December « 2012 « Malta Property

Looking to raise your home equity? You’re reading the right article! Home improvement is actually important before you sell your house or use it as collateral for your financing. Here are some good areas to start improving your home.

1. Waterworks

Your home’s water series and passages should be improved if you find leaks or troubles when turning on your faucets or showers. Repairing these can improve your home’s value by up a great notch. Most old homes that are resold usually have lower ratings because of poor water sourcing. Try to replace pipes and patch up waterworks with superior repairs before selling your home.

2. Insulation

An insulated house works great for anybody and it is the most inexpensive and easiest improvement you could do for your home. Soundproof your AV and living room, replace your windows with sliding ones that have glazed glasses. A good insulated house ensures maximum HVAC system output during the cold weather, saving the new owners much in electricity prices and making your house more expensive.

3. Kitchen

A good kitchen is one that has enough vents to send out the smoke or at least smother it while cooking. Replace any broken tiles. You don’t actually have to spend so much for replacing your tiles with fancy looking ones; all you need is some creativity. With a few principles of kitchen design and knowledge about tile composition and material, you could even attach these items yourself.

4. Bathrooms

Having two bathrooms in your house makes it more expensive, especially if the personal quarters is located on the top floors. Two bathrooms makes it convenient especially if there are more than five people living in the house.

You might be planning to move out soon or sell business property to improve your home or business. If you’re having trouble finding buyers for your properties, you’ll need to take advantage of new technology and some services to ensure you sell your properties having a good, market-sellable price and profit. Here’s what you need to know.

1. The Internet

Online forums and retail websites feature property selling services and product listing. Aside from selling your usual products and services, you can also sell your properties using these websites. Interested people can contact you to look at your property and negotiate personally for the price.

2. Real Estate Agent

Real estate agents are normally the people you are looking for when selling your home. The agents can appraise your properties, tell you which areas and parts of the properties needs repairs and improvement and how you can raise the price of the property you’re selling. However, you will need to pay for their professional fee and they are to receive commission should they successfully your properties.

3. Industrial Communities

Most industrial communities have a network of property dealers. If you have an abandoned factory, assembly or production line, you can work with the property dealers to introduce your property to others related in the industry. You can earn more from selling your properties as industries look for quality and utility in most industrial properties.

It’s no surprise that first time buyers are struggling to get on the property ladder, there are few 90% mortgages out there never mind 95% or 100%. Add to this the high rental costs eating into income that would otherwise be saved for a deposit and those looking for their first home are barely able to dream about ownership.

The property market is one big tease at the moment, with cheap properties flaunting themselves in front of would-be buyers in great numbers but those very same buyers are unable to take advantage. It’s so hard to get a mortgage at the moment that properties are spending months on the market at reasonable prices, even potential buyers with a healthy deposit cannot get the financial support they need from their lender.

Forsalesigns — Homes, homes everywhere but not a mortgage in sight

The stress is not only on buyers but also sellers and estate agents, with ready-to-go-buyers at a minimum property chains are going stagnant as agents are unable to complete deals. This puts the agent-client relationship under immense pressure as the realtor looks to do all they can to move the process along but is ultimately at the mercy of the lenders; if they hand the cash over – it’s on, if they don’t – it’s not.

Speaking about the state of the market, Vicky Bibiris from Stoke Newington estate agent Location Location, said: “It’s a trying time for all estate agents at the moment with relationships constantly on tenderhooks. But the vendors and buyers have the biggest problems, unable to sell and unable to buy they are stuck until lending criteria are relaxed.”

Ms Bibiris added: “While the rental market is bouyant and prices are high, first time buyers look to be facing a period of uncertainty if the recent BSA report is to be believed. Here in North London and across the capital; prices are rising steadily putting new homes even further out of reach for many, it’s a good time to have a healthy deposit stashed away.”

The BSA (Building Societies Association) report believes first time buyers will have to save for at least 10 years to put a deposit in place, despite a 34% rise in lending in the mutual sector. Shockingly; research conducted by the BSA found that one in five first-time buyers believed they would still be renting or living with family in 2022.

The current UK payment protection insurance bill has now reached a staggering amount of £12.94 billion according to recent figures. According to financial experts, the numbers are still rising as more claimants with larger interests and longer time owning the insurance come forward to make a claim.

