A party wall refers to the adjoining boundary line common to two adjacent buildings or property investments. A dispute occurs when one of the owners serves that they intend to undertake building works but the adjoining party objects to the work or fails to respond to the notice.
Party wall disputes are nothing but a pain in the butt. Moreover, they halt renovation or upgrade work which can render the parties at a costly situation. When faced with one, here are some tips to live by.
Have you documents and legal papers at the ready. – When it comes to these disputes there will always be documents and important papers involved such as contracts and titles to the property. These have to be gathered and presented. What’s a case without evidence, right? Do not withdraw any important information nor falsify any document. Those are considered as punishable acts under the law.
Knowledge is power. – There are many rules, regulations and legislations when it comes to real estate properties as well as the renovations, demolitions and construction. Educating yourself is one of your best weapons out there. It helps you both protect yourself in the case of adverse situations and guides you in avoiding the mistakes that could lead to or worsen a claim.
Hire a professional for help and guidance. – These matters will always call for a sound professional and expert advice. Not everyone is versed, knowledgeable and trained with matters like these and dealing with it all on your own can prove to be very challenging or even damaging. There are professionals out there who are trained and seasoned to handle these cases. Don’t hesitate to call them for help. It will also be beneficial to perform preventive measures by hiring an expert to oversee construction projects and ensure that party wall disputes do not arise.
Never undermine and overlook notices. – Should one party receive a memorandum or notice to cease construction due to lack of proper oral and written dialogue then the party should abide especially if such claims are valid. The same is true should you receive a construction notice. Act on them immediately but remember that all parties involved must be respectful for moral and legal reasons.
Don’t ignore the power of communication. – Hand out construction notices to neighbouring establishments when you’re seeking to work on a project. At the same time should one receive a certain notice giving information about a future construction then one should respond immediately. Quickly respond to these notices. Many problems can be avoided with proper communication. Handling a property investment is already tough on its own. Let’s not make it more tedious.
When purchasing UK investment property for sale or in any other part of the world in general, a survey is a must. If anything, it’s a necessity and making do without one is a surefire recipe for disaster. It’s like signing up to one’s doom. Tragic and silly as it may sound but it is.
Buyers and investors benefit a lot from hiring a chartered surveyor to look into an asset. It may be deemed an expense but it’s a cost that’s worth it anyway and makes a purchase far more effective and successful. But why? That’s what we’re about to discuss today.
By definition, a survey is the procedure by which various features and details of a real estate property are examined and assessed to identify its current potential and numbers. It’s used to not only validate seller-given information but also to uncover more important details about a property that may not have been available. These two are perhaps the most important benefits that one can derive from having investment properties for sale UK surveyed.
Among the many things that will be included in a survey report are as follows:
Remaining useful life – an estimate of how long the property at its current condition will remain to be functional and of value
Current market value – the price by which a seller is willing to sell and a buyer is willing to buy in the market
Ongoing costs – regular or periodical repairs and maintenance expenses spent on the asset after its acquisition that are necessary for its upkeep
Title and ownership – validating if the sellers have the right to trade the property and if there are any liens or encumbrances on it
Construction materials – what materials were used in the construction of a certain structure or building
Depreciation – how much value the asset loses per period over the course of its useful life
Appreciation potential – how well various factors can affect the increase in the asset’s value over time
Safety and security – crime rates of the neighborhood as well as the likelihood of natural disasters and accidents like flood, fire and hurricanes
Previous uses and/or owners – details on who made use of the property and what it was used for
Construction and renovation history – what additions or changes were made to the original structure since its erection
Land/building quality – if the land is fit for construction of a particular structure
Property condition – the current state of the investment property as of the present
All that and more will be uncovered and/or validated once the UK investment properties for sale are surveyed. Find out more at singerviellesales.com/properties.
Property auctions are a great avenue by which to score great investment opportunities. They are high intensity and competitive public sales that involve aggressive bidding but despite its seemingly intimidating concept, it has allowed many investors to acquire assets at amazing deals with some at a price lower than the asset’s current market value. But because it deals with a lot of external factors, any investors must be well prepared before even participating in one. Part of such preparation is knowing what it is to avoid and what not to do during property auctions. That said, the following list might be of interest.
Bidding Without Doing Your Homework
Before you bid, see to it that you attend a few auctions first just to observe. Learn the ropes beforehand and don’t jump out of the plane without a parachute. It’s fatal. In connection, make sure to understand and be well aware of the processes and requirements that go in property auctions. You have to prepare yourself by reading up and gaining knowledge. Get to know the seller and auctioneers. Check out and understand the terms, policies and procedures.
