How Is My Home Value Determined?

HOME VALUATIONS

The method of calculating a home valuation can vary from estate agent to estate agent, however larger companies will abide by the code created by the Royal Institution of Chartered Surveyors. Other smaller lettings agents however will calculate the valuation of a home based on either the same or similar aspects.

The Royal Institution of Chartered Surveyors Code is based on the following:

• The age of a property
• The type of property that it is
• The property's state and construction 
• The locality and surrounding amenities available
• The tenure, tenancies, services charges and other liabilities
• The accommodation available 
• The fixtures and features of a property

Another common method of calculating home valuation is 'The Comparable Sales Method'. Smaller letting agents are more likely to use this method to conduct a home valuation and is predominantly based around the prices of sold, similar properties in the local area. The characteristics of this method includes: 

• Date of the transactions
• Speed of the transactions
• How the property was paid for
• Property size
• Property condition
• Property location
• Building regulations

Once these characteristics have been individually analysed, valuers will provide you with an appropriate price range.

Not sure whether your valuation is accurate? Your safest bet is to look at homes in your area and see what they're valuated at. If your home is selling for £200,000 but your neighbour's is valuated at £350,000, you may want to ask for a second opinion.

Glocal Residential Limited

0121 655 5188

74 Bristol Street, B5 7AH

Be A Good Neighbour

How To Be A Good, Respectful Neighbour

Getting along with your neighbours is an important part of settling into a new home so we've devised these top tips to help you to be a good, friendly neighbour. 

Noise 

Noise is one of the most re-occurring issues when it comes to neighbours, particularly if you live in a semi-detached or terraced property. When it comes to social gathering's, parties or just simply playing music; than you need to consider how this will affect your neighbours. Being noisy is much easier than you'd think - even playing the TV loudly can trigger arguments between one house and the other so it's important to acknowledge all potential noise-related concerns.

Litter

Don't be a litter bug! Not taking care of your own litter can affect neighbours much more than you'd think. If you leave rubbish on your own driveway or garden, than wind could easily blow it into your neighbours which is unfair on them and could definitely be the cause of serious disputes. 

Make sure your own driveway and garden are free of rubbish to ensure you can keep your neighbours' clear too.

Maintenance 

Maintaining walls or fences that you and your neighbour share to divide either your back garden or driveway, is important for both parties to do. If walls or fences are damaged accidentally or by natural causes like the weather, than you should discuss with your neighbour how to fix it and try and come to a mutual agreement. 

Make Effort On Social Occasions

If you make effort on social and celebratory occasions than this will help you build a relationship with your neighbour. For instance, on Christmas you could send a Christmas card or if you hear that they've become engaged or are having a child, than you could send your congratulations.

Pets

Typically speaking, it would be unusual for a neighbour to tell you 'you can't' have a certain pet, however, you should consider your neighbours feelings when you do get a new pet, particularly if it could cause disruption for them. For instance, you may live next-door to an elderly woman but own a newly born barking dog, therefore you should consider prior to this whether this is being respectful to her or not. 

Offering To Look Over Their House If They Go On Holiday 

Suggesting to your neighbour that you could take their post, newspapers or milk indoors when they're away, is likely to be appreciated by many neighbours. It shows that you care about their well-being and are trying to discourage any theft that could potentially happen whilst they're away.

On the other hand, it's important to have some sort of relationship before this because otherwise they may be a bit reluctant to trust an unfamiliar neighbour. 

Looking Out For An Elderly Neighbour

Watching over an elderly neighbour is not only a kind thing to do, but also could be quite consequential if you didn't. If you don't see one of your elderly neighbours for a while, it might be a good idea to notify family or friends just to be on the safe side.

 

Property Key Terms You May Not Know

Property Key Terms You May Not Know

Are you buying a property? Have you heard some terms you're not familiar with? 

APRC: APRC, formally known as an Annual Percentage Rate of Change, is the entire, total cost of a loan; including interest charges, arrangement fees and others shown as a percentage rate and easily comparable with mortgage interest rates.