The financial industry is currently swamped with mis sold PPI claims and large PPI bills. Currently, Barclays has £3.7 billion pledged for mis sold PPI, HSBC has pledged an additional £223 million, bringing their total bill to £1.3 billion. Lloyds, the biggest mis seller of PPI, has reached £5.3 billion, the largest amount of all compensating parties.

PPI is an insurance product designed to repay a loan, mortgage or credit card in case the customer gets sick or unemployed. Many customers were mis sold the insurance under mis-interpretation and unnecessary inclusion.

Customers such as “Roberta” who gained £65,000 for a mis sold PPI continue to alarm analysts and the financial industry. Thousands of customers with potentially a decade of compound interests can instantly bring the PPI compensation bill to £16 billion by 2013.

However, the slowing down of the PPI claims process is entirely blamed by authorities on the banks themselves. The Financial Ombudsman Service Chief Natalie Ceeney states that 7 out of 10 claims rejected by banks were all valid, meaning that the investigative arm of the financial industry are not paying full attention to the claims or are not giving proper processing to the cases themselves.

Do not fear the economic crisis’ effects on the property industry; it is still fairly easy to get approved a mortgage application and get re-financing with the current economy. However, you will need to get your financial profile in shape. Most lenders consider your credit score, your financial capability and your personal touch in your application to give you a lower interest rate and instant approval. Here are the basic steps to getting your mortgage approved.

1. Credit Scores

Your credit score is the heart of your mortgage application. Don’t consider applying for mortgage if you have a low credit score. A score of about 630-680 should be enough for your lender to consider giving you a lower-interest mortgage proposal. Double-check if the credit bureau had given you the correct update on your credit scores as well.

2. Your Requirements

Most lenders require that you have your payslips, tax forms, employment details and other information including your existing financing. Prepare these forms in both hard and soft copies and have multiple copies prepared. A delay in your application may mean the progress of your savings and you losing the application in itself. As soon as you apply, supply copies of these documents.

3. Have More Choices

You can haggle with your lender regarding the mortgage rates they offer you and the best way to haggle is to have information from their competitors. Mortgage deals may be advertised, but the adjustments made by other brokers to you own particular benefit may lower the rates proposed to you by an initial offer.

4. Re-Financing

It is possible to re-finance your closing costs with the same lender as long as you show you are capable of maintaining your credit score. The approval of the application is the first half of the battle; the other part is maintaining your score that would grant you lower rates on your re-financing with the same lender.

Whiplash claiming might be difficult today because of the plans of the government to control the number of fraudulent and exaggerated whiplash injury cases. The insurance industry had been losing £2 billion a year due to fraudulent cases and because whiplash claims are expensive to contest and have no physical medical evidence that appears instantly. Here are a few things you should consider in making your whiplash claim successful today.

1.Smartbox Technology

Improving your in-car monitoring is important to ensure that you can gain whiplash compensation from a possible whiplash injury during a car accident. The “smartbox” technology designed to measure the speed of the vehicle, detect damages to the car and a video showing the accident when it happened and after it happened can serve as viable evidence for whiplash claims.

2. New Claims Standards

The UK government is rumored to adopt the German standards for whiplash injuries and car accidents. When making a whiplash claim, consider if your speed is above 10km/h. You will also need a police report filed within 24 hours and have a medical check up by two medical professionals to see if your claim is valid.

3. Small Claims Courts

The government also plans on placing whiplash injury claims to be processed by the small claims court. This means that ignorable to minor whiplash injuries, usually injuries that effect nausea and disorientation without any life-threatening effects, may receive smaller compensation as decided by the small claims court.

4. Legal Challenges

Claimants will need to assume that the lowered costs in investigating whiplash claim cases will allow the insurance industry to inquire about questionable claims. Avoid making fraudulent or exaggerated claims. Always present evidences that support your claim, specifically your medical reports and “smartbox” evidences to ensure the success of your whiplash compensation claim.

Malta Property

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Monthly Archives: December 2012

Home Improvements That Are Easy and Affordable

The Best Way to Sell Your Property

Buyers and Sellers Face Big Problems says Stoke Newington Estate Agent

PPI Claims: Bank Bills Still Rising

Getting Mortgaged: The Easiest Methods to Get Approved

What To Watch Out For In Making Whiplash Claims