The 11 Rules to Buying a Tunbridge Wells Property

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My 11 Rules to Buying a Royal Tunbridge Wells Property

 

 

Finding your next Tunbridge Wells property, be that for yourself to live in or as a buy-to-let landlord, can sometimes be a scary task. You are possibly making one of the biggest purchases of your life, and you want to ensure you make the right choice.

 

Buying your next property is all about finding a property with the features that match your requirements. However, what might be important to you as a homebuyer, might not be as important to other Tunbridge Wells homebuyers.

 

Some features will be red line must haves, whilst other features might be more negotiable, yet understanding what your requirements need to be, will make it easier to find the Tunbridge Wells home of your dreams.

 

Let’s look at my top 11 rules you need to consider when buying a property in Tunbridge Wells.

 

1. Location, Location, Location in Tunbridge Wells

 

You can change many things within a property, but location isn’t one. They say you should buy a property for the things you can change. Go and visit the different neighbourhoods of thevv BBC area. Don’t just drive through them, walk through them at different times of the day. Look at weekdays as well as weekends. Think about transport links with access to bus routes, arterial roads. If you have children (or your tenants may have), think about school catchment areas for primary/secondary schools.

 

2. Tunbridge Wells Bedrooms

 

Did you know there are 64,745 bedrooms in Tunbridge Wells?

 

Well, you do now! Anyway, the number of bedrooms is a very significant consideration when buying your new home locally. If you need bedrooms for your children, the location of the bedrooms could be an issue. Depending on the age of any children, you might not want them to be a long way from the master bedroom, or if the children are teenagers, the opposite could be true. Bedroom size is also important. Is there enough space for children to study or have wardrobes? Do you need bedrooms for an office? If office space is required, you might want to consider a property with one less bedroom and one more reception room – and it will probably be a little cheaper. All things to consider.

 

 

 

3. Potential Future House Price Growth in Tunbridge Wells

 

The type of house you buy will determine how it increases in value in the future. Now this shouldn’t be the main consideration, yet it’s important to consider.

 

Since 2001, the different types of property in Tunbridge Wells have risen by different percentages:

 

•  detached properties have risen by 147.0%

•  semi-detached properties have risen by 162.5%

•  town houses/terraced properties have risen by 172.7%

•  apartments/flats have risen by 144.9%

 

On a standalone point for Tunbridge Wells landlords, the level of rent and yield are important considerations for your Return on Investment (ROI). There tends to be an inverse relationship between capital growth and yield (i.e. Tunbridge Wells properties with higher capital growth tend to have lower rental yields). If you are a t local landlord and have any questions on this (or any point), drop me a note.

 

4. The Overall Interior Size Of Your Future Tunbridge Wells Property

 

On average a person only views five houses before they buy a house and only spends around 20 minutes in each on a viewing. Therefore, I would advise that you have a good idea about the size of home you require before you start your search. If you have a big family you are going to need a bigger house obviously, yet you still need the budget to afford to buy a bigger home. A top tip for you, the general rule of thumb is the older the house, the more you get for your money.

 

One great idea to calculate the square metreage of your potential home. Ask to view the full copy of the Energy Performance Certificate, as it has the size of the property in square metres.

 

Bigger houses locally tend to cost more money to run with utility bills and council tax.

 

A final thought on size is the question of whether your family is likely to grow in the next decade? Will you have more children or is a parent coming to live with you?

 

5. The Price You Will Have To Pay For Your Next Tunbridge Wells Home

 

In the last 12 months, the property market locally has remained buoyant as people were forced to spend more time at home. Therefore they looked for more space … butwhat did they have to pay for that privilege? 

 

• 291 Tunbridge Wells detached properties have sold for an average £844,200

• 319 Tunbridge Wells semi-detached properties have sold for an average £489,500

• 231 Tunbridge Wells town house/terraced properties have sold for an average £429,700

• 195 Tunbridge Wells apartments/flats have sold for an average £323,600

 

Look at the property portals (e.g. Rightmove, Boomin, Zoopla and OnTheMarket) and search for Tunbridge Wells property that is both available and sold subject to contract. Get a feel for asking prices of the properties that are sold subject to contract as these will give you a good idea what they roughly sold for. Again, if you are not sure, pick up the phone or drop me a line.

