Cracking 2 bed apartment for Investment in Chelmsford

Not to be missed is this 2 bed apartment on The Village in Chelmsford, it seems to be priced really competetively. It's just come to the market, so best get in there quickly!

http://www.rightmove.co.uk/property-for-sale/property-55837981.html

 

“The Value of FOR SALE”

When considering the value of a property prior to putting it on the market, many vendors understandably look at the asking price of other properties currently on the market locally, and draw pricing conclusions based on this research.

Whilst this is not an unreasonable way of determining value, there are some traps for which to look out.

Firstly, an important observation is that if a property is on the market, it is by definition “unsold”. An unsold property is invariably one that is overpriced. If it had been priced correctly then it would have sold, but in the event the market has rejected it and it will probably only sell if the price is reduced. So if you have a similar property and you price it at about the same level as the unsold property, then the chances are that yours will remain unsold as well.

We know that purchasers buy by comparison. So your property has to compare favourably when seen alongside others on the market. If your property is similar to another on the market nearby, then yours only becomes readily saleable when it is priced favourably and offers better value for money.

Additionally, if you feel that your property is slightly better than a neighbouring property for sale (as you are bound to, as you chose the décor and it has your own possessions in it) then surely it makes sense to quote a similar price, rather than attempting to offset the extra features with a higher price.

Ultimately, correct pricing is all about seeing the world through the eyes of the buyer and making responsible and effective pricing decisions which always point to offering better value than that offered by competing properties available locally.

If you’d like to know how your own property compares to others currently available then please feel free to contact us on 01245 330500 for a free consultation without obligation. 

  

Fantastic maisonette in Chelmsford for Investment

I hope you are all enjoying your Bank Holiday Weekend so far! Whilst you are all relaxing, I thought I would post out a property for you to get your teeth in to.This maisonette in Chelmer Village Chelmsford, has all of the makings of being a great buy to let property. Watch the video and see if it stacks up for you.

http://www.rightmove.co.uk/property-for-sale/property-55819264.html

Chelmsford City Centre, potential buy to let property

This Chelmsford City Centre apartment could be good for buy to let. It's in a very popular building called Durrant Court, walking distance to the station and town. Just come to the market with Balch for £190,000. 

http://www.rightmove.co.uk/property-for-sale/property-43803681.html

 

90.2% of Chelmsford Homeowners are over 35 - The affect of their Brexit vote on the Chelmsford Property Market

Well it’s been 9 weeks since the Referendum vote and we have had a chance to reflect on the momentous decision that the British public took. Many of you read the article I wrote on the morning of the results. I had gone to bed the night before with a draft of my Remain article nicely all but finished, to be presented, at just after 5am, with the declaration by the BBC saying we were leaving the EU. I don’t think any of us were expecting that.

If you want to read a copy of that original Post Brexit blog post, please visit my blog www.chelmsfordpropertyblog.co.uk and scroll back to late June to find it. In this article I would like to take my thoughts on from that initial article and now start to see the clearer picture as the dust settles on the UK, but more importantly, the Chelmsford Property Market.

In case you weren’t aware, the residents of the Chelmsford City Council area went against the National mood and voted as follows ..

Chelmsford City Council         Remain Votes              47,545             (47.2% of the vote)

Chelmsford City Council         Leave Votes                 53,249             (52.8% of the vote)

Chelmsford City Council Turnout       77.6%

I have been reading there is some evidence to indicate younger voters were vastly more likely to vote Remain than their parents and grandparents and, whilst the polling industry's techniques may have been widely criticized, following them getting both the 2010 General Election and the recent Brexit vote wrong, anecdotally, many surveys seem to suggest there was a relationship between age and likelihood to support leaving the EU.

Interestingly, the average age of a Chelmsford resident is 40.1 years old, which is above the national average of 39.3, which might go someway to back up the way Chelmsford voted? What I do know is that putting aside whether you were a remain or leave voter, the vote to leave has, and will, create uncertainty and the last thing the British property market needs is uncertainty (because as with previous episodes of uncertainty in the UK economy – UK house prices have tended to go down).

