Outsourcing your property management can offer valuable time savings and lifestyle flexibility, reducing your stress levels.

Imagine having more hours in your day to focus on what you love, or perhaps expand your property portfolio. You don't have to worry about daily operations, like collecting rent or fixing leaky faucets. That's all taken care of.

Moreover, you get to lead a less stressful life. You're no longer on the hook for emergency repairs or dealing with difficult tenants. These challenges are handled by professionals who've seen it all before. You're free to relax, knowing your investment is in good hands.

Flexibility is another key advantage. Maybe you live far from your rental properties, or perhaps you like to travel. With a property manager, you're free to roam without worry. They're on the ground, dealing with issues as they arise.

Leveraging a Property Manager’s Expertise and Systems

When you enlist the help of a property management company, you're gaining access to their expertise and well-established systems. These companies have a deep understanding of local property laws, tenant rights, and real estate market trends. They have fine-tuned their operations over the years.

Some specialize in commercial real estate, while other companies like All County Property Management focus on managing residential properties and maximizing rental property revenue.

As an investor, you're leveraging their years of experience and knowledge, which can be invaluable when dealing with complex property management issues.

Property managers have well-established procedures for handling everything from rent collection to maintenance requests. They have connections with vendors and contractors, which can result in cost savings for you. And they utilize advanced software and technologies to enhance efficiency and accuracy in their work.

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Financial Optimization Through Outsourcing

You can say goodbye to the time-consuming tasks of managing rentals, handling maintenance issues, and dealing with financial paperwork. A property management company takes these chores off your hands, freeing up your time and reducing your stress.

They're both time- and money-savers. With their established relationships with contractors, they can often get volume discounts on maintenance and repairs. They'll monitor your expenses carefully, implementing cost-control measures to keep your budget in check.

They also use their specialized software and technology to enhance the efficiency of your operations. From collecting rent to handling maintenance requests, these systems streamline every aspect of property management, saving you both time and money.

Enhancing Tenant Relations

A robust property management company can serve as a vital conduit between you and your tenants. Their expertise can bridge the gap, ensuring smooth communication, and fostering a strong relationship.

Their role isn't merely transactional; they're your representatives, bringing a professional touch to your investment. They handle tenant queries, complaints, and maintenance requests, saving you from the stress of being continually on call.

Their knowledge of the property sector can be instrumental in maintaining a harmonious landlord-tenant relationship.

In the long run, these factors can contribute to:

●      Improved tenant retention: Happy tenants are more likely to renew their leases.

●      Timely rent payments: Professional handling of rent collection can lead to more punctual payments.

●      Reduced conflict: Having a property manager as a go-between can minimize disputes.

●      Positive reputation: Good tenant relations reflect well on you as a landlord, attracting quality tenants in the future.

Scaling Property Portfolio Efficiently

As your property investments grow, outsourcing to a skilled property management company becomes a strategic move, enabling you to scale your portfolio efficiently without the added stress of managing multiple properties.

You're then free to focus on broadening your investment horizons, rather than getting tangled in the nitty-gritty of daily operations.

A key advantage of this strategy is that property managers can manage multiple properties simultaneously, ensuring consistent quality of service across the board. They have the systems, processes, and experience in place to handle the demands of a growing portfolio seamlessly.

So, you get to expand without taking on the burden of managing more properties.

This approach also optimizes your operations and finances. As mentioned previously, property managers streamline all aspects of property management, from rent collection to maintenance requests.

They're known for their ability to monitor expenses closely and implement cost control measures, thus improving your operational efficiency and profitability.

Property and Financial Protection

With outsourced property management, you're protected from rogue tenants causing property damage, late payments, and even no payments.

Professional accounting services, often included in the package, keep your finances in check, providing regular reports and documents for tax filing.

If you ever need to evict a tenant or face a court case, experienced property managers are adept at handling these situations, saving you time and money.

Detailed Services by Management Companies

Here are some of the extensive services that property management companies typically provide:

Tenant Management

They handle all the tenant-relations tasks, from screening potential tenants to handling lease agreements, rent collection, and even eviction procedures. They serve as the main point of contact for your tenants, saving you from potential stress and time-consuming conversations.

Maintenance and Repairs

They take responsibility for keeping your property in top condition, arranging routine inspections, and scheduling necessary repairs or improvements.

Legal Compliance

They ensure your property adheres to all local and federal regulations, reducing your risk of legal issues.

Financial Reporting

They provide regular, detailed financial reports, giving you a clear picture of your property's performance.

These professional services offer you the peace of mind to invest and grow your portfolio without dealing with the day-to-day challenges of property management. So, you can focus on what you do best—making strategic investment decisions.

Benefits of Outsourced Accounting

Outsourcing your property management accounting can significantly streamline your operations and give you peace of mind. Here are some key benefits:

●      Reliable and accurate financial records: You'll have precise, up-to-date data at your fingertips.

●      Tax compliance: They can ensure you're meeting all tax obligations, avoiding penalties.

●      Cost-effective: You'll save on the costs of maintaining an in-house accounting team.

●      Expert advice: They can provide valuable insights to improve profitability.

●      Scalability: As your portfolio grows, it can easily handle the increased workload.

Customizing Property Management Services

Instead of a one-size-fits-all approach, you can pick and choose what services you need.