Failure to Establish a Maximum Spending Limit
Before heading out to the auction, establish the maximum amount that you should spend. Don’t feel overwhelmed and bid on sheer abandon of logic. You’ll lose by default. Before stepping into the field, see to it that you have assessed your capabilities and set a spending limit. Never go overboard and see to it that you have such amount on hand.
Lack of Property Validation and Survey
After receiving the newsletter or brochure, run a check and create a shortlist of assets that fit your criteria. Learn about everything you can on these properties. Have it surveyed by a professional. Pay it a visit yourself. It is also important to keep abreast as to how similar assets are currently valued in the market. This should help establish not only your maximum bid amount but also whether or not a certain asset is worthwhile.
Unprepared Finances and Resources
Keep in mind that you cannot just bid. You must first have your finances and resources available and at the ready before you head out to any property auction or risk having to scratch your head in defeat. Prepare your finances beforehand and make sure that they come ready on time for the property auctions. We all know how long it takes to pool resources.
After buying a residential investment property, one of the first things than any homeowner does is to decorate the house. This includes undergoing renovation projects and installing add-on features which will in turn necessitate the need to choose materials.
Speaking of materials, one of the most versatile ones especially when it comes to the kitchen is stainless steel. We’ve seen them around from appliances to furniture to backslashes to countertops and pretty much everywhere. Surely, there’s a reason behind their prominence. Today we’ll discover just that.
So why go for stainless steel in your investment property?
5 Investment Property Tips
It helps expand and create the illusion of space. As it naturally reflects light, it creates an illusion of a larger area. This is extremely beneficial for those with small spaces and would want to add breadth and dimension.
It is easy to maintain. Since it is less likely to crack and usually comes in one solid piece, there are no spots for debris, grease and bacteria to gather in. A cloth or sponge is enough to wipe away the usual mess like food spills, grime and dust. Stubborn dirt can easily be removed with the help of a cleaner or a moistened cloth.
It is extremely durable. It can withstand impact so you don’t have to worry about it splitting in half, breaking or bending as easily. Even if someone sits in or bumps into it, you won’t worry about a possible dent. It is water resistant which makes it rust-resistant too so it’s bound to last longer. It can likewise hold up to high temperature so don’t fret if you forget to place a hot casserole over it. Moreover, it is stain resistant. Because it doesn’t rust, it is less likely to stain or fade off over time thereby increasing both its longevity and visual appeal.
It is hygienic. Since it does not collect debris and grease as much, you are assured that germs will not strive in the room. Don’t we just love it when the home is clean and germ-free? You can finally say goodbye to frequent sick days. Booya!
It is sleek and classy. Stainless steel items fit in easily with many designs and layouts. Whether you go for modern, traditional, rustic, classic or contemporary, you won’t have trouble blending it in for that investment property aesthetic that you seek.
Not everyone chooses to buy a UK property investment. Leases aren’t available for the sole purpose of one’s inability to personally acquire one. At times, renting is practical such as when the users only expect to stay for less than five years or when location is convenient and brings in a lot of benefits; case in point, retail units.
But what happens if your lease contract is about to expire? More so, what should you do in case the landlord has been showing signs of wanting to increase the rental rate? Plus, what if another tenant has been wooing the landlord to give them the space? These are pretty tough circumstances but there’s always a workaround.
ON RENTAL INCREASE
Find out about the reasons behind it. Chances are the landlord has had the asset undergo a rent review. Most likely, the property’s worth in the market has increased. But that’s only one of the many possible causes. Don’t hesitate to ask and respectfully insist on seeing the documentary evidences.
Know how much the asset is worth in the market. This will demand research on your part. How much do similar properties in the surrounding area cost and how good or bad is the current state of rental vacancies? Knowing these things will give you a card later on when it’s time to bargain.
Extend your lease. Another way to convince your landlord to let go of or at least defer the increase for much later would be to extend your contract. If you’re planning to stay anyway, have the initiative for it. This shows your sincerity and tells the landlord that you’re for the long term. It also pays to be a good tenant.
Communicate effectively and timely. The earlier you do so then the more time you have in your hands to work in convincing your landlord to let you extend the lease and/or stay at the current rental rate. Good dialogue coupled with a smile work wonders. Be friendly about it and don’t act like a proud entitled brat.
