When showing people around properties we quite often hear the comment:  ‘If only I could pick up this house and put it in another spot.’

Location is not the be-all and end-all of choosing a house to buy. There are other obvious considerations such as quality and condition, outside space, the number of bedrooms and bathrooms, room sizes and layout for instance. For many buyers there is a fine balance between the practicalities of accommodation and the property’s situation. One often can’t have the best of both, however, so a choice has to be made.

A good location can sell a property on its own. Wonderful views, peaceful surroundings and useful amenities will always attract strong interest. In a buoyant market these properties will fly and even in more challenging times they will be resilient to downward pressure. A property on a main road, however, will suffer disproportionately in a poorer market, even if it is, itself, a cracker. This doesn’t mean that it won’t sell, but the price really does have to reflect the situation.

The other thing to bear in mind about location is that you can generally improve a property, but not its surroundings. A house set in a compromised situation will always have that situation (save for regeneration or bypass). A house needing attention, but in a great spot, however, has the potential to be a great house remaining in a great spot. Of course our surroundings are often at risk, but in this part of the world, where Areas of Outstanding Natural Beauty dominate and sustainable development is a must, we are pretty protected.
So what is the ideal location? Everyone has different priorities, but looking at our register of eager applicants the following ‘would likes’ come out on top:

Family: Edge of, or close to a village with a pub and preferably a shop, open countryside to the rear, a feeling of space, easy for local schools and good communications.

Retired/Semi-retired:  A village with amenities and a good community or a small town, walkable to shops but away from the traffic.
Equestrian: Rural or village edge with good riding out from the property and close to a wide road with decent access.

It would be nice to think that we could all have our ideal location, but sadly it doesn’t work like that. Availability is what drives the market place and thankfully some of us aren’t that concerned as long as a lot of the practical boxes are ticked.

Over the months we have seen an increasing demand for rental properties, which is good news for landlords and an opportunity for investment. Here, therefore, are some tips for anyone thinking of buying to let or renting out their property:

Research other rental properties

Look into which rental properties are most in demand in the local area and compare rental levels. Be wary of any factor such as further development that may affect the property in the future as this will also impact on the yield.

Create a good standard in your rental property

Make sure the property is of a good standard in terms of the décor, the condition of the furnishings and the workings. You will also need to ensure you comply with all health and safety requirements for gas, electricity and furniture and furnishings.

Budget for void periods in your buy to let

Landlords should generally budget for 8 weeks per year to cover periods between rental agreements. If your void periods are less, of course, the extra return is a bonus.

Reference your tenants thoroughly

Don’t take tenants at face value. Make sure you have sufficient information about your prospective tenant to ensure that you can fully assess the risk. Check their employment status as well as their renting history and any references provided. Carry out credit checks and be wary of anyone holding back on such information.

Inform your property insurers and lenders

You will need to have specialist buildings and contents insurance covering the items you own in the property and don’t just assume that your current insurer covers lettings.  Always inform them as well as your lender if you have a mortgage. Also, consider insuring against the tenant defaulting. This normally covers both rent and legal expenses.

Prepare an Inventory of your property

A full, detailed inventory of the property is essential, including a schedule of condition. If you don’t do this, the tenant has carte blanche to create mess and damage without recourse. A professionally prepared inventory is always wise as this will be comprehensive.

Don’t be complacent

A happy tenant is valuable and they won’t be happy if they don’t receive good management. As a landlord, you, or your managing agent are responsible for ensuring that the tenants not only respect the property, but stay there for as long as possible, so look after them.

Rental property deposit protection

Be aware of the mandatory legislation regarding Tenancy Deposit Protection. For more information, visit the DirectGov website www.directgov.uk.

Use a responsible letting agent

If you are going to use an agent for part or all of the service, it’s crucial that you look for a local agent who abides by a code of practice and, importantly, is subject to a redress scheme. This will ensure you receive strong, professional and independent advice .

There is far more to say than will fit on this page, but if any questions arise from this blog, do call Lynne here at the office for further help.

There are two distinct types of occasional occupiers who own lock-up-and-leave properties, each with specific criteria, but both with similar concerns to address.
One is the escapee from London and the Home-Counties, looking for a more serene and uplifting existence. This particular neck of the woods is attracting ever more interest from such a purchaser and now is not a bad time to buy.

The other is the habitual traveller who needs to have a home that they can be confident of enjoying every time they return to it.
So what makes a good bolthole? Ideal properties are often those with close neighbours and communal grounds such as Wardour Court near Tisbury or The Lattiford Estate near Wincanton. There are, however, a few overriding factors that any seeker of such a property will have to consider:

Convenience – The property has to be conveniently located, not only to reach, but also for the everyday activities, interests and amenities that its owners will want to enjoy. Will they want to jump in a car every weekend or be more content to use the train and walk to their house? Tisbury and Castle Cary are ideal locations for the latter choice with their mainline stations and boutique shops, while for those opting to drive, a location within striking distance of the A303 is valuable. A good local Inn is a requirement for many people, as are nearby leisure facilities and shops.

Security – So important if the property is going to be empty for long periods of time. Ideally it should have close neighbours or a community who can keep an eye on it and a very good security system. A property on its own, in the middle of nowhere is courting trouble. Insurance should also be carefully considered and many insurers will have specific demands.

