better off with a property that’s ready to move in?

Look over your current investment portfolio. While Manchester is one of the best UK cities for property investments, the usual risks are still present here. Make sure you have the means to purchase and maintain a new home.

2. Speak with Experienced Agents

Even if you have some experience with buying property, it helps to consult with professionals who know the city well. You can get in touch with reliable and affordable online estate agents who are based in Manchester. It’s important to work with professionals who have experience with navigating the city’s current trends.

Investors from the US, Canada, and the Far East are happy to buy property in Manchester at a wide range of prices. This means that you have quite a lot of competition, and it's important to choose the best houses available for your means. With a seasoned agent, you can be sure to make full use of possibilities that Manchester has to offer.

3. Choose the Right Neighbourhood

Where in Manchester do you want to purchase your new property?

If you’re looking for a house to live in, you can be guided by your own preference or needs. For example, you can focus on neighbourhoods which boast highly-priced schools or excellent public transportation. But if you're hoping to let, you need to choose a location that will attract good tenants. Or if you plan to resell very quickly, it’s important to keep current buying and selling trends in mind.

Here are a few of the best Manchester locations if you're buying to let or re-sell:

The immediate vicinity of the University – this location offers excellent job opportunities or lets you let exclusively to students.
Ancoats, Green Quarter, New Islington, or Ludgate Hill – these parts of Manchester feature period details, like the cobbled streets. This makes them especially appealing to young tenants or anyone from abroad hoping to rent a house here.
Castlefield – once again, an excellent spot for tenants or buyers who are looking for job opportunities.

But the best neighbourhoods for you will depend on your short-term and long-term plans. Hence, it’s best to speak to your agents before you make a decision. Agencies that provide services like online house valuation are useful because they know the upsides and downsides of every location in the city.

4. Prepare for the Worst

Careful vetting and expert advice do a lot to mitigate the risks of investing. But unfortunately, you can't predict and prevent everything that can go wrong.
There is always a chance that reliable-looking tenants turn out to be untrustworthy. All properties are at some risk of fire or weather damage. So it’s important to have plans in place for each worst-case scenario.

Investing in property insurance and mortgage protection insurance is crucial, both for your protection and your tenants’ peace of mind.

You should also have scripts in place for dealing with bad tenants. If you notice that the rent is late or that your property is getting damaged, you need to act quickly.

5. Keep Up with Any Future Changes in the Market

Though you need to have a plan in mind, it’s also important to stay as flexible as possible. The UK is going through some major changes right now. As an investor, you’ll need to keep up with property market changes.

You can’t be sure what the future will bring. If necessary, you need to be willing to sell on short notice.

Manchester - An Investment Haven Despite Brexit

Manchester is one of the best cities for prospective investors. Since it’s gaining in popularity, the price of real estate is rising steadily. So why not head over to our online auction? You can start building your future in this city right away.

Read More
Blog entry by Doorsteps

A Quick Guide to Buying Your First House in the North of England

At the moment, the property market in the UK is going through some exciting changes.

Generally speaking, property sales happen most often in London and the south of England. These are also areas with relatively high prices, and there are many appealing property hotspots to choose from.

But the current political situation changed the status quo. North England’s property market is doing better right now. More people are interested in buying and selling here than in the south. Property prices are more stable, as well. Experts say that this trend is here to stay for at least five years.

3 Tips for First-Time Buyers in the North

If you are hoping to invest in property in the North, here are some useful tips to help you get started.

1. Prices in the Area Are on the Rise

If you’re looking for your first home in the north of England, it’s important to act quickly.

The fact that there’s a lot of property market activity in the region means that it will be easy to find a house that fits your needs. But you should also note that prices are steadily going up.

For example, professionals estimate that prices in north-west England will grow by over 21.5% in the next five years. Yorkshire and the Humber is also going to be subject to rapid property price growth. Buyers who are interested in this area should consider these predictions.

If you know where you want to buy property, it is a good idea to look up internet estate agents in the region. Online sales are faster and more comfortable. They also give you the chance to compare prices, so you can be sure you’re getting a fair deal.