Maybe you want a hands-off experience, with a property manager handling tenant communications, maintenance requests, and inspections. Or perhaps you prefer a more active role, managing some aspects yourself while outsourcing others.

Whatever your preferences, reputable property management firms offer flexible solutions. You're not stuck paying for services you don't need or want. The best firms work with you to create a custom management plan that matches your unique needs.

Impact on Investment Returns: A Summary

Outsourcing property management can significantly boost your investment returns in several ways.

1. It can lead to higher occupancy rates. A good property manager can attract and retain tenants, reducing the cost and income loss associated with vacancies. They'll screen tenants thoroughly, ensuring you get reliable ones who pay on time, thus ensuring steady cash flow.
2. Property managers can maintain, and even increase, your property's value. By staying on top of necessary repairs and improvements, they ensure your investment doesn't depreciate due to neglect.
3. Effective property management can lead to increased tenant satisfaction. A satisfied tenant is likely to renew their lease, providing you with stable, long-term income.
4. Outsourcing property management frees up your time. You can use this extra time to focus on strategic decisions and expanding your investment portfolio.
5. Property managers often have access to volume discounts from contractors and suppliers, which can reduce your operating costs.

Selecting the Best Management Company

Not all property management companies are created equal. You need to do your due diligence to ensure you're partnering with the best. Here are some key factors to consider:

●      Reputation: Look for a company with a solid track record. Check online reviews and ask for references.

●      Communication: You'll want a company that communicates effectively and efficiently. You should feel confident in their ability to handle issues promptly.

●      Services: Make sure the company provides all the services you need. This can range from tenant screening to routine maintenance.

●      Fees: Understand the fee structure. It should be transparent and fair.

Property Management Pricing Models

Here are the common pricing models you're likely to encounter:

●      Percentage of Rent: This model involves paying a fixed percentage, usually 8-12%, of the monthly rent collected.

●      Flat Fee: Some companies charge a flat fee per property managed, regardless of the rent amount.

●      Hourly Rate: Here, you pay for services on an hourly basis, a model that's often used for limited services.

●      Project-Based Fee: This involves a one-time fee for a specific project.

●      Mixed Model: Some companies use a combination of the above models.

Wrapping Up

Hiring a property management company can be a smart move for investors who own rental properties. It can save you time, help you get along better with your tenants, manage your money more efficiently, and make it easier to add more properties to your portfolio.

The professionals can take care of expenses, legal matters, and tenant management. These companies offer a range of services that can be tailored to what you need. This can boost your profits, help maintain the value of your property, and keep tenants happy for the long term.

However, it's important to pick a reputable management company that communicates well, is clear about fees, and offers all the services you need. There are also different ways you can be charged, so you can find an arrangement that suits you.

One of the hardest things to do is stop yourself from spending money. We've all been there and it's incredibly hard to be frugal and save money when we live in a world encouraging you to buy everything and buy it now.

What is impulse buying?

Impulse buying is the concept of purchasing something you hadn't intended to. This is normally a purchase made in the spur of the moment, which can be categorised as sudden or unplanned.

It can be seen in products such as chocolate, clothes, mobile phones or tablets, and even big-ticket items such as cars or jewellery. The decision to buy a product such as this is sometimes irrational therefore, marketers will tap into this to try and encourage sales.

What are examples of impulse buying?

The simplest example is buying chocolate when you're food shopping. It's not something you need, it's not necessarily on your shopping list, but it's something you might pick up when shopping due to a series of triggers. You could have had a bad day, or you could be feeling a little down, why not have some chocolate to perk you up? It's as simple as that. 

How do I stop impulse buying?

It's difficult to stop yourself from impulse buying in these situations so here are several ways to stop yourself from buying:

#1 - Stick to your shopping lists

This seems simple, but we all make emotional decisions. We've all been in our local shop with a shopping list in hand and picked up something extra because we're a bit hungry, or maybe we're feeling tired and picked up something like an energy drink. The answer is to stick to your list. Make sure you take a list and outline what you need. 

#2 - Stop and think before purchasing

Sometimes, the simple things work. Let's say for example you're stood looking at a new TV. You may already have a TV, but there is a great deal on this TV. It's better than the one you have, it's bigger, it's got a better screen, it has built-in apps. You want this TV, but let's stop and think for a moment. Sometimes, we all need to take a moment and just really consider whether you need the product you're looking at. It may be shinier, it may be bigger and it may be a great deal, but you don't need it. Sometimes all we need to do is stop and think about the product we're looking at. Do you need it? It doesn't have to be a TV, it could be a chocolate bar, it could be a laptop, maybe a new smartphone. The reality is in a lot of cases, we don't need it, we want it. These can be large outlays, even chocolate bars these days aren't cheap! So stop and consider the impact this will have on your budget, what does that mean for the rest of the week or month? Yes, you could have a new shiny TV, but would that £300-500 have gone further elsewhere in your budget?

#3 - Set yourself some rules

The shopping list rule helps when you're out at the shops, but when you're at home scrolling on your phone and see some clothes on sale, or maybe a new video game, how do you stop yourself from impulse buying? A good rule is a 24-hour rule where instead of making a snap decision at the moment, tell yourself no. Wait 24 hours and reflect on the decision to buy the product. In most cases, the time will allow you to take a moment and make the decision that you may want said product, but you don't need it. Perhaps the sale on the clothes you want may be a good deal, but do you have the money to spend on it?

