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Top tips for buying a period property in London
This year has made many of us re-evaluate our situation and what we want in a home, and for some buyers in London this means large oak beams, stone fireplaces, unexpected nooks and a fascinating history. It’s easy to get swept away by the romance of owning a period property and it’s a dream of many. But before you rush in, you need to know understand that, like all properties, it isn’t always a bed of roses, which is why our team at Right Now Residential want to give you some guidance. Here are our top tips for buying a period property in our beautiful London.
A period property doesn’t always mean beams and stone fireplaces, art deco homes with their striking angles, and geometric lines, have also made an architectural impact as are a number of post war buildings.
1. Is it listed?
Hearing that a property is listed can often make people fearful of taking it on, but it isn’t always as scary as it sounds. Just because a property is old and has some stunning unique features, doesn’t mean it’s listed, which is why it’s always good to check before you make assumptions. As you are no doubt aware, there are different categories of listings for period properties; the most common, accounting for 92% of listed properties, is Grade II.
With all listings, you will be able to understand what specifics of the home fall under the listing and what works you are envisioning that you will need to gain consent for. The higher the grade, the more features of the home will be classed as listed and require consent. Those properties given the highest significance, for their ‘special architectural or historic interest’, are Grade I, followed by Grade II*.
Just like every home, each listed property is unique in its own way, which is why what’s covered by the listing can vary widely. If you have specific questions, we would advise checking with the local planning office.
2. Costs
When you fall in love with a period home it’s essential to know what you are taking on. A lot of old houses have higher maintenance costs than those for a new build home, whereas others have significant issues that could be a financial drain if you’re not prepared. This is why having a survey conducted is a must for anyone considering buying such a property; the type of survey should be determined by the age and condition of the home.
Should the property need some major renovation or be listed, a structural survey will highlight any major repairs or issues. Knowing about these in advance will help you make the decision on whether this property is right for you at this time. Depending on the age of your property and its features, the cost of maintenance and replacement due to wear and tear could be higher – that is, if you wish to keep those features alive – as you may require the skills of an experienced artisan who specialises in a specific historical craft.
3. Structural concerns
One of the things an appropriate survey will highlight is if there are any structural concerns with the property. These can be anything from simple fixes to more substantial issues. From weakening door lintels and joists to roof rafters, rot can be the cause of many a structural problem. One warning sign is when cracks and bulges appear on the walls inside and out of the house, as well as in the corners of windows and doors. Just because the property has cracks, doesn’t mean it is a sign of a major issue – check with the owners, as they may have already had the problem assessed by an expert.
One thing many period property devotees love is their imperfections. Just because you a can see a number of blemishes, doesn’t mean the house is filled with disasters; it could just be another quirk that adds to the property’s charm and character, and another reason you want to make it your home.4. DampIf you’ve lived in an older home, you will no doubt have experienced damp. Like structural issues, this doesn’t necessarily mean you have a major problem, so get it checked before you make any assumptions. It could be something as simple as blocked gutters, especially at this time of year with the beautiful autumn leaves finding their way into many a drain.
5. Energy efficiency
Not all period homes are held hostage in the dark ages; over the years, people have added modern features such as air source heat pumps and underfloor heating. So even though it may have a year or two on its newer counterparts, the period home you’re looking at could be quite energy efficient.
But as we know, this is not always the case, and some period homes can have a very poor energy efficiency rating. This means you need to budget for higher energy bills, especially in the colder months, unless you are able to improve the home’s thermal efficiency as part of your plans when it becomes yours. Remember, if the property is listed, you will need to get any works approved prior to starting.
6. Knowing its heritage
What’s the story of the home? Every home has a history and, understanding the property’s archaeological heritage is not only fascinating but extremely beneficial. You will get to know what materials have been used in its construction and if any modern-day techniques could be harmful to its fabric. One of the best resources you have should your property be listed is your local conservation officer, you can also expand your knowledge by speaking to experts on the era.
