Category: Chamberlains Updates

Selling your home is a significant life event, and the last thing you want is to be misled by the unscrupulous practices of a minority of estate agents.

These agents and their actions give the industry a bad name.

We’ve no time for them, and neither should you.

The good news is we’re about to shine a light on some of those practices so you can look out for them and act to avoid agents who use them.

 

Teignbridge homeowners deserve transparency and fairness when selling or buying a new home.

Here are some dodgy practices you need to be aware of to protect your interests.

 

Overvaluations: The high price of false hopes

Some agents might tempt you with inflated property valuations to secure your business. The risk? Your home languishes on the market, and you’re later pressured into selling at a lower price. Always seek a second opinion and choose an agent with a track record of accurate, market-reflective and evidence-based valuations.

 

Invented viewings and spurious offers: Your right to reality

Fake viewings and offers are not just unethical – they could deter genuine buyers and skew your perception of the market. Demand transparency from your agent and ask for documented feedback and evidence of offers.

 

Unfair contracts: Know where the exit is

Be VERY wary of long, restrictive contracts. They can tie you to an agent who isn’t acting in your best interests. Before signing, be crystal clear about the duration, your cancellation rights and any withdrawal penalties.

 

Preferred investors: Ensuring YOU get the best deal

Some unscrupulous agents have arrangements with ‘preferred investors’, which can mean you don’t get the best possible price for your home. The investor may get a quick deal, but you often get a much lower price. Insist that your agent markets your property widely to attract a range of potential buyers, ensuring competitive offers.

 

Your home, your choice

We believe selling your home should be a positive and profitable experience.

By staying informed and choosing an agent who values ethical practices, you safeguard your financial investment and the trust vital in any home seller-agent relationship.

When it comes to selling your home, please don’t settle for anything less than an ethical agent who answers how they address the points raised in this article.

 

If you have any questions, please contact us today – we’re here to help.

 

If you’ve just inherited a rental property, then you may be wondering what your options are.

 

While you won’t need to make any decisions on the spot (it usually takes many months to settle an estate), it’s good to start thinking about the issues you’ll have to address in time.

 

The first is what you intend to do with the property. Assuming you don’t want to move in yourself, your options are to:

• Continue to rent the property out. That way, you’ll earn a monthly income and have a long-term investment that you could later pass on to your family.
• Sell the property and use the funds to pay debts, invest or spend how you wish.

 

Let’s look at what each scenario involves.

 

Renting out an inherited property

 

It’s important to understand that there’s more to being a landlord than simply collecting monthly rent.

 

You must follow hundreds of rules and regulations and ensure your tenants have a safe place to live.

 

Don’t be intimidated by this. Many accidental landlords – that’s the term for people who become landlords through circumstance rather than design – go on to stay in the private rental sector long term.

 

But especially in the early days, they get a letting agent to manage their property instead of jumping in at the deep end and drowning in red tape. Having an experienced professional onside to help you learn the ropes can be a lifesaver.

 

A good letting agent will explain how to inform your tenants that you’re the new owner. (You can’t turn up onsite unannounced.)

 

They’ll also advise you about landlord insurance, maintenance and buy-to-let mortgages (if applicable).

 

Selling the property

 

If you choose to sell, you must decide whether to proceed with the tenants in situ or with the property as a vacant possession*.

 

There are pros and cons to each of these options.

 

Conducting viewings can be more complicated with tenants in the property. You need to notify them 24 hours in advance of a viewing, and they can refuse.

 

And some buyers prefer a vacant property so they can move in on day one without any restrictions.

 

However, a tenanted property can be an appealing prospect for a landlord looking to expand their portfolio, especially if the tenant is long-standing and reliable.

 

Also, it means you can proceed with the sale faster as you don’t have to navigate the eviction process.

 

Don’t rush your sale

 

You may be tempted to offload to a quick-buy company that offers to take the property off your hands with little fuss.

