Day: 5 October 2017

New research among 2,000 UK adults by bridging lender MFS has revealed the intentions of those expecting to inherit a property.

The survey found that 36% of people across the country will be inheriting a property – equivalent to 18.64 million people.

According to the findings, of those in line to inherit a property:

• The expected market value of the property they are due to inherit all or part of is £347,500

• 67% will not choose to live in the property they are inheriting, totalling 12.49 million UK adults

• 55% will sell the property as soon as possible so they can re-invest the money in a different asset of their choosing – equivalent to 10.25 million people across the country

• 32% will be refurbishing their inherited property so that it is in a better condition to sell or rent·

• 25% do not know what to do once they inherit a property and will require advice

At a time when those aged 55 and over own more than £1.5 trillion worth of property in the UK alone, new research by bridging lender MFS reveals the intentions of those set to inherit homes from family or friends.

Based on an independent, nationally-representative survey of more than 2,000 UK adults, MFS found that more than a third of UK adults (36%) will be inheriting property in some form – equivalent to 18.64 million people. Furthermore, the expected market value of the property they are due to inherit all or part of is £347,500. The findings coincide with research from Royal London, which estimates that £400 billion worth of property will be passed from grandparents to younger generations in the coming decade.

When asked what they intend to do with the house they will be inheriting, 67% of respondents said they have no intention of living in it. Faced with the future prospect of unintentionally owning a property, the research found that over half (55%) of respondents will be looking to sell as soon as possible so that they can re-invest the money in a different asset or property of their choosing – amounting to 10.25 million UK adults. However, nearly a third (32%) are looking to take advantage of the long-term returns on offer by undertaking some form of refurbishment so that the house is in a better condition to sell or place on the rental market.

While a significant number of adults already know what they are planning to do with the property they are inheriting, MFS’ research also revealed that one in four (25%, or 4.66 million adults) still have no idea what to do with the real estate being passed down to them. For millennials, this number jumps from 25% to 39%, with nearly two fifths of 18-34 year olds requiring advice to help decide what to do with their inherited property.

Moving house is an exciting time, and the first step is getting your property valued. However, there are several things which homeowners are sometimes surprised to hear have devalued their home, rather than made it more desirable.

Installing solar panels

While solar panels may save you money on energy bills in the short-term, and they’re environmentally friendly, they might not actually add any value to your home. The problem with technology is that it ages quickly, and it can be expensive to upgrade. The same applies to built-in kitchen appliances, which are great to start with, but within five years are out of date. Solar panels can also appear as unsightly and unattractive, and those more concerned with aesthetics than the environment don’t usually want them stuck on the side of their roof.

Over personalisation

Of course when it comes to decorating your house, you should design it to suit your personal taste. However, if your taste is particularly colourful or bold, it’s might be worth re-decorating before you start to market your home. Typically, modestly decorated homes are most desirable, as homeowners can easily see how their own belongings would fit into the space, and how they could make it their home.

Swimming pools

Although great fun for a weekend or two in the summer, swimming pools in Britain aren’t usually considered an attractive house feature. They’re expensive to maintain, use up a lot of space, and the great British weather means you can’t actually use them very often – often making them a lot more fuss than they’re worth.

Planning permission and building regulations

If you have had any works carried out while you’ve been living in the property, such as extensions or conversions, make sure you obtained appropriate planning permission and building regulations, and have access to these documents.

Darkened rooms

If you have two identical properties, and one is bright and airy while the other is dark and dingy, nine times out of the ten, the brighter one will be worth more, because it’s more desirable. Foliage around windows, and large trees should be cut back before marketing your property to give the impression of a light and spacious home.

Japanese Knotweed

The infamous weed, Japanese Knotweed, is more common than you think – and it can damage the foundations of your home and significantly devalue it if it’s at risk of subsidence as a result. If you think you can see any in your garden, call a professional to excavate is as soon as possible.