While there are some renters who view renting an apartment or a house as a failure, there are others who see the benefits there are to be gained from renting a property as opposed to purchasing a property. Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home, few maintenance requirements and the inclusion of amenities which the renter would not likely be able to afford if they were to purchase a home instead of renting. Although there are some negative aspects to renting an apartment, this article will focus exclusively on the benefits of renting a property.

The Ability to Save Money

Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to renting a property. Many homeowners were able to realize their dream of home ownership only after living in a rental property for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled

Rent for an apartment is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental property but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the apartment, they may save hundreds or even thousands of dollars during the course of the rental agreement.

No Maintenance of Property

Another advantage to renting a property is there is typically little or no maintenance required by the renter. This is especially true in an apartment situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.

Additionally common areas such as grassy areas or gardens are maintained by the maintenance staff. The exception is usually when the renter rents a home as opposed to the apartment. In these cases the renter may still not be responsible for small repairs but might be obligated to take care of items such as maintaining the grass.

Worthwhile Amenities

Many renters who might be able to purchase a home would not likely be able to purchase a home with amenities such as a pool, fully equipped exercise room and a home theater.

These items are often considered luxurious and are not available in the majority of homes which are on the market at any particular time. In fact searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range. However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.

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So What Are The Benefits of Renting? is a post from: My First Home Blog

All across the United Kingdom, there are millions of people looking to buy a home – either now or in the future.  Over the last few years, lower interest rates have come along, making it more affordable than ever to buy a home.  When most people stop and give it some thought – buying a home makes a lot more sense than renting a home or an apartment.

In order to buy a house, you will need to start saving your money and have enough for the completion costs and a down payment.  Your down payment will normally need to be around 15% of the price or the value of the property – whichever is lower.  To be on the safe side, you should always try to have 20% to put down.  If you aren’t able to put 20% down, you will need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment.

In most cases, the completion costs will run you around 5% of the property price.  Before you purchase the home, you should always get an estimate.  An estimate woold not be the exact price, although it will be really close.  You should always plan to save up a bit more money than you need, just to be on the safe side.  It is always best to have more than enough than not enough.

When you buy a home and get your monthly mortgage payment, it should not be any more than 25% of your total monthly income.  Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so -  stick to your budget instead.

Keep in mind that there is always more money involved with a home other than the mortgage payment.  You also have to pay for utilities, homeowners insurance, property taxes, and maintenance.  Owning and caring for a home requires a lot of responsibility.  If you’ve never owned a home before, it can take a bit of time to get used to.

Before you fill out any applications, you should always look over your credit report and check for any errors.  Although you may think you do not, you can easily get an error on your credit report and not even realize it.  If you have an error on your credit report, it can cost you a lot of money in interest rates.  An error will decrease your credit score, which will put you in a higher interest bracket and ultimately cost you a lot more money in the end.  Therefore, you should always know your credit before you approach a lender.

If you check your credit report early enough, you may leave yourself enough time to fix any problems and get your credit back on track.  Rebuilding credit can take time though, sometimes even years.  You should always plan ahead – and give yourself plenty of time to fix your credit.

Buying a home will require a bit of commitment on your behalf.  You should always strive to get the best possible deals, which means knowing your credit and where you stand.  This way, you can get the best interest rates.  You don’t want to buy a home with bad credit, simply because you’ll pay a lot more money for the home.  If you take the time to fix any credit problems and save up some money – you’ll be able to get a much better home for your money.

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Knowing When You Are Ready To Buy is a post from: My First Home Blog

Fairview New Homes launches the long-anticipated The King’s Tower apartments at the Queensgate development in Croydon, Greater London. There are just 12 luxury two-bedroom apartments available to buy in the Grade II listed tower, part of the former Queen’s Hospital. Since its construction in 1866, the hospital has been a distinctive landmark in the centre of Croydon.

Each spacious apartment at The King’s Tower has a contemporary interior specification whilst retaining the building’s unique historical character.