Bridging Loan: A temporary loan advanced to help buy a new property before the existing one has been sold.

Chain: Multiple linked property sales where exchange of contracts have to take place on a simultaneous basis.

Conveyancing: The legal work involved in buying and selling properties.

Disbursements: Fee's including Stamp Duty and others on top of conveyancing which you normally pay via a solicitor.

Gazumping: Where a seller accepts a higher price than that previously agreed with another buyer.

Private Treaty: Way in which most house sales are completed in England and Wales.

Ombudsman: Professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.

LAUTRO: LAUTRO, formally known as the Life Assurance Unit Trust Regulatory Organisation.

Vendor: The legal name sometimes used to describe the seller of the property.

Under Offer: When the seller accepts an offer on the property but contracts haven't yet been exchanged.

Freehold: Ownership of the property and land upon which the property is situated.

Stamp Duty: A tax paid to the government by the buyer upon completion.

CHECKLIST: First Day in Your New Home

When you move house there are certain items that you will need sooner than later. You may miss these out so I have devised a list for you tick off when packing your move out bag!

BATHROOM:

- Toothbrushes
- Toothpaste
- Toilet roll
- Shampoo & Conditioner
- Soap/Shower Gel
- Towels

BEDROOM:

- Pajamas
- Bed sheets
- Change of clothes
- Bed
- Pillows

EMERGENCY:

- First Aid Box
- Paracetamol 
- Torch 
- Bin Bags

DOCUMENTS:

- Passports
- ID
- Housing documents

CHILDREN & PETS:

- Pets food
- Baby supplies
- Games

FOOD:

- Knife & Forks
- Paper Plates
- Take-out menu
- Cups/Mugs
- Teabags & Coffee


This almost concludes the essentials that you will need on your first few days of moving into your new home. The last item you may want to have with you is some CHAMPAGNE to congratulate yourself on your new home! 

Good luck! And if you need anymore guidance or advice do not hesitate to contact Glocal Residential, a leading estate agent in Birmingham City Centre on 0121 655 5188 or drop us and email on info@glocal-residential.co.uk

Adding Personal Touches To Your Rented Home

When you live in a rented home, you are restricted to what you can and can not do. That can leave your home feeling a little less like home. Here are a few personal touches you can add to your rented home to make it feel yours.

#1
Artwork
- A huge part of making a house a home is adding your own artwork or photographs. Find some images that just scream, YOU. Your favourite designs, your favourite artists, film posters, friends, family, pets. Any piece of art you can find that will make your rented more accustomed to you, add it.
(If you are not allowed to hang photographs, try using tables and shelves to lean them against.) 

#2
Removable Wallpaper
- This is a new trend that will allow you to make a room your own without any problems with your tenants. They come in a wide range of colours and designs and it is sure you will find one that matches your style. Not sure what is it? Click here to browse for your favourite designs. 

#3
Add some green!
- Plants are a great way to add some personalisation to a home. If you love a certain colour or flower, add it around your home. It will add some of your own style to the home and you will responsibility to look after it. Which may help if you are living alone. 

#4
Super Duvet 
- Bed sheets and duvets can be as plain as Jane, or they can be as mad as Max. Have them to alter your style and mood. It will make your bedroom feel more like yours and adds a lot of your own style. 

#5

Blankets and Candles

- These are the perfect combination for a homely and cosy property. Keep blankets scattered around the home so that you can also keep warm and cosy. There is just something about the combo of blankets and candles which makes a home more comforting. 

10 Energy Saving Tips

10 Great Energy Saving Tips For Your Home

1. Stay warm for cheaper this year with this simple tip. Turning down your thermostat by as little as 1 degree, can save you up to £60 per year! Keeping your heating on a constant low heat is also more economical than turning it up to a high degree in short blasts.