 

Be aware that if you go down this route, you’ll most likely get far less than you would by going with a traditional estate agent. While you may feel tired and emotional right now, you might regret short-changing yourself later.

 

Tax implications

 

Whether you opt to keep or sell the property, speak to a good accountant or financial adviser.

 

They’ll explain the inheritance and capital gains tax implications of your decision. And if you rent the property, they can also advise on the most tax-efficient strategies regarding income tax.

 

If you’ve just become an accidental landlord, contact us here at Chamberlains. We’re here to help.

 

 

*Note: You must follow strict procedures to evict the tenants; these rules also apply if you plan to move into the property yourself.

From 18 – 24 March, Food Waste Action Week is happening across the UK.

 

The initiative shines a spotlight on the issue of food wastage, urging the communities across Teignbridge and the UK to reflect on their food habits and make more sustainable choices.

With millions of tonnes of food thrown away annually in the UK, the need for change has never been more urgent. That’s not good for your pockets – or the planet.

 

Here are seven practical tips to help you contribute to a more sustainable future.

 

• Plan your meals: Start by planning your weekly meals. This simple step ensures you only buy what you need, reducing the likelihood of food going unused and eventually wasted.

 

• Understand food labels: Misinterpreting ‘use by’ and ‘best before’ dates is a common cause of food waste. Take time to learn what these labels mean, and you’ll find yourself throwing away less food.

 

• Smart storage: Correctly storing food can significantly extend its freshness. Research the best ways to store different types of food, and you might be surprised at how much longer your groceries last.

 

• Love your leftovers: Leftovers can be the basis for a new meal. Get creative in the kitchen and find ways to give yesterday’s dinner a delicious makeover.

 

• Portion control: Cooking or serving too much food is a common issue. Be mindful of portion sizes to ensure you’re only preparing what will be eaten.

 

• Compost food scraps: Instead of throwing food scraps in the bin, compost them. This not only reduces waste but also provides nutrient-rich soil for your garden.

 

• Get involved locally: Participate in community initiatives focused on reducing food waste. Whether it’s a composting workshop or seeking out talks on sustainable food practices, getting involved can amplify your impact.

 

By adopting just a couple of these tips, you can play a part in reducing food waste.

Remember, every small action counts towards a larger, collective impact – to quote that famous supermarket catchphrase, ‘Every little helps’.

 

For further resources, recipes and tips on reducing food waste, the website www.lovefoodhatewaste.com is an excellent place to start.

Thanks for reading.

Springtime in Teignbridge is not just when the natural world comes back to life but also when the local property market shakes off any winter blues.

And if you’re mulling over a move in 2024, the spring months between March and May could be the perfect time to sell your property.

 

Here are six speedy springtime tips.

 

Kerb appeal: First impressions count – especially in spring’s lighter, longer days. Boost your property’s kerb appeal with well-maintained gardens, a fresh coat of paint on fences and clear paths.

 

Spring clean: A thorough clean makes any property feel more homely. Clear away the clutter, wash the windows and let the fresh spring light and air flood your space. A spotless property suggests a well-cared-for home, encouraging buyers to imagine themselves living there.

 

Seasonal staging: Use spring’s colours to your advantage. Introduce some flowers, decorate with fresh, light-coloured linens and set out bowls of seasonal fruit to create a warm and inviting atmosphere.

 

Pricing strategy: An attractive price point is critical in generating interest quickly. Think of the Goldilocks Principle: No one will want it if it’s too hot (overpriced), but if it’s too cold (too cheap), you’ll lose out, so you need to work with an honest, experienced estate agent to get the price ‘just right’.

 

Highlight outdoor spaces: After a long winter, buyers are eager to imagine enjoying their own outdoor space. Give your great outdoors some love by ensuring that any gardens, patios or balconies are clean, tidy and staged to highlight their potential as a personal oasis.

 

Choosing the best agent: Select an estate agent with a proven track record in the spring market. They should be knowledgeable about seasonal trends and skilled in making the most of your property’s springtime appeal. An effective agent will negotiate a great price on your behalf and guide you smoothly through the selling process.

