When is the best time to buy a property ?
The answer ALWAYS given by the miriad of property investment clubs is 'NOW'. Don't be led sheep like into this ruse as many people are. Normally with the threat that 'you will miss out on this incredible deal'.
My personal opinion is that you shouldn't deal with investment clubs, avoid them like I avoid the day old doughnuts pushed to the front of the self service counter at my local cafe.
However, do your homework yourself and you could find you snag a real bargain, dependant upon the demand and supply of properties, interest rates and seasonal trends - which all effect the economy.
Buyers generally do best when the market is quiet. A lull in activity can make sellers anxious putting the buyer in a stronger negotiating position.
During July & August people are often on holiday instead of searching for property. November and December are also quiet months and in the run up to Christmas, this is when vendors are particularly susceptible. They’re often keen for progress before the end of the school holidays, Christmas and the New Year, so buyers stand a good chance of having their offer accepted.
If you are buying a new build, speak with the developer directly, register your interest and negotiate with them. Their prices are never set in stone. If they simply won't budge on the price ask for kitchen & bathroom upgrades. They won't lose a potential sale for the sake of a trade price bathroom suite and kitchen.
Don't wait too long - Use the simple 1 month rule - Anything less than 1 month then you have not done enough homework on the property and the area. Anything more, then you are in danger of procrastinating and need to get your act together before you lose out.
Don't wait for house prices to drop - They wont - Particularly in this area of the country. They will continue to rise, albeit slower, for at least the next 18 months. The last housing price crash was due to the huge interest rates at the time. Interest rates are effectively controlled by the Bank of England. So we shouldn't see another house price crash like we did in the late 80's.
Above all, for investment purposes, buy with your head not your heart. For your own home, reverse that sentiment.
May I wish you well in your property hunt !
I've worked up quite an appetite after this blog, however there are no buns or cakes for me tonight. Mrs Jackson has prepared a sticky toffee pudding for our dessert, which is nearly as good as those you can buy from my favourite village shop in Cartmel, Cumbria.
I must close now as I am beginning to salivate at the thought !
Mouth watering regards,
Mr Jackson.
Tuesday, 22 January 2008
Tuesday, 15 January 2008
Old School
There's presently lots of new developments taking shape in the area. Many of these are being built locally on fields and 'Greenbelt' land, which I am strongly opposed to. Especially when there are plenty of 'Brownfield' sites in the area, that need re-developing.
It seems that some of the larger Estate owners are reluctant to sell, rent or develop the numerous farms, their outbuildings and steadings. Instead these are left derelict, whilst the stunning Moray countryside is raped and pillaged by indiscriminate developers. Building soulless identikit houses at an expeditious rate.
Even after the war London was re-built and re-developed slowly and with forethought. I remember watching a V1 Rocket which passed overhead, when it was safe to come out, we watched it fly further over London. After a short while the engine cut out, and it plummeted to the ground. There was a huge golden ball of fire. At first we thought it was some new secret weapon. But it turned out that it had hit the gas-holder at the Oval, and the gas had exploded in a massive fireball. It took a further 10-15 years to fully re-develop that site.
The houses and the industry that was built on that site are still there today, I wonder if we will be able to say the same about today's houses ?
The houses built after the war have presence, style and some of the best 20th Century architecture around. Many modern houses lack character and soul. In my opinion many modern housing estates will be seen as distasteful and bland in the years to come. They themselves will be demolished to make way for the latest fad in design. Perhaps replaced by Pod houses stacked on top of one another ?
Though I would rather this than further unrequired development of the surrounding countryside.
I'm sorry, this particular blog and all the reminiscing is now making me morose.
I have some large choux pastry cakes in the fridge (or elephants feet, as we used to call them), I am sure they will cheer me up. I may even offer Mrs Jackson one, with her afternoon tea.
Look after yourselves,
Mr Jackson.
It seems that some of the larger Estate owners are reluctant to sell, rent or develop the numerous farms, their outbuildings and steadings. Instead these are left derelict, whilst the stunning Moray countryside is raped and pillaged by indiscriminate developers. Building soulless identikit houses at an expeditious rate.
Even after the war London was re-built and re-developed slowly and with forethought. I remember watching a V1 Rocket which passed overhead, when it was safe to come out, we watched it fly further over London. After a short while the engine cut out, and it plummeted to the ground. There was a huge golden ball of fire. At first we thought it was some new secret weapon. But it turned out that it had hit the gas-holder at the Oval, and the gas had exploded in a massive fireball. It took a further 10-15 years to fully re-develop that site.
The houses and the industry that was built on that site are still there today, I wonder if we will be able to say the same about today's houses ?