 

6. Bathroom(s)

 

Check the bathroom for water leaks. Do the toilets flush OK, do the taps drip? Is there any mould? And do you need more than one?

 

7. The Lounge/Living Room

 

You will undoubtedly be spending a lot of time in the lounge/living room, so it needs to meet your requirements. Do you need a dining area? Does the design and arrangement of the room suit your lifestyle (or your tenants). Will you need new furniture? Are there enough electrical sockets? What are the carpets like? That goes for all rooms.

 

8. Central Heating For Your Tunbridge WellsProperty

 

What type of central heating system is present, and does it meet the requirements of you and the home? The Energy Performance Certificate (EPC) will tell you how energy efficient the property is and how much it will cost to run. You would be amazed how few buyers ask to see the full copy of the EPC – yet you have the right to view it – always ask the estate agent for a copy or download it for free from the Government website.

 

9. The Outside

 

The outside space of your future home is also something you need to reflect on before you start your search. What sort of back garden do you want? Do you want low maintenance? Do you want a bigger garden? You also need to ensure the outside of your next home is in great condition. Yet, if it’s a ‘do’er-upper’, does the price allow for those works to be done?

 

10. The Loft And Cellar 

 

Another aspect to consider when buying a property is the loft (or even the cellar/basement if it has one). In both, look for water damage that could mean problems in the future whilst in the cellar/basement, a musty smell could be poor ventilation meaning dry damp could be an issue. Also check for insulation in the loft (the Energy Performance Certificate will tell you if it’s up to standard).

 

11. Garage/Off Road Parking Space

 

How many cars do you have in your family? Can you park them all on your drive? Visit the property during the day, the evening, and weekends to see how the parking provision changes. If the property has a garage, can it be used for something else?

 

These are my top 11 rules – yet do you have others I haven’t considered? 

 

Let me know in the comments.

What Will Happen to Royal Tunbridge Wells House Prices in 2022?

Traditionally, if you had not sold your Tunbridge Wells home by the first week in November, you would normally have to wait for the house sellers to return in the famous Boxing Day rush on the portals (Rightmove, Zoopla etc) to get potential buyers interested.

Yet matters have been different this year as the various lockdowns have caused a surge in house buying right up until when the Christmas edition of the Radio Times goes on sale.

So, the question is, how will 2022 look regarding the Tunbridge Wells property market?

The last couple of years in the local property market have been different in many ways. So much so, many Tunbridge Wells homeowners are presently deliberating whether they should put their home on the market in January or wait until later in the summer.

Speaking to many Tunbridge Wells buyers and sellers, (and in fact Tunbridge Wells buy-to-let landlords) in the last couple of weeks in the run-up to Christmas, many were asking the very same question.

What is going to happen to Tunbridge Wells house prices in 2022?

Some people asking this question are local buyers troubling themselves that they are about to buy their Tunbridge Wells home just before a potential property crash, yet others are homeowners wanting to know where the top of the market is before they sell. Even a handful of Tunbridge Wells landlords unable to either start buying or start selling some of their rental portfolio.

Therefore, let’s see what has happened in 2021 to make a better judgement of what should happen in 2022.

Nobody has a crystal ball that can tell what 2022 holds, however most property experts are not forecasting doom and gloom for the British property market.

Whilst the final numbers won’t be known until Easter 2022, it is estimated that in 2021 one in fifteen privately owned homes in the UK are expected to have changed hands, being the busiest year in the last 14 years. Locally,

1,042 properties have changed hands in the last year

in Tunbridge Wells 

Although that is only up to October 2021, so numbers will be much higher once all the final counts are in by March/April.

The pandemic made many Tunbridge Wells families re-evaluate what they wanted from their Tunbridge Wells home, with many wanting bigger rooms (and more of them). Many in the press dubbed this ‘the race for space’, meaning the property market was flooded with home buyers, most bringing forward the home move they had planned between now and 2025.