7. Let the battle begin
The biggest battle you may encounter is not with listings, surveys or experts, but something a little closer to home, your mind. Buying any home is always a battle between your head and your heart, and we know from our own experience at Right Now Residential that this only intensifies when it comes to purchasing a period property.
Your heart will be swept away by the unique features, the property’s charm will have hit you the minute you walked through the door, and its character has stayed with you from the moment you left. Everything inside you says this is the one, whilst your head is screaming, “don’t ignore the costs and potential issues”.
In many ways, you need your head to be in charge, because any home will have its challenges, but can you financially and emotionally survive this? We’ve all seen the families on Grand Designs, Restoration Man and the like who have been dragged through the ringer because of things they didn’t anticipate or expect. Now this is, of course, the worse-case scenario, but it’s something that you need to seriously consider.
Keep it alive
For many who take on a period property, they see themselves as custodians of our heritage. By preserving their home, they are preserving the past for future generations to enjoy. A period home can bring you so much joy, but no matter what age of home you decide to buy, our team at Right Now Residential can offer a wealth of advice to help you find that dream home you seek.
A period property doesn’t always mean beams and stone fireplaces, art deco homes with their striking angles, and geometric lines, have also made an architectural impact as are a number of post war buildings.
1. Is it listed?
Hearing that a property is listed can often make people fearful of taking it on, but it isn’t always as scary as it sounds. Just because a property is old and has some stunning unique features, doesn’t mean it’s listed, which is why it’s always good to check before you make assumptions. As you are no doubt aware, there are different categories of listings for period properties; the most common, accounting for 92% of listed properties, is Grade II.
With all listings, you will be able to understand what specifics of the home fall under the listing and what works you are envisioning that you will need to gain consent for. The higher the grade, the more features of the home will be classed as listed and require consent. Those properties given the highest significance, for their ‘special architectural or historic interest’, are Grade I, followed by Grade II*.Just like every home, each listed property is unique in its own way, which is why what’s covered by the listing can vary widely. If you have specific questions, we would advise checking with the local planning office.
2. Costs
When you fall in love with a period home it’s essential to know what you are taking on. A lot of old houses have higher maintenance costs than those for a new build home, whereas others have significant issues that could be a financial drain if you’re not prepared. This is why having a survey conducted is a must for anyone considering buying such a property; the type of survey should be determined by the age and condition of the home.
Should the property need some major renovation or be listed, a structural survey will highlight any major repairs or issues. Knowing about these in advance will help you make the decision on whether this property is right for you at this time. Depending on the age of your property and its features, the cost of maintenance and replacement due to wear and tear could be higher – that is, if you wish to keep those features alive – as you may require the skills of an experienced artisan who specialises in a specific historical craft.
3. Structural concerns
One of the things an appropriate survey will highlight is if there are any structural concerns with the property. These can be anything from simple fixes to more substantial issues. From weakening door lintels and joists to roof rafters, rot can be the cause of many a structural problem. One warning sign is when cracks and bulges appear on the walls inside and out of the house, as well as in the corners of windows and doors. Just because the property has cracks, doesn’t mean it is a sign of a major issue – check with the owners, as they may have already had the problem assessed by an expert.
One thing many period property devotees love is their imperfections. Just because you a can see a number of blemishes, doesn’t mean the house is filled with disasters; it could just be another quirk that adds to the property’s charm and character, and another reason you want to make it your home.4. DampIf you’ve lived in an older home, you will no doubt have experienced damp. Like structural issues, this doesn’t necessarily mean you have a major problem, so get it checked before you make any assumptions. It could be something as simple as blocked gutters, especially at this time of year with the beautiful autumn leaves finding their way into many a drain.5. Energy efficiency
Not all period homes are held hostage in the dark ages; over the years, people have added modern features such as air source heat pumps and underfloor heating. So even though it may have a year or two on its newer counterparts, the period home you’re looking at could be quite energy efficient.