The houses built after the war have presence, style and some of the best 20th Century architecture around. Many modern houses lack character and soul. In my opinion many modern housing estates will be seen as distasteful and bland in the years to come. They themselves will be demolished to make way for the latest fad in design. Perhaps replaced by Pod houses stacked on top of one another ?
Though I would rather this than further unrequired development of the surrounding countryside.
I'm sorry, this particular blog and all the reminiscing is now making me morose.
I have some large choux pastry cakes in the fridge (or elephants feet, as we used to call them), I am sure they will cheer me up. I may even offer Mrs Jackson one, with her afternoon tea.
Look after yourselves,
Mr Jackson.
Sunday, 13 January 2008
The Invisible Man.
I have now added to the list of my infirmities of the advancing years - that of invisibility.
On Friday I visited the premises of a local developer, accompanied by my son. I was looking for a 2 bedroom, fixed price, off-plan apartment in a new development to add to my portfolio.
The young assistant who was advising us addressed all her advice to my son, despite the fact that I was the customer, and knew exactly, and explained clearly, what I required. She didn't even offer us a cup of tea, or a biscuit.
I am sure the young lady wouldn’t have been so discourteous as to imagine that I would be unable to understand or remember what she had to say. I can only assume that being shorter than she was, and with my grey hair and light coloured camel coat, maybe her eyes weren’t as keen as my recent cataract operations have left mine, and she couldn’t in fact see me !
With age I have finally got my head together - now it's the body that's falling apart. My memory is shorter but my complaining is longer, as the young assistant and her MD (who I have dealt with before) found out.
I treated my 'invisibility issue' with them both tactfully and in quite a light-hearted way. By the end of it I had secured the property I required at £5k less than the fixed price and was offered a complimentary upgrade on the kitchen budget. We secured the deal with a coffee and a blueberry muffin.
A good end to the day for the invisible man.
Regards, Mr Jackson.
On Friday I visited the premises of a local developer, accompanied by my son. I was looking for a 2 bedroom, fixed price, off-plan apartment in a new development to add to my portfolio.
The young assistant who was advising us addressed all her advice to my son, despite the fact that I was the customer, and knew exactly, and explained clearly, what I required. She didn't even offer us a cup of tea, or a biscuit.
I am sure the young lady wouldn’t have been so discourteous as to imagine that I would be unable to understand or remember what she had to say. I can only assume that being shorter than she was, and with my grey hair and light coloured camel coat, maybe her eyes weren’t as keen as my recent cataract operations have left mine, and she couldn’t in fact see me !
With age I have finally got my head together - now it's the body that's falling apart. My memory is shorter but my complaining is longer, as the young assistant and her MD (who I have dealt with before) found out.
I treated my 'invisibility issue' with them both tactfully and in quite a light-hearted way. By the end of it I had secured the property I required at £5k less than the fixed price and was offered a complimentary upgrade on the kitchen budget. We secured the deal with a coffee and a blueberry muffin.
A good end to the day for the invisible man.
Regards, Mr Jackson.
Saturday, 12 January 2008
Plugged In.
Did you know ? A three-bedroom house built today must have at least 38 sockets, more than twice as many as 30 years ago. This is set by the National House Building Council's technical standards - revised up last year from 21 sockets - which cover more than 80% of new homes built in the UK.
As I visit and inspect some of my own properties in Moray - on a quarterly basis. I am amazed by the number of electrical items the tenants appear to own. Often they don't appear to have enough sockets. There's the 52" HD Satellite Plasma TV, (which is often takes up a whole wall), the sound system, the Sky TV box, the DVD player, the video recorder and the stereo. Then we have several games consoles and the computer, the printer, the laptop, the table lamp... Normally all in the lounge. I'm sure their electricity bill must be as much as the rent.
I'm pleased to say I'm doing my bit for the planet by not owning many electrical items. I don't even have a TV ! Though the TV licensing people must have sent me half a rainforest demanding I must buy a TV licence. I don't consider myself to be an elitist by not having a TV, I would much rather read Proust, sculpt or write sonnets !
The rental market in the local area seems to be on an upward spiral presently. With demand outstripping supply. As such rental prices are steadily gaining momentum, bucking the national trend. Good news for landlords, not such good news for tenants.
Anything 'quirky' with exposed brickwork, hardwood floors, or a balcony seems to command a high premium. How times have changed......! There's a couple of nice looking developments being completed locally which include the above, Fisher Heights in Nairn and IV36 in Forres. Ideal for the young professional types who own large TV's and lots of electrical goods.
Once I've finished my Eccles cake I will be 'logging on' to see what happened in Coronation Street this week - just to keep Mrs Jackson up to date mind.......
