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Help at hand for first-time homebuyers

homebuyers

If you dream of spending your weekends indulging in DIY but are yet to even get your foot on the property ladder, help might be at hand! ItÔÇÖs First Time Buyers Fortnight, the ideal time for ÔÇÿGeneration RentÔÇÖ to glean expert tips, advice and inspiration to avoid a lifetime of wasting money on rented accommodation.

Being a would-be buyer can be daunting, with worries about your credit rating and the enormous task of saving for a deposit. First Time Buyers Fortnight, which runs until February 28, seeks to help people who are renting or living with their parents by advising them on the dos and donÔÇÖts of buying their first home.

First Time Buyers Fortnight organiser Adam Cox says: ÔÇ£With property prices and rents set to continue rising and the cost of higher education meaning larger student debts than ever, itÔÇÖs imperative that Generation Rent takes immediate action to avoid a life of renting.

ÔÇ£The age at which people are buying their first property is getting later and thereÔÇÖs a genuine risk of missing the first time buyersÔÇÖ boat. The first action they must take is to decide that they want to own their own property. First Time Buyers Fortnight was created to not just inspire but also educate people on how to navigate the minefield that is first time buyingÔÇØ.

As the annual campaign gets underway, the organisers have rounded up the yearÔÇÖs housing news so far and whatÔÇÖs ahead for the rest of 2016:

A good start

Despite a challenging financial climate, 2016 has started off well for potential home buyers. More 95% mortgages are available from mainstream lenders and an increase in government funding was announced in the ChancellorÔÇÖs autumn statement, meaning this year could be a good one to get onto the property ladder.

The National House Building Council (NHBC) has also reported a seven percent year-on-year increase in NHBC new home registrations. In 2015, 156,140 new homes were registered, representing an eight-year high and amounting to 75% more new homes registered than in 2009.

However, there is also caution for first time buyers, with house prices rising by an eye-watering 6.1% in 2015 and with similar predictions for 2016. In addition, buy-to-let investors are facing a three percent surcharge on stamp duty from April, which could cause house prices to increase and thwart the hopes of potential buyers.

Help at hand

There are a number of much-needed government initiatives to help anyone hoping to buy this year. The Help To Buy scheme allows homebuyers to secure a new build property with a five percent deposit and interest-free loans of 20% (40% in London), resulting in more affordable 75% mortgages.

For those who donÔÇÖt want to invest in a new build, the return of 90-95% mortgages is important for first time buyers with a lower deposit, who will now find it easier to obtain a mortgage.

In addition to Help To Buy, extra government funding for its Shared Ownership scheme will allow a greater number of first time buyers to purchase a 25-75% per cent share of a property and pay rent to a housing association on the remaining amount, instead of paying rising private rents.

For starters

homebuyers Astonishingly, first time buyers purchasing a property in England in 2016 will already have spent an average of ┬ú52,900 on rent, according to the Association of Residential Lettings Agents. As starter homes are an essential option for potential buyers, the government is to subside 20% of the cost of 200,000 new homes built for first time buyers – although this only applies to buyers under the age of 40 purchasing homes where the discounted price is less than ┬ú250,000 (┬ú450,000 in London).

Saving grace

For those not quite ready to buy just yet, saving for a deposit can seem impossible, but the Help To Buy ISA enables you to save with the government boosting your efforts by 25%! The maximum government bonus you can receive is ┬ú3,000 and itÔÇÖs a good idea to shop around the High Street lenders to find the right Help to Buy ISA for you.

Adam continues: ÔÇ£Overall, 2016 is looking like a prosperous year for potential home buyers. New builds are at an eight-year high and there are more government schemes than ever available in order to help people climb onto the property ladder. Make sure youÔÇÖre savvy when saving and searching for property; be realistic, always view properties and ensure your credit rating is good.ÔÇØ

For 10 years, First Time Buyers Fortnight has been on a mission to empower people who are renting or living with parents. The campaign teams up with leading voices in the industry to offer insights and advice on each area of buying your first home, such as top tips, mortgages and the buying process. Visit www.firsttimebuyersfortnight.com for more details and you could be doing up a dream home of your very own before you can say ÔÇÿcompletion dateÔÇÖ!

Nine nifty tips for nicer DIY

diy-painting DIY neednÔÇÖt be hard work if you know the rules! Our handy hints donÔÇÖt cut corners but they do cut down on the work in the long term. If you want to start as you mean to continue, read on!

1. First things first

Always check what type of screws and rawlplugs you need before you get started. ThereÔÇÖs nothing worse than drilling into the wall only to find youÔÇÖre without the right fixtures – and theyÔÇÖre not always supplied with the product being fitted.

