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The beautiful Bampfylde House in Black Torrington made it into Horse & Hound magazine!
To view, call us on 01392 204800.
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Congratulations on making that decision! You need to get some sound financial advice. Understanding how much you can afford to pay for a new home is critical before you can start your search, so first, you need to find out how much you can borrow on a mortgage.
I’d advise, if you can, to buy as much house as you can afford without overstretching your monthly budget as you’ll have other bills to pay as well as a mortgage, and you’ll need a ‘cushion’ to cover any decorating and furnishings, and in case of rising costs, for example.
It all starts with the amount you have at your disposal to use as a deposit, bearing in mind that this also needs to cover the cost of purchasing too – Stamp Duty, solicitors fees, etc.
Looking at your income and outgoings will help you to work out how much you can afford to re-pay on your mortgage every month. Then using those figures, you will be able to calculate how much you can afford to borrow – and more importantly, how much a lender will be willing to lend to you, as well as the amount of each monthly repayment.
Most lenders have mortgage calculators on their websites, but I’d advise you to make an appointment to sit down with an Independent Financial Advisor, who have access to the best available information and mortgage rates. I say an independent FA specifically because they should have access to the ‘whole of market’ rather than be tied to one specific lender. They’ll also advise if you’d be eligible for any government schemes to help you onto the ladder.
Knowing what you can affordably borrow and how much you have for a deposit, you can then work out which properties are within your reach, and you can start your search!
I would recommend that you don’t physically view any properties until you know how much you can spend – if you do this, you’re setting yourself up for disappointment when you’ve seen a home you really want, only to find out you can’t afford to buy it. There’s nothing worse!
We can help point you in the right direction for financial advice, and of course we can help you find your new home - just give us a call when you’re ready, on 01392 204800. We look forward to helping you!
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Do they actually work or are they old wives’ tales? Either way, they’re a fun way to mark the beginning of a new and exciting phase in life! Have you done any of these?
Avoid moving on a rainy day: it’s said to be unlucky.
Light a candle: Lighting a candle on the first night in your new home is a blessing ritual that purifies the home from evil spirits and casts out the darkness. Not to mention, it will also create a cosy ambience for your first evening spent at the new house.
Exit through the same door you entered: According to Irish tradition, it is said that you should exit through the same door you entered when you first arrived at the house, or otherwise you will never fully settle in.
Carry uncooked rice: In pagan superstition, it is believed that carrying uncooked rice when you step through the threshold of your new house brings fortune and means that no one will go hungry under this roof.
Don’t accept knives or other sharp items as a housewarming gift: It may be rude to reject a present, but in some cultures, it is thought that when you receive sharp items as a housewarming gift, then your friendship with the giver will be cut. You should only accept the present if you offer a penny in return.
Scatter coins on the floor: If you have any loose change, then scatter it across the living room floor on moving day to bring prosperity and positive energy to the household.
Ring a bell: The sound of bells clears the space from stagnant feng shui and makes room for new and positive energies to enter the house.
Burn sage: Burning sage cleanses the house and its aura, infusing it with peace and happiness. Saging also has a practical purpose, as it gets rid of common household toxins and improves air quality.
Leave your old broom or mop behind: It’s a common superstition that you shouldn’t bring along an old broom or mop to your new home, as it carries all the dirt and dust from your previous house. Leave the old sweeper behind to start fresh in your new home.
Bring bread and salt: Bringing bread and salt is a popular housewarming tradition in many European cultures - a loaf of bread ensures that there will be food in the house and salt will provide flavour to life.
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There have been several legislation changes over the years and there are a lot more expected. There is some great guidance on the Government website, but basically, as a landlord, you must:
- Keep your rented property safe and free from health hazards. It must conform with The Housing Health & Safety Rating System under The Housing Act 2004, which covers things like damp and mould, lighting, staircases, ventilation, and a wide range of other things.
- Make sure all gas and electrical equipment is safely installed and maintained. Annual Gas Safety checks must be carried out and the electrical installations including wiring, sockets, consumer units, etc, must be inspected and tested every five years to ensure national electrical safety standards are met. Copies of Gas Safety Certificates and Electrical Installation Condition Reports (EICR) must be provided to tenants.
- Provide an Energy Performance Certificate for the property. Its rating must be E or above, unless an exemption applies, and it needs renewing every 10 years.
- Fit smoke alarms on every floor and carbon monoxide alarms in rooms with fixed combustion appliances, such as boilers, and evidence that they are in working order.
- Protect your tenant’s deposit in a government approved scheme and provide copies of the paperwork to the tenant.
- Check your tenant has the right to rent your property.
- Give your tenant a copy of the ‘How to rent: the checklist for renting in England’ guide.
You should also arrange buildings insurance, and ensure any blinds are safe by design with no looped cords to prevent accidents.
There’s a lot to do! Then there’s finding suitable tenants and the screening process, periodic inspections and inventories, ongoing property maintenance, etc. I know I’m biased, but personally, I would enlist the help of a lettings agency as they deal with these things all the time and have the knowledge and experience to handle it all thoroughly and efficiently!
If we can be of any more help, feel free to ask – give our experienced, award-winning lettings team a call on 01392 204800.
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