2. Save energy so simply by wrapping yourself up with warm with garments such as sweatshirts, woolly jumpers, bed socks and slippers. Keeping a folded up blanket near sitting area's is also a great idea to keep you warm and resist turning the heating on or up higher.

3. Any day without rain is a great day to hang your wet washing up outside rather than using a tumble dryer. Sunny or windy days are just as good as drying your laundry and will save you a ton of money - tumble drying is very expensive. 

4. Not turning off unused appliances is a huge contributor to high energy bills. If you're not watching the TV - turn it off at the plug. 

Finished charging your phone? laptop? tablet? Turn it off at the plug!

Kitchen appliances like toasters or microwaves which aren't used on a daily basis can also be turned off and turned back on when you require them.

5. Think water! Water bills can increase in price much faster than you'd think. Save money on water by using a lower pressure on your power shower - you wouldn't think it, but the different can be enormous. Limiting the number of bath's you have is also a good idea if your trying to save the pennies.

6. Stock up your fridge! Keeping your fridge full means that you're getting the most out of the energy the fridge is using. Studies also claim, that the more that's in your fridge, the less energy it uses because it doesn't have to work as hard.

7. Filling your kettle with the amount of water that you need at the time is a great money saver! If it has less water to boil - it will use less energy. Filling your kettle to the top is pointless - your using energy to continuously boil water which you won't need until later.

8. If you're not in a room - turn off the lights! Keeping light's on is a repeatedly made mistake by many residents. Light's use a lot of energy - if you are guilty at keeping lights on, you should invest in energy saving light bulbs.

9. Cut-back on your washing! Try and keep to 1 or 2 cycles a week.

Rather than doing your washing every-time something goes into the laundry basket - do your washing when it's full. Washing machine's are energy sponges! Use them when you have too.

10. In the summer time, save energy by opening windows and keeping light out of your home rather than using energy up on air conditioning. Air conditioning can be very expensive and so can electrical fans. 

How to be a Successful Landlord

When you become a landlord, you will not receive as many accomplishments compared to when you are a SUCCESSFUL landlord. Here are 5 top tips on how to be a successful landlord:

#1

Minus the bad tenants

- If you want your payments on time and your tenants to be respectful, make sure you get the suitable tenants from the very beginning. Ensure that they can afford the property by making sure their wage is x3 the amount of the rent, carry out credit checks and get guarantors. It will also be a good idea to check with their previous landlords on their history.

 #2

Keep your good tenants happy

- The best way to maintain your good tenants is to keep their morale high. Look after them, keep in touch and do your side of taking care of the property. It is much more cheaper to keep a tenant than to find a new one. 

#3 
Reward good behavior
- If your tenants are always paying on time or even in advance, after a period of time you could reward them with something simple like a gift card, or allowing them to choose the colour paint of a room.If you reward their behavior, they will most likely continue to be good tenants. 

#4
Get professional help
- Just because you got compliments on the wall you painted in your bathroom 10 years ago, that doesn't make you an expert. It is the best idea to get a professional to do all the maintenance side of things otherwise your handy work may take a turn for the worse and cost you triple the price it could have. 

#5

Treat it like a business

- Know when your working hours, don't work too little and don't over work as it will overwhelm you. You need to get the balance right and treat your rentals as though they are your own business, because they are. 

Get Your Interior Ready For Summer

Guide To A Summery Interior 

Get your home interior ready for the summer season with these great tips...

Plants

Adding plants to your home is a great way to brighten the place up! We recommend placing bigger plants in the corner of rooms to ensure they're not getting in the way. Smaller plants look great on side-tables, window-sills and taking centre stage on a round dining table. However, if you do decide to decorate with greenery - make sure you keep it green! In the summer, plants need watering regularly and if they go brown it defeats the decorative objective.

Flowers 

We believe that flowers are just as important as plants, if not so, perhaps more. Flowers are bright, colourful and promote a happy environment as soon as you walk through the door. 

Flowers also allow you to stay within your colour scheme - is your kitchen yellow? why not present some daisy's? 

