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Using your home to fund your retirement

May 17, 2012 By L Herbert

When people approach retirement, they often have plans of how they will spend their years of leisure that have taken a lifetime of hard work to reach  – going on trips to faraway places and enjoying spending time trying new hobbies. Of course, you need to have the funds to do this and many pensions that people will start to access when they retire won’t actually cover much in the way of fun activities.

And if you wanted to build on a conservatory or remodel part of your home, you’d need to find the funds from this somewhere. What many retired people are turning to in these circumstances is an equity release scheme, which helps free up some or all of the equity in their home, but is not payable until after they die and their house is sold.

This kind of scheme makes a lot of sense as property prices have risen so much over recent years, in comparison to the prices many soon-to-be retirees paid for their homes.

Age Partnership is an independent company that offers such schemes. Age Partnership equity release schemes come in four main categories, which give different options on how funds are released and paid back.

These are a lifetime mortgage, interest only lifetime mortgage, drawdown lifetime mortgage

and a home reversion plan.

The lifetime mortgage is where you get a lump sum for the whole or partial value of your home. The amount borrowed, plus any interest accrued, is paid back through the sale of your home after your death – or before, should you move into a residential care home.

The interest only lifetime mortgage is where you pay off the interest in regular instalments from the beginning of the loan, so that only the amount borrowed needs to be paid back after your death.

The drawdown option means that you can take money as and when you need it, rather than as a lump sum. This means that the interest payments will be lower overall – as you won’t be borrowing so much money for such a long period of time.

Finally, the home reversion plan is where you sign over ownership of your home in its entirety in exchange for a lump sum of cash, but can continue to live in the property rent free until you die.

There’s an Age Partnership equity release guide on their website where you can find out further details.

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Maximising a small living space

April 12, 2012 By L Herbert

When you live in a studio or one bedroom apartment, there are different ways you can maximise the space you have available.

Many pieces of furniture can be versatile in the way that you can use them. For instance, many studio flats don’t have separate kitchens, more a corner of the main room that is kitted out with a small workspace and a fridge, cooker and sink contained within it. Having a good sized dining table placed close to the kitchen workspace can be useful as it provides you with an extra working area for the preparation of meals. Keep an eye out for a diningroom furniture sale in your area to see if you can find an extending dining table that would fit in the space that you have available. You’ll then still have room to invite guests over for dinner.

Similarly, many sofas that are in the shops today have storage underneath them so that you manage without a separate chest of drawers in the room. Chaise sofas are particularly good for small living areas, as the chaise section often contains a good storage section. The chaise sofa can be pushed right into the corner of a room, maximising the floor space that is left free.

The classic space saver bed is one that folds up into the wall during the daytime, but these can sometimes be complicated to get installed. If you’re renting a flat, for example, you’re unlikely to want to go to the expense of having a fold down bed installed. What might be a better option is to choose a really good quality sofa bed instead. Today’s sofa beds are far superior to those from a few years ago, and it’s possible to get one with a really decent mattress, so that it’s suitable for sleeping year round, not just for occasional use.

Of course, beyond sensible furniture choices, the key to living in a small space is being organised and knowing where you keep everything.

Filed Under: Architecture, Buildings, Construction Tagged With: , , ,

Furnishing a rental property

January 31, 2012 By L Herbert

If you’ve decided to let out a property as furnished, you have to make sure that you have suitable furnishings in there. It’s the one way you can make sure that you are more likely to secure a tenant than them deciding to rent a property two streets along. Of course, you need to make sure you’ve set a fair rent that’s comparable to other properties in the area and that your property is well advertised if you’re managing it yourself, or that you’ve chosen an agent who will make sure your place gets viewed.

There are certain items of furniture that aren’t sensible choices to put in a rental property. Sofa beds are just asking for extra people to stay over and add wear and tear to the property. Similarly, recliner sofas are attractive pieces of furniture, but these could also easily be used as an extra bed for people who are trying to save money by sub-letting. You’re best off getting a traditional two- or three-seater sofa in a reasonably dark fabric, so that it won’t be ruined by a glass of red wine or something similar being spilled on it.

If you have a one bedroom flat, then your ideal tenant is going to be a single person or a couple. Put in a decent double bed, and even if you’re not replacing the frame, it’s worth buying a new mattress to woo potential tenants.

In the living area, put in a cheap dining table and chairs which are functional, but will be able to take a few knocks. Remember, tenants aren’t going to treat your possessions as well as you would yourself, so don’t buy a table that will mark easily, and get chairs that are sturdy enough to take different people’s weights.

Beyond the basics, don’t fill the property with unnecessary furniture. This gives your tenants the possibility of bringing a few possessions with them.

