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Author: Sophie Winter

Our back-to-school guide for selling your home in Medway

Posted on by Sophie Winter

It’s that time of year where the summer holidays seem to be racing through our fingertips; and the start of the new school year is upon us.  It’s also the time of year where many look to place their home on the market in the hope that they can be enjoying Christmas in their new abode.  Just as you’re getting things in place for your child’s new term; you should also be getting organised if you wish to sell your home this autumn. That’s why we have put together this back-to-school guide for selling your home in Medway – we don’t want you getting a detention!

Smart and presentable

Many children will be starting a new school and will have a brand-new uniform for their first day. Regardless of what they look like when they come home, you want them to arrive looking smart and presentable.  Just as you want your children to give a good first impression at school; so do you for your home when you are preparing it for sale.  No matter how it looks in normal daily life; the first impression you want buyers to have is of a beautifully organised home ready for them to make their own.

Getting to know you

From teachers to peers, it can be daunting at first getting to know others and working out who to trust. It can be the same when looking at which estate agent you want to represent you and your property when it comes onto the market.  At Century Residential we don’t just want to know about your home; by understanding your personal needs and circumstances we can provide a greater level of service. Every property has its weaknesses and strengths; and it’s our job to utilise its unique personality to attract the right buyer and deliver you a successful outcome.

Addicted to stationery

Who didn’t used to pop to Woolworths to get all their pens, pencils, files and essential items for the start of the school year? It was a right of passage.  You wanted to ensure that you’d thought of the small details as well as the big.  This is exactly the thought process you should have when getting your home ready for a viewing. Don’t just ‘polish your shoes’; but really make your property shine by cleaning your windows and keeping surfaces clear of clutter.  Then add those little finishing touches such as fresh flowers and perfectly placed accessories to bring your home to life.

Nervous and excited

Remember that feeling of the first day, whether it was at a new school or a new job; of being filled with a mixture of nerves and excitement.  This is often how potential buyers feel when they arrive to view your property; and we want this feeling to continue long after they leave.  This is why telling the story of your home is so essential. Sharing your stories and memories in a way that provides them with an insight into what their lives could be like if they decided this was the house for them.

Listen to feedback

It can be hard to listen to feedback, whether on a Zoom parents’ evening about how your child has progressed through these difficult times; or what a buyer thought about your home during a viewing. Never take it personal – at the end of the day, we both want the same result; to see your home sold, and feedback is a great, constructive way to find out what buyers are thinking and discover any niggles that we can overcome. Issues can often be resolved; and by working together and using the feedback as a guide, we can find that ideal buyer quicker.

Out of your hands

When you sit down to take a test or exam, you do everything you can to achieve the highest score possible; but then the result is out of your hands. Once you have received an offer, we ask that you trust us to negotiate on your behalf. Our team are skilled negotiators who excel in achieving the best possible price for your property.

The best support

Having the best support around you can see you achieve even greater things at school, work and in life; and the same goes for selling your home. It isn’t just the choice of estate agent that is crucial to the success of your sale, but also your choice of solicitor; as it’s after the offer has been accepted that the real work begins. Always do your research so you know that you have the right team beside you who will ensure your move is smooth and successful.

Get it in on time

Getting an assignment or a piece of work in late is always met with disapproval, and could have knock-on effects. In a sale, not returning documentation or calls could create delays and even cause your sale to collapse; as parties get nervous and suspicious. You can’t use the ‘dog ate my homework’ excuse here. Get your paperwork ready in advance so you can get it where it needs to be as quickly as possible.

Time to party

Every success should be celebrated, and you may already be planning the first party in your new home; bringing all your friends and family together at long last. We want to make sure that party happens; so contact our team today on 01634 570057 to get you through the gates of selling your home in Medway.

Content contributed by The Federation of Independent Agents.

Recent Articles

Demand for houses doubles!

Posted on by Sophie Winter

Whether you’re a first-time buyer or a homeowner looking to move up the housing ladder; here’s how the surge in popularity for houses could impact you.

In search of a spacious new home? You’re not the only one. Demand for houses has more than doubled as buyers search for more space due to numerous lockdowns.

Family homes are the most sought-after type of property; with the number of buyers looking to snap one up soaring by a whopping 114% compared with levels typically seen at this time of year between 2017 and 2019.

But while demand for all types of houses, from terraced to detached, has more than doubled; the number of buyers looking to purchase a flat has risen by only 34%, according to Zooplas latest House Price Index report.

Why has demand risen?

On the one hand, demand for houses has been rocketed by the stamp duty holiday; with large savings on offer for larger properties (typically houses).

However, the high demand also reflects a surge in buyer interest for more space. The UK lockdowns have made people to reassess their homes and lifestyles. At the same time, the trend for working from home has prompted people to leave city centres in favour of more rural locations; which are more likely to consist of houses rather than flats.

What does this mean for you?

First-time buyers

It could be good news if you’re a first-time buyer looking to purchase a flat rather than a house. The cost of flats has risen much more slowly than property values across the wider housing market during the past year.

