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MATTHEW CULLUM PROPERTY BLOG
Enjoy your life and live to the fullest in a luxurious mansion in the northside of Vancouver.
Unrivaled resources for property investors, developers and landlords. Weekly blog articles, market appraisals and data provided.
Matt Cullum property blog brings together a wealth of experience to provide content, views and opinions from professionals in the industry. A rare glimpse into the minds of such experts will help immeasurably with the tasks involved in researching, purchasing and renovating or developing property.
MATTHEW CULLUM HOLIDAY LET PROPERTY GUIDE
Holiday Let Property Market
A holiday let is a short-term rental option ideal for investors, landlords, or property developers thinking of expanding their property portfolio. This property category is highly profitable since the landlord can charge high rates depending on the property location, property type, and other features that the house has.
As usual, anything with a high return requires a considerable investment. So, what should you do to get the most of the holiday rental market? Here is an overview of the factors to consider.
Location
Holiday lets are for people on holiday. That means their interest is vested in tourist sites or scenic environments, and therefore they’ll be willing to pay extra to have their dream holiday.
Property investors hoping to get started in this market can invest in properties close to tourist attraction sites or along the sea. Homes in beautiful natural environments and apartments close to sporting areas are also a perfect option. Since these areas are hotspots for tourism, the property owner can charge more.
When looking for property for a holiday let, note that these are high-end properties. People on holiday are not looking to save money. They are looking for luxury accommodation that fits a particular standard. Therefore, as one looks for location, it is equally important to settle for homes that meet the target market’s profile.
Holiday Let Property Type
Unlike long-term rentals where ordinary homes and apartments will do just fine, holiday lets require properties that stand out, say a cottage on the seaside, a cabin in the woods, or a five-star home in a leafy suburb. With a unique, historical, or luxurious property, a property owner stands to attract a steady stream of guests willing to pay the premium prices. On the flip side, generic houses can also do well if the location is right. I mean, who will mind an ordinary home if it’s only five minutes’ walk to a renowned tourist attraction site? Register for the Matthew Cullum property blog for more information on holiday buy-to-lets.
Holiday Let Maintenance and Safety
Depending on the location, there are legislation that an investor, property owner, or property developer must follow to ensure the visitors are safe. Fire risk assessment, fire extinguishers, first aid kits, fire exit doors, and fire assembly points are just some of the safety measures that a homeowner should consider. Other safety measures like fitting a smoke alarm, CO detector, or a fire blanket are mandatory.
Appliance maintenance ensures everything is in the best working condition. And lastly, they say cleanliness is next to godliness for a reason. Thus, a landlord must have solid plans to maintain the hygiene of the holiday let.
Matthew Cullum property explores the interior setup
If you want to make the most of the short-term rentals, it’s essential to make your house stand out. You want to personalise the interior, but not too much. So, start with warm colours that are inviting and calm. Simple but elegant furniture is a great option. Choose cool colours that won’t take ages to clean. The same applies to the carpet.
Enhance the interior with stunning artworks. It could be paintings, portraits, or ornaments. You can also include local guidebooks, some games, or paperbacks. Also, ensure the property has internet access.
Guests will want a modern kitchen with a wide selection of crockery. So, ensure the kitchen wares are in good shape and elegant. To save your guests the agony of waiting for ages when an appliance breaks down, have an appliance repair policy.
Residential property types definitions
Flat.
Maisonette.
Bungalow.
Detached.
Semi detached.
Link-detached.
Terraced house.
Back to back.
Enjoy your life and live to the fullest in a luxurious mansion in the northside of Vancouver.
The property market has three main areas, but -to-let, development and commercial. Renting property both residential and commercial can be a good long term option for achieving income as well as capital growth.
Although houses and flats usually go up in value over every ten year period, as long as there is strong demand offices and industrial property can rival these returns.
Development of residential and commercial property is usually intended to achieve capital growth and not income. Unless refinancing is used at completion and then this can be a source of both income and capital appreciation.
Matthew Cullum property blog will seek to offer portfolio building and development strategies and advice on how to embark on these endeavors.
Location location location, this is a well used phrase that is of paramount importance to all areas of property. For buy to let the location must have strong demand for rental properties as well as provide a good margin for monthly rental values.
For developments the location should also have strong demand for properties in the range of your intended end value. It should be a healthy and competitive market, as the longer the property stays on the market the higher the costs of borrowing and maintaining it.
The Blog can offer vital resources for developers and portfolio building. Feel free to register for more content for free now.