Filed Under: Buying Property Overseas Tagged With: , , , , ,

Women in architecture

December 15, 2011 By L Herbert

Architecture is traditionally a male-dominated business. Real estate is the same. Investors of note like David Lichtenstein encourage the role of women in both architecture and real estate and it looks as if things are really beginning to change.

Women are generally on the up in the architectural world. They’re still to achieve a completely equal footing but the role of women in building beautiful buildings is absolutely nothing new. In America in the 19th century, for example, it was commonplace for women to design and commission their own homes to exacting specifications.

And the famous Frank Lloyd Wright’s first ever employee was a woman who in turn became the world’s first woman to be licensed as a practicing architect. Called Marion Mahony Griffin, she contributed hugely both to Frank Lloyd Wright’s ‘s career and  to the career of her husband, Walter Burley Griffin, the American architect and landscaper best known for his role in designing Canberra, Australia’s capital city.

More recently, the Japanese female architect Kazuyo Sejima launched a Tokyo-based firm that designed award-winning buildings around the world.

In fact, she and her partner, Ryue Nishizawa, shared the 2010 Pritzker Prize for Architecture.

The first ever female winner of the prize, though, was Baghdad-born (in 1950) Zaha Hadid. Her work in new spatial concepts encompassing all fields of design from urban spaces and buildings to products and furniture deservedly earned her the honour.

And finally, what about, Maya Lin (born in October 1959) who is perhaps best known for her large, minimalist sculptures and monuments? When she was just 21 years of age and still just a student, Lin created the winning design for the Vietnam Veterans’ Memorial in Washington, DC.

Women bring something to the world of architecture that men don’t. This may be a sweeping generalisation, but it’s also very true.

Filed Under: Architecture Tagged With: , , , , ,

Tips For Buying A Holiday Home Abroad

October 23, 2011 By L Herbert

Are you sick of the weather over the British summer time always promising so much yet constantly failing to deliver? Do you spend your weeknight evenings dreaming of a steaming plate of paella or perhaps a slice of freshly made wood-fired oven pizza while you’re munching your boring old roast dinner?

If the answer to these questions is “yes”, why not join the thousands of Brits who have already decided to take the plunge by purchasing a holiday home abroad? Spain and France are two of the most popular destinations for UK property owners opting to take out a second home insurance policy, but regardless of which country tempts you, there are several sensible tips which should always be followed.

Firstly, consider who will take care of the property when you’re back in the UK. Are there local companies willing to do the cleaning and gardening at a fair price? This is particularly important to consider if you’re planning on renting the property out to holidaymakers when you’re not using it.

If renting the property out is a priority for you, make sure you take the advice of a holiday cottage letting agent. They can tell you more about the market in the local area that interests you and will let you know how much rental you can expect each month of the year, since seasonal fluctuations can be significant.

Always make sure that you seek an independent valuation and survey of the property before you finalise the purchase. Any potential problems will be flagged up at this stage. You should always make sure when looking at your finances that you take into account all of the taxes applicable to the sale; you might be surprised at how much more that adds on to the final asking price.

Perhaps the most important piece of advice you can take notice of, however, is to protect your holiday home against the range of worst case scenarios that can occur at any time. Make sure you purchase a comprehensive holiday home insurance policy to keep your mind at ease when you’re not in the same country.

Filed Under: Buying Property Abroad Advice

Advice On Buying Property Abroad

October 17, 2011 By L Herbert

If you’re considering purchasing a second home abroad, you’re certainly not alone. In fact, there are over one million homes in France and Spain (traditionally popular summer sun destinations for those based in the UK) alone owned by Brits as an official second home. Furthermore, each year, a further 20,000 British homeowners seriously consider purchasing second properties located beyond the borders of the UK.

With the cost of living continuing to rise in this country, unemployment figures shooting through the roof, and the frustrating weather over here making our summer months unpredictable to say the least, this is a trend that is surely only going to become more and more popular.

However, despite the benefits that buying a second home abroad can bring, there are certain points to consider before taking the plunge.

For instance, will you be able to set up a payment arrangement for the property without too much effort? It shouldn’t be too tricky to arrange an overseas mortgage, and currency brokers should ensure that you don’t lose out financially as a result of the exchange rate, but you need to make sure that you have decent contacts in the property sector both in the UK and the country you’re seeking to buy in, just to ease the process.

Furthermore, you need to make sure you take out adequate second home insurance; this is quite simply essential, especially if the building is going to be left unoccupied for long spells of time. Shop around before taking out a policy as some companies will cater for second home owners more than others, and always make sure you take out valuables insurance as well, despite the increase this will entail to your premium.

If you make sure you follow these tips, and of course check out the legal requirements of owning property overseas, you should be well on your way to living the high life out in the European sun!

Filed Under: Buying Property Abroad Advice