But as we know, this is not always the case, and some period homes can have a very poor energy efficiency rating. This means you need to budget for higher energy bills, especially in the colder months, unless you are able to improve the home’s thermal efficiency as part of your plans when it becomes yours. Remember, if the property is listed, you will need to get any works approved prior to starting.
6. Knowing its heritage
What’s the story of the home? Every home has a history and, understanding the property’s archaeological heritage is not only fascinating but extremely beneficial. You will get to know what materials have been used in its construction and if any modern-day techniques could be harmful to its fabric. One of the best resources you have should your property be listed is your local conservation officer, you can also expand your knowledge by speaking to experts on the era.
7. Let the battle begin
The biggest battle you may encounter is not with listings, surveys or experts, but something a little closer to home, your mind. Buying any home is always a battle between your head and your heart, and we know from our own experience at Right Now Residential that this only intensifies when it comes to purchasing a period property.
Your heart will be swept away by the unique features, the property’s charm will have hit you the minute you walked through the door, and its character has stayed with you from the moment you left. Everything inside you says this is the one, whilst your head is screaming, “don’t ignore the costs and potential issues”.
In many ways, you need your head to be in charge, because any home will have its challenges, but can you financially and emotionally survive this? We’ve all seen the families on Grand Designs, Restoration Man and the like who have been dragged through the ringer because of things they didn’t anticipate or expect. Now this is, of course, the worse-case scenario, but it’s something that you need to seriously consider.
Keep it alive
For many who take on a period property, they see themselves as custodians of our heritage. By preserving their home, they are preserving the past for future generations to enjoy. A period home can bring you so much joy, but no matter what age of home you decide to buy, our team at Right Now Residential can offer a wealth of advice to help you find that dream home you seek.
The PRICE is the key to selling your home fast in London
When selling your home there are many things you can do to attract potential buyers and also add value, from decluttering to mowing your lawn, freshening up paintwork and adding a few plants here and there. Home staging gives any property an edge and can ensure buyers are eager to view based on what they see on screen. But no matter how beautiful and striking your property is, how luxurious and elegant the interior, how immaculate and pretty your garden is, it will all amount to nothing if you don’t get the price right from the start.
The facts
Before we jump in with why let’s begin with the facts. A recent study by Rightmove of 300,000 homes that went on the market between 13 May and 31 July this year, found that you are twice as likely to sell if you accept an offer from a buyer on the original asking price, rather than one that has been reduced. In other words, should the value of the property be right from the start, you double your chance of finding a buyer in London.
Tim Bannister, Rightmove’s director of property data, said: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price. If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays. And also make it a lot less likely they will actually find a buyer.”
The reality
The facts are interesting but what is the reality? Let’s face it, we are all human, and who doesn’t want to hear that the home you have put a lot of love, care, hard work and money into over the years has grown in value. It’s exciting and opens up lots of possibilities for your future. So when you invite a number of estate agents to value your home, and one says it’s worth more than the other agents have quoted, who wouldn’t be biting their hands off?
You may have decided yourself what you want for your home, and won’t take a penny less.
STOP!!! THINK!!
As the saying goes, your home is only worth what someone is willing to pay for it. And this is true in part, but more about that later. But what’s the harm in placing your house on the market with this high asking price and seeing if you have a nibble?
The curse of greed
The first few days your house is on the market in London is crucial, this is the period when interest will be the highest. Active buyers will be eagerly awaiting new properties that are in their price range, and booking viewings quickly in the hope of being one of the first through the door.
These hungry buyers may not even get to see your property, because it won’t show in their property search if the price is too high and out of their set range. Even if your home does pop up in their listings, they are not daft, they know the property market in London, and will have a sense of what your home is worth in the current market.
So what happens?
You may get a trickle of buyers, not the surge interest you were hoping for, and if an offer comes in it will probably be a lot lower than you expected. As time passes, your home becomes less desirable, viewings dry up, and it is left on the shelf. With no other options available to you, your high-valuing estate agent decides to reduce the price – well what’s the harm?