#4 - Avoiding temptation on social media

Most people these days use social media, I'm sure we all sit scrolling our phones for an hour or two a day. We all get served ads on social media, it's just part of using it. However, one thing social media does is encourage you to follow people, they may be famous, or they may be someone involved in something you enjoy. We all have hobbies, we all have interests, and we'll all follow people on social media as a result of that. That means that these people we follow will be on our timelines pushing products as part of those hobbies and we can all be influenced by this in some way shape or form, sometimes, it's completely unintentional. You could enjoy reading and follow someone who suggests books to read every month in a book club. That encourages you to spend money every month on a book. It may not sound like much, but if a book is £10, you could be spending £120 per year. The best way to stop impulse buying here is to unfollow those tempting accounts. It's a shame to stop following, but the reality is you need to protect yourself and your impulse buying habits from yourself. 

#5 - Create long-term goals

We've spoken a lot so far about short-term solutions. Now we talk about the long-term solution. What does impulse buying stop you from being able to do? Impulse buying stops you from saving money to put towards long-term saving projects such as buying houses. In order to get a mortgage, you would need a deposit which is no small amount of money to most people. If you have a long-term goal such as this, it can help you when taking the previously suggested steps. Instead of buying that new TV, stop and take a moment to consider that the expenditure could put you back in your goal to save for a deposit. 

Save your money!

One of the main reasons to stop impulse buying is to save your money! It's boring, it's hard but ultimately, saving your money in the long-term will be more gratifying than the short-term gratification of impulse buying. It also means that should something happen, let's say your boiler breaks down, it means you have the cash available to cover that cost instead of having to borrow to cover it. 

Financial discipline is difficult, and it's incredibly hard to stop yourself from impulse buying. But by using the steps above you can stop yourself from spending money you didn't expect to, and instead spend it where you need to!

AA research suggests that after three years, a car will have depreciated by 60% from its original showroom price tag, and that is if the car is averaging 10,000 miles per year. The biggest losses come in the first year however, with a deduction of around 40% being made by the end of the first 365 days. Obviously, there are different ways of putting the brakes on depreciation. Keeping the car clean, regular servicing in accordance with manufacturer’s guidelines, and one eye on the mileage gauge, will all go a long way in reducing potential losses. But is there another option to consider?

However, when the hypothetical family from number 28 parade the street in their new Mercedes A Class, doing somewhat of a victory lap, Google is just seconds away as we scout our next big purchase.

Funding the initial payment

In reality not everyone has tens of thousands of pounds kicking about in their spare bedroom. With PCP, the payment is broken down into three major chunks.

Firstly, you’ve got the initial deposit which is usually 10% of the car’s showroom value. Secondly, the monthly payments which will include enough to cover the depreciation costs incurred throughout the contract. Finally — and this is where things change once the final payment of the contract has been made, you get the option to either return the car or take a new one on a new contract. Or, you can pay a balloon payment and then the car is yours.

Another option is taking out a PCP lease - the monthly repayments are significantly lower than they would be with a finance deal. The option then presents itself is to drive a car that you would initially have deemed to be significantly out of your price range. Therefore, if you don’t have a big deposit and want lower monthly repayments, then this might be exactly what you’re after.

Personal Contract Purchase

A personal contract purchase (PCP) is proving itself to be a popular option amongst those who pick finance, with 78% of those choosing the agreement. Admittedly, it goes against everything our parents have told us to do, in regard to owning our own car, but if you can battle those initial demons, then we’re here to show you why this might be for you.

The beauty of PCP, particularly if you don’t use your car for your daily commute, is you can effectively buy a weekend car. When purchasing a new car outright, you are restricted by the constant reminder that you will have this car for the foreseeable future. With PCP, you can buy the car that caters exactly to the needs of your evenings and weekends. For example, an SUV if you go camping with the kids most weekends throughout the summer, or a two-door roadster, if your Sundays are filled by coastal runs. And, if your circumstances do change, you can simply exchange the car.

Not only has PCP offered motorists a car they would never have been able to otherwise afford, it has in some sense saved the British car market. For the past three years, the number of new car sales in the UK has stayed above 2.5million units per year, in comparison to 2011 when it was only 1.9million.

Premium brands such as Audi, Mercedes, BMW and Jaguar Land Rover have all performed outstandingly through the system. This is due to the fact these cars hold their value better, and therefore depreciation is less, ultimately benefiting both dealer and driver. Mercedes reported a 100% upturn in UK sales since 2010.

Mileage

Congestion charges, heavy traffic, and the cherry on the top of the cake — parking. Three reasons many drivers in the UK have steered away from the daily commute in the car and opted for public transport. A decade ago, our decision when purchasing a car will have depended hugely on our day-to-day usage — but when that isn’t the same, why should the choice be?

The average annual mileage of a car in the UK is 7,900. One drawback of renting your car through PCP is that is that when initially taking out the contract, you are given a mileage restriction and if you exceed this, you will be penalised. If, however, you would consider yourself to be one of those average UK drivers, then PCP offers no qualms. The opportunity to purchase a new contract once your current one is up means you aren’t going to have spent your days driving around in an old car with high mileage.