Jim Holliday, Sales Director of Fairview New Homes, comments: “The King’s Tower is the exciting final phase of Queensgate and has the only converted apartments on the development. As there are only 12 of these apartments for sale, we are expecting them to go quickly. Any interested buyers should contact our selling agent, Streets Ahead, as soon as possible for more information.”

Croydon is currently experiencing one of the most dynamic regeneration schemes in the UK. At present, some £3.5bn has been committed to redeveloping the area, earning it the title of London’s Third City. As part of Transport for London’s £10bn Investment Programme, the East London line is also being extended. Phase 1 from West Croydon to Dalston and Highbury & Islington has now been completed, and in 2012 Phase 2 will extend to Clapham Junction.

“Croydon’s ongoing development and improving transport links to central London has strengthened its appeal to commuters.  With trains from East Croydon Station to London Victoria in just 16 minutes, The King’s Tower is perfectly situated for a central London worker. Improved commutability is already having an upward effect on property prices and thus the window of opportunity to buy at competitive prices is closing,” Mr Holliday adds.

The King’s Tower overlooks its own landscaped grounds within the Queensgate development, which lies in a desirable residential area in the heart of Croydon. The apartments are under a 10 minute walk to Selhurst Railway station and a five minute drive from both West Norwood and West Croydon tube stations (London Overground and Tram network).

The social scene in Croydon is very popular and there are a growing number of city-style restaurants, wine bars, cafes and traditional pubs. The shopping opportunities are also extensive, with over 140 stores in the Whitgift Shopping Centre and at least 60 shops in Centrale Mall.

The area has been named the third greenest borough of London due to the 2,600 acres of green space. Croydon offers a wide range of sports and recreational activities including two full championship golf courses, seven 8-hole courses, pitch and putt courses and driving ranges. Sailing and canoeing are also available at the South Norwood Country Park.

From East Croydon train station, commuters can be at London Victoria in just 16 minutes. Gatwick airport is also just 16 minutes away or for a day at the seaside Brighton takes just over half an hour. For travelling around South London, the Tramlink is the UK’s number one tramway carrying 22 million passengers a year.

Prices for a two-bedroom apartment at The King’s Tower start from £215,000.

For more information and prices please contact our selling agent Streets Ahead Tel: 020 8655 1300

Or visit: www.fairview.co.uk to register interest

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King of Croydon – Fairview New Homes launches the historical King’s Tower is a post from: My First Home Blog

Fairview New Homes has launched the final phase of their riverside development, Connection II in Canterbury, Kent.  The 15 new one and two-bedroom apartments are the last new homes for sale on this popular development of apartments and houses set in landscaped gardens and grounds.

Jim Holliday, Sales Director of Fairview New Homes, comments: “The first phase of Connection was highly successful and we sold all 150 properties without difficulty. The new homes attracted first time buyers in particular, due to Connection II’s enviable location close to the town centre, the coast and the train station for journeys to London. As there are only a few apartments for sale within this phase, we expect them to go quickly. Any interested buyers should contact our selling agent, Connells, as soon as possible for more information.”

Connection II is ideally located for commuters; it is just a few minutes’ walk from both Canterbury West and Canterbury East train stations, with a journey time to London St Pancras from 56 minutes.

“Since the opening of the fast link train to London at the end of 2009, Canterbury has attracted more residents who commute into London daily. The improved transport links, along with the city’s historical and cultural connections, have ensured that property prices in Canterbury have remained stable,” concludes Mr Holliday.

Connection II is ideally located for Canterbury town centre, being just a moment’s walk away from the coffee shops, traditional tea houses, gourmet restaurants, and contemporary bars the city has to offer. The nearby King’s Mile is Canterbury’s shopping district with over 100 high street shops and boutiques.

Residents will never be bored with the broad variety of attractions available in the city and beyond. The nearby beaches of Herne Bay and Whitstable make day trips to the seaside easily viable and the surrounding Kent countryside is perfect for walking, cycling and horse riding.

Trips to Europe are also within easy reach, whether by ferry from Dover or Folkestone, or by Eurostar from Ashford – just a 30 minute drive away.