Sadly the damage is already done, having even just one price reduction will increase the time it takes for you to find a buyer. Buyers who may have seen your property weeks earlier will be curious as to why the reduction – is there something wrong with the property? Maybe they’re desperate to sell and will take a cheeky offer. The perception isn’t good, we’re afraid, which is why at Right Now Residential, we may keep repeating ourselves, but we price properties to SELL, not to become STALE.
The price is the start
There are many things we take into account when valuing a property, not only the condition of your home, the reason you wish to move, and any timescales you are working to. This enables us to put a pricing strategy together, the idea being that we will aim to get close to, or even, where possible, exceed the price we believe your property is worth.
The sale price is a starting point, using terms like ‘guide price’ or ‘offers above’ shows buyers that this is not the price at which this property will be sold. Negotiation is a skill, an art form our team at Right Now Residential are trained in. We believe in investing in our teams, and we continue to develop new skills and practices from experts all over the world to ensure that our teams are confident and highly proficient in the art of negotiation.
Just like you, we want to sell your home for the highest possible price, and we will do everything we can to ensure that we achieve this.
The PRICE is the key
When choosing an estate agent, make sure you understand their methodology for selling your home. Do they have a history of quickly reducing the sale price of properties they sell, or can they prove they regularly achieve close to the asking price? It’s easy for estate agents to provide you with this information, but do your own research too; keep an eye on your local market, you will easily be able to spot those agents with a high number of properties that have been reduced.
The price is right
“Higher, lower” we hear sellers and buyers cry! But this is no game show, this is your biggest asset so don’t play games, get it right from the start. At Right Now Residential we know the importance of price and we will ensure that you will be winning your way to a sale.
Book a valuation on your home today by calling our team on 020 3002 2650.
How little white lies could kill the sale of your home in London
We all tell a white lie or two now and again, it could be the cost of those shoes that suddenly appeared in the wardrobe or that stunning unique lamp that you just had to have in your home office. Yet as innocent a slip of the tongue it may be, some white lies can cause serious problems, especially when you are hoping to sell your home. This is why our team at Right Now Residential just want to ensure you’re aware of how little white lies could kill the sale of your home in London
There is a line
Some people have no issues with being direct, whilst others may embellish the truth in the hope of not offending, or simply nod politely not committing themselves one way or another. With the rise of fraud and aggravating cold calling over the years, it is only natural that we can be guarded with our responses, but when it comes to selling your home, there is a line that cannot be crossed and that is ensuring you tell the truth, the whole truth and nothing but the truth.
Frienemies
During the conveyancing processes, you will be required as the seller to complete a TA6, or more simply known as the Property Information Form, in which you are required to provide, honestly, a wealth of information to the buyer. This includes declaring if you have had any issues in the past with those closest to you, your neighbours.
So let us ask you, knowing that declaring this could actually see your sale fall through, would you say anything? Whilst you’re pondering over that question, let us tell you that it’s actually a legal obligation to do so, especially if official bodies have been involved. Staying silent could see your sale collapse, or you could face legal proceedings in the future, and under the Misrepresentation Act 1967, the burden of proof lies with you.
One of the issues that commonly cause neighbour disputes is boundaries, it’s, therefore, advisable to reach a conclusion before you place your home on the market.
A frosty shoulder
The leaves are changing to their beautiful autumnal shades, and if you’re like us, you may even have popped that heating on for an hour the other evening, just to take the chill off the room. Central heating is an essential feature of any property, especially in the winter months, so failing to declare an inadequate or failing central heating system could give your buyers the frosty shoulder.