Is your lounge white? Why not decorate with red roses? 

Flowers can add a splash of colour and also let off a great summery smell. 

Cushions

Adding colourful cushions to a lounge, kitchen or bedroom, goes a long way. Dashes of bright colours instantly make the room feel more homey and definitely makes it feel brighter during the summer season. We recommend colours including yellow's, orange's, green's, blue's and pink's which all give off a happy and summery vibe.

Light

When it comes to making your interior summery - light is one of the most important factors. If you're rooms are typically dark, you could consider removing the blinds or curtains or replace them with a lighter colour. If you're rooms are painted in dark colours then you could re-decorate altogether - although it can be costly, it's worth it if your room's are brighter and give you a happier home.

Decorating bookcases/shelves

Decorating bookcases and/or shelves is so simple, yet barley thought of. Adding anything from bright books to ornaments, from colourful storage boxes to folders/files - it's a brilliant way to add pops of colour throughout the home. 

Rugs

Due to the increasing number of people opting for a wooden floor, a colourful rug is a great way to boost the summer vibes. Rugs come in many different shapes, sizes, colours and patterns therefore it would be difficult not to find the right one for your desired room! Rugs also add great warmth and comfort to a room therefore there definitely a great one to consider this summer.

What to Consider Before Becoming a Landlord

You may have heard that investing in property is one of the best routes to a high income. And you are not wrong. There are many benefits to being a landlord for example, you will be earning money in your sleep! However, being a landlord isn't a breeze in the park, it is a real job and needs dedication. I have put together some questions to ask yourself and some things to consider before you decide to invest into property and become a landlord!

Ultimately, is buy to let for you?

You must first realise that being a landlord is not a straight forward hobby but instead it is a business. If you have a jam packed life, do you have enough time to invest into this.

Did you know that prices of houses go down as well as up. If you are looking to buy a house and later sell it for a higher price, be aware that it may not rise in price for no reason!

Do you have difficulty in socialising with those with contradicting views to yourself? If you do, this may be a problem as you will need to co-operate with people with different views/religions/ideas. 

You will need to think about which group of tenants you are aiming for. Do you want to accommodate students, families, couples, professionals or people on benefits. Each group will need to be targeted differently and also will have different needs and requirements. Once you decide that, you will need to find a property which is matches them.

Be prepared... all the time. Unless you are going through an agent, you will have to be there for your tenants 24/7. If their boiler exploded and was leaking through the floors, you will have to get someone on the job ASAP. Be prepared for your tenants asking for help in the middle of night.

That also takes me to another decision you will have to make. Are you going to self manage or go through a good letting agent to help you. It may be better to self manage if you have plenty of time but if you want your business to run smoothly, asking a letting agent maybe the better decision.

You will need to research your market! It is a good idea that for first time buyers, you grab a property in your local area so you have a head start in the neighborhood knowledge. But you will still need to do more research!

Qualities that tenants will look for are good transport links, good schools, friendly neighbours, local jobs, shopping facilities and low crime rate.

If so far you still think you can be a landlord, you need to device a plan! Are you financially able? Open up a spreadsheet and try to financially plan your way of a landlord. Do you have the upfront costs? Do you have enough money for any unexpected costs? Can you support yourself if your tenant pays late?

Next is to learn this ins and outs of the law in property. You don't want to be getting into any legal problems so learn all the facts and figures and your do's and don'ts before getting yourself into any problems!

Gather yourself a list of contacts. You will need to know other people in the trade, potential tenants, electricians, plumbers, decorators! Anyone that will help is good. 

The next big thing is to get yourself that perfect property! Once you have done all your research, know everything there is to being a landlord... now it's time to invest. Find the best property, discover its yield and year purchase and buy it!

You now have your property... now perfect it! Paint the walls, possible furnish it, clean it, get a fire alarm and make it look nice for the tenants to get them attached quicker. Once it is presentable, complete an inventory.

When your tenants are moving in, time to provide them with everything they need. Keys, emergency contacts, white goods manual and sign the contract with them!