It’s worth remembering that there’s significant variation across the regions though. Price growth for flats is up 0.6% in the Southeast during the past 12 months, however prices for houses is up 6.5% in the Southeast. If you’re a first-time buyer eyeing a house, be prepared to face stiff competition. However, with no property to sell, you have an advantage over buyers in a property chain.

It’s important to remember that there are schemes available to help make buying your first home more affordable too; such as first-time buyer stamp duty relief and Help to Buy.

Home-movers

The soaring demand for houses means that if you are planning to sell a property, you could be in a good position to secure a quick sale. You will be more than likely to see it’s value rise during the past year too as price growth for houses has been particularly strong.

However, if you are selling a flat, you may find the gap between the value of your current home and the house you want to purchase has widened in recent months.

How can we help you?

Thinking of selling? Our free online valuation tool enables you to find out how much your existing property is likely to be worth, helping you to plan for your next purchase.

Looking for a new home? With competition intense, you can get ahead by registering with our team to receive alerts whenever a property that meets your criteria is listed for sale. Our advanced search tools also help you find properties in your price range and area that are already listed.

Whether you are buying or selling, in the current fast-paced market, we’re here to give you some friendly local expert advice, speak to a member of our team today.

Recent Articles

Shortfall in homes for sale leads to record-breaking house price increase

Posted on by Sophie Winter

Here at Century Residential, we have witnessed an extraordinary demand for properties for sale, combined with a shortage of homes coming on the market in the last 7 months. According to Rightmove there was a 225,000 shortfall in homes available for sale in the first half of 2021! In the first half of this year 140,000 more sales were agreed than the 2014 to 2019 average; and yet homes available for sale were down 85,000, creating a 225,000 shortfall which has lead to a record-breaking house price increase.

Record-breaking house prices

The shortage of homes for sale across Kent and the increasing demand from buyers has led to record-breaking house prices. The Nationwide house price index reported a 13.4% annual increase in house prices in June!   

How much is your home worth?

Now is the ideal time to find out how much the value of your home has increased; it will probably surprise you a lot! So, if you are considering about moving home, speak to our friendly team about listing your property soon to take advantage of housing market demand and increased in house prices. The overall demand for sale properties is currently 26% higher than in 2020.

We have a super handy instant online valuation tool to get a quick estimation of property price in just seconds. The tool gives you a minimum and maximum possible property value based on local and national property market data but does not consider the condition of your home and other factors. However it’s an excellent place to start!

If you would like a more precise figure then please get in touch on 01634 570057 or email medway@crrealestate.flywheelsites.com to chat with a member of our friendly and experienced sales team.

Recent Articles

How landlords can keep their properties occupied

Posted on by Sophie Winter

Congratulations, you’ve decided to rent out your property! We know that this might be obvious but all landlords should try to keep it occupied at all times if possible. If you don’t, the mortgage, council tax and any other bills will be coming straight out of your own pocket and can mount up quickly.

In true Great British weather tradition it seems that the summer may have ended all too soon; with autumn and winter starting to creep in… It’s know in the property market that the colder months can be a hard time for landlords to find new tenants; but hopefully if you follow these tips you will never find your property unoccupied.

Use long term contracts

We’d advise to try and avoid six month contracts where you can. Having people come and go more regularly can be quite disruptive and one year contracts work much better for both landlords and tenants.

Once the contract is up, think about asking your tenants whether they would be interested in signing another contract. You don’t want to get into a rolling contract if possible; as it gives you less peace of mind, knowing they could up and leave at any time.

Think forward

Once you know that your current tenants are planning on moving out, try and visit your property as soon as possible to find out if anything needs fixing or replacing. Put the motions into place and get quotes for any new furniture or appliances; and book in contractors to carry out any work needed as soon as possible.

The best time to do up your property and give it a quick lick of paint is during the first week after tenants have moved out. This means the house will be available for viewings quickly, hopefully resulting in brand new tenants.

Look after your tenants

The easiest way to avoid an empty house is to look after your tenants as well as you can; after all a little kindness never killed nobody. This may sound obvious, but as a landlord it is easy to just ask tenants to sign a few contracts, hand over the keys and walk away.

However taking the time to build a relationship with tenants can go a very long way. It’s also important to try and solve any problems they may have as quickly as possible. That way if your tenants do move out, having a good relationship with them means you can ask them what the reasons behind their move are. If it’s something that can be changed you can do so before any new tenants move into the property.

Advertise

If you do happen to find yourself with an empty house, good marketing and adverts can make a world of difference when it comes to finding new tenants. It’s key to choose an estate agent that you trust and that lists their properties on major property portals such as Zoopla and Rightmove.

At Century Residential, our lettings team take pride in finding the most suitable tenant for your property in the shortest time possible. We understand how much your property means to you, so you can be assured that your letting will be handled professionally, efficiently and effectively. A large majority of our clients come to us through recommendations and that’s why client satisfaction and our reputation are immensely important to us.

Make it easy

The best way to get new tenants is to make it as easy as possible for people to find out about your property. We always try to work smart when booking viewings for our landlords; and always consider block viewing days, where we arrange for as many people as possible can come and look at it.

Need any help? Here’s our number 01634 570057

If you’re looking for help to not just list, rent out or manage your property, please come and speak to a member of our lettings team.