 

By taking these steps, you can maximise your property’s appeal and increase the likelihood of a quick sale in the competitive spring market.

To find out how we’ve been helping Teignbridge homeowners sell successfully, contact us today.

There are five fundamentals to consider when thinking of buying a rental property.

Whether you’re a seasoned investor or taking your first step into the rental property market, make sure you understand what makes a place a good investment.

Here are five points to consider carefully:

 

• Location, location, location

The age-old mantra is as relevant as ever. A property’s location can significantly impact its desirability and, consequently, its value. Look for areas with strong growth potential, good infrastructure and accessibility to amenities like shops, good schools and public transport. Up-and-coming neighbourhoods or those in the regeneration process may offer particularly attractive opportunities.

 

• Rental yield and capital growth

A savvy investor knows the importance of balancing immediate returns with long-term gains. Rental yield – the annual rent collected as a percentage of the property’s purchase price – is a key metric for assessing an investment’s profitability. Equally important is capital growth, or the potential for the property’s value to increase over time. Researching historical price trends in the area can provide insights into future growth prospects. A good estate agent can help you with this.

 

• Property condition and maintenance

The state of the property can significantly influence your investment’s success. A well-maintained property can attract higher rents and more reliable tenants, reducing the likelihood of costly repairs and vacancies. Consider the property’s age, the condition of significant things like roofing and plumbing, and any immediate renovations required.

 

• Market demand and tenant appeal

Understanding the local rental market and what tenants in the area are looking for can help you choose a property that stays in high demand. Factors such as the property’s size, layout and features should align with the preferences of your target tenant demographic, whether they’re students, families or professionals. Again, this is an area of your research where an experienced local estate agent can be of massive value to you.

 

• Financial considerations beyond the purchase price

The initial cost is just the beginning. When calculating the overall investment, savvy investors factor in additional expenses such as tax, insurance, management fees and maintenance costs. Being mindful of these outgoings ensures you have a realistic expectation of your net return.

 

Property investment requires a considered, strategic approach informed by careful research and a clear understanding of your financial goals.

Working alongside trusted advisers like mortgage brokers and estate agents can improve your chances of success.

By focusing on these five fundamentals, you’re not just buying property but investing in a future of potential growth and income.

Get in touch with us today if you have any property investment questions.

 

*Disclaimer: The information in this article does not constitute legal or financial advice.

Property owners are being warned to be on their guard amid a rise in the number of green home improvement scams across the country.

 

Many local authorities and also Propertymark, the trade body for estate agents, have warned that people are being duped by rogue traders exploiting anxiety about high energy prices and confusion over green grants.

 

What to look out for

 

Often, a cold caller will ring or knock, offering exterior wall and roof coating products with the promise that they will cure damp problems and dramatically cut energy costs.

 

In reality, the ‘improvements’ guarantee no such thing and, in some cases, exacerbate damp issues, which are costly to rectify.

 

The work carried out may also be sub-standard, and the rogue trader may demand extra payments for work that wasn’t agreed upon.

 

The dodgy operator may also falsely claim to be working with the local council and that homeowners can later recoup costs through a green grant scheme.

 

Not everyone’s a bad guy

 

To be clear, there are many reliable and trustworthy tradespeople out there carrying out energy-efficient home improvements.

 

And in recent years, the government has announced several green grant schemes to decarbonise homes.

 

But you need to ensure the person looking for your business can deliver on their claims.

 

Do your homework and never take an operator’s claims at face value – no matter how slick or confident they are.

 

These rogue traders are brazen. For example, six fraudsters, jailed at Nottingham Crown Court last year for fraudulently selling wall and roof coatings, made £10 million and ripped off 62 people before getting caught.

