Real Estate

Homeowners Can Add Almost £50,000 To Their Properties’ Values With An Investment Of Just £3,500

According to a new study by the Federation of Master Builders (FMB), homeowners can add just under £50,000 to the value of their homes in just seven days for less than £4,000.

One of the biggest interior design trends, broken plan/open plan can be achieved for only £3,500- a huge bargain when you consider the value it can add to any home. In fact, knocking down a wall to create a broken plan or open plan kitchen will add £26,000 to the value of the average property- that amounts to a massive 643%.

Homeowners can add almost £50,000 to their properties’ values with an investment of just £3,500

Homeowners in London will be able to take advantage of increases of £48,000, while in Devon, Surrey and Dorset you’re looking at boosts of £35,000, £31,000 and £27,000 respectively. Homes in the North of England can also expect boosts of around £10,000 and in Cambridgeshire the average increase is £6,000.

Belgravia estate agent, Best Gapp said, “By making a relatively small investment, you can create a contemporary new look for your home that’s much sought after and will add huge value. If you’re looking to move, it makes perfect sense to add as much value as you possibly can. Projects like open plan kitchens can be finished in less than a week and create a modern, airy effect that house hunters love.”

With the snow finally gone for a good few months and the summer well and truly on its way, now is the perfect time to consider home improvements. “Now’s the time to invest in low cost, high return home improvements, and open plan kitchens are among the quickest and easiest to achieve” said Robert Holmes.

For any significant home improvement, especially one that involves structural changes, you’ll need to hire an experienced and reliable builder. Not only are you more likely to get a high end finish, hiring an expert will ensure the project is completed safely, on time and to budget.

Whenever you’re hiring a tradesperson it’s important to do your research. Word of mouth is always the best form of advertising, but if you’re new to the area or don’t have reliable recommendations from friends or family you can use the FMB’s free online “Find a Builder” service. All members are vetted and inspected, so you can minimise the risk element of picking a builder and have the peace of mind that you’re inviting a qualified and trustworthy professional into your home. With more unscrupulous builders targeting hard pressed homeowners and a rise in fake internet reviews, it’s important to do as much research as you possibly can.

“Going through a reputable organisation such as the FMB will give you peace of mind that you’re making the right decision and not enlisting a cowboy tradesperson who will do a shoddy job and run off with your money” says Plaza Estates.

The trend for open plan and broken plan kitchens is a hot property topic for 2018 and looks set to continue over the coming years, so even if you’re not planning an imminent move this is a great home improvement choice.

You Wish to Sell Your House?

Selling your home is a pretty daunting task no matter where you live. It takes a tactful mind, a person who has insightful industry know-how, time and a huge amount of patience. Going in prepared with a bit of homework will definitely help speed up the process.

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Are Home-Sellers In Canada Required To Provide Insurance?

Many families looking to buy a home in Canada find themselves with questions about how insurance works and if the seller is required to provide it. While home sellers are not required to provide insurance in Canada, many will offer some sort of insurance as an added incentive for buyers, so be sure that before you make an offer on a new home, you clarify the insurance situation with the seller.

The Rules:

While home sellers in Canada are required to provide deeds, mortgage information, and current property tax bills, they are not required to provide insurance for the buyer. Home sellers will generally have homeowners insurance on the property until the day they move out as a precaution, so buyers don’t generally need to worry about damage to the house just before they close the deal. However, once the title is transferred, the former owner is no longer legally responsible for the property.

Why Some Sellers Offer Insurance:

It may not be required, but it isn’t uncommon for sellers to offer some type of home insurance that can be transferred to the new owner to make potential buyers more likely to make an offer. Many Canadian home sellers will offer home systems and appliance breakdown insurance, which is transferred to the new owner once the property sale is finalized. Home systems and appliance breakdown insurance usually applies for one year, and covers high maintenance costs for unexpected breakdowns or other problems to protect the new owners.

Insurance for Buyers:

It’s also important to note that if you’re buying a new home and getting a mortgage, you will be required to get homeowner’s insurance. This rule is designed to protect the mortgage lender in the event that the property owner defaults on their mortgage.

The bottom line for prospective buyers is this: because home sellers in Canada aren’t required to provide insurance, the best course of action is to inquire about insurance before you make an offer. It is all about getting in contact with the realtor. According to Calgary Listings, “enjoy the rewards of working with an experienced professional and receiving personal customer service.”

The realtor will ensure you have all the information necessary when going to buy a home including whether or not the seller will provide the insurance.

The realtor will also know whether or not the insurance can be transferred to you after the sale is complete; in some cases, sellers will be amenable to offering insurance if they know that it’ll make you likely to close the sale. Once you do purchase your new home, be sure to get homeowners insurance right away even if you aren’t taking out a mortgage, as once the title is transferred to you, you’re financially responsible.