Recent Articles

The benefits of using an Estate Agent

Posted on by Sophie Winter

So much of our lives is conducted online nowadays; a trend only intensified by the Coronavirus pandemic, and the number of digital property agencies is rising. On the surface, online agencies may seem like an easy alternative to enlisting the help of a real-life estate agent. But do they really compare to the human expertise offered by those on the high street? Here are the benefits of estate agents in 2021.

Expertise and local knowledge

One of the benefits of using an estate agent is not only do they know the market inside out; but they are experts on the local area where you are buying or selling. Jamie Newbold, Branch Manager of Century Residential says: “A lot of estate agents come to the job as second careers meaning we’ve experienced life on the other side. It’s not all about putting a value on a property. Good research skills, common sense, knowing the area and understanding the market are all part of our value and services.”

Whilst the pandemic has massively impacted retail on the high street; it has allowed traditional estate agency practice to shine. Clients tend to lean on trusted professionals for guidance in difficult times; and good quality estate agents are more important now than ever. Having someone with your best interests in mind and being there to help during what can be a complicating process is invaluable. 

Jamie adds, “When you are planning to sell your home, it’s reassuring to meet an estate agent and build a relationship whereby you trust their professionalism, their experience, their knowledge of the process and their word.”

Resources

As well as a wealth of knowledge and experience, established estate agents have plenty of useful resources. For example, they can spread the word about your property via marketing. This can range from local brochures and window displays to sophisticated digital advertising and e-marketing.

Furthermore, they will have an extensive database of active clients with details of their property criteria. Rather than spending months searching for a buyer; the right person could already be on their system, just a phone call away. Likewise when searching to buy a property, those who have built good relationships with agents are likely to be the first port of call when a home matching their requirements comes to the market — or even beforehand.

No upfront fee

It’s a common misconception that estate agents fees are through the roof – if you’d pardon the pun but not everyone knows that estate agents will only take their fee once the sale completes. This means that you don’t have to worry about any upfront bills. We work for our vendors and, unless we push and guide the transaction through, we get nothing at all. Our team invest both financially, and personally to get to know our clients and act in a manner to do the very best for them.

Negotiations

Estate agents are the glue that holds an entire property chain together; ensuring that everything runs smoothly from the first valuation to the final exchange. Moving house is said to be one of the most stressful life events, so a reliable estate agent can take a lot of pressure off you and your family.

“We’re the ‘middleman’ between the seller and buyer as well as the vendor and solicitor. We’re also someone who can find surveyors, removal firms, house clearers and cleaners. It cannot be underestimated how comforting it is to have an accountable face to go and see, pick up the phone to and have proper updates and conversations with. My team take the time to understand your individual concerns and know what to do when things wobble,” says Jamie.

Contact us today

If you are looking to buy, sell, rent or let a property, enlisting the help of an experienced, qualified and well established estate agency is key to success.

Need some guidance about your local property market? We’re here to help call our team on 01634 570057 today.

Recent Articles

A Guide to Letting Your Property

Posted on by Sophie Winter

Becoming a landlord is not as easy as it may seem; there are several factors that need to be kept in check when you are letting a property. Letting a home involves a lot of preparation and requirements that as a landlord you must fulfil. At Century Residential, we like to give you the best information we can to prepare you for your future plans; so we have created an easy guide to help you.

Check with the lender if you’re on a mortgage

If your property is on a mortgage, you are legally bound to inform your lender about your plans to let the property. Some mortgages do not allow you to let your property; and other mortgages would require you to obtain a consent form before letting it out.

There are some instances where your lender may levy a fee or alter your interest rate when you want to let your property. So, the first and most important thing you must do as a landlord if your property is mortgaged, is to check with your lender about the rules and regulations that apply to your mortgage.

Decide on how long you want to let

Usually, corporate tenants tend to rent for two to three years; with the option to end the tenancy before the mentioned period if they wanted to. If you are looking to let your property for a shorter span, say about six months to a year; then you need to consider coming up with a competitive rent. This will ensure that the property is not left without tenants for too long. You will also need to consider your mortgage if you have one; as some only allow a tenancy for up to 12 months at a time.

Calculate your tax

If you decide to let your property, you are legally bound to inform HM Revenue & Customs as you will be liable to pay taxes. You will have to do a self-assessment tax return; and it may also affect the Capital Gains Tax when you decide to sell your property. You can take the help of a professional accountant, or speak to our lettings team who can connect you to the right people to help you.

Do the necessary renovations

First impressions matter. When you decide to let, make the property look attractive to impress any potential tenants. At the bare minimum, it is essential to declutter, repaint and clean the property before you let it. You can also do decorative and purposeful renovations if you are looking for a higher rental income. With over 200+ properties in our portfolio, we can advise you on redecorating your property for a quick let if you need any guidance.

Rental insurance

Finding the right rental insurance for your property is vital to cover any damage caused to the property or its possessions during the tenancy. While your tenant will be required to take contents insurance; as a landlord, you will have to invest in suitable rental insurance. This will be to cover the cost of the damages caused to the property, possessions in property, accidents or injury to the tenant, or any visitor to the property. It’s important to mention all the high-value items that you leave on the property; and pay the appropriate cover in order to claim any damages. It will also protect you from any loss of rent or breach of tenancy.