In summary, with more and more dealerships offering customers the opportunity to own a new car for £99 a month, when their total gym membership and mobile phone contract equates to more — well, it’s a no brainer.

Sources:

https://www.ft.com/content/0e651206-0ee1-11e7-a88c-50ba212dce4d

https://www.thinkmoney.co.uk/news-advice/what-is-the-average-miles-driven-per-year-in-the-uk-0-8581-0.htm

https://www.lookers.co.uk/finance/pcp/

http://www.theaa.com/car-buying/depreciation

https://www.autoexpress.co.uk/car-news/90794/pcp-personal-contract-purchase-car-deals-explained

https://www.telegraph.co.uk/money/consumer-affairs/should-rent-next-car/

It would seem that the dawn of the electric car is finally upon us, with the Tesla Model 3 recording the third biggest number of UK registrations in August.

Figures from the Society of Motor Manufacturers and Traders (SMMT) show that the model muscled its way into the top 3 with 2,082 units registered in that month.

Well, it’s fair to say that more than a pinch of salt is required when assessing the reasons behind such a sudden ascent.

On the face of it, the model’s growing popularity surpassed that of household models including the Ford Focus, the Vauxhall Corsa and the Mercedes-Benz A-Class, with only the Ford Fiesta and the Volkswagen Golf having more registrations in the month.

For a car that only began production in 2017, it’s an impressive effort. Furthermore, it would seem that the rise of the Model 3 has had an impressive impact on EV registrations overall, with sales of battery electric cars almost doubling year on year in the 12 months to August, from 9,000 in 2018 to 17,393 this year.

So, has the electric dream finally been realised and should you now be considering EVs for your next car? Have you got that salt handy?

As ever, it’s all about context. The current trials and tribulations faced by the motor sector have been well documented and it’s perhaps here where the real reasons for the Model 3’s impressive August SMMT figures lie.

The numbers show that the market as a whole saw new registrations dip by 1.6% to 92,573 in August. However, the context to bear in mind here is that August is traditionally a quiet month for registrations as the market’s emphasis shifts to the new September number plate. However, that doesn’t account for the 1,500 fewer registrations in August compared to the same month last year.

So how is Tesla bucking the trend? Has the EV manufacturer weathered the choppy seas of negative PR, only to be welcomed onto dry land to a cacophony of positive headlines?

Not quite. Those journalists perceptive enough to understand how registrations work and the delays that have dogged the production of the Tesla Model 3 have a slightly different take.

The model is perhaps making up for lost time. James Baggot, founder of Car Dealer Magazine, put it best when he said: “It’s worth noting that the SMMT registration figures relate to cars registered, not sold, in the month. Most Tesla Model 3 buyers put down their deposits years ago, so this is simply Tesla finally delivering a car they promised back in 2016.

“This was effectively the first full month of deliveries for the Model 3 in the UK. It has also caused an abnormal blip in the SMMT stats – electric cars are up considerably, but it’s unlikely to be something that will continue.”

So, with current market conditions perhaps flattering the Model 3’s perceived popularity in August, we may have to wait a little longer until the electric revolution is truly upon us. And, of-course, while pure-electric sales are on the up, they only represent a tiny 1.1% minority of annual car sales.

Owning a vehicle one genuinely wants to drive is frequently a fantasy for some. Extraordinary Cars was built up to assist those fantasies to work out as expected. Since its beginning in 2003, exoticcars.ae have been leaders in the UAE in the business of fresh out of the box new just as pre-owned cars, having a place with extravagance, sports and colorful classes.

However, it can be said that the industry has made huge strides in 2019. Car makers are now beginning to catch up as the pressure to move away from fossil fuels continues to mount, suggesting that prices for electric cars could also begin to fall.

Jaguar’s I-Pace sports utility vehicle won the world car of the year award this year, Nissan is finally beginning to talk about its new EV cross-over following the huge success of the Leaf, BMW has high hopes for its new electric Mini, while Volkswagen has been spotted testing its all-electric ID 4 SUV, one of the first EV’s in its much talked about ID series.

With Government emission targets not going away, the pressure on the industry remains. It will be interesting to see whether Tesla can stay in the headlines, for the right reasons.

A good credit score provides you with so many benefits, such as reasonable interest rates, faster loan approvals, and suitable insurance policies. Nearly 70 million Americans are suffering from bad credit because repairing your credit requires a lot of time and self-control. So, what is the best way to improve your credit score in no time? The answer is simple – buy a tradeline.

But, in order to understand how to improve your credit score by using a tradeline, you need to understand the term “tradeline” first.

What are tradelines?

A tradeline is basically any account appearing on your credit report. A tradeline keeps a record of creditor’s information to calculate his credit report. You can mutually benefit from someone with positive credit history and improve your credit score if he adds you as an authorized user (AU).

Most people ask their family and friends to add them as their AU, but if you want a quick improvement to your credit score, you can add users with exceptional credit history as an authorized user. These AU provide positive data regarding:

• Payment History
• Amount owed
• Length of history

Fair Isaac Corporation (FICO) places a credit score in 5 different grades.

• 720-850 Excellent
• 660-719 Good
• 620-659 Average
• 580-619 Below Average
• 350-579 Poor

Buying 2-3 seasoned tradeline can help you jump to a 720-850 credit score in a month.