2. Consider Your Options Carefully

Don’t rush things. With the help of seasoned online estate agents, you can find a house that fits your needs within a few weeks or even days. However, you should avoid impulse purchases as these often lead to buyer's remorse.

Your House Needs to Fit Your Future Plans

You’ve probably heard of the property ladder – the process of switching to higher-value properties as time goes by. While this is a good approach, you should still plan for the possibility that you’ll keep using the same house for a long time.

That means that it should accommodate any changes you expect in the future. For some, marriage and children are the most likely change. But you should also consider the possibility of working from home, adding new rooms, and so on.

Higher Prices Don’t Always Indicate Better Quality

The size, design, location, and age of a house all have an impact on the asking price. But sellers have other considerations as well. For example, they might be hoping to sell in a hurry, and lowering the price facilitates that.

So look into the description of the property you’re considering and make sure it fits your needs. You should also find out whether professionals have appraised it.

The same principle applies to the agents you may hire. Sometimes, the cheapest online estate agent delivers the best service.

Be Realistic About Maintenance and Renovations

People who haven’t owned property before don’t always understand the work that goes into keeping a house in top shape. Make sure you can keep up with home maintenance tasks. For people with a busy schedule, smaller houses can be the better choice.

The same advice applies to homes that need repairs and renovations. Will you have the budget necessary to make your new property comfortable? Doing home repairs takes a lot of time and effort, especially if you lack experience.

3. Understand the Commitment You Are Making

Your mortgage will have some impact on the way you live your day-to-day life. The price of your new house isn’t the only price you have to worry about. You will also have to think about:

The deposit you have to put down – usually 5% of the total cost
Survey costs and valuation costs
Solicitors’ fees
Stamp Duty and other taxation
Buildings insurance
Moving and decorating costs

Before you make any permanent decisions, make sure you can cover every expense.

The Early Bird Catches the Worm

Now is a great time to buy a house in the north of England. It’s best to seize the day, as properties in this part of the country may become more expensive soon. If you’re ready to start looking for your new house, consider Doorsteps’ online auction. Here, you can look over expertly valuated houses in your chosen area.

Read More
Blog entry by Doorsteps

Could Property Prices Crash in 2019?

As Brexit negotiations drag on, the state of the British property market feels precarious. Brexit's uncertainty has diminished confidence in the property market, and many are concerned if property prices are heading for 1990s-style meltdown.

Houseowners who are looking to sell are understandably concerned about their prospects. Some want to accelerate the selling process, while others consider pulling their property back for the time being. But more than anything else, everyone wants accurate and trustworthy information.

Many of our Doorsteps estate agents have received questions about this matter. The goal of this article is to provide you with facts worth taking into consideration if you’re currently looking into buying or selling your property.

Looking Back at the Situation in 2018

2018 wasn’t a good year for houseowners looking to sell their property.

Asking prices in 2018 rose by only 0.7% in comparison to the 1% increase back in 2017. It’s clear that the situation became more difficult last year. 2018 saw the smallest increase in asking prices since 2010.

Well-known property hotspots in London and south-east England did especially badly. In the capital, asking prices plummeted by 1.1%. They fell by around 0.9% in the south-east.

There is another unfortunate 2018 trend you should take note of.

Every year, asking prices go down in the winter. This is mainly because of the Christmas rush. Sellers hope to entice buyers as well as to sell to those who want to start the year with a significant change.

However, the 2018 decrease was more substantial than usual. From October to December, asking prices dropped by an average of £10,000. Experts agree that the uncertainty around Brexit is the main culprit for this change.

This seems like grim news for anyone hoping to sell their house in 2019. But let’s look at how the situation is unfolding for now.

What We Know About the 2019 UK Property Market So Far

For the moment, it’s best to describe the situation as “frozen”.

If you’re currently hoping to sell your property, you should know that buyers are extremely cautious. Many of them are waiting for the Brexit deal to be solidified finally. Unfortunately, some foreign buyers have been locked out of the market by Brexit. Renters have also become more reserved, which means that people who buy-to-let are having second thoughts.

But the situation isn’t entirely bleak.

High-value properties have seen some activity. Some well-to-do foreign buyers used the current political situation to their advantage and made impressive investments.