Safety checks 

It is mandatory to ensure your property is safe and secure before you let. The mandatory safety checks include a gas safety test, electrical safety test, and appliances safety tests. Smoke alarms must be fitted on every floor for the fire safety test. Only after fulfilling these tests can the property be listed to let.

Inventory list

We always recommend doing a complete inventory listing for all the items kept within the property to avoid any disputes when tenancies end. Appliances, furnishings and other items are mentioned in the tenancy agreement to keep track of your belongings while letting and at the end of the tenancy. 

Should you need any assistance, speak to our lettings team. They will be more than happy to talk you though how we can help you with this.

Finding the right tenant

We understand that being a landlord can sometimes be daunting; as it is quite challenging to find the perfect tenant. When the background checks are skipped, you might end up with unreliable tenants who skip or delay rent, cause damage to property, and more. It is essential to keep a solid background verification in place to select the right tenant who suits your requirements.

With so much to consider, landlords have quite a task when they decide to let their property. Proper documentation and finding the right tenant is the key to have a smooth tenancy. Remember, you can always get in touch with us to ease the process and help you through the relevant paperwork, whilst finding prospective tenants from our large database.

Contact us today

Looking to let your property? We’re on hand to help make the process as stress-free as possible. Call our team on 01634 570057 today to get started. 

Recent Articles

How you can make the most of the sunshine when selling your home

Posted on by Sophie Winter

Our summer wardrobe is out, and our slightly rouge tones will suggest that we have been loving this beautiful weather we have been having. There’s been no slowing down of the property market over the last few weeks; so you will often seeing us dashing from one appointment to another.  We have loved meeting so many wonderful local people wishing to fulfil their desire to move home; whether that’s to upsize, downsize or buy for the first time. The sun has a way of adding a touch of sparkle to a home, which is why it is crucial to make the most of that glorious sunshine when selling your home.

Let them shine

Whilst you are busying making sure your home’s interior is perfect, there are often little jobs that can get missed, and one of them is your windows. As the ground is so dry, there can be a lot of dust around, which will often migrate, leaving your windows with a bit of film of muck.  If you have a window cleaner regularly, you have nothing to worry about. If you don’t, you may want to increase their visits or start instructing one, so your windows always look crystal clear; this is very important to make use of all this gorgeous natural light.

Let is pour in

With your windows shining, you want to make use of all the natural light that pours into your home. You may have been keeping blinds closed to keep your home cooler; but for a buyer, a dark or grey room is not as attractive as one filled with an abundance of natural light.  Ensure all your blinds are open entirely and tie your curtains back so they will not be flapping around in the breeze.

Let in some air

After months of stuffiness due to the not so nice weather; isn’t it fantastic to be able to open your windows and doors and have your home filled with fresh air?  It’s also a great way of helping to get rid of slight niggly odours and adds a sense of calmness and that all-important feeling of home.  On the day of a viewing, open your windows, and ensure your estate agent has all the keys to open the doors; so your home is beautifully ventilated. 

Let summer appear

Our homes are an extension of our personal style and tastes; how you’ve decorated yours will be different to your neighbours.  Neutral tones are always preferred when selling your home; and at this time of year, add some fun summer shades as accents.  Warm winter tones with fluffy textiles are great for those colder months when we all wish to snuggle; but at this time of year, clean, fresh and fun is the look you are going for. This will appeal to this season’s buyers.

Let colours pop

It isn’t just inside your home where you need to think of colour; focus on the outside of your home too. From your front door to your hanging basket to the flowerbeds or pots in your garden; you need to get busy wherever you can add colour.  There are many places you can buy plants of all shades for your home; remember to add something to the front of your property and the back, so all areas feel loved and cared for.  Check out the local allotments, garden centres and even local Facebook groups and pages; as there are a wealth of choices for all budgets.

Let the sun help to sell

It’s easy to let the sunshine help sell your home this summer; but even though properties are selling quickly, if you want the best possible price, you must do all you can to make your house looks and feels its best. 

For more advice on how to get your home sold fast this summer, call our team on 01634 570057.

Content contributed by The Federation of Independent Agents.

Recent Articles

The bitter pills you may have to swallow when selling your home in Kent

Posted on by Sophie Winter

No matter how vibrant the property market, selling your home is always a challenge. There are some things about your property that you won’t be able to change, which could mean you have some bitter pills to swallow when your home goes on the market.  Just like life, there can be unexpected surprises during the process of a house sale.  But before you choke when you’re presented with a pill you don’t like the sound of, we’ve got some advice to help you to swallow it and get moving.

You may not get a return on your upgrades

As you know, the property market in Kent, like the rest of the UK, has peaks and troughs. What a property is worth today could change in a few months’ time.  It doesn’t matter how much money you’ve spent upgrading your property, there will be a ceiling price it can achieve, depending on your home and of course that all-important location.  Any renovations or home improvements should only be made for your enjoyment – unless you do your research first.

