Here is a list of useful tips by Property Ladder’s very own Sarah Beeny; I found these on various websites that interviewed the Property Guru.
If anyone has any other useful Sarah Beeny quotes and tips, with source references, please let me know, and I’ll put it into the list. Thanks in advance.
1) If in doubt leave it to the professionals
Doing a job badly and then getting someone in to sort it out can be much more expensive than getting someone in to do the job properly in the first place.
2) More often than not it’s the client who is the problem not the builder.
Vague verbal instructions that are not backed up with drawings result in the builder having to second guess what the client wants. Inevitably the builder will sometimes guess wrongly and this will result in an angry client. People talk about difficult builders but I think there are just as many – if not more – difficult clients.
Source: Find a builder
3) Home Vs Investment
To me, it’s very clear-cut – it’s your home or it’s an investment. But a lot of people on Property Ladder cannot see the distinction between the two. It would be like being a clothes designer who’s a size 20 and only making size-20 clothes.
4) Mortgage- get one you can afford
Don’t stretch yourself too much with a mortgage. Buy within your means. It’s not worth the sleepless nights.
5) Prices will drop
I kind of hate to be the voice of doom, but I just can’t see how prices can’t go down. I think people have actually forgotten that property prices can decrease. There’s this feeling that they just won’t fall, but, of course, that’s not true. I used to think that as long as interest rates didn’t go back up to 10 or 12 per cent, which I remember them at, then it would stay fairly steady. But now, with house prices rising so fast, there are people who are really going to suffer if rates go up by one or even half a per cent
Source: Living.scotsman (update: webpage has been removed since)
6) Recession is coming to the UK
America has a major recession in its property market and it’s just a question of when weâ€™ll face this. The clincher will be as soon as interest rates go up. I’d be amazed if we don’t see a less exciting property market over the next 10 years
7) When to invest in property
Yes, you should never property develop taking the market into consideration. You should always look at how the market is currently and build in your profit margin taking into account that the market might dip slightly.
8) Don’t design for your own taste
Yes, you should always be considering who is going to be living in the property and if it isn’t you, you should not consider your own personal requirements, but those of the future inhabitants.
9) Paying tax
You always have to pay tax if you are trading which means that if you are buying a house with the intention of developing it to sell you are liable for tax. You can speak to an accountant who will help you to decide how best your personal taxation situation should be dealt with.
10) The local property market
You should always keep your eye on the local market and what is available, Victoria. And Tracy, auctions are a good idea but you won’t necessarily get a bargain there anymore than anywhere else.
11) Be sensible with your mortgage
Don’t stretch yourself too much with a mortgage. Buy within your means – it’s not worth the sleepless nights.
Source: Channel 4 (update: webpage has been removed since)
12) How to sell your home in a hurry
I strongly believe there’s no such thing as a house that won’t sell. If it isn’t selling it’s too expensive. The danger in today’s market is that there is huge optimism in terms of value, so estate agents will come up with a figure they hope to get, and the vendor spends that in their head. Look at what you can buy in your area for the price you’re asking. If you need to drop the price, take the house off the market for two weeks before launching it with a new agent at a price at least 10 per cent lower. There are also cosmetic things you can do that may make a buyer pick your house over someone else’s. Cleaning the windows is the most important: it will make rooms look lighter and brighter.
Source: property finder blog
Disclaimer: I'm just a simple landlord blogger; I'm not qualified to give legal or financial advice. Any information I share is my opinion based on my personal experiences as an active landlord, and should never be contrued as legal or professional advice. For more information, please read my full disclaimer.