The issue was, there weren’t enough Tunbridge Wells properties on the market to satisfy every Tunbridge Wells buyer, meaning house prices have unsurprisingly been driven up.

 

The average price of a home today in Tunbridge Wells is £520,400

Although it is still premature to say what will happen in 2022, most property commentators seem assured that we are not heading towards a house price crash, mainly due to one reason.

There aren’t enough properties on the market in Tunbridge Wells. Simply supply and demand economics!

The property crash in 2008 was caused by everyone dumping their property on the market.

In January 2007, there were 873 properties for sale in Tunbridge Wells, one year later in January 2008, that had risen to 1,305 properties, whilst today, that stands at 388

And I can’t see that changing for 2022.

In 2007, mortgage interest rates were 6.5% to 7.5%, so when the economy started to falter, everyone looked to sell their homes to reduce their outgoings as unemployment rose by over 60% in just a couple of years. This time round most people have mortgage rates of around 2% to 2.5% and unemployment is dropping, meaning they don’t need to sell their Tunbridge Wells home.

Now of course the stamp duty tax holiday came to an end months ago, and Bank of England base interest rates are expected to rise moderately in the coming year, yet not to the level they were in 2007 (5.75%).

Nonetheless, demand for Tunbridge Wells homes will still be there. I have even read some reports suggesting that more than 20% of British households are seriously thinking of moving between now and the summer of 2023, and this will support Tunbridge Wells house prices whilst demand continues to exceed supply.

Tunbridge Wells house prices will be 4.4% higher by

the end of 2022

Another reason why I believe that will be the case is the return to home working. If, as a country, we will need to work from home each winter for the foreseeable future because of new variants, then this will cement the need for people wanting to move home for remote working. 

It might be that Tunbridge Wells buyers are looking for a dedicated office at home or that they feel they now no longer need to be in large built-up areas that are near to their work. 

This increase in Tunbridge Wells house prices is expected to entice even more Tunbridge Wells house sellers onto the market, which will steady local house prices slightly (as supply increases), yet I still believe there won’t be enough properties coming onto the market to satisfy the colossal demand.

What about the Tunbridge Wells rental market?

Rents tend to grow in line with tenants’ wages. So, with many people getting decent pay rises and not enough properties being built, many economists are suggesting rents will be 14% to 19% higher by 2027. Even with the house price growth, the numbers for rental investments still look rosy.

Is it the right time to buy your first property in Tunbridge Wells?

This rise in Tunbridge Wells house prices has had many people asking whether 2022 is the right time to buy their first home? Should they buy now before Tunbridge Wells prices rocket even further or delay in the hope that house prices come back down? 

As with any important decision in life, this will mainly depend on your own personal life and your motives for wanting to move. 

If the Tunbridge Wells home that you want to buy is on the market, available and you can afford the mortgage, then delaying could be detrimental. It’s like holding off for the ‘next generation TV’, it then coming out; then just as you are about to buy the TV, the next ‘next generation TV’ gets announced for six months’ time ... and the cycle is constantly in motion – so you end up never buying a TV … just like you will never buy your own home!

Buying property is a long-term game

Sometimes you just have to make your decision, get something bought and start the journey of the next 25 to 35 years of living in your family home whilst paying off your mortgage.

The present low interest rates for first-time buyers means that there are some very low mortgage deals available for those with a decent deposit, making it a good time to buy a Tunbridge Wells property, especially if you fix the interest rate.

If your deposit is humbler, the Government’s 5% deposit mortgage guarantee scheme will still enable you to buy a property, albeit at a slightly higher interest rate.

Looking at the bigger picture, these are only my opinions. If inflation doesn’t get too out of hand and interest rates don’t go above 2% to 3%, it looks like Tunbridge Wells house prices will, for 2022 and a few years beyond, continue upwards albeit with a slower trajectory than 2020/21 and probably with a few short, sharp up and down spikes on the way.

The bottom line is, ensure that any Tunbridge Wells house move that you intend to make is something that you can afford, allow for future rises in interest rates and make plans for as many eventualities as possible. Do that, and you should be just fine.

These are my opinions – what are yours?