You need to ensure that the money you invest in your home can be recouped. The price of a new kitchen can vary dramatically; from an off the shelf model to a bespoke design with high-end appliances. There is no doubt that an upgraded kitchen will absolutely add appeal to your home and attract potential buyers, but you’d be wrong to assume you can simply add the total cost you’ve spent on it to the value of your home. Of course, your new kitchen will have added value to your property, but the sale price will be determined by market conditions not by your choice of interior finishes.

Don’t rely on the Joneses

How many times at Century Residential have we heard, “our neighbour’s house sold for XXX so we think our home is worth XXX”.  It’s a hard pill to swallow, but just because your homes look alike, don’t assume they will sell for the same amount – they could be valued differently. They may have made upgrades that you haven’t. Their plot could be a different size, or the property market in your area could have changed.  It’s hard, when you are emotionally attached to your home, to hear that it’s not worth as much as you expected; but we would highly recommend that you listen to our advice.

We value a property to SELL at the highest possible price; we don’t over value your home to WIN your business.  So if you do receive a high valuation from another agent, ask about their results. Check that they achieve their valuations as sale prices without having to reduce the value when buyers don’t bite.

Having to keep your home viewing ready

You have spent time and energy getting your home ready for sale. Our photographer and videographer have visited and the marketing materials are now selling the beauty and key features of your wonderful home.  But now life is continuing, kids are leaving a trail of destruction in their wake; you’re shattered after a busy day at work and the show home shine you had created has suddenly disappeared.

Buyers always say how much easier it is to envision themselves living in a home when it has been staged ready for sale.  At Century Residential we aim to get viewings and a buyer for your property as soon as possible; so if you can try and keep it looking immaculate it will really help your sale.  We know for parents this can be the last thing you want to be doing some days, so we completely understand that this is one bitter pill to swallow. As soon as an offer has been accepted you can breathe a sigh of relief; and allow normal life to continue without worrying about whether your home looks perfect.

Your home is not for everyone

Ouch!!! You love your home and you’ve decorated it and furnished it with your style in mind.  But just as we don’t all like the same cars, clothes and football teams; we all don’t like the same houses.  Period property lovers will be looking for features, contemporary lovers for sleek clean lines; open-plan living will appeal to many, whereas others will want the privacy of separate spaces.  Although you cannot change the location and layout of your property, you can tone down any bold décor. Make sure it’s in great condition and use homestaging techniques to make it appeal to a wider audience.

A sale is the best medicine

As your estate agent, we don’t want you to have to swallow any bitter pills; and we hope you’ll trust that we only have you and your home’s best interests at heart.  The best medicine we can offer you is an offer from a qualified and determined buyer that is a heartbeat away from the asking price.  For more advice on selling your home, contact our team on 01634 570057.

Content contributed by The Federation of Independent Agents.

Recent Articles

Six options to consider if your chain breaks and you miss the stamp duty holiday

Posted on by Sophie Winter

After more than a year of driving property prices to new highs during the coronavirus pandemic; the stamp duty holiday has started to taper down. 

The tax break, which has saved buyers up to £15,000 on their house purchases, will now be cut back with the maximum saving capped at £2,500. This is because the nil-rate band – the portion of a property purchase buyers don’t need to pay stamp duty on – will drop from the first £500,000 to the first £250,000. It will stay this way until 30 September, when the nil-rate will be returned to its pre-pandemic level, £125,000.  

House prices have risen to record levels, with a general increase of 13% or £29,000 over the course of the stamp duty holiday according to Nationwide Building Society. 

Why did the government introduce the stamp duty holiday?

When the stamp duty holiday was introduced in July 2020, it was designed to boost the property market by helping buyers whose finances were affected by Covid. It meant a saving of up to £15,000 for people buying homes.

Landlords and second-home buyers were also able to make use of the tax cut. But they still had to pay the extra 3% of stamp duty they were charged under the previous rules.

What’s the state of the current property market?

Many buyers have raced to meet the deadline; but delays with conveyancing and surveys mean that many will not complete in time due to the heightened demand. This may sound daunting if you’re in the middle of a property chain; but some will even consider pulling their transactions if they have not budgeted to pay the tax. 

Whilst our team do everything within their power to stop this from happening; it sometimes does occur though no fault of anyones. However, it does not always mean that you’ve hit the end of the road. Our team have brainstormed different ways that property buyers could keep going with their purchases and keep their chains from falling apart due to the deadline. 

At Century Residential, we are transparent with our buyers and make it clear from the offset that their offers should not be reliant upon the stamp duty discount. However, if you’re out of time and you can’t afford to buy without the stamp duty holiday, there are a few options that could help.

1. Renegotiate your house price with your seller

If you don’t have the funds to buy your new home and pay stamp duty, you might consider asking the person you are buying from whether they would lower the price. However, this could be risky, as it might lead them to question your commitment to buying the home, we’d advise that you discuss this thoroughly with your estate agent prior. 

Nevertheless, if they are particularly keen to keep things on track, they may be willing to accept your new offer. 