Interestingly, when we look at the Homeownership rates in the Chelmsford City Council area, of the 51,428 properties that are owned in the Chelmsford City Council area (Owned being owned outright, owned with a mortgage or shared ownership), the age range paints a noteworthy picture.

Age 16 to 34 homeowners      5,031    or       9.8%  (Nationally 9.6%)

Age 35 to 49 homeowners    15,630    or     30.4%  (Nationally 29.2%)

Age 50 to 64 homeowners    16,107    or     31.3%  (Nationally 30.7%)

Aged 65+ homeowners         14,660    or     28.5%  (Nationally 30.5%)

So, looking at these figures, and the high proportion of older homeowners, you might think all the Chelmsford City Council area homeowners would vote Remain to keep house prices stable and younger people would vote out so house prices come down- so they could afford to buy?

But there's a risk in oversimplifying this. The sample of the polling firms are in the thousands whilst the country voted in its millions. Other demographic influences have been at play in the way people voted, as early evidence is starting to suggest that class, level of education, the levels of immigration and ethnic diversity had an influence on the way the various parts of the UK voted.

So what I suggest is this – Don’t assume everyone over the age of 50 voted ‘Leave’ and don’t assume most 20 somethings backed ‘Remain’; because many didn't!

.. and the Chelmsford Property Market – well read my original article in the Chelmsford Property Blog and you can make your own mind up http://tinyurl.com/hov34zz

This apartment in Chelmsford is worth a look for buy to let

If you can spare just a couple of minutes, have a little look at this property. Could be great as a potential buy to let property. It's in a development called 'The Village' in Chelmsford, a popular spot for tenants. have a look and see if it's ticking your boxes...

http://www.rightmove.co.uk/property-for-sale/property-61402478.html

“Should I make an Offer?”

As a buyer you are in a powerful position, both in terms of the effect your buying decision will have on your own life, and on that of the person from whom you buy.  

If buying a property were some form of commodity like petrol or milk, then you would simply buy the cheapest stock available. However, buying a home is much less mercenary, and emotions run high.     

Over the years, homebuyers have become used to the idea of making a “starting offer” below the asking price, but it might be worth considering a few aspects of the implications of making a low offer. 

Firstly what does a low offer say about you to the vendor? That you don’t have the money and that any subsequent increase might stretch you beyond your ability to complete the purchase? Does it suggest you don’t really like their home, risking offence? A low offer can often start off the relationship with the vendor on the wrong foot.

And what if your low offer is accepted? Will the vendors experience regret and continue to market the property hoping to find a higher price with someone else? The chances of such a buyer being found are high as people usually want a property that someone else wants. We receive more interest about properties which are “under offer” than we do about those for sale!   

Ultimately it’s about commitment. An offer at, close to, a realistic asking price tells the vendor you are committed to the property. In return the vendor is likely to demonstrate a level of commitment to you that will result in a successful purchase.

2 Bed Apartment in Chelmsford with a 5.3% return

Good Morning,  it's the morning after the V Festival weekend, I hope you haven't suffered too much! 
This morning's property I've picked, should be enough to get those Landlord juices flowing, have a look at the details and watch the video to see what you think

http://www.rightmove.co.uk/property-for-sale/property-43733394.html

This 3 bed house in Springfield, Chelmsford is lovely...

Final deal for you this week and I have picked a lovely 3 bdroom house that hs just come on with The Home Partnership in Chelmsford. The house in question is in Springfield and looks as though it has had a lot of work done to it. A nice, easy purchase and rental, there's more detail in my video...

http://www.rightmove.co.uk/property-for-sale/property-55546933.html

The Chelmsford Love Affair with its 11,300 Terraced Houses

Call me old fashioned, but I do like the terraced house.  In fact, I have done some research that I hope you will find of interest my Chelmsford property market blog reading friends!