It’s also worth noting that the change hasn’t affected the entire country equally. At the moment, the Midlands and the north of England are doing better than London. Experts say that this trend is likely to continue.

Understandable, people have been interested in remortgaging. This year has seen more remortgaging plans than several previous years. For now, interest rates have been moderate.

A Few Predictions

So far this year there has been a noticeable lack of interest for homes in a low to average price bracket. This is especially true for former property hot-spots and southern England. But what does the future hold?

As the political situation is about to resolve, there’s a significant chance that the second quarter of the year will be more successful than the first. However, the future of the property market depends on how the country’s economy will react to upcoming changes.

Some possibilities, according to experts who spoke to the BBC:

Recovery from 2018: an overall rise in house prices, up to 4%
The property market remains frozen: no change in prices
A continued post-Brexit reluctance to buy property: house prices might drop by up to 5%

Right now, it’s impossible to say which of these predictions is the most realistic. But what’s the worst possible scenario?

The Bank of England released a forecast of the potential consequences of a “hard Brexit”. In the most extreme case, the market will crash and prices will go down by 35% over the next three years. However, this doesn’t seem likely at the moment.

A Final Word – Online Selling

What is the takeaway for potential sellers?

If you are hoping to make a good sale, you have a few options. Many sellers prefer the wait-and-see approach, hoping to get better prices after the political situation becomes stable again. Others prefer not to risk it.

One of the best solutions is to get an online house valuation and find out what your property is worth at the moment. If the price seems satisfactory, try to sell it online. Economic instability notwithstanding, there are still many buyers hoping to find their perfect home.

Read More
Blog entry by Doorsteps

How to Save Time Cleaning a New House

If you’re cleaning an old house, it would make sense for it to take a bit more time. After all, the interior has seen better days so it will require more effort to get it looking tiptop. However, even when you’re tidying up a new house, that job can frequently take much longer than you feel it ought to.

As not many people enjoy cleaning, you likely want to see it done as quickly as possible. Fortunately, there are certain tips that can help you save time and still keep your house looking new. This will make it nicer to live in and make it more appealing to potential buyers should you decide to sell your property at some point.

Have a Schedule

You want to do all your cleaning in one swoop. Doing some of it now and a little bit later on is a great way to waste a lot of time. 

So, before you even start, decide how much time in total you’ll spend cleaning. Then, divide that time between individual rooms and tasks. That way, you’ll have a schedule to stick to, which can make you put in a bit more effort. Also, you’ll know exactly how much time you’ll spend doing the jobs you really dislike so it could be easier to go through with them.

Prepare the Rooms

Even if you’ve just recently moved into a new house, it can get cluttered pretty quickly. And you can’t wipe the surfaces if there are random items everywhere. You can’t vacuum properly if the furniture is in the way. 

So to save time, get everything out of the way beforehand. This will allow you to clean without any unnecessary stops.

Dust Frist, Vacuum Later

After dusting a room, some of the dirt will end up on the floor. And if you vacuumed it first, you’ll need to make another pass.

Skip Some Jobs

The best way to save time is to skip a task altogether. However, there is actually more to this. Simply put, you don’t have to do absolutely every chore every single time you clean your house. If you have a room you don’t use regularly, you can get to it every other time.

Although, it is important to make sure you don’t skip a task too frequently. This is where we come back to the first tip we mentioned, and why it is important to have a proper schedule.

Extra Supplies

If your house has several storeys, you might consider keeping some cleaning products on each one as you’ll save some trips up and down the stairs. And if it’s just the one storey, extra supplies can mean you won’t need to go to the store if one of your stashes runs dry.

Be Thorough and Fast

Cleanliness is next to godliness, as they say. This applies to all houses, no matter how new they might be, so it’s important to clean yours properly. 

It’s even more important if you intend to sell your house online in the UK as it will allow you to stage it better and get a superior online house valuation. But, cleaning doesn’t need to take all day, and these tips can help speed you along.

Read More
Blog entry by Doorsteps

The Benefits of Upgrading Lighting

If your light fittings are older or somewhat outdated, one of the best investments you can make is to upgrade the lighting in your home. Regardless of whether you’re looking to sell your property or stay in it for the long run, this is one task certainly worth undertaking.

