Buying

Tips for downsizing

May 10, 2017 by admin

At Bayleys Marlborough we’ve noticed an increase in clients choosing to sell homes they have lived in for decades rather than years. With various reasons for such moves, our vendors are often prompted by the need for more manageable space, a requirement to move from country to town, or to release equity for retirement, to help their grown children or to fund their own long awaited OE.

As many of you reading will know, moving house is considered one of life’s most stressful events at the best of times, so when you are leaving a much-loved family home it’s even more important to ensure the process runs smoothly.

Here are some tips to consider if you are downsizing.

Plan ahead – Moving from your family home can be an emotional wrench so plan ahead by including your whole family in the discussions. Adult children will likely be able to help with storage or finding a property close to them if that’s your goal. If you’re moving to release equity think carefully about how much you’ll need for your new home, meet with your financial advisors to help you make key decisions.
How small is too small? – Be certain of your requirements in your quest for a new home and don’t overdo the downsizing. It’s a common trap to fall into. Remember you may still need room for guests and grandchildren, so keep all this in mind when viewing new properties.
Declutter – It’s amazing how much stuff can be collected in a couple of years, let alone a couple of decades. You won’t be able to take it all with you if you’re downsizing so start decluttering early. It could be a good opportunity to hand down those family heirlooms to the next generation. You may find this article on clearing the clutter useful.
Leave the renovation for your successors – If you have been in the same family home for decades, there’s a chance that some areas will need modernising. Whilst it can be tempting to update the house, this isn’t always the right way to go. Some prospective purchasers may be tempted by the blank canvas your house represents to them. If it’s an older homestead they’ll see it has good bones and will recognise the potential. So save your money for your OE!

If you’re thinking of downsizing contact us today to discuss your selling and buying options.

Getting a mortgage

April 6, 2017 by admin

When you’re in your twenties and thirties, the words to the Clash song “Should I stay or should I go now?” could easily be replaced with “Should I rent or should I buy now?”

It’s a decision that faces young people every day, and of course, there are many benefits to becoming a homeowner… You can officially count yourself on the property ladder, with an asset that should increase in capital value, and you’ll have the stability and security that comes with being a property owner, so you can finally bid farewell to the search for new rentals and flatmates every six months.

Of course, very few Generation Y buyers have a pot of money stashed under the bed, so with the purchase of your first home comes the task of securing a mortgage. Now we’re not financial advisers, (so let us just put in a disclaimer here, that you should always seek professional financial advice when you’re looking to get a mortgage), but because we’re in the real estate market we do have a few tips that might help when you’re about to step into this exciting stage of your life.

Show you’ve saved – In other words, you need to start thinking about getting a mortgage some years before you think about getting a mortgage! This post from ASB has some good advice on saving for your home deposit.
If you’re struggling with step one, check out the alternatives – Welcome Home Loans is a Government supported initiative to make access to home ownership finance easier. If you can afford to repay a home loan but are having trouble saving for your home deposit, this could be worth looking into. Check out the website HERE.
Show you’re solvent – You’ll also need to prepare for this key stage in your life by reducing debt. You won’t necessarily need to be debt free, but lenders will look more favourably upon your circumstances if you haven’t maxed out on credit cards and car loans.
Meet the Managers – You don’t need to get your mortgage from the bank you bank with, so do your research, meet the lending managers and find out who are offering the best deals.
Switch if you have to – You may find that some banks are prepared to offer you good mortgage rates, but in return, they may want you to switch your accounts to them.

If you’re thinking of buying in Marlborough we have some great entry level homes, contact us to talk to an agent.

Rateable Value – Is it still relevant?

November 16, 2016 by admin

We’re not going to write about politics, but recent election results in the U.S.A. and referendum results in the U.K. prove that things around the world are changing! Add to that the ferocity of Mother Nature over the past few days in our own little corner of paradise, and I think we can all agree we live in extraordinary times…

Over the last few years we’ve seen enormous changes in the property market here in Marlborough… A shortage of housing, combined with high demand from regular buyers and investors encouraged by low interest rates have resulted in median house prices across the area reaching record highs. This in turn has ensured boom times for sellers!

The hot property market means we’ve adapted the way we market properties, with auctions becoming a more popular way to sell, to ensure that the best possible price is achieved for your property. (If you’d like to read more about auctions, you might find this article from the archives interesting).

When properties are marketed through other non-auction sales process, it’s often the norm to see multiple offers.

It stands to reason, that because the way properties are marketed and sold have changed, so too must the way properties are being purchased! The biggest change in this regard is probably consideration of the property’s Rateable Value (RV), which these days has very little relevance to the property’s sale price, and therefore shouldn’t have as much influence on your offer price, as it may have done in the past.

When you make an offer on a property here are a few things to consider:

Do your research to find out how much other properties in the area have sold for.
Work out how much above the RV these properties were sold for… (These days it will almost always be above RV!)
Find out when the actual property you’re looking at was last sold. If it was a recent sale, (within 2-3 years), the RV might be more in line with the property value. If the property hasn’t been sold for a long time, it could be well out of date, and you could be looking at a bigger differential.

If you’d like to sell, or buy, in Marlborough, remember our Bayleys Marlborough agents have a wealth of knowledge about the local area and market trends, so contact us today.

Old vs New – The eternal debate

November 9, 2016 by admin

If you were heading out to buy a new TV, or a new car, you’d likely be trying to get the newest item you could for the money you have, (unless of course you’re a classic car enthusiast). But when it comes to buying property that’s not always the case, as both old and new properties have their merits, and a preference for one or the other often comes down to personal choice.

Here at Bayleys Marlborough we’ve marketed thousands of properties over the years from character villas to architect designed homes and everything in between, so we’ve learned a thing or two about what to consider when you’re making such a decision. Here are four things you might wish to contemplate when faced with the choice of old versus new.

Location, location, location – Villas and older properties will often be in more established residential areas; but that doesn’t mean that you can’t be part of a community in a new build, with fabulous subdivisions like Boulevard Park on Taylor setting high standards in recreational living, we’re lucky enough to have new neighbourhoods growing in Marlborough.
How handy are you? – If you’re buying an older property be prepared for maintenance. If you can wield a screwdriver you might enjoy a project. And of course older properties are often fixer uppers with great potential. A new build will require very little ongoing maintenance, but may cost you more initially.
Does the property suit your family? – Newer style properties will often have open plan living, and en-suite bathrooms, catering for family living. With older style properties you’re more likely to find a more formal layout, with a separate kitchen, dining and living room. This isn’t always a bad thing, in fact, we think it adds to a period property’s character; but you do need to decide whether this will suit your family’s living arrangements.
How does your garden grow? – Be prepared to set aside some money for landscaping if you’re moving into a new property or building yourself; this expenditure is often forgotten in an overall build budget. An older property will likely have an established garden, but these can be more formal, and if you don’t have green fingers you may need to consider getting help in the garden.

Discover the wealth of residential properties, both older style and new, currently on our books by clicking HERE.

Tips for downsizing

Getting a mortgage

Rateable Value – Is it still relevant?

Old vs New – The eternal debate

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