House or Flat a straight forward choice?

Although every investment should be assessed on its own particular merits some fundamental things need to be considered when deciding which is best house or flat.

Flats appear to be more popular with the mobile population of many inner city locations. Young professionals need the ease and flexibility provided by a flat.

Some enjoy the status symbol of the chic and fashionable style that a modern flat gives the occupier.  Others just like the freedom to socialise in close proximity to all the ‘in places’. So space becomes irrelevant and less is a sometimes a preferable option for busy young professionals.

Houses on the other hand gain in popularity out of city centres and important elements of more living space and garden become important, more so for couples who maybe considering a family.  Others want to live in entirely in their own space without having to take account or be irritated by those living above or below them.

Supply and demand

Developers build more flats because they are more popular and profitable.  Your local estate agent David Jordan Estate Agents is able to give you all the information you need of the availability and how prolific flats are in the areas you are considering.    

Gone are the days when a flat was less than that of a house.  Style size and location are now prime valuation factors and more so within inner city boundaries.  Fashionable high rises and fashionable conversions outclass and in some cases out cost many of the more traditional family houses.

Bear in mind with a ground floor flat that while you may pay 20 per cent less than those on upper floors they are perceived as less secure. If you were considering a buy to let investment it can be more difficult to let. 

Flats in the main are leasehold and can prohibit letting and if buying a flat the leasehold restrictions should be fully investigated at the outset.  Houses are largely freehold and so don’t come with the same restrictions.

Is it just about cost!

Today lifestyle, age and mobility are all primary factors that can influence decisions about buying or renting a house or flat. There is considerable narrowing margin when it comes to the financial factor that flats are always the cheaper alternative to houses. 

And don’t forget throughout the journey David Jordan Estate Agents will be with you every step of the way offering their years of expertise to guide you along the way.

Call us or email us using the details on our website:  www.DavidJordan.co.uk

T:    01323 898414

Which camp do you sit in - New or Old Property ?

There are in the main two separate camps of buyers when it comes to the age of houses that buyers consider. Those who would only consider period properties for their original features and character, those who go for the easy –living low maintenance of the new build.  Period properties have been visualised as a black hole for money by those who prefer new build while those who favour Victorian style properties tend to view new builds as bland.

Digging Deeper

Whether you choose a classic Victorian property or a shiny new build each purchase can result in additional costs not often taken into account by buyers.

For example the perfectly thoroughly modern show home kitchen while looking the part is often an upgraded version of the standard offered in the actual property you may purchase and the diamond edge version will not come cheap.    Digging deeper, consider that the garden of a show home has been professionally landscaped so how would your garden grow possibly with the ringing of pound notes unless you just want a plot of plain turf!

What is part of the deal can vary between different house builders. Carpets may or may not be included and often all add-ons like curtain rails, TV aerials, may not be included.

Those moving into an older style Victorian property will already likely have these add-ons but unlike the pristine sparkle clean new build once the previous owners have left the empty property can reveal its chipped walls and cracks, damaged skirting or missing tiles not previously seen.  However a new-build is not necessarily free from defects, for example poor plastering which may repeat itself in more than one room.

The Victorian owner can incur a different set of problems for example above ceilings and between walls can mean ideal territory for wildlife or rodents which may require the services for a pest control company who can in the main quickly eradicate the problem.

Diamond Edge or Knife Edge

So which type of property has the edge?  Possible the new build may just have the edge because of one overriding advantage is it comes without the gazump factor, debris left after departure by the seller and no chain this has to be priceless. 

So many things to consider whether you think about new or old properties! 

David Jordan Estate Agents an estate agent that excels in all areas of the house buying process will take you every step of the way. 

David Jones Estate Agents is here to make sure you have all the advice and support that you need whether buying, selling or letting.

Call us or email us using the details on our website:  www.DavidJordan.co.uk

T:    01323 898414

To Build or Not to Build?

If you could choose, what type of home would you choose, a new flat a castle a Victorian town house, an interesting question. Previous housing preference surveys carried out suggest the most popular type of housing would you believe is the bungalow, this preference being stronger among the older population.

A wide variety of choice or not?

In the main most of us have limited choice when it comes to what type of house we live in, the most obvious constraint being what we can afford and in a arena of rising house prices many of us have much less space that we would like.  Britain currently has some of the smallest newly built homes on Europe. 

We also will consider a particular area to live in based on close proximity to our family and friends or close to our job and this limits choice and we become dependent of whatever type of housing is available in that area. Maybe the British housing market is not the best at giving people what they want and that what is built is driven by other factors rather than people choice.   

Let’s hear it for the bungalow

Bungalows seem to have been one of the casualties of this lack of flexibility over house building, sometimes driven by fears of using too up too much of Britain’s green land to build houses. There has been a tendency to create more houses at higher densities for example, more blocks of flats which does not bode well for the bungalow.

 However with a growing ageing population and the desire to remain mobile and self sufficient in our own homes in our retirement year’s bungalows lend themselves to making this more achievable.  It is projected that in the next 20 years or so there will be a significant rise in household over 65 and the need to provide housing like bungalows, which can be more easily adapted for older people’s needs will become a much larger focus that councils will need to consider and action to reflect this trend.

