Scaffolding

What Options Do First Time Buyers Have In The Current ‘Credit Crunch’ Market?

By Joseph Kenny

The average cost of a house in the UK is now 130,000 this can be a pretty daunting figure for first-time buyers. But there are still options for first time buyers in the current market.

The first option may or may not be suitable for you, but it’s something worth considering. In the North of England, the average house is price considerably lower than in the south, especially compared to the southeast. The gap is nowhere near as great as it used to be, but 5% deposit on 90,000 may be an easier option, with lower monthly mortgage payments.

Under new tax rules, there is a tax exemption scheme known as ‘Rent-a-Room’, which will allow you to earn 4,600 each year by renting out one room in your home. This additional income is often taken into account when lenders are considering giving you a mortgage. They may allow you up to four times that income, which would add nearly 20,000 to the size of the mortgage you could obtain.

Another common practice is to buy a property jointly with a friend, or maybe your brother or sister. This requires a legal agreement properly drawn up which takes into account how much cash each person is investing in the property. This is in terms of amounts of cash deposit, and also if the mortgage payments are equally split or not. This is essential to avoid arguments, should you have a disagreement or when you sell the property.

If you’re fortunate and your family have a little money set aside. You may be able to ask them to contribute towards the deposit amount. Another way they could assist you is by acting as guarantor for your loan. But this would mean that if you cannot make the payments they would become obliged to make them for you.

[youtube]http://www.youtube.com/watch?v=DgUbenZXj0E[/youtube]

One of the better options for first time buyers in the current market could be to purchase a brand new property. The advantage of a new property is that it comes with all new fixtures and fittings. And will be in good condition, requiring little maintenance. Many builders will now give very generous deals for first-time buyers.

Properties previously owned by the local council are usually of very solid construction with good size rooms. They potentially offer excellent value for money in comparison to houses that have always been private.

Shared ownership schemes are now becoming popular, and are run by housing associations all over the country. They are set up to help people on lower incomes who want to become property owners. Under this type of scheme, you only buy a share in the house of for example, 50%. You then only need a mortgage for 50% of the value of the property.

You will also have to pay rent on the other half of the house, but this is usually set at a much reduced rate. Over time you can buy more shares in your house up to the full 100%. When the house is sold you are entitled to your share, for example 50%, including half of the profit.

Auctions can provide interesting options for first time buyers in the current market. Properties that are sold via auction very often sell for far less than if the same house was sold by the local estate agent. It will be possible for you to view properties before they are auctioned. It is necessary to arrange a mortgage before bidding, and you will be required to put down a deposit if you are the successful bidder of around 10%.

The usual amount of the deposit required by banks and building societies is a minimum of 5%. They require this not so much because they want you to have the money to put down. It is more a case of you proving that you can put by a regular amount of money every month for a couple of years. That says to them that you are both disciplined and serious about your mortgage commitment.

Not all options for first time buyers in the current market require a deposit, someone lenders will now offer 100% mortgages to first-time buyers. Interest rates tend to be, slightly higher than if you had put down a deposit.

There are even a handful of lenders that may allow the first-time buyer slightly more than 100% of the value at the house. This is to cover such things as legal fees. On the surface this can be a good deal, the only drawback is that some companies will impose what are known as, indemnity premiums, which can be quite high.

As you can see from everything above, there are still options for first time buyers in the current market. And a capable broker should be in a position to assist you to find a suitable mortgage, depending upon your situation.

About the Author: Joe Kenny writes for Glitec.org, offering cheap

online mortgages

and

homeowner loans

or visit Rebuild.org for great

mortgages

.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=232720&ca=Finances

Scaffolding

How To Make A Tiki Bar

By James Coetzee

If you are in desperate need of an island style vacation, but you just do not have the time of money for such an expensive trip, why not bring the island to your backyard?

Adding a Tiki bar to your backyard is much less expensive that a vacation and you will continue to benefit form it years later!

If you are interested in building your own Tiki bar, keep on reading.

Before you start building you need to put your ideas down on paper. Planning your Tiki bar is essential and will ensure a perfect end product. Consider the purpose of your Tiki bar, is it only for a once-off party or is it going to be your permanent bar? Budget is also very important, the bigger the bar the bigger the budget needs to be. If you do not have a very big budget you can always cut costs by using reclaimed wood.

[youtube]http://www.youtube.com/watch?v=cC_ufu3RzBo[/youtube]

We suggest that you purchase a Tiki Bar Guide that has been written by a professional builder. Ideally the book should include diagrams or photographs which are easy to follow and top prize will be if you have access to the author should you have and queries during the making of your Tiki Bar.

Besides a proper guide or plan for your Tiki Bar it is recommended that you ensure that you either have, or have access to, all the proper equipment that one would need for a building venture of this nature. There are few things in life more frustrating than not having the proper tools to do a job. Make sure that all your tools are in good working order and are electrically sound.

Make sure you have all your building material beforehand. Supplies are readily available from pool stores, nurseries, hardware stores and building yards. The basic height for a bar is 42 inches. According to the height of your bar and the space available, you can start building the frame of your Tiki bar with 2x4s. You need to bear in mind that you want to be able to prepare drinks on the one side of the bar counter and have bar stools on the other side for your guests to sit on.

Once you have your Tiki bar frame in place you can start filling the gaps. Attach the bar counter and put the palm leaves or thatch on the roof. Buying quality, pre-treated palm leave can last you up to 7 to 10 years before you need to do any maintenance work on it. The roof of a Tiki bar is specially designed to withstand heavy rain.

You can finish of your Tiki bar by covering the outside with Bamboo Fence to give it a real authentic look. If you want to make your Tiki bar more classy you can add a bar sink, shelving and glass racks, and even a bar fridge for keeping your supplies cold.

Add some nice bar stools for your guests, and decorate your Tiki bar with some shells, tropical flowers and a Tiki statue of two.

Now you just need to stock the bar and invite your friends over for some Tiki bar fun!

About the Author: The author gives advice on

how to make a tiki bar

. To read more on how you can

make a tiki bar

, visit buildingatikibar.com

Source:

isnare.com

Permanent Link:

isnare.com/?aid=357392&ca=Home+Management