Regards,
Mr Jackson
As I visit and inspect some of my own properties in Moray - on a quarterly basis. I am amazed by the number of electrical items the tenants appear to own. Often they don't appear to have enough sockets. There's the 52" HD Satellite Plasma TV, (which is often takes up a whole wall), the sound system, the Sky TV box, the DVD player, the video recorder and the stereo. Then we have several games consoles and the computer, the printer, the laptop, the table lamp... Normally all in the lounge. I'm sure their electricity bill must be as much as the rent.
I'm pleased to say I'm doing my bit for the planet by not owning many electrical items. I don't even have a TV ! Though the TV licensing people must have sent me half a rainforest demanding I must buy a TV licence. I don't consider myself to be an elitist by not having a TV, I would much rather read Proust, sculpt or write sonnets !
The rental market in the local area seems to be on an upward spiral presently. With demand outstripping supply. As such rental prices are steadily gaining momentum, bucking the national trend. Good news for landlords, not such good news for tenants.
Anything 'quirky' with exposed brickwork, hardwood floors, or a balcony seems to command a high premium. How times have changed......! There's a couple of nice looking developments being completed locally which include the above, Fisher Heights in Nairn and IV36 in Forres. Ideal for the young professional types who own large TV's and lots of electrical goods.
Once I've finished my Eccles cake I will be 'logging on' to see what happened in Coronation Street this week - just to keep Mrs Jackson up to date mind.......
Regards,
Mr Jackson
Thursday, 10 January 2008
Tenants - What to check & ask.
Having seen my fair share of tenants in my time, only a very small percentage ask the 'right' relevant questions and check the property thoroughly.
As a prospective tenant, I will try and guide you, I hope you may do the same when you see me struggling to cross the A96 in Elgin !
The most important thing you should check is that your landlord and letting agent are registered with the local authority - If they are not, then walk away.
Check the water pressure. You will curse every time you try to take a shower, or fill up your bath, should your property have low water pressure, this can be a dealbreaker in many instances.
Ask your landlord / letting agent for a copy of the Tenancy Agreement, before you sign up and take time read it, many people do not. You should also be provided with an AT5 notice and a new Repairing Standard notice for a Short Assured Tenancy Agreement - This is the law.
Ask if the price is negotiable, don't accept vague answers "I'm not sure", or "I don't know" from the agent. Ask them to check with the landlord. After all, you are out to get the best deal you can.
If there is mains gas to the property, ask to see the Gas Safety Certificate - Again this is the law. All properties should have sufficient smoke alarms and all new smoke alarms must now be hard-wired.
You will be given an inventory when you move in. Ensure you add your own comments to it relating to existing damage, marks or stains. Even take pictures of any damage and save them on your phone or PC.
Ask if there is a an out of hours number, should you have a burst pipe or something equally as serious outside office hours - Though best not to call at 2.00am to report the bulb has gone in your fridge.
Above all use a common sense approach, ask questions that are relevant to your situation - Do you accept pets / smokers ? How far is the nearest Supermarket / Bus Stop / Cake Shop (That last one would be one of my own...). And you won't go far wrong.
My wife has just called me to say my cup of tea is ready and I have some cherry scones with my name on.
Hopefully Matthew at Moray Rentals will be amazed at my progress, until this morning, when he explained it all to me I was not even sure what a blog was !
Happy House Hunting - Mr Jackson.
As a prospective tenant, I will try and guide you, I hope you may do the same when you see me struggling to cross the A96 in Elgin !
The most important thing you should check is that your landlord and letting agent are registered with the local authority - If they are not, then walk away.
Check the water pressure. You will curse every time you try to take a shower, or fill up your bath, should your property have low water pressure, this can be a dealbreaker in many instances.
Ask your landlord / letting agent for a copy of the Tenancy Agreement, before you sign up and take time read it, many people do not. You should also be provided with an AT5 notice and a new Repairing Standard notice for a Short Assured Tenancy Agreement - This is the law.
Ask if the price is negotiable, don't accept vague answers "I'm not sure", or "I don't know" from the agent. Ask them to check with the landlord. After all, you are out to get the best deal you can.
If there is mains gas to the property, ask to see the Gas Safety Certificate - Again this is the law. All properties should have sufficient smoke alarms and all new smoke alarms must now be hard-wired.
You will be given an inventory when you move in. Ensure you add your own comments to it relating to existing damage, marks or stains. Even take pictures of any damage and save them on your phone or PC.
Ask if there is a an out of hours number, should you have a burst pipe or something equally as serious outside office hours - Though best not to call at 2.00am to report the bulb has gone in your fridge.