London property investment is one of the hotspots in the UK that seemingly grows year-on-year and is always popular with investors. London is really a number of smaller housing markets with options for those looking for growth of capital and also looking for strong investment yields. There's been significant investment in local transport infrastructure, mainly the crossrail which offers areas of London very attractive residential and commercial property growth. When discussing the London property market there are many factors to consider including the costs of residential and commercial property and the interest from foreign investors pushing the prices ever higher.
There is a constant demand for traditional office space but also in new and modern forms of commercial property such as co-working space is and hot disking. This is essentially the splitting up of large property into smaller office units which are in turn also shared between smaller companies and has proved to be very popular with companies such as we work taking over the market.
A London property boom of recent years and there have been many cases of areas such as elephant and Castle undergoing extensive regeneration programs. Again with the crossrail factor we will start to see many other areas getting regenerated and the gentrification of rundown areas will fuel the property boom once again. Post Covid there could be opportunities to acquire property which has fallen in price and will start to retain it's value over the coming years. Particularly in the rental sector the Matthew Cullum property blog will seek to cover the current and future opportunities and areas which have been disregarded prior to these regeneration program is. Thanks paragraph the impact of Brexit is also a consideration however the risk reward ratio can still be seen as favourable. It's doubtful whether breaks it will lead to mass job losses in the sector and worst case scenario is that there will be a slight drop off particularly in the commercial sector.
London has very much an international outlook and people from all across the world will still see London as a safe and stable market in which to buy investment property. This will guarantee a buoyant property market over the coming years and the prices will remain strong. The prestige element usually drives the foreign market particularly in Asia and the Middle East and it is seen as a safe haven for their money and for long-term capital growth and rental yields. Register for the Matt cullum Property blog newsletter and we will cover London extensively over the next few months and years as prices starts to regain their value.
Before making an offer
Once you’ve found a building you are interested in you will craft an offer with your agents. It's important to remember that the listing price is only the starting point, from there you must make an offer and will most likely be received with a counter offer. This can go back and forth for a while which is why it is so important to do your research on the property in order to maximise the value of the purchase.
It is advised to downplay the offer you first make to the estate agent. This is because estate agents tend to show people homes that are slightly more expensive than your budget, this will put you in a stronger bargaining position.
It is also advised not to be too excited when viewing a property. Think of it a bit like a poker face, if the agent knows that you are in love with a house, they will know you are willing to pay more. So, it's best to ask a lot of questions and to vet them like you are still deciding whether the property is up your street or not. This will put you in a better position to negotiate.
Be aware of similar properties on the market and research how much these houses are selling for and pay attention to how quickly houses in the same area sell for. This will ensure you can offer realistic prices and put in a lower offer that is still reasonable.
If your offer got called for a home inspection then this is the time to make sure there are no defects or damages that can be negotiated. You will also most likely have a home inspector with you so it is a good idea to have a conversation with them about what to look out for in that regard, it is important to be thorough here. Look for damp, cracks in ceilings, faulty switches, check the heating, woodchip, locks etc.
Your lender will require homeowner’s insurance so if not done already you should find an insurance agent. Even without having a mortgage insurance is key in protecting your investment. Its advised to also give your utilities companies your move-in date to insure everything is working and in order before arriving.
Matthew Cullum Property Blog- advice on Making a low offer
First things first, to make an offer you must first tell the estate agent. It is required by law for the estate agent to inform the seller of every single offer, even if it was considerable high or considerably low. I suggest you get the offer in writing, in order to reduce the chance of confusion or argument.
It's important to remember that the buyer is usually at a distinct disadvantage. This is due to the seller having a professional negotiator, an estate agent. This aside however, keep in mind that the seller is probably also worried about getting the price they desire. Sometimes certain circumstances can work in your favor, making it more likely that the seller will accept your bid even if it is below the asking price.
If the house has been on the market for a long time it suggests the owners have been having problems selling it and other buyers probably think that the asking price is too high. Look to see whether or not the asking price has been dropped since it was put on the market.
I encourage you to investigate the seller's position too, if the seller wants to buying a new house or is looking to relocate, this might indicate that they want to sell quickly which puts you at a distinct advantage. Find out if anyone else has expressed interest in the property, being their only hope will help you to haggle the price.
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Matthew Cullum Property Explores the Effect of COVID-19 on Property and the World Economy
The coronavirus pandemic had a devastating effect on the world economy. The many months we were in lockdown might have contained the virus, but it left the world economy on its knees.
If you are wondering how, here is exactly how the pandemic disrupted our normal.
Unemployment
The coronavirus hit the world economy hard. Many people across the globe lost their jobs. The unemployed rate increased drastically across major cities and world economies. Globally, the International Labour Organization reported that approximately 400 million people lost their jobs between April and June. In the third quarter of 2020, there was a 10% decline in workers’ income.