Be a good tenant through and through. If you pay rent on time, do your fair share of repairs and maintenance as stated in the contract, follow rules, maintain peace and harmony with other tenants and keep the property in perfect functioning condition then you can use this for some leeway. Good tenants are pretty hard to find these days and landlords will cling to them. Be that UK property investment tenant that’s hard to let go.
A residential property investment may be made of steel and concrete and other sturdy materials but it’s still volatile and sensitive just not in the most literal sense.
The real estate industry is affected by various factors and their combinations. It can be good or bad and sometimes so significantly moving that they can drastically pull up or drag down an asset’s value.
We’ve all heard of the various means by which investors, owners and landlords can improve their residential property’s value in the market but how about the things that can drag it down? That’s what we’ll be discussing today.
Negligence – Lack of adequate and timely repairs and maintenance can easily devalue a residential property. Simply put, this hastens the wear and tear process. Just because the house looks fine doesn’t mean it is. Look beyond the surface too.
Procrastination – Don’t put off repairs or improvements for later no matter how small or seemingly harmless they appear to be. Remember that smaller problems are easier to solve. Don’t wait until they aggravate.
Economy – This one is one of those factors that owners can rarely do something about. When the economy is slow, it’s likely that homes reduce in value due to the decrease in demand.
Danger – Safety and security are very important aspects when choosing properties to invest in so the lack thereof or threats against it will surely reduce the numbers. Danger can mean many things such as crime rate, location or likely occurrence of natural disasters.
Weather – When the residential property is situated in such a way that it often gets struck by natural disasters like typhoons, floods and forest fires or suffer from extreme weather conditions for the majority of the year (e.g. too cold, too rainy or too hot), market values tend to go down as well.
Neighborhood – Neighbors, whether likewise residential or commercial, can likewise affect a property. Nosy, noisy and bad neighbors tend to suck the life out of any asset, finance-wise. Why? They drive away demand.
Defect – Last but not the least, defects or poor functionality of a residential property investment will hurt its potential. This brings us back to the topic of negligence and procrastination. The gravity of the defect will also affect the severity in value decline. Some flaws may be easily fixed while others will cost significantly especially if they pertain to major aspects of the house.
Renting a property investment comes with its purposes and benefits but to truly make the most out of it, one has to know proper tenant etiquette. With that said, take a look at the following do’s and don’ts to renting out a property, residential, commercial and industrial alike.
Do find a rental asset that suits your needs. It would be silly and completely futile to rent a space that does not fit your purposes for it. Not only will that waste money but it sure won’t live up to its potential.
Don’t forget to read and understand the contract. Before saying yes and signing your name, be sure that you read the fine print very carefully and that you completely understand and agree to each and every clause. You wouldn’t want to be bound to something you cannot or do not want to commit to.
Do get to know the neighborhood. Location is important but the neighborhood is too. No matter how adequately situated the asset is, if the surrounding establishments or people who live and/or use the properties around you don’t fit the bill then you better look somewhere else.
Don’t drill and nail on walls. Most rentals do not allow its tenants to drill on the walls or hammer nails into them. This is why it’s best to check the contract or ask your landlord about this. If you do so and it’s against the terms of the contract then you will be given fines and penalties.
Do perform your end of the bargain. Pay up on time. Nobody likes tenants who fail to pay up their rent for whatever purpose. Not only do you get on your landlord’s nerve but you also risk yourself from getting an eviction notice.
Don’t trash the property. First of all, it’s not yours so you cannot just go about doing what you want with it. Taking care of the space is part of leasing it. Any updates or renovations done must always be communicated with the owners beforehand. Depending on the rental agreement, the costs of repairs and maintenance varies. It can be the landlord’s, yours or both.
Do report any issues immediately. If something’s up with the property investment such as busted wiring and plumbing, damages, noisy neighbors or any other concerns, be sure to voice them to your landlord as soon as possible. Don’t wait out and procrastinate.
For entrepreneurs and business owners, there’s always this constant push and pull of ideas. Which option to pick? What should we do? How do we achieve this goal? The questions go on and on. One of these queries that must be addressed as something to do with real estate assets. Should you buy or rent a commercial property investment UK?
The answer: It depends. There’s no cookie cutter solution to this because every company varies. Each one is unique in their needs no matter how similar they may appear. But to help you out in deciding and weighing which among the two you would go for, we came up with the following list of situations that benefit each alternative.
Option #1: Buy a commercial property investment in UK
Permanent Space – If you want something that’s more permanent and which you foresee having to use for a long period of time then buying can be wiser. It also provides permanence so you need not worry about a lease contract expiring and having to move out should the landlord want something else to do with the space.