In architecture terms, a terraced or townhouse is a style of housing in use since the late 1600’s in the UK, where a row of symmetrical / identical houses share their side walls. The first terraced houses were actually built by a French man, Monsieur Barbon around St. Paul’s Cathedral within the rebuilding process after the Great Fire of London in 1666.  Interestingly, it was the French that invented the terraced house around 1610-15 in the Le Marais district of Paris with its planned squares and properties with identical facades. However, it was the 1730’s in the UK, that the terraced/townhouse came into its own in London and of course in Bath with the impressive Royal Crescent.

However, we are in Chelmsford, not Bath, so the majority of our Chelmsford terraced houses were built in the Victorian era.  Built on the back of the Industrial Revolution, with people flooding into the towns and cities for work in Victorian times, the terraced house offered decent livable accommodation away from the slums. An interesting fact is that the majority of Victorian Chelmsford terraced houses are based on standard design of a ‘posh’ front room, a back room (where the family lived day to day) and scullery off that.  Off the scullery, a door to a rear yard, whilst upstairs, three bedrooms (the third straight off the second).  Interestingly, the law was changed in 1875 with the Public Health Act and each house had to have 108ft of livable space per main room, running water, it’s own outside toilet and rear access to allow the toilet waste to be collected (they didn’t have public sewers in those days in Chelmsford – well not at least where these ‘workers’ terraced houses were built).

It was the 1960’s and 70’s where inside toilets and bathrooms were installed (often in that third bedroom or an extension off the scullery) and gas central heating in the 1980’s and replacement Upvc double glazing ever since.

Looking at the make up of all the properties in Chelmsford, some very interesting numbers appear.  Of the 47,237 properties in Chelmsford …

9,905 are Detached properties (20.9%)

15,616 are Semi Detached properties (33.0%)

11,338 are Terraced / Town House properties (24.0%)

10,354 are Apartment/ Flat’s (21.9%)

And quite noteworthy, there are 24 mobile homes, representing 0.05% of all property in Chelmsford.  

When it comes to values, the average price paid for a Chelmsford terraced house in 1995 was £53,894 and the latest set of figures released by the land Registry states that today that figure stands at £286,937, a rise of 432% - not bad when you consider detached properties in Chelmsford in the same time frame have only risen by 383%.

But then a lot of buy to let landlords and first time buyers I speak to think the Victorian terraced house is expensive to maintain.  I recently read a report from English Heritage that stated maintaining a typical Victorian terraced house over thirty years is around sixty percent cheaper than building and maintaining a modern house- which is quite fascinating don’t you think!

Don’t dismiss the humble terraced house – especially in Chelmsford!  For more thoughts on the Chelmsford Property Market – visit the Chelmsford Property Market Blog www.chelmsfordpropertyblog.co.uk

Check out this 2 bed apartment in Chelmsford, great Buy To Let Potential

Property number 2 for the week, coming your way! This one is a 2 bed apartment on Redmayne Drive, in Chelmsford. Not a bad flat, in need of a little TLC, but in a great area for rentals. See what I've got to say about it in the video below...

http://www.rightmove.co.uk/property-for-sale/property-59942348.html

“Consent to Let”

For many Chelmsford homeowners, letting provides an obvious investment opportunity as an alternative to selling. With the right expert help from your letting agent, the matter should be quite straightforward, although there are certain consents that should be obtained if you are to avoid some potentially costly problems.  

You will certainly need the consent of your mortgage provider. They are unlikely to object, but you could be in breach of your mortgage terms if you have not obtained their consent before letting your property. They may also charge an “administration” fee. One important thing to check is that there is no clause that increases the interest rate on your loan should the property be used as a “commercial venture”.

If you own the freehold, you should check whether your title deeds impose any restrictive covenants of which the tenant should be aware. For example, there may be a restriction preventing anyone keeping a caravan on the forecourt, or storing building materials for more than a few days. If your property is leasehold, you will have to check the conditions of your lease as there may be similar restrictions and/or you may have to obtain the freeholder’s consent.

Importantly, once consent has been obtained, you must ensure that your tenant is aware of, and complies with, any obligations that you yourself would observe as owner in residence.

Finally, insurance. You should obtain permission from both your buildings and contents insurer. There may well be an increase in premiums where a property is let, although there are insurers who specialise in this. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property.