 

Be on your guard – tips to stay safe

• Be wary of when someone contacts you out of the blue offering a ‘today only’ special deal.
• Never commit to work on the spot. If someone is pressuring you, alarm bells should ring. Take a cooling off period to ask family or building experts for advice about whether improvements are necessary and will add value to your home.
• Check a company’s online presence and read reviews to determine its legitimacy.
• If someone claims to work for the council, call the local authority yourself to verify the claim.
• Get written quotes from three different tradespeople before going ahead with improvements.
• Insist on a comprehensive list detailing the work to be done at your home.
• Never pay for all the work upfront. Pay in agreed stages and, if possible, use a credit card (this offers the best protection).
• If in doubt, trust your instincts.

 

From all of us here at Chamberlains, stay safe, and thanks for reading.

 

A great property deal can set you up for life and allow you to leave a legacy for your family.

 

But a bad deal or no deal (if you miss out on your dream home) will haunt you for years.

 

So, how can buyers and sellers ensure they come out on top in the property game?

 

 

Working with a great estate agent who understands the local market certainly helps – we’d go so far as to say it’s the most crucial factor.

 

But it’s also useful to understand the buying and selling process so that you can avoid common mistakes and know what to expect.

 

With this in mind, and to tie in with World Book Day on 7 March, here are five property books worth reading.

 

 

How to Buy Your First Home (and how to sell it too) by Phil Spencer

 

Phil is a national institution and has graced our TV screens in shows like Location, Location, Location for almost a quarter of a century. His book, aimed at property newcomers, is packed with advice about everything from finding the best mortgage to handling the negotiation process like a pro.

 

 

Buying a Home on a Budget for Dummies by Melanie Bien 

 

This no-nonsense guide covers mortgages, conveyancing and home-buying options such as shared ownership and right-to-buy. It also includes top tips for first-time buyers and advice on viewings.

 

 

Property Ladder: The Developer’s Bible by Sarah Beeny

 

If you fancy renovating a doer-upper and selling it on, this book will help you get started. It’s an oldie (first published 15 years ago) but a goodie. Beeny explains how to plan and cost projects to avoid nasty overspends and draws on the expertise of surveyors, lawyers and estate agents.

 

 

Secrets of Home Staging: The Essential Guide to Getting Higher Offers Faster by Karen Prince

 

Looking for clever hacks to present your property at its best? Then this book has the answers. As well as containing lots of glossy photos, it explains how to identify your key rooms and dodge common staging blunders.

 

 

Ask for More: 10 Questions to Negotiate Anything by Alexandra Carter

 

This book isn’t specifically about the property market but focuses on a central plank of any property deal: negotiating. It explains how the best dealmakers ask great questions to determine the motives and desires of the person they’re negotiating with. Given that, often, price isn’t the only deciding factor in a property sale – timing and emotional attachment also come into play – it’s a worthwhile read.

 

 

Want to buy or sell in Teignbridge? Contact us today at Chamberlains to talk through your property dreams. We can help them become a reality.

Maintaining a rental property in Teignbridge isn’t just about collecting rent; it’s about safeguarding your investment and keeping your tenants happy and safe.

That’s why regular property inspections are so crucial.

They help you spot potential issues before they become costly repairs and ensure your property remains a place people are proud to call their home.

 

Here’s the lowdown on the five key areas you need to focus on during your inspections:

 

• Structural integrity: Let’s talk about the ‘bones’ of your property. Look for any cracks in the walls and ceilings. Also, checking the roof for missing tiles or leaks is a smart move.

 

• Plumbing and electrical systems: No tenant wants the surprise of a cold shower or a flickering light. Give all your taps, toilets and pipes a once-over for leaks or signs of corrosion. Light fixtures and wiring must also be safe to prevent potential hazards – it’s the law.

 

• Heating and insulation: Ensure the boiler works efficiently and the radiators do their job. Proper insulation is key to keeping the heat in, the energy bills down and your tenants happy.

 

• Safety equipment: This is about more than ticking boxes – it’s about ensuring your tenants’ safety. Smoke detectors, carbon monoxide alarms and, if required, fire extinguishers need to be in top working order and up to date with the latest safety regulations.