Between April and August 2020, there was a 700,000 increase in the number of unemployed people in the European Union, raising the unemployment rate to 15 million in EU countries. The numbers of those who lost their jobs are shocking across different continents.
The Coronavirus pandemic impact on employment is likely to reduce individuals’ purchasing power, lower household income, and output. The high unemployment means most countries’ economies are inefficient. This could lead to an increase in social problems as people look for alternative means such as crime to survive.
Germany came up with a short-term compensation scheme to support workers whose work hours were reduced. Britain and France replicated this system.
The level of job vacancy in Australia went back to its level in 2019. Most countries, such as the UK, France, and Spain, still have a huge unemployment rate.
Many Countries hit Recession
The pandemic led to months of lockdown. The prolonged locked down led to reduced income as most companies laid off their employees or reduced their working hours. Many industries came to a standstill while others shut down completely. The overall effect was widespread, reduced spending for a prolonged period.
Many countries experienced a decline in economic growth, translating to less wealth creation and fewer job opportunities. It’s only China that experienced economic growth of 2.3% in 2020.
According to the International Monetary Fund, the global economy shrunk by 4.4% in 2020. The IMF reported that the decline was the worst since the Great Depression of the 1930s. The organization predicts a 5.2% growth in the global economy this year. The prediction shows that countries like China and India will drive global economic growth. On the other hand, big service-reliant economies such as the U. K and Italy will experience a slow recovery since they were worst hit by the coronavirus pandemic.
Hospitality, Travel, and Tourism Came to a Standstill
Hospitality and tourism were worst hit by the coronavirus pandemic. The travel restrictions forced customers to cancel or postpone holiday trips indefinitely. Airports had to cut flights to comply with the travel buns in different countries.
The hospitality and tourism industry shut down. Countries that depend on tourism saw an enormous drop in reservations, leading to laying off many people in this sector. This year the travel restrictions are easing. However, experts predict that the hospitality and tourism industry will take a long time to recover.
Analysts forecast that the international tourism industry could take up to 2025 for international travel and tourism to recover from the impact of the pandemic. Register to Matthew Cullum property for more information on Covid-19's effect on property.
BUYING PROPERTY
Brexit’s Effect on the Housing Market
The UK left the EU on 31 January 2020, four years after the Brexit referendum conducted in June 2016. The EU and UK negotiations lasted for months until the final withdrawal agreement on 24 December 2020 that saw the UK exit the EU with effect from 1 January 2021.
For the last four years since the referendum, there has been a lot of uncertainty about the effect of Brexit on the economy. As the UK exits the union, the speculation on what this could mean to the different sectors is still unknown. However, the property market has been resilient throughout the four years and even during the unprecedented times of the coronavirus pandemic.
Experts have several predictions on what to expect with the exit from the EU.
House Market Prices
After the June 2016 referendum, the property market stagnated for a few months before peaking steadily in spring. This pattern was not unique to 2016, since we saw the same pattern in 2017. Prices rise during spring and stagnate in the months that follow.
Late 2018 and early 2019 showed a fall in the property market prices as uncertainty grew around Brexit. However, the prices grew steadily towards December’s general election before falling again because of the coronavirus outbreak.
When the lockdown was lifted, the pent-up demand led to a rise in property prices because the demand for houses increased. The stamp duty holiday further increased the demand in the housing market.
Experts say that the residential property ownership laws and regulations in Scotland, England, and Wales are domestic, and therefore, there are slim chances that Brexit will affect this sector. On the other hand, commercial properties are highly unpredictable as they are susceptible to political changes in the UK and abroad. Matthew Cullum's property blog explores Brexit in depth in other articles.
Many feel that if Brexit leads to a considerable number of job losses, there could be a drop in house prices. However, the housing market status is more likely to be affected by the economic recovery from COVID-19.
Housing Market Demand
Experts say that despite Brexit, there are high chances that the housing market demand will remain high in the first quarter of 2021.
The demand for houses fluctuates depending on mortgage availability and the rate of unemployment. The mortgage interest rate is at an all-time low in the UK because of the coronavirus pandemic.
Lenders are also gaining more confidence, meaning the number of mortgages available is increasing. Investors and homeowners are taking advantage of the competitive deals to secure mortgages.
With the stamp duty holiday scheduled to end on 31 March, there are high chances that the housing demand will remain high way past the deadline. Moving homes will still be in demand despite Brexit because the pandemic made people re-evaluate their housing.
The uncertainty in the job market because of Brexit and the COVID-19 pandemic will most likely push people to rent longer.
There is a consensus that if people bought houses during the pandemic, there is a high possibility that people are confident enough to continue buying properties even with the country’s exit from the EU. Register to Matthew Cullum property to find out more on the Brexit issue involving property.