The Circle of Life

To build a more balanced portfolio of housing could benefit all as housing tends to be tied to a person’s life cycle. When you are on your own or co-habiting the space you need is small compared to when you move into more permanent relationships with children, when there is a need for space, more bedrooms and larger garden. 

When children then fly the nest and it may not always be economic to pays the bills for a larger property and one solution is to downsize.  However the inflexible supply of new housing over the last 10 – 20 years makes it difficult from a financial perspective as well as available suitable properties for the older generations to downsize.  This is turn makes it more difficult for those that want to up-size in respect of available larger properties.

This suggests there is a need for government to take on board the needs of an ageing population which in turn would free up larger housing availability for the young and middle aged. A more balanced build that benefits all.

An interesting thought for this Blog!

And don’t forget throughout the journey David Jordan Estate Agents will be with you every step of the way offering their years of expertise to guide you along the way.

Call us or email us using the details on our website:  www.DavidJordan.co.uk

T:    01323 898414

Oh I do like to be beside the seaside bedside the sea.

The draw of the sea air, the crashing of the waves, the freshness of the sea breeze! Have you ever thought about why you live where you do?  Some live in the same general area all their lives and probably never give much thought to this question.  Others may move more frequently to other locations being dictated by jobs, others have the freedom to choose the location where they live. 

Whatever the circumstances there is a wide variety of factors that play into to your decision to live in a particular home or area.

Everyone delights to spend their summer holidays down beside the silvery sea and if you had your way why not live by the seaside, stroll upon the prom and watch the brass bands play. It only happens by the sea and Seaford is the place to be.   

Living in Britain’s colder coastline with or without a white sandy beach is also good for your health and Seaford by the sea is just the ticket, first class of course with David Jordan Estate Agents here to offer you the widest variety of seaside homes suited for all tastes.

What influences you and draws you in?

• Affordability
• Employment
• Property Prices
• Proximity to family and friends
• Climate
• Education
• Public transport/commuting

The time of your life

Life factors can change the importance of factors that influence your decision to live in a particular place

Young families may be influenced by the education system whereas healthcare or a slower pace may influence retired people.

A Breath of Fresh Air

Coastal living provides access to an environment that encourages activity as well as stress reduction.  Coastal living can aid a calmer more relaxed approach to life.  If you live near the sea your can be more likely to head out for a walk and get some sunlight to your body.

A place by the sea as a main or second home can be many people’s salvation and with some land around it can open up a whole new realm of possibilities and endless pleasure. Many regard the weather as being more pleasant by the sea.

So whatever your pleasure:

• better health;
• second or main home;
• a sound investment;
• downsizing; or
• retirement,

David Jordan Estate Agents an estate agent that excels in all areas of the house buying process will take you every step of the way. 

The time is now David Jones Estate Agents is here to make sure you have all the bucket and spades that you need whether buying, selling or letting. 

Call us or email us using the details on our website:  www.DavidJordan.co.uk

T:    01323 898414

Catch a falling star save it for a rainy day

Catch a falling star and put it in your pocket save it for a rainy day! When it comes to buying that all important home many of us underestimate the full cost of buying a home and so catch and save everything you can as it will almost certainly be needed.

House buying it’s not a one egg omelette

Although many of us have an understanding of having to pay a solicitor when we buy our home, many of us forget all the additional costs that soon mount up if you have not accounted for them.

So let’s start at the very beginning a very good place to start, the deposit. This is by far the biggest cost and many mortgage lenders want at least 10% of the purchase price up front. The more you put down the better the interest rate you are likely to be offered.  If you don’t manage to find the 10% but still get a mortgage at a more expensive rate the lenders may also impose that you get mortgage indemnity insurance.

The Legal Bit!

When you have found your property and have a provisional offer you need the services of a solicitor or licensed conveyance to begin the legal process of buying your home. This cost can vary depending of the work needed to be done and the property value.

Stamp Duty Land Tax (SDLT)

In the UK when there is a transfer of property or land and where the amount paid is above a certain threshold H M Revenue and Customs require you to pay a fee before completion of the transfer of ownership can take place.

The Survey 

If you are going for a mortgage your lender will ask you to pay for a mortgage valuation report to confirm that the property is worth the amount you have asked to borrow.

For an additional cost you may choose to have a homebuyers report or full structural survey. This cost can range from around £300 to £1000.

Mortgage Arrangement Fees

To process your mortgage application mortgage companies charge a fee which can be around £500 or more.

Cover the things you care for

Building and contents insurance is a must and many mortgage lenders will insist on the buildings insurance as part of any offer.

Mortgage Protection Insurance

If you cannot work due to illness or you lose your job this insurance will meet your monthly repayment until such time you find work or return to work.

CHAPS Fee

Some lenders charge about £30 to cover CHAPS (Clearing House Automated Payment System) to arrange the telegraphic transfer of funds to your solicitor to complete your property purchase.