 

• General wear and tear: A bit of damage is expected, but you’ll want to watch for anything that’s gone beyond ‘a bit’. Damaged fixtures, broken flooring and any changes made without your permission should be on your radar.

 

Remember, as a landlord, you must adhere to many rules and regulations that constantly change. These include several laws around property inspections.

The good news is we can help take that load off your mind and handle all inspections, tenant relations and property management for you.

 

By staying on top of these five essential checks, you’re not just keeping your property investment in pristine condition but also building a solid, respectful relationship with your tenants.

What’s not to love about that?

 

Thanks for reading. Contact us today to find out more about our property management services.

You’ve likely heard of Dry January, where a commitment to not drinking alcohol during the first month of the year is made.

You may be aware of Stoptober, a campaign that runs throughout October to get people to give up smoking.

But have you come across Dechox before?

 

Well, it’s a charitable endeavour traditionally throughout March where people pledge to give up chocolate for the month, all in the name of their chosen good cause.

It’s thought to have originally been started by the British Heart Foundation. The ‘challenge’ to give up cocoa-based sugary treats could be a lot harder than people think.

So, with that in mind, here are five tips that might help you.

 

• Find your why: Identify a strong personal reason for giving up chocolate, whether it’s health-related or for a charitable cause. A clear motivation can keep you focused and resilient against cravings.

 

• Discover alternatives: Explore healthy snacks that satisfy your sweet tooth without chocolate. Think fruit, nuts or yoghurt. These alternatives can curb cravings and offer nutritional benefits.

 

• Stay hydrated: Often, our bodies confuse thirst with hunger or cravings. Drinking plenty of water throughout the day can help reduce chocolate cravings and keep you hydrated.

 

• Get support: Share your challenge with friends or family. Having a support network can provide encouragement, tips and keep you accountable during challenging moments.

 

• Reward yourself: Set milestones and reward yourself for reaching them – but not with chocolate. Opt for non-food rewards like a movie night, a new book or a relaxing bath. Celebrating progress can boost your motivation to continue.

 

Good luck if you’re taking on the challenge, and thanks for reading.

The journey of buying or selling a property is often filled with anticipation and excitement.

However, it can also be fraught with unexpected challenges that might cause a sale to fall through.

As experienced local estate agents, we’ve seen our fair share of transactions fall by the wayside.

This article shares insights on why these issues arise but, more importantly, how to avoid them.

Financial hiccups

One of the most common deal-breakers is financial issues. This could be anything from a buyer’s mortgage falling through to unexpected costs cropping up. To safeguard against this, buyers should have a mortgage agreement in principle before making an offer. Sellers should ensure their agent conducts thorough financial vetting of potential buyers.

Chain pain

Property chains can be complex and fragile. If one transaction in the chain fails, it can have a domino effect. Keeping communication open and having an agent with a proactive approach can mitigate these risks. This is why chain-free buyers, who don’t have to sell a property to finance a purchase, are more attractive to some sellers.

Survey snags

Surveys can uncover potential problems, such as structural defects and electrical issues, which might cause a buyer to reconsider. As a seller, consider conducting a pre-sale survey to identify and address potential problems beforehand. Buyers should use survey results as a negotiation tool rather than a deal-breaker if they’ve got their heart set on a home.

Legal delays

Legal complexities can slow down or derail a transaction. Working with experienced, reliable solicitors who specialise in property law is crucial. Ensure that all your documentation is in order before going on the market, and be responsive to any requests for information from your estate agent.

Cold feet

Sometimes, buyers or sellers get cold feet. This is where the ‘contact sport’ element of estate agency comes into play. A good agent regularly contacts and reassures people involved in the deal, which helps keep everyone committed to the transaction.

Staying the course

Remember, knowledge is valuable in property transactions. By being prepared and aware of these common pitfalls, you can navigate the process more smoothly.

As your local estate agent, we’re here to guide you every step of the way, ensuring your property journey is as seamless and successful as possible.

If you’d like a free property valuation or advice about marketing your home, contact us here at Chamberlains today.