Please let us know if you would like us to look over your lease or title deeds to see what consents might be required to ensure your peace of mind for a successful let.    

This 1 bed maisonette in Chelmsford could be great for buy to let...

Hello potential landlords! I've got a new batch of potentially great buy to lets coming at you this week, starting off with tis lovely 1 bed maisonette in Great Baddow, that's just come to the market with Beresfords. Watch the video to see what you think of the numbers.

http://www.rightmove.co.uk/property-for-sale/property-43674243.html

Lovely 1 bed apartment in Chelmsford, could be great for Buy To Let...

Hello there everyone, Friday again, doesn't time fly when you are having fun! The final one I've picked for you, is a nice example of a 1 bed apartment on The Village in Chelmsford, just come to the amrket with The Home Partnership. Check out the video, to see what more I have to say about it...

http://www.rightmove.co.uk/property-for-sale/property-61111640.html

82 days to find a buyer for your Chelmsford Property

I had a homeowner from Chelmer Village email me the other day. She said she had been following my blog (the Chelmsford Property Market Blog) for a while and wanted to pick my brain on when is the best time of the year to sell a property. Trying to calculate the best time to put your Chelmsford property on the market can often seem something akin to witchcraft and, whilst I would agree that there are particular times of the year that can prove more productive than others, there are plenty of factors that need to be taken into consideration.

Even if you are putting your property on the market, you don’t know how long it will take to find a buyer - no crystal ball to help with that one. At the moment, the latest set of figures for all 57 estate agents in Chelmsford, show the average length of time it takes to find a buyer for any Chelmsford property is as follows ..

Detached                      84 days

Semi                              56 days

Terraced                       51 days

Flat                              115 days

Overall average            82 days

If we roll the clock back to January 2016, the overall average time it took to find a buyer (again using data from all of the 57 Chelmsford Estate Agents) was 111 days.

So, on the face of it, things have vastly improved over the last six months or so. Well, when I looked at the data going back to 2009, and every Spring since then, the average length of time it takes to sell a property drops between January and the Summer months, for it to rise on the run up to Christmas. For example ..

Winter 2009 - 170 days           Summer 2009  - 152 days

and in more recent times …

Winter 2013 - 141 days           Summer 2013  - 129 days

Winter 2014 - 112 days           Summer 2014  -   97 days

Winter 2015 - 103 days           Summer 2015  -   91 days           

Coming back to the present, even if you placed your property on the market today in Chelmsford, if it takes you on average a little under twelve weeks to find a buyer, then you can expect solicitors and the chain to take an additional eight and twelve weeks after that, before you move. It comes down to personal choice as to when you place your property on the market. Children often affect the decision. On one side you might delay putting that for sale board in your front garden so you can move in the summer school holidays, but on the other side, you might want to move sooner to be in the catchment area of a preferred school, in plenty of time for the next academic year?

There are times of the year when it's better to sell, and times when waiting a little longer can pay off in the long run. In a nutshell, I would say this is the way of the seasons ..

WHEN THE MARKET?

Spring: Customarily there are more house-buyers as the Daffodils show themselves

Summer: Sellers may miss out on house-buyers being on holiday

Autumn: The enthusiasm for buying homes returns

Winter: Interest diminishes as festive period looms 

What this means to buyers and landlord investors is that they often pick up a bargain in later months of the year, as there is less competition from owner occupiers. So, whilst there are better months to achieve a quicker sale, the only piece of advice I can give to every home  owner and landlord in Chelmsford, is do the right thing for yourself, do your homework and buy (and sell) with both your head as well as your heart

For more thoughts on the Chelmsford Property Market – visit the Chelmsford Property Market Blog www.chelmsfordpropertyblog.co.uk

This house could be a great buy to let property in Chelmsford

Hello! Why not check out the details of this house in Chelmer Village, Chelmsford.  IT's a lovely size property and has great potential. Might need a bit of brightening up. Check the video out below to see what the figures stack up like. 

http://www.rightmove.co.uk/property-for-sale/property-57505688.html