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Eight Reasons Why People Move Home 🏡

A two-minute read on what prompts people to sell up and buy elsewhere.

Most people looking to move home fall into one of eight categories. Learn what these categories are so that you can fine-tune your property selling strategy.

1) Space Chasers – These movers want more space to accommodate a growing family, a home office or a Labradoodle puppy. Homes with a generous garden, garage, and loft conversion top their most wanted list.

2) New Lease of Lifers – These city slickers yearn to feel the sand between their toes or fresh country air in their lungs. They crave a quieter life surrounded by nature – but still covet creature comforts like high-speed broadband.

3) Lovers and Leavers – People in this category are buying with a new partner/spouse or looking to make a fresh start after a relationship breakdown.

4) Empty Nesters – With the kids all grown up, Empty Nesters are rattling around large homes (that are expensive to heat). They’re keen to downsize to an energy-efficient, low maintenance home with top-notch security.

5) Family Guys and Girls – This category includes parents with young children looking to be closer to a family support network and those who want to live near an ageing relative who needs TLC.

6) Catchment Hunters – Members of this group can recite the Good Schools Guide verbatim. They’ll pay a premium for a property close to an ‘Outstanding’ school (especially a high-performing secondary).

7) Mortgage Freestylers – This group is looking to restructure their finances. They aim to sell up, buy a cheaper property and live mortgage-free (hopefully with a few extra quid to spend in their retirement).

8) Career Boosters – Thanks to a new job or promotion, members of this group need to move to be closer to their place of work.

Top tip
When marketing and presenting your property, think carefully about who is most likely to buy it and promote your home accordingly.

Don’t overlook small details like broadband speeds, catchment areas and home security. These factors can be very influential to some buyers.

And remember that movers often fall into more than one category (for example, an Empty Nester might also be a Mortgage Freestyler, and a Space Chaser also a Catchment Hunter).

To learn more about successfully marketing your Worthing home, contact us here at Jacks & Jones.

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Beginner’s Guide to Building a Property Portfolio in Worthing

Beginner’s Guide to Building a Property Portfolio in WORTHING 🏘

In this two-minute read, we look at the basics of building your portfolio and how to try and make your investment a sound one.

Building a property portfolio might sound like a great way to build an additional income, but it can be a tricky area to navigate with lots of pros and cons.

Getting started
First things first, where is the cash coming from? Have you already got a property and looking to buy a second? Or maybe you’re tentatively dipping your toes into the rental property market for the first time.

Whether you’re refinancing an existing property, or you’ve won the lottery (fingers crossed!), your initial pot needs to be big enough to cover the deposit (minimum of 25%) and legal costs. This is the minimal starting point when looking to buy additional properties.

Create a property profile
Have a clear idea of the kind of properties you’re looking for. Do you want to renovate and add value, or do you want something that tenants can move into straight away? Sticking to a checklist of requirements will help you stay focused and find a deal that really works for your budget.

Always know your numbers
Money money money… no this isn’t an ABBA song, it’s the core of building your property portfolio. A savvy landlord or property owner needs to know exactly where the money is coming from (or going to) for every step of the process. There’s your deposit, legal costs, stamp duty, renovation costs, rental yield, agency fees etc. It’s basically a never-ending spreadsheet that you need to keep on top of.

Knowing your numbers and carefully planning a budget is the key to successfully growing your portfolio.

Get chatting
Building a property portfolio requires you to build relationships. Pop in for a coffee at Jacks & Jones, tell us what you’re looking for and your budget so that we can keep you in mind when anything suitable comes up. Similarly, our Lettings team has a wealth of knowledge regarding the types of tenants attracted to Worthing and their property requirements. So, this will help shape your initial property searches and buying decisions.

Create a network
Trust is so important when you’re buying property. Make sure you’re working with people you can rely on and that have the relevant experience. This applies to your solicitor, mortgage broker, and your builder (if your purchase needs some TLC).

Once you’ve established these working relationships, next time, hopefully the process will be easier. Personal recommendations from a friend or family member are a great place to start, but never feel like you have to settle for the first professional you meet.

To get started with your buy-to-let property search in Worthing, give us a call on (01903) 267700.