Search Fees

Your solicitor may recommend about 5 searches which can cost around £300.

A Sure Catch

Make sure you catch the biggest star of them all and keep it safe in your pocket because remember through all this process you will be in the star hands of David Jordan Estate Agents an estate agent that excels in all areas of the house buying process and will take you every step of the way. 

The time is now David Jones Estate Agents is here to make sure you have a pocket full of starlight whether buying, selling or letting.

 

Call or email us using the details on our website  www.davidjordan.co.uk

T:    01323 898414

Simply The Best

We think that we David Jordan Estate Agents are the best. We speak your language, we are there when you need us and we know what it means to look for your dream home. We offer some tips about getting that all important mortgage.

Know your onions

Getting a mortgage can be a tricky affair and for first time buyers daunting to say the least. It’s important to select the right lender and get the best possible rate so you don’t pay a higher rate than necessary.

So for some buyers waiting and saving a bigger deposit can in the long run save thousands of pounds on their annual mortgage.

Getting to know how a mortgage works, the process involved and what lenders need from you. This can help you to secure a better interest rate and increases the chances of getting accepted for a decent sized loan.  The big problem with banks today is that they continually change their lending criteria leaving you chasing your tail.

What you need in your shopping basket

To get a mortgage you will need a:

• clear credit history;
• solid deposit; and
• suitable home.

Support of parents for many can be the difference needed to get a mortgage.

Big is better

The size of your deposit will determine what your monthly mortgage payment is and the interest rate that you pay.  In the main all lenders use a loan to value banding system meaning you pay considerably more if you only have a small deposit.

A further 5% on top of what you have saved if you can because will give you big saving when trying to secure a mortgage. For example if you have a 10% deposit, you may for example get a rate of 5.75%. With another 5% deposit this could drop to say 4.29%. The point being that the extra deposit will make a difference to the mortgage rate you can secure.

Be Prepared

Before any mortgage offer is forthcoming any lender will need to know what your monthly outgoings are and how much you have left at the end of the month.  Lenders will take into account any existing borrowing you have and this will include credit card and store cards.

Because of past history with interest only mortgages if you are trying to secure this type of mortgage you will be faced with needing a possible 25% deposit. Some lenders will require you to earn a minimum of £30,000 to qualify. 

This is because while interest only mortgages offer a more affordable way to get on the property ladder and the monthly payments are considerable less because you only pay the interest on the money you borrow. The onus however is on you to ensure that at the end of your mortgage term you have all the capital you borrowed to repay back to your lender.

Red hot chilli pepper tips to help you get a mortgage.

• Make sure you are on the electoral roll.
• Don’t miss any monthly loan payments including credit cards as this can count against you.
• Try and reduce any personal debt this means you can borrow more.
• Don’t apply for more credit while your mortgage application is going through.
• Check and know your own credit rating.
• Have available your payslips and P60’s.
• And as with anything financial, do your homework, know what lenders want from you.

And don’t forget throughout this journey David Jordan Estate Agents will be with you every step of the way offering their years of expertise to guide you along the way.

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414

 

Bat, Ball and Cucumber Sandwiches

Nothing beats a long slow sunny afternoon, deckchair at the ready cucumber sandwiches and cup of tea at the ready for a leisurely meander watching the local of cricket team play their skills.

Cricket, a traditional English game comprising two sides of eleven players, similar to the house buying and selling game which is headed by our local state agent David Jordan Estate Agents.

There are two main varieties of cricket, regular cricket and one day cricket as with house buyers you have your cash buyers and your buyers who fund their purchase with a mortgage.

The length of the match can be variable depending on the importance of the match, the important matches usually being longer. The longest matches are international ones and these are called test matches and last five days. 

Each day playing time can be eight to ten hours. The first side has their innings and scores as many runs as they can before all the batsmen are bowled or caught out. The next team then has their first innings.  Like buying and selling property it can be a lengthy process made up of many twist and turns before achieving the winning run.

Under and Over’s

As with the many stages of house buying and selling a cricket innings is divided into over’s. One over comprises of the bowler delivering six balls from the same side of the pitch and the next over a different bowler delivers six balls from the other side of the pitch.

If the batsman hits a fly ball and it is caught he is out just like being gazumped, one minute you are in and the next you are out.

Home Run and the Winning Run!

So in summary cricket is played by two sides of eleven players.

House buying and selling needs two sides one to sell and one to buy unlike cricket you may end up with many innings if things don’t go to plan and buyers pull out or mortgage offers are not forthcoming.

Each side bats or fields twice, known as an innings.

The bowler delivers balls to the batsmen made up of over’s where six balls makes an over.

The batsman attempts to score runs by hitting the ball in any direction and /or defend his wicket. If he hits the balls far enough he may get a boundary.

Like cricket curved balls can come from any direction in the world of house buying and selling that may mean a review of options.

When each team has played two innings the game is over and the team with the most wickets wins.

Unlike the house buying and selling process where there is an eventual winner for both the buyer and the seller. 

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414