If you have some funds to play with, one option might be asking them to go halves. For example, if you had a £10,000 stamp duty bill; they would take £5,000 off the price and you would foot the other £5,000 yourself. However, their willingness to do this may depend on whether they have a stamp duty bill to pay themselves. 

If you manage to negotiate a new price, you will need to ask your mortgage lender for new documentation which could add time and cost to the transaction.

2. Negotiate with the whole chain

There is a way to get around the problem of having to ask for a discount from someone who isn’t getting one themselves on their onward purchase. This requires some expert negotiating from your estate agent. 

In short, it entails asking every member of the chain to offer a discount that equates to the discount that would be offered by the stamp duty holiday. This is more likely to be accepted [than negotiating with your seller alone], as all parties offer a more affordable discount.

If there is another buyer in a similar situation to you down the chain; it could improve your chances of success.  

3. Move out and rent to keep the chain together  

A common method of holding together a broken chain is by asking the seller whose buyer withdrew, to move into rented accommodation.

By most accounts, the stamp duty holiday has increased house values. So, renting for a few months might mean a chance to get a better deal on the eventual purchase if prices fall. We understand that this is a gamble, as there is no guarantee of where the market is moving next. Nonetheless, now would be the perfect time to do this. Especially with the possibility of prices lowering after the stamp duty holiday. The amount of money spent on rent for six months to a year could be less than [the extra expense of] buying in the increasing market we have seen throughout most of the UK.

If the chain has collapsed, it may be worth investigating whether you can use short-term finance to enable the purchase to continue; however this should be discussed with your mortgage broker.

4. Make sure you complete by the September deadline

If you are upset that you haven’t met the first stamp duty deadline; completing in time for the September cut-off could be the next best thing. There is common perception that the stamp duty holiday will be over on 30 June, but that isn’t the case. There are still reasonable savings to be made until the end of September; but buyers will need to act quickly. 

We suggest that if a buyer starts the process in the next few weeks or so they should hopefully complete before the September deadline.

5. Hold out and hope that house prices fall

If you have had a purchase fall through, biding your time might actually save you money in the event that house prices fall; especially given that house prices have risen more than £20,000 in the past year.

This is significantly true for first-time buyers and landlords, who aren’t relying on money made from the sale of another property to fund their purchase.  

There are already signs that asking prices aren’t increasing as quickly as they were earlier in the year. The most recent government data showed that the average home knocked £5,000 off its value in April; reflecting offers made when buyers thought they had missed the original stamp duty deadline in March.

Another reason why property prices have risen is the supply and demand imbalance in the market. However, that could also be set to change. Sellers who had been cautious to list their home for health reasons or lack of job security could now be tempted. Restrictions fully easing from next month and the economy bouncing back may all provide the confidence that they needed to move.

6. Don’t get too caught up in the hype 

While it is frustrating to have to pay several thousand pounds more for your new home; we urge those that have the funds to proceed to think about their home as a place they will live in and enjoy for many years; rather than as a purely financial asset. 

Whilst most people don’t buy homes as a financial investment – unless you’re a buy-to-let investor. People buy homes as a place to live, raise families, be part of a community, enjoy life, and grow old. Our best advice is to think long-term and buy a home that’s right for your needs; at a price that you can afford and that you plan to enjoy for years to come.

It is also worth bearing in mind that, if you pull out of a transaction, there is no guarantee you will find something else quickly. You need to consider how badly you want the property. With a shortage of stock in some price brackets and areas, you may not find another suitable property anytime soon. 

Let’s have a chat

Whilst the final closure of the stamp duty holiday at the end of September may have no impact at all; we have noticed a different rise in property interest. This is due to other factors, namely the race for space, low supply, accidental savings and low interest rates.

At Century Residential we have helped many people and families during the stamp duty holiday; and we don’t plan to stop making peoples dreams a reality. So, if you’re thinking of selling or buying a property, please get in contact with a member of our team on 01634 570057.

Recent Articles

How do you know you’re ready to downsize your home?

Posted on by Sophie Winter

We have seen many sellers come through our doors at Century Residential over the last few months, but there is one kind of seller that has been on the rise, and that’s the downsizer.  There are many reasons why you may be considering downsizing to a smaller home.  You could be looking to release some equity to help your children or to add to your savings pot for the years to come.  Maybe you have some dreams of adventures that you wish to fulfil and an easier to maintain property is just what you need right now instead of redundant rooms just gathering dust. Whatever your motivation, it is essential when downsizing that you honestly evaluate your expectations so you can make the right decision for you.  So how do you know you’re ready to downsize?

Does it make financial sense?

Just because you’re moving to a smaller home, doesn’t mean it will necessarily save you money. Should you be moving to a different location, the property values could differ greatly. The type of property you are looking for may have amenities and so there could be additional monthly charges that you need to take into consideration for things such as maintaining grounds and communal areas.  The home you are looking to buy may need renovating or some upgrades; even with a budget, there could be things that turn up that you weren’t expecting so make sure you build in a contingency pot that won’t eat into your savings.

You’re excited to leave

Often, those looking to downsize find it a difficult decision to leave what is often their family home.  Their house has so many memories and family members such as children could be upset at the thought of saying goodbye to the house that was a huge part of their childhood.  We are sure that no matter how much you have loved living there, there will be some things that have niggled at you over the years that honestly you won’t be sad to leave behind. 