What will a tradeline help you achieve?

A tradeline helps you improve your credit score so it will reap all the benefits a good credit score enables you to achieve. Without a good credit score, you will have limited access and services of your credit card, loan plan, and a higher rate of mortgages. In short, you will have to end up paying more money than usual.

But good tradelines on your account will help you achieve a credit score of 750 or higher in no time. When you buy an authorized tradeline from someone like Personal Tradelines, you are added as an AU to one of their credit card accounts, and it takes only 25-30 days to get your credit up to a good score.

Common mistakes people make when buying Tradelines

·         Having no idea of how tradelines work

The most common mistake people do is buy a tradeline without having the slightest idea of how it works. I recommend that you read all about tradelines and their types before actually committing to buying one. You can also get help and information from tradelines vendors.

·         Buying tradelines in hopes that it will unfreeze their accounts

Tradelines work by adding positive information to your account. If you have fraud alerts or credit freezes on your account, buying a tradeline will not work as new information can’t be posted on your credit report.

·         Understanding the age factor of tradelines

The effectiveness of a tradeline is always going to be relative to how old your own account is and what is in your credit file. For example, if you have a 10-year-old account, an 8-year-old tradeline would not have much impact on it. However, if the account is only 1-2 years old, an 8-year-old tradeline would do wonders in increasing your credit score.

·         Not having an idea of how credit score works

Before buying tradelines, it is vital to know how a credit score impacts your general lifestyle. Because even if you are successful at getting a good credit score after buying tradelines; you will have to follow a particular set of rules to maintain it.

·         Going cheap

Some people go for 4-5 cheap tradelines instead of buying 2-3 seasoned tradelines. It ends up costing you more money, and you are better off buying seasoned or authorized tradelines rather than a lot of cheap tradelines.

Also, a cheap tradeline will not have that much positive effect on your credit report as they don’t have good age. This works against the goal of improving your credit score exponentially.

·         Buying tradelines for shady companies

Unfortunately, there are a lot of companies that are selling tradelines, and it is tough to trust someone random. It is essential to do a background check on a company which includes customer reviews, their ratings, and some money-back guarantee to make that you are getting the best service possible.

With the market for both new cars and used cars ever growing, we are spoilt for choice. Many people, however, have their eyes set on a particular model. Going after your dream car can be an expensive endeavour, but the feeling of driving off the forecourt in your dream car is like no other. Join us to find out how you can afford the car of your dreams without breaking the bank.

Option 1: Credit card

Before going down this route, make sure you speak to your car dealer first as some dealerships do not accept credit card payments.

A benefit of credit card purchases is that your credit card company can give you added protection on the full purchase cost (often as long as the value of the vehicle is over £100 and less than £30,000). Of course, you have to be able to meet your monthly payments too.

If you buy a car in this way, you’ll be allowed to put down an even lower deposit than 10% and pay the remaining money off using a debit card. It’s best to consider all options here, as often the interest that you pay on a credit card could be significantly higher than that of a finance agreement.

Option 2: Hire purchase agreement

This method involves monthly payments with the option to purchase the car at the end of your agreement based on its new value.

The standard deposit to pay when purchasing in this way is 10%, but it is always an option to pay more and have less to pay off later. The rest of the car is then payed off in instalments over a period of one to five years. The longer this period, the less you have to pay each month but due to interest charges, the total cost of the car becomes higher.

Option 3: Personal Contract Purchase agreement

This option is quite similar to opting for a hire purchase agreement. In this scenario, the end value of the car is agreed at the start of the contract, so you can plan your payments accordingly. Payments are often less than what you’d pay in a hire purchase agreement as you pay the full price of the car, plus interest but minus the guaranteed future value of the car. You must pass credit checks before you’re eligible for a PCP agreement.

If you can afford it, it’s a good idea to put down a larger deposit, therefore lessening the amount you have to pay back monthly. Saving a lump sum for a large deposit is easier than saving up for a car, while reduced monthly payments can really help out too. Always evaluate your current monthly payments before you agree to a finance agreement, as being behind on your payments can lead to financial issues.

At the conclusion of your PCP agreement you have two options. You can either pay off the future value of the car to become the full owner, hand back the keys or trade the car in as a deposit for a new finance agreement.

One thing you must be aware of with this agreement is the danger of exceeding the forecasted mileage. If you exceed the mileage on the car, there will be further charges to pay. This is because more miles decrease the value of the car. Also, any damage to the car will be charged to you, so you must be prepared to take good care of the vehicle.

Considering all the options, your dream car isn’t as far out of your grasp as you might have thought. As we can see, there are a range of finance options available to you for purchasing new cars — allowing you to drive that dream car you’ve always wanted without forking out loads of cash. Save up what you can for a significant deposit and always make sure that you can cover the payments before signing any agreements.

First time homebuyers looking to purchase an abode for the future can look to six savvy tips from the conveyancing experts at jmp-solicitors.com.

Here’s a list of savvy tips for first time homebuyers.