Adequate Resources – If you have the means to buy then you can go ahead and acquire. There is more to owning this type of investment though so proper computations and careful analysis must be done beforehand.
Cost-Effective in the Long Run – As time passes by, renting can become financially expensive especially considering the fact that ownership does not transfer to you. When you buy and own the property, you can eventually resell it for a profit if and when your purpose for it expires.
Option #2: Rent a commercial property investment in UK
Temporary Space – If you need something that’s temporary, renting is more cost effective. You won’t have to spend as much in terms of repairs and maintenance. Plus, majority of rental units are situated in prime locations with heavy foot traffic.
Limited Budget – Investing in a commercial property is costly both upfront and as time passes which makes leasing the choice for entities that do not have the adequate resources for it.
Startups and Small Enterprise – Many same to medium scale enterprises and startups opt to rent, for some at the time being, because they do not have adequate assets to garner a loan to buy a permanent space commercial property investment in UK yet.
Looking for an investment property for sale in UK? Don’t know where to start your search? Well today is your lucky day. You’ve just come across the perfect place in the face of the internet because we’re about to lay down all the facts and information on where you can consider looking. We’ve left no stone unturned.
This can’t get any more obvious than it already is. Look around you and you’re likely to find a sign or huge ad that says “for sale”. It’s an old trick but it still works. Apart from it being cheap, sellers take advantage of passersby who happen to spot the asset on their way home to and from work. So keep your eyes peeled open for all those signage. You never know.
Print will never cease to have its charm which is why you can still spot a good number of ads on newspapers and trade magazines. Check out the classified ads section and you’re bound to find a lot of prospects. You may also want to check out the poster areas in your community or local coffee shop or bookstore.
Auctions, both actual and digital in format, are a great way to find good deals. In fact, it’s possible to score a property for lesser than its market value. Of course that comes with the right cards to play as well as adequate preparation prior to the auction.
World Wide Web
It’s the modern age so you’re bound to find almost anything, if not everything, with the help of the internet. A few clicks of a button and you’d be filled with thousands of options. There are many real estate websites as well as online listings and even auctions where you can find the investment property you want. Add in the specific location you prefer and you can further narrow down your search.
Word of Mouth
Last but not the least, you can find an investment property for sale in UK by word of mouth. Never discount the power that a good referral or recommendation can bring. A neighbor, a friend, a colleague or a relative can point you to the right place. If you’re on the lookout, it doesn’t hurt to ask around if people know of any assets up for grabs.
Commercial property auctions serve as a great avenue for investors and sellers alike. Although competitive in nature, it’s possible to score a sweet deal. In fact, many buyers are able to sweep assets for lesser than what they would have been sold for had they been traded in the usual course of things.
But auctions aren’t that simple. It’s not enough to make the highest bid. There’s a lot more that goes with it and being the highest doesn’t always mean winning. But if success is what you seek, the following reminders should do you good.
Understand the procedures and requirements involved. – Don’t go blindfolded. You can’t feel your way through without prior knowledge otherwise you’ll see yourself at the losing end.
Acknowledge that not all auction houses are the same. – Procedures and requirements can vary so be sure to check every time you plan to participate in one. Don’t assume that they’re all the same because they aren’t.
Prepare your financing ahead of time. – You are likely going to be asked an upfront security deposit and down payment upon winning a bid. You need to be prepared otherwise the battle you fought would be futile.
Run a background check on the properties you’re interested in. – Research about them and even pay them a visit. You cannot acquire or bid for something that you haven’t checked up on. That’s just ridiculous.
Have a chartered surveyor validate and uncover facts. – Call in a professional to help you assess and examine the property. Brochures and newsletters are likely to be handed out weeks before the auction so you have all the time to do this.
Play your cards as close to your chest as possible. – Never divulge your interests to anyone. Not to the sellers and brokers and most especially not to other bidders. They can use the information against you.
Set a spending limit so you don’t go overboard. – Offering to buy an asset for far higher than its current market value puts you at a loss. Don’t let your emotions get the better of you. To avoid engaging in a useless bidding war, set a spending limit for yourself beforehand.
Don’t bid on your first auction. – This may sound ironic to you but it has its merits. Experts suggest for you to observe rather than participate during your very first auction. It helps you understand and learn at a personal and interactive point of view. Commercial property auctions are in a way a battlefield. Think of this as benchmarking.