2. On the level

Invest in a spirit level and always use it when putting up shelves and rails. You might think you can judge just by looking, but chances are you canÔÇÖt!

3. Primed for perfection

DonÔÇÖt assume that painting over a stain will hide it completely. Try a coat of primer first, to seal it in, and then add a fresh coat of paint for a clean finish.

4. ItÔÇÖs a wrap

When leaving paint to dry before applying the next coat, wrap the brushes and rollers in cling film. It stops them drying out and prevents you having to wash them out multiple times!

5. Stick with it

The same goes for grout and tile adhesive. If youÔÇÖre taking a break, place a damp towel over the bucket to stop the mixture hardening.

6. Silver lining

DonÔÇÖt skimp on the lining paper, particularly if you live in an older house or the walls are bumpy. Quality lining paper evens things out and makes it much easier to hang the main wallpaper, as well as giving a nicer finish if youÔÇÖre painting the walls. Paste the lining paper horizontally if you are papering on top, but vertically if you are painting over it.

7. Building relationships

If youÔÇÖre a regular DIY-er or have a large project on the go, check out your local buildersÔÇÖ merchant as many accept public as well as trade customers. You might get a 10% discount on all purchases and staff are also likely to be extremely knowledgeable and give great tips and advice.

8. Check, mate!

Check, check and check again. The silliest mistakes can be made when a DIY-er is tired or in a rush, with handles being fixed upside down and even doors opening the wrong way! Take your time, enlist someone you trust to provide a fresh pair of eyes and have plenty of tea breaks!

9. Know when to go pro

Recognise your limits and accept you might have to call in the experts for the hard stuff!

DIY Advice Online is brimming with clever ideas for your home and garden, as well as step-by-step guides. Check out our decorating dos and donÔÇÖts, as well as how to avoid a DIY botch job!

How easy is DIY home insulation?

With the air finally turning chilly after the mild start to winter, thoughts are turning to how best to keep homes cosy and warm. One of the surest ways to retain heat is to fully insulate your property – but should you call in the professionals or do it yourself?

Several areas around the home can benefit from insulation, such as cavity walls, solid walls, flooring, roofs and attic space. According to the Energy Saving Trust, a quarter of energy in an uninsulated house is lost through the roof, so there is no doubt that good insulation can shave pounds off your energy bills. Paying a professional to install insulation in a detached home costs, on average, ┬ú395, with savings of around ┬ú240 every year afterwards.

Do it yourself home insulation

It is possible to fit loft insulation yourself if youÔÇÖre a natural at DIY and the space is easy to get to, isnÔÇÖt damp and doesnÔÇÖt have a flat roof. One of the most common types of insulation is batt or blanket insulation, which comes in rolls of foil-backed glass, rock, felt or mineral fibre. The insulation should be at least 270mm thick and is easy to install.

Note that if youÔÇÖre laying down boards in order to use the attic for storage, it isnÔÇÖt enough to simply insulate between the joists first. One option is to insulate between the joists before laying rigid insulation boards on top, with wooden boards on top again. Alternatively, you can raise the level of the floor, fitting the insulation underneath. Take care not to squash the insulation with the boards, as this will make it less effective.

If your loft or attic is to be used as a room, itÔÇÖs advisable to insulate the roof itself, rather than the floorboards, by fixing rigid insulation boards between the rafters. The boards should fit snugly and can then be covered with insulated plasterboard.

Insulating the floor is also a job you can tackle yourself, especially if underneath the floorboards is a cellar or basement that you can get to. Check first that joists are in good condition and fit the insulation between them, then fix plasterboard to the undersides of the joists to create a basement ‘ceiling’. For even more warmth, a layer of rigid insulation can be fitted beneath this ceiling too.

When replacing the floorboards, seal any gaps between and around them before laying carpet or adding rugs.

When to hire a professional home insulation installer

If your loft is damp or has a flat roof, you will need to call in a professional. Similarly, cavity wall insulation is not something you can do yourself and you will have to hire a registered installer. According to the EST, an uninsulated house loses around two thirds of its heat through the walls, so cavity wall insulation is a worthwhile investment that takes about two hours and leaves no mess.

To find an insulation installer in your area, contact the National Insulation Association, whose members agree to follow a code of professional practice to ensure excellent customer service. Historic England, Historic Scotland and Cadw can advise on insulating a traditionally made property.

Home insulation grants

Depending on your circumstances, you may be able to get help with the cost of insulating your home. Take a look at the GovernmentÔÇÖs energy grants calculator to see if youÔÇÖre eligible.