New lighting can completely transform the space and will provide a range of benefits.

Energy Savings

Of all the benefits of upgraded lighting, this is likely the easiest one to demonstrate. Simply put, modern lighting systems are more energy efficient and use less electricity. For you, this means a lower utility bill each month. In essence, this is a risk-free investment that will more than pay for itself with enough time.

It is also worth pointing out that the reduced energy consumption is good for the environment.

Lower Maintenance Costs

Not only do modern lights use less energy, but they also last longer. For example, LED lights have outstanding lifespans and take a long time to burn out. This translates into savings as you won’t need to replace them as frequently. Besides, a modern lighting system is also less likely to break down, reducing potential repair costs.

Ambiance and Visibility

You want each room in your home to have the right “feel”, and the appropriate lighting can do wonders for the atmosphere. Lights can set the tone and mood in a room and highlight its intended purpose.

Upgraded lighting will also ensure you have sufficient visibility in each room. This is important as it reduces eye strain.

Increased Value

We’ve mentioned how upgrading your lighting will save you money on electricity bills. But even if you don’t intend to hold on to your home for that long, you can immediately get your money’s worth because this will also increase its value. Additionally, this extra appeal can help you sell your property in less time.

Added Security

This doesn’t apply to people who live in flats, but those who own houses can give their security a major boost with upgraded outdoor lighting. A well-lit house will deter criminals, and you can also install features such as floodlights for extra effect.

Naturally, this also has the benefit of allowing you to get a higher online house valuation and attract more potential buyers if you’re planning to sell your house online in the UK since security matters.

In the end, upgrading the lighting in your home is a move that makes sense on several different levels. It is a smart investment and will yield substantial returns under various circumstances provided you handle it properly.

Read More
Blog entry by Doorsteps

How to Sell Your Property for More at an Online Auction

When you’re looking to sell your property, doing so at an auction could help you get the best price possible. The ideal scenario is simple – the potential buyers engage in a bidding war, and you reap the benefits you wouldn’t have with other methods of selling.

And while you can go to a traditional auction, modern times have brought novelties into this process. As a result, internet auctions have risen in popularity and could indeed be the best way to sell your house online in the UK.

Now, an auction isn’t always the ideal choice, and good online estate agents will advise you on this. But if you decide that an online auction is the way to go, then the following tips can help you sell your property for more.

Get Professional Photos

It doesn’t matter how you’re selling your home, you need good photos of it for marketing purposes. However, this is even more important when you’re using an online auction.

Since these events are timed and handled over the internet, a prospective buyer may not get the opportunity to visit your home in person. This means they will base their decisions almost entirely on the photos you provide. For that reason, you should spare no expenses in this regard.

The simplest solution is to hire a professional photographer, preferably one who has experience in this particular field. They will know how to make use of the light, angles, and other elements to make your property look as appealing as possible. The more potential bidders your photos draw in, the better the odds of a bidding war occurring.

Pick the Right Moment

Online auctions are a quick way to sell your property. This allows you to capitalise on favourable market conditions.

Therefore, if you notice that the market you’re in is experiencing high demand and a shortage of supply, an online auction can be a great way to quickly attract numerous bidders who are likely to compete very aggressively.

On the other hand, online auctions can also help in struggling markets. If the property prices in your area are dropping, a quick online auction can allow you to get ahead of it and sell for more than you’d get otherwise. With traditional listings, buyers can wait for the property to depreciate further. However, auctions have a strict time limit which creates a sense of urgency.

Set the Right Guide and Reserve Prices

The guide price is publicly advertised and is there to lure in bidders. The reserve price is the minimum price that needs to be achieved for the auction to be a success (and is kept confidential). By finding the right figures, you can create a competitive environment and ensure you don’t sell for less than you’re prepared to.

Good internet estate agents will give you an accurate valuation of your property and help you find the right balance between the guide and reserve prices that will attract the best buyers.

Make Your Property Available for Viewing

This is an online process, but you still have the option to allow interested parties to visit your property in person. And you should take advantage of it.