Now all is left is to be the angel landlord. Have fun earning! If you have any other queries or you are looking for a letting agent to help you along the way don't hesitate to contact us at Glocal Residential either through email: info@glocal-residential.co.uk or call us on 01216555188. We are an experienced letting agent located in Birmingham City Centre! 

How To Keep Your Tenants Happy

An important part of being is  a Landlord is to make sure your tenants are HAPPY! Putting all the technical parts of the job to the side, the tenant is living in your property and you need to ensure they are happy in that home!


EDUCATE THEM FIRST:
This step will benefiting both the tenant and yourself. Before your tenant is moving into the property, set the ground rules. Let them know everything they can and can't do. All the rules and regulations. This will help you as they won't be asking you questions so often and you won't have to deal with things you don't want to happen. They will also be more happy that they are aware exactly what is expected of them. 



BE ON TIME:
The number one thing that tenants said that they wanted from their landlords is that they are on time! When you are meeting with your tenants for whatever reason, make sure you take their time seriously and don't end up being late or really early. For instance, if you are meeting them at the home, they may be busy that day and plan to go out afterwards, or they may be still getting ready if you arrive too early. Remember that even though you own that property, they still live their so respect that.


CONTACTABLE: 
Another quality that tenants lust over is being able to reach you easily. If the tenant needs help with their home, they will need to contact you, but if you don't answer the phone they will feel out of luck. Make sure you are available to them at reasonable times. If you aren't available for them all the time, why not consider getting in touch with one of the leading estate agents in your area.



SOLVE THEIR PROBLEMS:


Another key part role of your job is to solve any property related problems the tenant may have. Fire alarm is working, you gotta change it. Leak in their bathroom, call a plumber. Power cut, get an electrician. You are their handy man and you need to solve their problems  in a matter of urgency, as if it was the home of your own. 





BUILD A PROFESSIONAL RELATIONSHIP:
The tenant is your client, so you must build a professional, but friendly relationship with them. A quality that tenants want from their landlord is for them to be approachable and friendly. If they have an issue, they want to be able to call you without feeling as though are a hassle. Ensure to be nice and catch up with them every 3 months. 

CONSIDER REWARDING GOOD TENANTS:
This doesn't have to be anything exceptional, but small gifts can go a long way. It could be something like a Birthday or Christmas card for them or you could offer them a supermarket gift card. Or even ask them if they wanted to choose a colour for the next re-paint. This will make the good tenants feel appreciated for their deeds and will also encourage them to continue to be thoughtful of your property.

Being a considerate and thoughtful landlord will most likely result in a good set of tenants. Ultimately, treat them as you'd wish to be treated and be a genuine person and they will respect you for it. 

If you are wondering about any specific questions, you can leave a comment and we will get back to you! Or you could drop us an email at info@glocal-residential.co.uk or give Glocal a call on 0121 655 5188! We are always happy to help :-) 

@GLOCALR

Things To Remember When Viewing A Property

Things To Remember When Viewing A Property

So many people walk into a property and fall in love with the interior that they forget the things they really need to consider. So, we've devised these 'top tips' for you to bare in mind whilst you view your potential future home.

DO YOU HAVE ENOUGH STORAGE SPACE?
When you view your property - think about your storage. Where are you going to store cleaning equipment; junk; toiletries or kitchen goods? It's important that you consider this before moving otherwise your rooms can become quickly jam-packed with things you really don't need - and it's surprising how quickly spare room can be filled.

DO YOU HAVE ENOUGH LIGHT?
Considering the light in your home is important - you don't want your home to appear dark and dingy in the wintery months. Taking into account whether your property is north or south facing is usually dismissed when viewing a property however, for some, it could change your whole opinion on the place. 
For those who are keen on gardening or keeping plants on the inside of their homes should definitely consider the position of the property.