Maintenance – The property should ideally be up together and if it is a period house it should have an ongoing maintenance routine to keep it in top shape. It is amazing how a small lapse in upkeep can cause major problems down the line. There is a balance to be had between period charm and modern practicality and these need to be weighed carefully before commitment. The garden will also be an issue and should be regularly maintained so that every visit need not be taken up with sheer hard work.

Communication – Occasional occupiers may not feel the need to pay for a landline rental which means that a good mobile reception is normally essential. There are pockets which are renowned for their poor reception, but this needn’t be a deal breaker as signal boosters are efficient and not too expensive.

If you are an occasional occupier and need some help there are specific managers of second homes around who can provide piece of mind in the majority of cases. Services include routine visits, maintenance, gardening, cleaning, fridge filling and more. Alternatively a simple empty property management service can cover the essentials, ensuring that the time that you do spend in your bolthole is valuable and stress free.

Many times over the years we have shown properties where potential buyers have been deterred because there is no room for particular items of furniture.

If you have inherited any furniture or furnishings, then you will know what I am talking about; possession, pride, love, guilt and duty all unite to form a resolute determination to hang on to Granny’s bookcase at all costs, even if you don’t particularly like it.
Last month a client related the story of her maiden Great Aunt who, nearing her end, invited family into her house to divide among them the furnishings that she would be leaving behind. Following a few hours of tactful diplomacy and the odd envious glance at each others’ choices the great nieces and nephews came away with car boots stuffed to the gills. My client recently visited such a cousin who had the walls of his not-so-large sitting room stacked with Georgian secretaries, tallboys and chests. They didn’t fit with the style of his 1980’s suburban house, they were splitting because of the pumped up central heating and you could barely move for the bank of brown furniture. When she asked him why he had taken so many pieces, his response was that nobody else had room for them.
A couple of years ago a viewer of a decent sized farmhouse in Dorset seemed to love all about it, but hesitated as we chatted on the drive after the viewing. He was concerned, it seemed, that the landing and stairwell walls wouldn’t take his collection of six foot canvasses, mostly oil portraits that had been passed down to him and his siblings. He didn’t buy it in the end and as far as I know he is still looking.

We also sold a house recently where a substantial oak dresser took pride of place in a relatively small dining room. Inherited from three generations down, the piece, although lovely, took up half the room, meaning that one side of the dining table could hardly be sat at. The owners had been meaning to sell it on but couldn’t bring themselves to do it and this made me wonder whether prior generations had felt the same.

It can be a foreboding step to part with inherited furniture that stirs sentimental memories. It is so important, however, to create space when selling on a house and large pieces of furniture in small rooms simply don’t help. By the same token, house buying, whether downsizing or changing style, should be an adaptable experience and if the house is almost perfect, but for the lack of space for that inherited linen press, then you just have to weigh up what is most important to your lifestyle. After all, it’s you who has to live it.

While there is some caution in the current property market, there are actually some positives out there if you are considering selling your home in 2012. And here are some of them:

Focus: You can almost guarantee that those people viewing your property will be serious Buyers. In the past, window shopping was part of the game and ‘Sunday drivers’ made up a good percentage of the viewing public. Today’s Buyers, however, know what they want and aren’t about to waste your, or their time. We have logged a distinct shift in viewing patterns over the last year or so where viewing numbers have fallen, but quality has risen. After all, would you rather have twenty snoopers tramping through your Kitchen or five serious prospects?

Prepared: Today’s Buyers are organised and have their finances arranged in principal. They will have consulted with a Broker or gone directly to a Lender and will have a clear indication of their borrowing ability. More importantly, the Lender will have looked at the applicant’s criteria and given the nod in principal, subject to survey and valuation. It is generally expected that if they are dependent on a mortgage, Buyers should be in this position before viewing any properties. If they are not organised, the Agent should not be encouraging them to view.

Effort: Because transaction levels are far less than in the heady boom years, every sale is important to all with an interest in it. Gone are the days when income was rolling in for those involved in the property industry – it is now tough and any fall through hurts. You will therefore find that Agents, Mortgage Brokers and Solicitors are now working just that little bit harder to hold sales together, because they will earn nothing, or at best very little, if the deal collapses in an undignified heap.

Negotiation: Like it or not, Vendors are often at the mercy of the Buyer’s whims. The occasional property still creates enough interest to reverse this state and leave the Vendor holding the cards, but in general we are in a Buyers’ market and negotiations are often tough. The positive side of the coin, however, is that onward transactions can be just as robust with Vendor becoming Buyer, and satisfaction can be had seeking out a deal that restores any perceived loss in the sale.

Marketing: There is a fair amount of property for Buyers to pick from and run-of-the-mill houses are often overlooked. Faced with two similar houses, but one with better photos, description and size of advertising box, it is obvious which one a Buyer will want to view. The better Agents are taking this on board and concentrating more on presentation and imaginative marketing. We have turned around the marketing of particular properties that had been on the market elsewhere for ages, and been swamped with interest, so we know it can be done. Again, the market is forcing a try-harder attitude which can’t be all bad.