The homes at Connection include fully fitted kitchens with dark granite effect worktops, stainless steel ovens and semi integrated washer/dryers. Bathrooms feature white sanitary ware with chrome plated fittings. All of the two-bedroom apartments also benefit from an ensuite bathroom in the master-bedroom. There is only 1 one-bedroom apartment.

Prices at Connection II start from £174,995 for a two-bedroom apartment.

For further information on Connection II in Canterbury, please contact our selling agent, Connells, on 01227 764720 or visit www.fairview.co.uk to register interest.

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Connect to Canterbury – Fairview New Homes launches second phase of Connection is a post from: My First Home Blog

The number of mortgages behind with payments also fell. As at the end of June there were 178,200 loans with arrears equivalent to 2.5% or more of their mortgage balance. This was 5% lower than at the end of March, and 17% lower than a year earlier.

The continuing welcome decline in payment problems has led the CML to revise its forecasts for arrears and repossessions in 2010 as a whole. The CML now expects 175,000 mortgages to end the year 2.5% or more in arrears, compared with the previous forecast of 205,000. A total of 39,000 repossessions is now forecast for 2010 as a whole, compared with the previous forecast of 53,000.

However, there is no room for complacency looking further ahead. The headline arrears figure masks differences in the experience of different arrears bands. For example, in the lowest arrears category (between 1.5% and 2.5% of balance, or £1,500 to £2,500 on a £100,000 mortgage) there has been a marked improvement from the peak in the first quarter of 2009, when 1% of all mortgages were in this category, to 0.7% now. But in the highest 10% or more arrears category, the proportion of mortgages has remained almost static at 0.23% (compared with the peak of 0.24%).

In the higher arrears categories, some mortgages will have improved, and returned to lower categories, while others will have worsened and followed through to repossession, and will in turn have been replaced by other mortgages flowing up from lower arrears bands where arrears are worsening.

It is notable that, unlike the lower arrears bands, the higher bands are showing less of a decline, suggesting that there is still a significant segment of borrowers whose arrears may have been stabilised through lender forbearance or other support, but whose situation is not improving enough to enable them to claw their way out of problems. These finely-balanced arrears cases are the ones who may be at most risk of tipping into repossession if there are negative changes such as higher interest rates or reduced benefit support.

CML director general Michael Coogan said: “Mortgage difficulties have so far been contained at lower levels than we expected at the start of the year, and by comparison to the 1990s recession.

“However, the safety net for borrowers is weakened by the prospect of higher interest rates, a possible rise in unemployment, a counter-productive stigma hanging over mortgage payment protection insurance, uncertainty over future debt advice funding, reduced government support for mortgage payments, and mortgage rescue schemes being reviewed as part of the deficit reduction plan.

“While we don’t want to cry wolf, it seems obvious that the ongoing prognosis for arrears and possessions is far from a healthy all-clear. We hope the coalition government will not risk undermining the chances of extending the welcome trends this year by removing support mechanisms that work.”

Source: http://www.cml.org.uk

A decline in arrears and repossessions – CML Reports is a post from: My First Home Blog

As an Estate Agent, Property Developer or Housing Association you can subscribe and post an unlimited number or properties for free when you sign up now. This shows you how to register your interest if you are looking to Sell or Let a property

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How to Register as an Estate Agent on My First Home UK is a post from: My First Home Blog

movewithus, one of the UK’s largest network of estate agents, has advised prospective sellers to get three independent valuations to increase the chance of a fast sale at a competitive price.

The company believes that homeowners could risk losing thousands of pounds if the property market starts to slide and they have tied themselves into the highest valuation.

To assist sellers, movewithus has launched a comprehensive valuation report, which for a £75 cost will provide two independent valuations by local estate agents, a desktop valuation, comparable local sales data and historical selling prices for the property in question.

The service can be accessed at www.movewithus.co.uk.