Naturally, this also means you should stage your home. Mirrors can make the rooms appear bigger, lighting can improve the atmosphere, the smell of baking can evoke fond feelings, etc. Use these tricks of the trade to create interested bidders who’ll make the auction a very competitive affair.

Do Marketing of Your Own

A great thing about online auctions is that the real estate company you’re working with will handle the marketing. However, it never hurts to double up. There’s no need to pay for ads, but do use social media to get the word out. Also, let your friends, family, and colleagues know about the auction – you never know where a potential bidder can come from.

Waiting for the Virtual Gavel to Fall

An online auction is a very exciting event for the seller, and watching the bids come in will give you a rush unlike any other. Doorsteps estate agents can help you set everything up and ensure it runs smoothly, while these tips can further increase your odds of getting a good deal.

Read More
Blog entry by Doorsteps

Holding Versus Buying and Selling – Which Is Better for Property Investors?

Property investment isn’t an exact science. Many investors build their portfolio without relying on much theory. They pay attention to market changes, they follow their instincts, and they listen to their advisors.

But it can be useful to think about the crux of your strategy. Here is an overview of the two approaches you can have to property investments.

A Short Summary of Terms

There are two basic guiding principles you can use to build your property investment portfolio:

Buy-and-Sell - The idea is to buy a property in need of repairs, invest in renovating it, and make it more appealing to potential buyers. Then, you sell your property at a considerably higher price, and you move on to the next investment.
Buy-and-Holdalso referred to as Buy-to-Let - In this case, you want to purchase a property and then hold on to it for a longer time. While eventual sales are a possibility, you start by focusing on making the property appealing to tenants.

Taking some time to reflect on the way you do things is important for seasoned investors and newcomers alike. Now, let’s look at the pros and cons of both approaches.

The Upsides and Downsides of Buy-and-Sell Approach

Many people are attracted to this option because it promises quick profits. However, it’s important to understand that this method requires more work on your part. It also doesn’t always work out the way you planned.

Pros:

It can accelerate your progress up the property ladder.
You have more control over the property, as you don’t have to worry about tenants damaging it.
As you become experienced with this method, you will gain the connections necessary to make the repair process as smooth as possible.
Some people enjoy making a property more appealing to buyers.

Cons:

It’s too easy to underestimate the cost of repairs and renovations.
This method is considerably more labour-intensive, and it will cut into your free time.
You may find it difficult to predict the timeline of selling your property. If you want to sell above a particular price, you may end up waiting a long time until the market shifts to fit your vision.

How to Make It Work:

If you want to use this method, consider hiring internet estate agents to help you make good sales. They will help you sell the property on your timeline and according to your terms.

The Upsides and Downsides of Buy-and-Hold Approach

“Buy and hold” is a strategy that’s widely used on the stock market. Many finance giants swear by it, and it’s easy to see why it’s popular on the property market too. You can use the rent to supplement your monthly income and keep up with your mortgages.

In this case, the idea is to choose a house or a flat in a stable and welcoming neighbourhood and then work towards attracting renters. It also works for up-and-coming locations that are likely to see significant economic growth in the near future.

 Pros:

Your property brings you a steady monthly income.
You achieve financial stability. Your property can act as a backup in case your financial situation changes for the worse. In times of economic uncertainty, this consideration becomes more important than usual.
If you wait until the time is right, you can make use of the changing property market and then sell your property at the perfect moment. Of course, it can be difficult to know when that moment is.

Cons:

Holding one property for long means that you aren’t making full use of your options. If you don’t move up the property ladder, you miss out on some great opportunities to improve your finances.
Dealing with tenants can be frustrating and it can put your property at risk.

How to Make It Work:

You need to get comprehensive insurance before you start looking for renters. Working with agencies can help reduce the risks in this strategy.

What’s the Verdict?

Most people use a combination of both approaches. This seems like a good compromise, and it works well for people who don’t have too much free time but who want to make bold new investments.

Do you have an investment property that isn’t bringing satisfying profits? Consider looking into online house valuation. If you know what the property is worth right now, it’s easier to decide if you want to sell or hold on to it.

Read More