Maybe you had a large and beautiful garden but it takes a lot of work each year to keep it looking its best.  If you live in a period property, you will no doubt have an endless list of jobs that need doing, and you’ve been happy to do them but now you would prefer an easier life.  Remember, this move is not about the past, it’s about the future, so if you start to have doubts, focus on why you made the decision and how your future will look in your new home.

Where will I put my things?

We all become attached to things in our home, from furniture which may have been passed down to pieces we’ve bought and can’t bear to part with.  Instead of worrying where all your furniture will go in your new home, start to think about what items you definitely want to keep.  If you’re moving from a large house to a more diminutive one, not everything you have now is going to fit – nor do you want it to.  Think about the style of your new home, will your furniture work in the property or might it be fun to have a completely fresh start?

What about an apartment?

You may not have thought about an apartment but, depending on your future plans, it could actually be the ideal choice.  Should you be looking to travel then you know you can lock up and leave with peace of mind that the grounds will be maintained and neighbours around to keep an eye on things.  There are many stunning apartment complexes now that are designed for those of retirement age but are certainly not aesthetically doddery. With stylish and high-specification finishes, spacious balconies for entertaining and communal spaces that feel like a quality hotel rather than an apartment building, they are certainly something you should look at and not dismiss without investigation.

Does the floorplan work?

Just as you would when looking to buy any home, you need to ensure the floorplan is going to work for you now and in the years to come.  Just bear in mind that you’ve been used to a certain amount of space and that will be reduced, but this might in terms of the number of bedrooms rather than the amount of living space. You may wish to have more of an open-plan space that brings everyone together, or a hobby, work or visiting family may mean you lean toward having separate spaces.  You may even find that the floorplan in your new home works better for you than the one you have now.

Location, location, location

Location is particularly important with this move, as you may be thinking about what you need for the short and the long term.  Being closer to family could be a key factor in the move, as it is for many who are looking to downsize after the stresses and strains of the pandemic.  Would you be happy driving to amenities or would you prefer to be able to walk to the local shop, pub or café for that morning coffee and sneaky slice of cake?

If you’re not familiar with the area you’ll be moving to, it’s important to do your research. Feeling at home is a priority and our team are always on hand to offer advice.  Just remember, a house can be altered and decorated but a location cannot be changed.  Really think about what you want and need from this move so that when you decide on a location, you know that you will be happy living there.  If you can see yourself living in another town, village or even in another street, it can make that thought of moving a little bit easier.

Am I ready to downsize?

One of the most important questions you need to ask yourself is: are you ready? Yes, you may be looking at smaller homes, and you could have talked about this move for months if not years, but knowing it’s something you want to do and being ready to do it are quite different.  When you’re not ready you will be hesitant and sometimes over-critical, as you subconsciously try to find faults and flaws and delay progress.

This can lead to a frustrating and stressful process, which is something that no one wants, especially whilst undertaking what can often be the emotional move of downsizing.  Make sure you’re clear in your mind before you start, as being ready for this move will make it a much happier experience for everyone involved.

A smaller home awaits

At Century Residential we have helped many people and families to downsize, we understand the emotions and also how to find the right next home for you and your plans.  If you’re thinking of downsizing and have any concerns, please chat to a member of our team on 01634 570057.

Content contributed by The Federation of Independent Agents.

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Why do I need an estate agent when selling my home in Kent?

Posted on by Sophie Winter

Hot, hot, hot! We’re not describing the weather we had a few days ago (but hasn’t it been amazing?). We’re talking about the UK property market right now. With a fast and vibrant market such as this, it could be easy to believe that any home will sell as long as you put it on Rightmove – right? And with so many choices when it comes to selling your home, you may be thinking; why do I need an estate agent? But there is a big difference between finding a buyer and selling your home. So, let us tell you why you need an estate agent and, more importantly, why you need us.

What an experienced seller knows

Experienced home sellers completely understand the value of choosing an estate agent such as us over a ‘post and pray’ agent, who presses the upload button on Rightmove and waits to see what happens.  Whilst they are uploading, we’ve already been working our magic to find a buyer; and Rightmove is only one tool in our sales kit.

When it comes to marketing any product or home, you want to use a range of sources; whether that’s online, social media, in print format or a good agent’s secret weapon – word of mouth.  We invest in the right places, such as professional photography, video content, and personally calling those local buyers that have expressed an interest in a home like yours. At Century Residential we put huge effort into marketing your home. We create a strategy that is specifically designed to find you the right buyer and the highest price possible.

You can’t beat local

When you’ve worked in the local property market as long as we have, you gain an in-depth understanding in how it works and moves. This knowledge is invaluable, as we can give you honest and realistic advice throughout your sale. One thing about the local market in and around Kent is that you need to know the streets; the value of similar properties can vary depending on the location. This is where an agent outside the area relying on generic data could fall short.  If your home is not valued correctly, you can end up either underselling your home and missing out financially. However, if your home is overpriced it will appear undesirable and you will again lose money in the long run.

