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SAVING MONEY ON PROPERTY

Property Maintenance

For small routine work around the house you may be able to do it yourself or know someone who is handy at DIY. The secret is QUALITY and SAFETY and some owners can get over confident as to their abilities. Whilst doing DIY is a big money saver it is as well to get proper instruction and knowledge of "how to" via books or courses at your local college. Books and Software for DIY tasks

If you are elderly or disabled some local volunteer organisations may be able to organise help free or at low cost.

Small ads in shop windows asking for DIY help could get a willing and able person who will not charge the earth, there are many retired people with great practical DIY skills who want some extra money and an interest who are ready and willing to help you.

Property improvement

Improving property will add to its value, but if you have no plans to sell in the near future this is potentially dead money and is done more to add to the "quality" of the property rather than as an investment issue.

Any major improvements must be done to a high professional standard, and this usually means bringing in an outside contactor, main tips include;

• ask friends and relatives for referrals to contractors they have used successfully.
• cheapest is not always best, it can be an unreliable job, delays and "extras" being added.
• dearest is not always the best either. Look for VALUE and QUALITY.
• check if contractor is a member of any trade association.
• check contactor is licensed if required for say  electrical or gas work, or sub contacts the work to people who are.
• get at least 3 quotes and assess friendliness at dealing with your enquiry and speed and producing quotation as well as their reputation and pricing.
• get a WRITTEN QUOTATION which is a fixed, specific price rather than an ESTIMATE which is a rough price which could DOUBLE in practice.
• when giving an order do not be afraid to indicate penalties for taking too long to finish job. Fix the price AND time scale.
• if a deposit is required make sure what it is for - usually materials.
• consider sourcing material yourself and hire LABOUR ONLY.
• check materials are sold to you at COST - often a low trade price, rather than above retail so contactor makes a big profit on materials.

Check out any planning approval needed, and get it FIRST - otherwise you run the risk of having to knock it all down later.

For more tips on saving money check out our page Saving Money on Home Improvements

Buying property

At any one time there is a wide selection of property for sale, some which is potentially over priced and in poor condition, here are some key pointers to watch for;

• assess what size and type of property you want and key elements - flat, bungalow, garage, garden etc
• assess your budget using available cash, mortgage and possible sale proceeds of existing property. Better to keep this down and consider upping it if you find an ideal property you really want. Having an over optimistic property budget to start with can give you false hope and over commit you should you proceed to buy on a tight budget.
• seek help and support - advice, gifts and interest free loans etc from family, more so if a first time buyer.
• check location - for handiness to stations, shops, schools etc. Well located property sell better should you want to move on in a few years time.
• buying at auction can save big money, but do inspect first, and you will need financing 100% ready as completion is fast and you need a hefty deposit on the day (usually 10%). Most auction properties do need major improvement or updating works.

Selling property

Many home owners turn to the internet to sell property online saving several thousands in agency fees. Whilst some have been very successful others have wasted much time trying with nil interest. To sell well using the internet you must be prepared to invest in advertising fees on 1 or 2 high traffic web sites promoting the direct sale by owners (FSBO). Using free ad sites, or classified with small audience is unlikely to work.

You need to describe your property in detail and add numerous good photos of inside and out - ask yourself would you be attracted to buy your property. Do not expect to sell a 250,000 property will a couple of lines of text and 1 awful pic.

Be wary of selling agents who over inflate the value of your property to secure the selling contact. Get 3 or more agents to view and give you values and their fees. Check out what and how they promote. Some agents are better at certain types or property than others (e.g. flats, upmarket houses).

Give an agent 3 months to sell your property and review each month along the way, reducing price if you BOTH think this is a factor.

Before viewings from potential buyers tidy up the property, move pets out during viewing, put fresh flowers out, clear away all clothes and toys etc.

Consider a major "declutter", buyers may not like your tastes. Even look at replacing carpets and repainting walls a "neutral" colour. Spending money on preparing the property for sale seems counter productive BUT it often helps sell the property quickly and command a better price rather than leave it as it is and "hope" it sells.

Check how many viewings you are getting via agents, too few, or none means either;

• agent is not promoting the property enough.
• agents details are too vague or misleading and fail to feature the property well.
• location is a factor and off putting to prospects.
• the outside of the property in untidy, many people are put on/off the property from a quick glance outside.

Showing prospects around needs to be well controlled, some agents will accompany all viewings, others leave it to the owner to show people around. Avoid an "oversell" and look for real interest rather than boredom. Highlight best features of the property and invite questions. Do not ask prospects about their situation, many mislead in any case or say little. Interested parties will tell you or the agent later.

When getting an offer consider how long your property has been on the market, other interest and the time frame and financial status of the bidder. Someone who is ready and able to move quickly is far better than a buyer at a better price who has to sell a property.

Useful web sites

• www.diyonline.org How to save money on home improvements and DIY work in your home. Trade, sell, buy and donate DIY and Home Improvement skills. Trade your skills, or get help from DIY and Home Improvement experts in your area, get a better job done for free or low cost for your home via our WORLDWIDE, FREE, UNBIASED online service

• Sell Your Home — Fast  Smart Money.com Here are five proven strategies to help you sell your home quickly -- and profitably.

• Home Improvement Questions Over 5886 Home Improvement Questions Already Answered! ... Can you please give me advise as to which is the best and most economic way to go?

• Buildersbox.co.uk Useful links to various UK Property Trade and professional bodies.

Please feel free to Contact Us with questions or to give us information to add to our knowledge base.