Research shows that 433,800 personal loans will be taken out between now and the end of March in order to aid debt consolidation.
Another result of overspending during the festivities sees an expected 30,000 people actually becoming insolvent in the first three months of 2007 and over a third of these people will go bankrupt or enter individual voluntary arrangement (IVA) before April.
Find a best-buy loan
With worrying forecasts such as these, here are ten top tips to help homeowners make a speedy sale and help alleviate financial difficulties this spring.
Find a new mortgage deal
Kerb appeal
First impressions are key. An unkempt garden, disheveled paint on the window frames and walls or obvious structural problems are likely to put prospective buyers off immediately. Vendors should make sure the outside of their property is ship-shape and as welcoming as possible in order to turn ‘drive-bys’ into viewings.
De-clutter
While house hunters will not expect lived-in properties to look like show homes, they are equally unlikely to want to see a vendor’s personal items littering the house. They need to be able to view the property like a blank canvas and too many kids’ toys, CDs; piles of paperwork or ironing will hinder their ‘vision’.
De-personalise
When viewing a property, buyers need to be able to see beyond the things that belong to the vendor. Lots of items that represent a personal hobby or collection, for example, should be kept as concealed as possible so that potential buyers are not distracted from the essential components of the house.
Clean and tidy
Nobody wants to live with someone elseÂ’s dirt. Vendors should ensure that all rooms are spic and span as people viewing the house could be put off by the smallest speck of dust or smear of dirt.
Nail those DIY jobs!
When moving house is on the agenda, it can be tempting to leave DIY jobs half-done. However, A Quick Sale advises all vendors to make sure any jobs – no matter how big or small – are completed before viewings start. Interested parties will just see extra work and could be put off by this. Also, if a buyer instructs a full survey or a Homebuyers Report, these unfinished DIY jobs will show up and may result in the vendor being asked to reduce the price accordingly.
Clean kitchens and beaming bathrooms
For cleanliness, these two rooms need to score high. The kitchen and bathroom gather the most amount of germs and dirt so it is vital that they are scrubbed and polished before any viewings. Simple things like replacing an old shower curtain, putting out some fresh towels, doing the washing up and getting rid of those stubborn oven stains can make all the difference.
Keep it neutral
It’s impossible to know whether a buyer is going to go for green walls or will favour floral wallpaper. To avoid putting them off with a choice of décor that isn’t their cup of tea, cover up bright splashes of colour and go for neutral shades like magnolia for walls and warm beiges for carpets. To add character and vibrancy, simply use accessories like flowers, pictures or candles that can be removed when the property is sold.
Give a room a role
It is important to make sure every room in the house serves a purpose and appears to be used as intended. If a buyer is looking for a three-bedroom house, they need to be able to see three bedrooms – not one bedroom, a study and a storage room!
DonÂ’t market an empty property
While it is valuable to de-clutter and de-personalise a house before viewings, it is equally important not to go to extremes and make the property look uninhabited. If a house is not lived in, potential buyers will struggle to imagine it furnished with their own items, and therefore may find it difficult to see themselves living there.
If a vendor is unable to live in the house they are selling, it is worth renting some furniture and adding some accessories to make it more homely.
DonÂ’t agree to a long contract with an estate agent
Many estate agents ask people to commit to a contract of several months, making it impossible to appoint another agent if the first one doesnÂ’t perform. The best estate agents usually only require a short (e.g. two week) notice period, because they are confident in their ability to achieve a sale. Being locked into a long contract with a poorly performing estate agent is a major reason why so many houses sit on the market month after month.
Richard Watters, Managing Director of A Quick Sale, said: “At A Quick Sale we are coming across more and more people struggling to sell their homes. Some vendors have had their properties on the market for months, even a year or more, and have had no promise of a sale.”