1. Decide on a realistic budget

When purchasing a home, the deposit isn’t the only cost you’re going to need to cover. As well as the budget for a deposit, which will be around 5%-20% of the value of the home, there will be a number of initial fees such as the valuation fee and the surveyors fee, as well as the additional parties to pay such as the lender/broker fees (if first time buyer no estate agents fees) and the conveyancer. There is then the fees associated with the mortgage including the booking fee, arrangement fee and mortgage valuation fee. We recommend saving an additional £2,500 on top of your deposit to cover the costs.  Please be aware that if more than one person is purchasing and they have already owned a property then stamp duty will be payable even though the other person has never owned a property anywhere in the world before.

2. Find a suitable conveyancer

It’s important to find an experienced conveyancer who will provide a thorough service when you’re buying a home. Your conveyancer will be able to give legal advice, handle contracts, undertake important searches, deal with the Land Registry, and the transfer of funds. Many estate agents will recommend a conveyancer, but it’s important to undertake your own research to make sure you find the right one for your particular purchase. Ensure that they are certified by either the Solicitors Regulatory Authority or Council for Licensed Conveyancers or the Law Society.

3. Take extra care in filling out paperwork

Miswritten paperwork is a common cause of delays when it comes to buying your home. It is important to ensure you read all contracts in full detail and fill in all paperwork openly and honestly. Any incorrect paperwork could lead to a great deal of legal problems in the future. Taking a little extra caution when filling in forms and applications can save you a great deal of time in the long run.

4. Be patient 

While you may be itching to get into your new home, it is vital that all aspects of the process are dealt with thoroughly. Sometimes the conveyancing process may involve a lot of paperwork and additional enquiries, but it is important to understand that all the legal aspects are being done in your best interest as a first-time home buyer. Aside from conveyancing, the mortgage arrangements, estate agent negotiations and the actual moving in process will also take some time.

5. Uphold good communication with your agents

Ensure you are always kept in the loop with the seller, your estate agent, mortgage advisor and conveyancer. When you have decided on a property, you want the process to be as smooth and hassle free as possible, so don’t be afraid to keep pestering your agents. In the same way, make sure to keep your phone on at all times in case you need to be informed of any major turning points. Additionally, keep up to date with your emails, including checking your junk, as conveyancers will often send over documents via email.

6. Ensure you are fully satisfied with your final arrangements and negotiations

For first time home buyers, you may go into a contract not fully understanding what is in your best interest. Your conveyancer will be able to provide you with the best possible advice to ensure you get the best deal for the short and long term. If at any time you are not satisfied with your agreements, it is vital you speak with your conveyancer and they will endeavour to resolve any issues before it is too late.

A good credit score provides you with so many benefits, such as reasonable interest rates, faster loan approvals, and suitable insurance policies. Nearly 70 million Americans are suffering from bad credit because repairing your credit requires a lot of time and self-control. So, what is the best way to improve your credit score in no time? The answer is simple – buy a tradeline.

But, in order to understand how to improve your credit score by using a tradeline, you need to understand the term “tradeline” first.

What are tradelines?

A tradeline is basically any account appearing on your credit report. A tradeline keeps a record of creditor’s information to calculate his credit report. You can mutually benefit from someone with positive credit history and improve your credit score if he adds you as an authorized user (AU).

Most people ask their family and friends to add them as their AU, but if you want a quick improvement to your credit score, you can add users with exceptional credit history as an authorized user. These AU provide positive data regarding:

• Payment History
• Amount owed
• Length of history

Fair Isaac Corporation (FICO) places a credit score in 5 different grades.

• 720-850 Excellent
• 660-719 Good
• 620-659 Average
• 580-619 Below Average
• 350-579 Poor

Buying 2-3 seasoned tradeline can help you jump to a 720-850 credit score in a month.

What will a tradeline help you achieve?

A tradeline helps you improve your credit score so it will reap all the benefits a good credit score enables you to achieve. Without a good credit score, you will have limited access and services of your credit card, loan plan, and a higher rate of mortgages. In short, you will have to end up paying more money than usual.

But good tradelines on your account will help you achieve a credit score of 750 or higher in no time. When you buy an authorized tradeline from someone like Personal Tradelines, you are added as an AU to one of their credit card accounts, and it takes only 25-30 days to get your credit up to a good score.

Common mistakes people make when buying Tradelines

·         Having no idea of how tradelines work

The most common mistake people do is buy a tradeline without having the slightest idea of how it works. I recommend that you read all about tradelines and their types before actually committing to buying one. You can also get help and information from business tradelines vendors.

·         Buying tradelines in hopes that it will unfreeze their accounts

Tradelines work by adding positive information to your account. If you have fraud alerts or credit freezes on your account, buying a tradeline will not work as new information can’t be posted on your credit report.

·         Understanding the age factor of tradelines

The effectiveness of a tradeline is always going to be relative to how old your own account is and what is in your credit file. For example, if you have a 10-year-old account, an 8-year-old tradeline would not have much impact on it. However, if the account is only 1-2 years old, an 8-year-old tradeline would do wonders in increasing your credit score.

·         Not having an idea of how credit score works

Before buying tradelines, it is vital to know how a credit score impacts your general lifestyle. Because even if you are successful at getting a good credit score after buying tradelines; you will have to follow a particular set of rules to maintain it.

·         Going cheap

Some people go for 4-5 cheap tradelines instead of buying 2-3 seasoned tradelines. It ends up costing you more money, and you are better off buying seasoned or authorized tradelines rather than a lot of cheap tradelines.