Robin King, director of movewithus says: “We value over 24,000 properties a year and sell over 12,000, and our experience says that valuation and sales price are often widely different as many homeowners opt for the agent providing the highest valuation. Sadly, this often means a lengthy delay until the price is revised; whilst this is often just a time consuming pain in a rising market it could cost thousands in a volatile or falling market.”

movewithus valuation service will prepare customers for property slide is a post from: My First Home Blog

Source: http://www.zoopla.co.uk

Leading property website Zoopla.co.uk has today announced that it has signed long term strategic partnerships with the UK’s three largest estate agent groups – Countrywide, LSL Property Services plc and Connells Group. Under these agreements, each of the agent groups will advertise all of their properties on and provide additional marketing and advisory support to Zoopla.co.uk.

These partnerships signal a strong endorsement of Zoopla.co.uk by the country’s leading estate agency chains, which between them operate more than 2,000 high street branches across the UK under a variety of brands including Hamptons International, Bridgfords, Reed Rains, Your Move, William H Brown and Barnard Marcus, and have combined annual revenues in excess of £875m.

Since its launch only two years ago Zoopla.co.uk has grown at an unrivalled pace in the online property sector to become the UK’s second most-visited property website (Nielsen/UKOM), reaching an audience of almost 5 million visitors per month.

Each of the agent groups plan to work closely with Zoopla.co.uk on a variety of initiatives to maximise the online opportunities for all Zoopla.co.uk agent members and the industry and the services offered to consumers searching for property online. The agreement is a testament to the growing strength of property portals and in particular Zoopla.co.uk, which continues to play an ever-increasing role for agents in terms of both exposure and enquiries.

Grenville Turner (CEO of Countrywide), Simon Embley (CEO of LSL) and David Livesey (Group CEO of Connells) have each been appointed to the Zoopla.co.uk board as Non-Executive Directors with immediate effect.

Grenville Turner, CEO of Countrywide said, “Zoopla.co.uk has become an important player and leading innovator in the online property sector over the past two years. With the vast majority of consumers searching for properties and related information online, this partnership further enhances our online strategy and will serve to maximise the benefits for each of our brands online.”

Simon Embley, CEO of LSL Property Services plc commented, “Zoopla.co.uk has been one of the fastest growing websites in the UK over the past two years and now accounts for a significant share of the enquiries we get from both house hunters and sellers. We are looking forward to working more closely with Zoopla.co.uk to make the most of the online opportunity for our businesses.”

David Livesey, Group CEO of Connells added: “We are delighted to be working more strategically with Zoopla.co.uk who have an impressive team and track record and have shown a strong interest in working in partnership with the industry to help maximise the online business opportunities for all agents. We look forward to helping Zoopla.co.uk to build on its success to date.”

Alex Chesterman, Founder and CEO of Zoopla.co.uk said: “The decision of the leading estate agency groups to endorse Zoopla.co.uk as a long-term strategic partner for each of their businesses is great testament to what we have achieved over the last two years and the innovation that we bring to the market. These partnerships will help us to better serve the needs of our website users, all of our agent members and the industry as a whole. We are looking forward to continuing to innovate and develop products that make us the best place for consumers to search for property and the most efficient marketing partner for estate agents.”

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Zoopla.co.uk signs partnerships with leading estate agencies is a post from: My First Home Blog

Edward Wright, 32, a property manager working in Canterbury, has purchased a new home at Evolution in Ashford. When Edward decided to upsize from his small one-bedroom property in Canterbury, he found that there was not much in the area within a price bracket he could afford. This is when he decided to look further afield and found Fairview New Homes’ new development in Ashford where he could enjoy spacious living at very competitive prices.

“I decided to move from my one-bedroom flat in Canterbury as it was just too small. It took me ages to find a suitable property to buy, which meant that I had to move back home with my parents in Hastings for six months. I don’t think I was being particularly fussy, I just hadn’t found anything that met my requirements”, explains Edward.

“When I visited the sales office at Evolution I was relieved that there was a choice of spacious apartments available at a price I could afford. The property I bought has an en-suite bathroom and a south-facing balcony, both of which were important factors when I was searching for an apartment. I also have two good sized bedrooms, so I can use the second bedroom as an office and occasional guest room. I was beginning to think that I’d have to compromise on the some of the features, but this apartment had everything I was looking for.”