Remember that an estate agent such as ourselves doesn’t get paid until your sale completes.  For every hour we spend with you, we will have worked on average nine hours behind the scenes on your behalf – and we haven’t even got started yet!  Not all estate agents work the same way. So, it’s worth getting to know how each agent plans to sell your home; so that you can make the right choice for you.

Keeping you informed

Communication is vital, and no one likes the sound of silence when selling a home.  You want to know how your buyers are doing – is the chain in good shape and, more importantly, how quickly are things moving?  At Century Residential you will never be ‘on mute’, from the moment you list your home with us.  We don’t believe in numbers; we may sell houses but we are a people business and love getting to know the lovely homebuyers and sellers we meet every day.  No matter who needs our help, we are just a call, a Facebook message or an email away.

Once you have found a buyer, that’s when the real works begins for an estate agent, as the sales process can be filled with highs, lows and nerves.  Yes, finding a buyer may be easy in this market but keeping your sale on track and your chain together? That takes work. Delays and frustrations can cause fractions within chains; and it’s our job to smooth everything over and keep the process moving.

It can be hard to comprehend work that you cannot see, and you may not even be aware of everything we’re doing.  When you decorate your home, for example, it’s so visual that you appreciate the result straightaway, but having a damp proof course done, though it’s not something you can see, will protect your home for the long term. 

Your advocate

Being your estate agent means we become your advocate. Not only do we provide you with all the support you need during the sale process, we also protect your interests.  From managing the negotiations so we can achieve that amazing sale figure from the right buyer, to accompanying every single buyer as they view your home, sharing your passion for the property. We will be your voice within the chain and help turn those home moving dreams into a reality.

Let’s get started

Whether you’re buying for the first time, or are in need of an upgrade; we’re ready to help you glide smoothly from one home to the next.  Give our team a call today on 01634 570057 and let’s get you started on the road to your new home.

Content contributed by The Federation of Independent Agents.

Recent Articles

Classic fibs we tell ourselves when buying a home

Posted on by Sophie Winter

Welcome to the emotional ride that is buying a home. When you are spending so much money, you want to make sure you choose the right investment. The process is exciting, complicated and, let’s face it, a little bit scary at times.  Your mind is bound to be racing with so many things – wants, needs, location and lifestyle, compromises and must-haves.  We all have those little fibs we tell ourselves to make things feel a little easier. Here are some fun classic fibs that many homebuyers tell themselves when looking for a new home.

1. I’m going to keep below my budget

You know that it’s essential to establish your budget before you start looking at houses. For one, you don’t want to be disappointed should you be able to afford less than you thought, but also if you have a mortgage in principle this places you in a stronger position when it’s time to make an offer.  With your budget in hand, we know many home hunters have a deep desire to stay below that figure, but the reality is many don’t.  Now this isn’t through lack of trying; they just discover that those extra pennies can often get them the home they really want. 

One strong word of warning: if you know that your budget will be stretching you financially, lower it to something you are more comfortable with.  You may have to make a compromise or two; but you will be happy you did when you feel more financially stable.

2. It’s fine if they don’t accept my offer

This is such a typical way of trying to prepare yourself for disappointment; because deep down you know that you absolutely want this house, and you will be shedding a tear or two if you don’t get it.  But telling ourselves a fib like this makes us feel a little better. As does the relief when the offer is accepted and we can finally be honest!

3. I’m happy to do some work

It is always tempting to look at properties that need some work because, at the end of the day, you can turn them into exactly what you want and add value along the way.  But what you think you’re up for now may not be the reality. We have seen many cases over the years where would-be renovators end up standing inside a project house looking like bunnies caught in the headlights. Be honest with yourself, when you say, “I’m happy to do some work”. Do you really mean, “I don’t mind painting the walls but knocking one down and doing any kind of building is a little out of my depth”?

4. I’m not in any rush

Now we wouldn’t say searching for a new home can become addictive, but it’s funny how you start off with intentions of not rushing – and then suddenly that changes.  You avidly check any new listings daily. Okay, maybe hourly – to try and get in there first. Calling the agents quickly to arrange a viewing because you don’t want to miss out by only sending an email. Pretty soon you’re ‘not in any rush’ mentality is replaced by a quest that you can’t seem to walk away from.

5. The house will still be available in a few days

Or will it?  We would love to tell you that you have some thinking time after a viewing, time to see other properties and check out the location, but the fact is, in the current market, waiting is a sure-fire way of missing out on a property you love.  Houses are flying right now, but that doesn’t mean you should make a rash decision.  Try and do your research on the location and similar properties and understand what it is exactly that you need, so that when you attend a viewing on a property that gives you the overwhelming feeling of being your future home, you are ready to act, and act fast.

Buying a home

Whether you’re a first-time buyer or just unsure about the best way to start your property search, our team at Century Residential are always here to help.  We know the area intimately and can help you drill down to what’s important in your next home. As well as explaining the best way to approach the sales process.

Are telling yourself the classic fib ‘you can do this on your own’? Let us show you the difference it makes to have a great local estate agent by your side. Give our team a call today on 01634 570057.

Content contributed by The Federation of Independent Agents.

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