Above all use a common sense approach, ask questions that are relevant to your situation - Do you accept pets / smokers ? How far is the nearest Supermarket / Bus Stop / Cake Shop (That last one would be one of my own...). And you won't go far wrong.
My wife has just called me to say my cup of tea is ready and I have some cherry scones with my name on.
Hopefully Matthew at Moray Rentals will be amazed at my progress, until this morning, when he explained it all to me I was not even sure what a blog was !
Happy House Hunting - Mr Jackson.
It's My Party....
Happy New Year to you all !
It's my 72nd birthday soon and I don't feel a day over 70. These birthdays come and go, but I've reached the point in life where I've learned that each day is as precious as the next.
But still, birthdays make me reflective.I thought I'd share some of the thoughts that have come to me as this particular birthday approaches. Both in personal and business issues.
1. Laugh. If you do not see the irony and humor in most situations, you may be looking at it from the wrong perspective. If you are missing it, step to the side a couple of paces and then maybe you'll see it.
2. Be open minded - Especially in property deals. You might find a 2 double bedroomed flat above a grocers near a station rents out far faster than a similar flat in a nice road 15 minutes walk from a station, and costs considerably less to purchase.
3. Reflect - Whatever you think the baby-boomers will do next, is the market to target. These people are 42 to 58 years old at present, and have just started retiring, or partially retiring. Many of whom will want to live in nice coastal resorts, such as Findhorn or Garmouth. Or in cottages or farms in country areas with some land. Many decide to sell their homes and release equity and rent for the rest of their lives - A great tenant if you can snap them up !
Furthermore, the eco-boomers – the oldest of whom are now 25 years old, will want the smart small town centre apartments, though watch you don't pay over inflated prices - check the local market and try to buy at fixed prices.
4. The 10% factor. I've been fortunate enogh to have lived most of life in prosperity. I've met people of different religions, nationalities, philosphies, political beliefs. Ninety percent of the people, I have encountered want to do the right thing most of the time. They want to help when they can, share what they have. The other 10 percent are idiots. The percentage remains constant across all social, cultural, political, ethnic, geographic and age boundaries. Sometimes you have to live with them in business, in your neighborhoods or sitting next to you on a train. Endure them for they can't be avoided.
5. It's ok to say 'no'. No to a property deal, no to a prospective tenant, no to your husband on a Friday night ! Sometimes it takes a lot of courage to say this little word, when the easier option is to say yes - but it can be much harder living with the consequences.
Well that finishes my first post, not as bad as I thought, I hope you enjoyed reading it. I'm off for my second slice of M&S fruit cake and to check on a tenant with a loose toilet seat.
Mr Jackson.
It's my 72nd birthday soon and I don't feel a day over 70. These birthdays come and go, but I've reached the point in life where I've learned that each day is as precious as the next.
But still, birthdays make me reflective.I thought I'd share some of the thoughts that have come to me as this particular birthday approaches. Both in personal and business issues.
1. Laugh. If you do not see the irony and humor in most situations, you may be looking at it from the wrong perspective. If you are missing it, step to the side a couple of paces and then maybe you'll see it.
2. Be open minded - Especially in property deals. You might find a 2 double bedroomed flat above a grocers near a station rents out far faster than a similar flat in a nice road 15 minutes walk from a station, and costs considerably less to purchase.
3. Reflect - Whatever you think the baby-boomers will do next, is the market to target. These people are 42 to 58 years old at present, and have just started retiring, or partially retiring. Many of whom will want to live in nice coastal resorts, such as Findhorn or Garmouth. Or in cottages or farms in country areas with some land. Many decide to sell their homes and release equity and rent for the rest of their lives - A great tenant if you can snap them up !
Furthermore, the eco-boomers – the oldest of whom are now 25 years old, will want the smart small town centre apartments, though watch you don't pay over inflated prices - check the local market and try to buy at fixed prices.
4. The 10% factor. I've been fortunate enogh to have lived most of life in prosperity. I've met people of different religions, nationalities, philosphies, political beliefs. Ninety percent of the people, I have encountered want to do the right thing most of the time. They want to help when they can, share what they have. The other 10 percent are idiots. The percentage remains constant across all social, cultural, political, ethnic, geographic and age boundaries. Sometimes you have to live with them in business, in your neighborhoods or sitting next to you on a train. Endure them for they can't be avoided.
5. It's ok to say 'no'. No to a property deal, no to a prospective tenant, no to your husband on a Friday night ! Sometimes it takes a lot of courage to say this little word, when the easier option is to say yes - but it can be much harder living with the consequences.
Well that finishes my first post, not as bad as I thought, I hope you enjoyed reading it. I'm off for my second slice of M&S fruit cake and to check on a tenant with a loose toilet seat.
Mr Jackson.
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