Edward continues, “I will be moving into my new home in December this year and am looking forward to having much more space and an easy commute to work of twenty minutes by car. With Ashford International station and its high speed rail link being only a fifteen minute walk away I’m excited that I’ll be able to travel easily to both London and the continent – I’m definitely looking forward to some evenings out in the City and West End and some day trips to Europe next year!”

Evolution is a collection of two-bedroom apartments and three- and four-bedroom houses, which will be set around peaceful landscaped gardens.

The new homes provide the perfect platform for those wanting to buy a good value home within a commutable distance to London and France. With a total time of 37 minutes to St Pancras, residents at Evolution can be in the centre of London more quickly than some people living in the suburbs of the capital. And with the picturesque Kent countryside right on the doorstep, homebuyers can have the best of both worlds at Evolution.

Along with being an historic market town, Ashford has a thriving shopping district, including County Square shopping centre, and a popular designer outlet situated just a 10 minute walk from Evolution. The central Stour Leisure Centre has undergone a multi-million pound redevelopment and provides the community with a superb sports centre, gym and pool facilities.

Ashford is one of the government’s key growth areas, with an estimated £2.5 billion development strategy in place, and plans are afoot to create 28,000 new jobs in the area. The scheme is rapidly creating a town centre that will combine modern shopping malls and pedestrianised streets with first-class leisure facilities and popular cultural attractions.

The stylish new properties at Evolution will have open-plan living areas and fully-fitted kitchens, with fan ovens, electric hobs and washer-dryers. Each house and apartment is built with the environment in mind, with heating and hot water provided by a condensing boiler and a renewable energy system, and minimum 75% energy efficient light fittings.

Prices for new homes at Evolution start from £126,995 for a two-bedroom apartment and £196,995 for a four-bedroom house.

For more information and prices please contact the marketing suite Tel: 0800 883 8149

Or visit: www.fairview.co.uk. The marketing suite is open seven days a week from 9am to 5pm.

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Spacious new homes in Kent at Evolution – Fairview New Homes’ development in Ashford is just right for young property manager is a post from: My First Home Blog

Branch manager Richard Marsh continues the same theme: You only have to turn off Colliers Wood High Street to discover a wide array of attractive and varied properties with plenty of choice, particularly for first- and second-time buyers. Large Victorian houses  some beautifully restored and some ready for a boost  provide family homes and spacious, high ceilinged flats. And theyre complemented by the areas modern maisonettes, offering plenty of choice for all types of buyers. Colliers Wood has its own tube station on the Northern Line and its only a mile from Wimbledon town centre but its significantly more affordable.

SW19 Colliers Wood is ideally located. Not only is it right in the centre of the High Street but, unusually, free parking for up to an hour is available immediately opposite the branch, meaning that buyers and renters can easily pull up and pop in for property details. The branch will be offering a full sales and lettings service and is open six days a week, with 7pm closing Monday-Thursday.

SW19 Colliers Wood is something of a return to home for the companys director, Luke Bennett: Its an area I know like the back of my hand. I started my estate agency career in Colliers Wood and Ive lived and worked in and around the area for about 12 years. I know the people and I know the properties. Its a great place to live, with all the benefits of Wimbledon, plus its own tube, but without the price tag.

SW19 Colliers Wood is the fourth branch Bennett has opened for his highly successful estate agency. The agency has only been running for five years and half of that time has been in the economic downturn, yet he has seen consistent growth: What do I put our growth down to? Theres no magic, no secret, but we do believe in attention to detail.
He continues: Estate agency these days is as much a technical craft as anything else. For example, well look at the stats from our website and if we see that, say, a clients kitchen photos are getting more hits than their sitting room, well put the kitchen first. Equally, if were obliged to photograph a property on a cloudy day, well go back when its sunny. Other agents may say they do that sort of thing: we really do, and without being asked.

SW19 Steels Into Colliers Wood is a post from: My First Home Blog