Also, a cheap tradeline will not have that much positive effect on your credit report as they don’t have good age. This works against the goal of improving your credit score exponentially.

·         Buying tradelines for shady companies

Unfortunately, there are a lot of companies that are selling tradelines, and it is tough to trust someone random. It is essential to do a background check on a company which includes customer reviews, their ratings, and some money-back guarantee to make that you are getting the best service possible.

This guide will cover the basic and essential information about home insurance policies, so you know where you stand come the unexpected.

What does your home insurance cover?

Most standard home insurance policies cover structural damages, your belongings – as specified in the contract, and liabilities in case of accidents and injuries on your property.

As a homeowner, you have to make sure that you carry both structural and contents insurance, so you'll have lesser things to worry about should disasters like fire or water damage happen.

Typically, home insurance policies also include liability coverage that protects you from and helps you take care of lawsuits and medical responsibilities if someone gets hurts or injures themselves while in your home.

How much homeowner’s insurance do you need?

The amount of your home insurance coverage should depend on what you need and what you want to protect yourself against. That said, three factors usually determine your level of insurance.

1. Lender Requirements

If you're purchasing home insurance as part of your mortgage, your lender will require you to carry coverage of at least the same amount as your mortgage. The reason behind this is pretty much self-explanatory. Your lender will want assurance that if something catastrophic occurs and the property is a total loss, your home has enough insurance to cover the damage.

2. Asset Protection

There are limits to what and how much your premium will cover in case of a disaster or accident. That is why, you need to contemplate on extending it or purchasing riders if you have the money to spare.

Let's say you own plenty of valuable items like antiques, jewelry, or precious artworks. You may choose to have a higher level of contents insurance to protect those assets from loss or theft.

3. Policy Requirements

There are also instances when the insurance company asks clients to purchase specific types of coverage, as they deem necessary. Those who are living in flood-prone areas, for example, may be required to have flood insurance for them to carry a general homeowners insurance policy.

Types of Home Insurance Coverage

Homeowners insurance have four basic types, namely: property, additional living expenses, personal liability, and medical payment insurance. These four, however, are further broken down six different coverages. It is the level of coverage that you need - or want - for each of these six areas that determines your premium.

1. Property damage insurance covers damages to your home caused by fire, wind, or hail. Many policies do not include flood and land movement (earthquakes, landslides, etc.) insurance in their property damage coverage. You may want to consider purchasing separate insurance for those if you think you need them.

• Coverage A is the highest and most important of all as it involves the main structure of your home.
• Coverage B covers all “other structures” or the ones detached from the main building of your home.
• Coverage C covers personal property or the contents of your home in case of loss or theft.

2. Additional living expenses insurance or Coverage D.

• Coverage D covers expenses you may incur from being unable to live in your home due to damages that render it uninhabitable and the renovations that follow.

3. Personal liability insurance or Coverage E.

• Coverage E protects you and the members of your family against lawsuits that result from injury or property damage.

4. Medical Payment Insurance or Coverage F.

• Coverage F pays for the medical expenses of people who accidentally hurt or injure themselves on your property. Note that this coverage does not apply to you or your family.

No two homes and lifestyles are exactly the same; thus, there is no one-size-fits-all home insurance policy. If you really want your homeowners insurance policy to serve its purpose the time you need it the most, you must know what it covers and understand how it works.

It is very likely to be the most significant purchase you ever make. Because of its long term ramifications, you want to take the process seriously. Below, the experts at Crawford Mulholland provide Finance Monthly with a simple guide to buying your first home.

1. Are You Ready?

First, you want to examine whether or not you are actually ready to purchase a home. Buying a home isn't something that you should jump into without proper preparation and knowledge. While owning your own home might sound appealing, it involves a lot of maintenance and ongoing work. When you own a home, you are responsible for paying all of the repairs and you are going to be responsible for paying for the respective taxes, insurance, and everything else. Because of this, you need to figure out if you are financially ready for such a leap.

2. Budget For Other Costs

You want to be sure that you are factoring in the costs that you might not necessarily be looking at initially. There are plenty of costs associated with buying your own home that you have to factor into your buying decision including but not limited to the removal costs, stamp duty, the initial furnishing, the survey costs, the solicitor's fees, and more. Make sure that you are factoring in everything when you are making a buying decision.

3. Shop For A Mortgage

Once you have decided that you want to go ahead and purchase a home, you want to shop around for a mortgage. This way, you will be able to minimise the interest rates that you are forced to pay on the mortgage. You will be able to search for some of the best mortgage rates online in order to find the best deal. You want to find the best deal because it will end up saving you a lot of money in the long run and you will need to look to see which type of mortgage would best suit your family.

4. Find The Right Property

When you are shopping around for your first home, you want to take the necessary steps in order to find the right one. Finding the right home is very important because you don't want to make such a large investment in something that you are going to regret later on. Take your time to figure out where you want to live and find a home that is suitable for you to live. You should be looking at the different properties in the surrounding areas that you would like to live to see whether or not you can find a place that you would love to call home. Don't rush the search process because it is going to dictate where you live for the foreseeable future. You want to factor various things in this process including how long the home has been on the market, why the property is being sold, and what is included in the sale.

5. Prepare To Negotiate

If you are going to be purchasing a home for the first time, you want to be prepared to negotiate. Without proper negotiating, you are not going to minimise the total price you end up having to pay for the property.