IS THERE ANY DAMP?
Looking out for damp is key - it could cost you a small fortune to repair in the future. You could look out for things like water-marks on the ceilings or walls; damp smells; flaking plastering/wallpaper or stained flooring. 

DO YOU HAVE ENOUGH ROOM?
It sounds obvious, but make sure you have enough room for all your needs. Don't buy or rent the property just because you love the way it looks - you also need to think practically. If you don't have enough room for everything you need, in terms of both storage or the number of bedrooms/bathrooms etc, than you may need to re-consider whether the property is right for you.

IS THE AREA RIGHT FOR YOU?
Area is IMPORTANT. You need to consider a number of different factors and decide whether they're right for you - this could range from nearby schools to public transport.
Let's think...
Do you drive? If you do - is there parking available? If you don't - is there public transport near you?

Do you have children? If you do - are there primary schools nearby? Is the area child-friendly? Are their nightclubs/bars near? If you don't - are you thinking about it? Do you have enough room in your home for a child in the future?

Are you near an airport/train track? If you are, than make sure you consider the possible noise. Particularly if you have children - this could lead to some sleepless nights!

Do you have nearby shops? Consider whether you're close to a corner shop or supermarket - Are you in a position where you need to drive every-time you run out of milk? Does this suit you?

Are you situated by a large factory or set of offices? You need to think about whether the area you live in is going to have a lot of traffic at peak working hours due to other nearby employers.

WHAT ARE THE PHYSICAL FUNDAMENTALS OF THE PROPERTY LIKE? 
Consider things like drainage; plumbing; electrics and how steady the house is itself. Can you see cracks in the wall? Are there any leaks?

WHO ARE YOUR NEIGHBOURS? 
Neighbours are an important consideration - you want to avoid disagreements with them as much as possible! If you're a student, it's probably not the best idea to be neighbours with OAP's. Similarly, if you're a parent with small children, you wouldn't want to be next-door to students playing loud music late at night.



WHAT WILL BE INCLUDED IN THE PROPERTY? 
Consider what facilities are included with the purchase of the property - curtains? white goods? oven? washing machine? dishwasher? carpets? Now, think what's missing - what are you going to have to buy yourself when you move in? You must consider additional costs.

HAS THE PROPERTY HAD ANY RENOVATIONS?
It's good to ask the estate agent/owner whether the property has had any recent renovations - Will the property need one soon? Who arranged the building work and was everything safe?
You should also bare in mind that a recent renovation is likely to increase the price of the property - but in the long-run it can be a money-saver for you.

HOW LONG HAS THE PROPERTY BEEN ON THE MARKET?

Don't be too suspicious, but it might be a good idea to know how long the property's been on the market. If it's been on the market for a long time - you might want to consider why that is. There could be an underlying problem with the property that either the owner or estate agent hasn't told you.

WHAT ARE OTHER LOCAL PROPERTIES LIKE?
If your heart is set on the property you've viewed, why not check out other local properties. You might find that you've grabbed yourself a bargain in terms of size whereas you might find that you've been over-charged.
It's also worth checking out the local competition if you're investing in buy-to-let!

IS THE GARDEN RIGHT FOR YOU?
Does the garden meet your requirements? Consider it's size - is it too small? Do you need more space for your children/gardening/greenhouse/shed etc? Your garden could also be too big, for instance, an older person may struggle to maintain a big garden.





DOES IT NEED DECORATING?

It's important to consider your interior with care. It could be clear to you from the first glance that the property needs decorating or, that it's just been newly decorated. If the property hasn't been decorated than you need to consider the potential future costs of decorating yourself - which can be very pricey! 

CONSIDER YOUR CONNECTIONS!
During your viewing, you should consider if you're able to use all the technologies you'd bring with you if you moved into the property. Firstly, see whether your mobile phone gets signal in the area, if not, you should ask the previous residents or the person showing you round whether their mobile's receive signal and what network they're on. You should also ask about details regarding broadband connection and the speed of it in the area - you don't want to find on moving day that you can't use your mobile, internet or TV!