Buying, Legal

How to buy a property when you can’t afford it

1,032 Comments

This blog shows you how to buy a property even if you can’t get a mortgage, or if you don’t have a deposit.

We have all been in the situation of wanting to buy a dream property, and not having the deposit, or not being able to get a mortgage.

  • If you don’t have enough money for a deposit, and you are working, you should be able to obtain a mortgage, and find someone who does have a deposit, to buy the property with.
  • If you can’t get a mortgage, and you have the cash for a deposit, the answer is to find someone who does have the ability to obtain a mortgage, and buy the property with them.

You will need a special contract between you and your fellow property purchaser, in order to protect you both.  Only one party’s name(s) can be on the title deeds, and that is the mortgage owner, so the person who supplies the deposit, particularly needs this special contract for their protection.

This blog describes such a contract.  The contract is called a “Declaration of Trust“.

The main concepts of a legal contract are described between the two parties who are buying a property together.  In this specific example, one party is providing the cash for the deposit (this party is called the “Beneficiary”), and one party is providing the mortgage (this party is called the “Owner”).

The property ownership can be split any way that suits you.

We paid solicitors £780 for this contract in 2016, and have used it for a joint property purchase ourselves.

If you would like the free .pdf of the template contract please email me “YES” to contact@roomoptimiser.com

cream complete

 

 


 

 

Continue Reading

Renting, Selling, Showcasing

How do I showcase a bedroom without spending?

2,061 Comments

Before and after photos of rooms that have been “furnished” and accessorised:

click map

Click on the numbers in order, for the steps to prepare, furnish, and accessorise a bedroom, before viewings.

 

 

pdf iconChecklist of how to “furnish” and accessorise a bedroom

 

 

How to make a fake bed to showcase a bedroom (YouTube video)

 

 

How to make a headboard (YouTube video)

 

Declutter the room, clear all surfaces Remove net curtains, frosting stickers if required Remove unnecessary pictures/ posters/ stickers Fill in wall/ ceiling cracks and holes and paint over Fix wallpaper Repair broken cupboards Paint ceiling white Paint walls white/ light colour Replace light fitting, install stronger bulb Replace carpet/ expose wooden floor Add/ create value Clean floors, doors, light switches, plugs, architraves, skirting Clean windows and mirror with water and lemon juice Add colour scheme and soft furnishings Add focal point of room Add structured smaller furniture Add small tables for lamps on either side of bed Add lamps to bed side tables and dressing table Add pictures above lamps on either side of bed Add mirror/s Add candles, flowers, fruit Add plants in smart pots Add headboard, cushions and throw to bed Switch on all lamps and lights, expose natural light Photograph during daylight, from low angle

Why prepare a property?

If you want it to fly off the shelf (selling or renting), with the minimum of effort and cost, and for the maximum price, prepare it so that it is shown off in the best possible light.  This is called “showcasing” or “staging”.

What is showcasing?

This means highlighting the room’s function, making it look light, spacious, and attractive, without heavy furniture.  The idea is to go for a look that seems functional, but does not necessarily have to be practical. When selling or renting a property, you don’t want to spend a lot of money on expensive, heavy, bulky furniture and you want it to look occupied, accessorised and have an aspirational look.

The rules:

1 Before viewings make it as light as possible:

  • Paint it white throughout
  • Expose a timber floor, have as many reflective surfaces as possible
  • Switch on all lights and lamps, maximise natural light,  have removable recessed spot lights wherever possible
  • Remove net curtains, use window frosting stickers instead
  • Install at least one mirror in the room to bounce light around

2 Furniture should be as minimal, small, and as light as possible:

  • If you don’t have a bed the appropriate size, remove it and make the “bed” out of cardboard packing boxes, put together to the dimensions of a double bed (137cm x 190cm)
  • The “headboard” can be made with a piece of thin plywood, covered in foam (from an Argos pilates mat), and covered with material that is staple gunned to the board.  The material can be changed as fashions and colours change.
  • Go for a “hotel” look of white bed linen, and colour the accessories, of cushions and throws.  White valences hide the cardboard boxes below.  Have two layers of pillows in Oxford pillow cases, so that the look is fluffy and as luxurious as possible.
  • You don’t need to add all the furniture of a bedroom, the cupboards, chests of drawers, and dressing tables aren’t necessary, only the core function of the room needs to be displayed.

3 Design:

  • Lighting from as many different sources as possible, and symmetry, is the easiest way to make more of an impact in a space.
  • The “wall pictures” are put together with free wall paper samples from whichever wallpaper shop you use.
  • Fresh flowers, and cloths over the “bedside tables” complete the look of a furnished room.
  • Keep to no more than three accent colours.

The test:

A London, or outer London room or property, should be rented out within a week, otherwise you are doing something wrong.

 

 

 

 

 

 

Continue Reading