Overall, there are plenty of things that you can do to make the process much simpler. By following the tips above, you should be able to maximise your chances of finding a great home to purchase as a first time home buyer.

One of the top things that you need not skip is the "staging" process. This is the phase where your house will be readily available for potential buyers to see. Not only does this help you sell your property faster, but it even helps you add a few more pounds and value to your house for sale. Listed below are some tips on how you can prepare for your house's staging process.

1. Declutter

Go over your entire home and de-clutter your space. Whether it's a one-story home or a three-story house filled with lots of rooms and baths, you may want to go over your things declutter those that you're not using at all. Give it to charity, sell them, give it to a friend. If you've not used it for months, then it's probably best that it goes. While you may not be including furniture pieces at home along with the sale, this is still an important process because we want to make sure that potential buyers won't see the house in a "messy" and "cluttered" state.

2. Re-Paint

A fresh lick of paint will immediately transform an old-looking house and give it a fresh, new look. Make sure that when you're showing your property to potential buyers, given them a nice impression. Show them how beautiful the property is, and they can't appreciate it if the paints are all chipped, old, and dusty. Choose neutral colors for the paint and avoid personalizing the house too much. This way, buyers can see the true beauty of the home and they can do the personalization themselves.

3. Keep It Clean And Minimal Looking

If there are minor repairs that need to be done, do it. Do you have holes in the wall? Fix it? Are the door knobs broken? Replace it! We want to make sure that the house looks clean, refreshing, yet minimal looking. Do not over-decorate. It's hard to appreciate the entire house when it is filled with large furniture and overwhelming with home decor.

You may also want to do a general cleaning this time. If you can't do it, hire someone to professional help you with this. Get rid of the lime streaks if any, clean the windows, make sure that the floors are waxed - until every inch of the house is squeaky clean.

4. Upgrade Your Kitchen!

Did you know that the kitchen is one of the most precious and well-prized of your home? Many people's decisions make or break when it comes to the kitchen. Resurface your kitchen cabinets, replace the tiles or clean them if they're all filthy. You may also want to consider upgrading your kitchen countertop. It may be a little bit expensive, but it definitely adds a lot more value to your home and helps you sell it at the best price.

5. Keep It Light And Airy

Give your guests a welcoming feeling. Make sure that the house doesn't have furniture that is too squished or too close together. Making it look light and airy adds value to your house and can even help you sell it at a higher price.

6. Keep House Smelling Clean!

We don't want potential buyers stepping into your home while the house smells stinky! If there are drainage problems, it may cause odor and we don't want to just patch that with a band aid. Instead, to add value to your home and to make sure that it sells quickly at the best price, fix the source of the problem.

During a house visit, you may also want to bake some cookies or bread, as it helps them feel at home. Or, you can add some diffusers for a nice smelling home with therapeutic effects too!

8. Work With An Estate Agent

Lastly, to make sure that you won't be ripped off by potential buyers, make sure that you work with an experienced real estate agent. Find one that has extensive experience in this field and one that can help you further increase the value of your home. When giving potential buyers a tour to your home, let the agent do the talking. They're the ones trained and they know exactly what to say, to help you get the best price and even sell the home much quicker.

Bunk looked at the cost of a rental deposit and the cost of renting for a decade. Bunk then compared this cost to the financial barrier of a mortgage deposit, and the cost of monthly mortgage payments over a 10-year fixed term at a rate of 2.58%.

Across the UK the average monthly rent is £676. With the newly introduced five-week cap, that means a rental deposit costs an average of £845 and renting at this average monthly rate over a 10-year period would cost a total £81,120 – a total cost of £81,965 when including the deposit.

The current average UK house price is £226,798 and so a 10% deposit would set you back £22,680. This leaves a loan amount of £204,118 and at a 10-year fixed rate of 2.58% would mean a total repayment of £231,798, a total of £254,478 including the deposit.

The current average UK house price is £226,798 and so a 10% deposit would set you back £22,680.

This means, that renting is £172,513 cheaper than owning a home over a 10-year period when it comes to the upfront and monthly costs, with the one big difference being the bricks and mortar investment secured at the end.

This saving is most notable in Cambridge with a difference of £341,090 over 10-years between renting and buying, with the saving in London also topping £316,247.

In Bournemouth, renting over 10-years is £183,376 cheaper than buying, with Bristol (£177,613), Edinburgh (£166,547), Cardiff (£143,984), Southampton (£138,617), Portsmouth (£137,240) and Plymouth (£128,480) all home to some of the biggest savings.

The lowest saving is in Glasgow where renting for 10-years is just £43,145 cheaper than buying in the city.

Co-founder of Bunk, Tom Woolard, commented: “Of course the big difference between renting and buying is that one leaves you with a sizable financial asset as a reward for your years of hard work making mortgage payments.

However, more and more of us are opting to rent long-term and what we wanted to highlight is that while the rental market is generally viewed in a negative light due to high rental costs, it is actually a considerably cheaper option when compared to homeownership, even with almost record low-interest rates. 

Not only this but those that feel resigned to renting due to the high financial barrier of buying actually have a much better opportunity to save compared to those paying a mortgage. Whether they choose to use this for a deposit further down the road or simply to enjoy a better quality of life is up to them.”