It is crazy to try and fib your way around this, as it’s not exactly something you can hide like a pile of clutter in your back bedroom. They may sense something is not quite right on a viewing, and request that the boiler is checked by their plumber, then what? When the issues become obvious and they know you have told a tale or two, they may wonder what else you haven’t been completely honest about. Your little white lie has then turned into a whole box of nasty secrets – whether that’s true or not, they can no longer trust you and your property and you will have to say goodbye to your move.
Dampener on things
Damp is one of those things that can be overexaggerated if not fully understood. Many old period homes have damp, and owners used to such a home will know the difference between a crisis and a little bit of mould. Yet damp stains can put, we’re sorry to say, a dampener on things for potential buyers and is actually one of the biggest turn-offs.
If you have damp in your home, get a damp survey report done before viewings start so you can give buyers all the facts about any issues, rather than them whisking up a work of fiction on the subject. The issue may be easily fixable and, if it is, just get it done, or be willing to negotiate with the buyers on price if they would want to have the work undertaken.
It’s not clever
There is no place for little white lies when it comes to a legal transaction such as buying or selling a home. We want you to sell your home in London as much as you do, so be honest about any situations or issues, as we can often find a solution that will ensure that you’re kept on the straight and narrow and that your home is sold as quickly as possible.
Have a question about selling your home in London? Contact our team today on 020 3002 2650.
There is a line
Some people have no issues with being direct, whilst others may embellish the truth in the hope of not offending, or simply nod politely not committing themselves one way or another. With the rise of fraud and aggravating cold calling over the years, it is only natural that we can be guarded with our responses, but when it comes to selling your home, there is a line that cannot be crossed and that is ensuring you tell the truth, the whole truth and nothing but the truth.
Frienemies
During the conveyancing processes, you will be required as the seller to complete a TA6, or more simply known as the Property Information Form, in which you are required to provide, honestly, a wealth of information to the buyer. This includes declaring if you have had any issues in the past with those closest to you, your neighbours.
So let us ask you, knowing that declaring this could actually see your sale fall through, would you say anything? Whilst you’re pondering over that question, let us tell you that it’s actually a legal obligation to do so, especially if official bodies have been involved. Staying silent could see your sale collapse, or you could face legal proceedings in the future, and under the Misrepresentation Act 1967, the burden of proof lies with you.
One of the issues that commonly cause neighbour disputes is boundaries, it’s, therefore, advisable to reach a conclusion before you place your home on the market.
A frosty shoulder
The leaves are changing to their beautiful autumnal shades, and if you’re like us, you may even have popped that heating on for an hour the other evening, just to take the chill off the room. Central heating is an essential feature of any property, especially in the winter months, so failing to declare an inadequate or failing central heating system could give your buyers the frosty shoulder.
It is crazy to try and fib your way around this, as it’s not exactly something you can hide like a pile of clutter in your back bedroom. They may sense something is not quite right on a viewing, and request that the boiler is checked by their plumber, then what? When the issues become obvious and they know you have told a tale or two, they may wonder what else you haven’t been completely honest about. Your little white lie has then turned into a whole box of nasty secrets – whether that’s true or not, they can no longer trust you and your property and you will have to say goodbye to your move.
Dampener on things
Damp is one of those things that can be overexaggerated if not fully understood. Many old period homes have damp, and owners used to such a home will know the difference between a crisis and a little bit of mould. Yet damp stains can put, we’re sorry to say, a dampener on things for potential buyers and is actually one of the biggest turn-offs.
If you have damp in your home, get a damp survey report done before viewings start so you can give buyers all the facts about any issues, rather than them whisking up a work of fiction on the subject. The issue may be easily fixable and, if it is, just get it done, or be willing to negotiate with the buyers on price if they would want to have the work undertaken.
It’s not clever
There is no place for little white lies when it comes to a legal transaction such as buying or selling a home. We want you to sell your home in London as much as you do, so be honest about any situations or issues, as we can often find a solution that will ensure that you’re kept on the straight and narrow and that your home is sold as quickly as possible.
Have a question about selling your home in London? Contact our team today on 020 3002 2650.