How to Look After Your Central Heating during Summer

by Magical Penny on June 13, 2016

The summer is an ideal season in which to overhaul your central heating system, as your central heating will be largely off.

maintenanceBefore the days start shortening again, you should schedule in some time to get your boiler professionally serviced, or you could even opt to even drain the entire system and give it a thorough clean. In addition, if you are thinking of changing upgrading your radiators, this is the perfect time to do so.

It’s understandable that many people overlook the health of their heating system in the summer, as their focus is understandably elsewhere, but this really is a great time to perform some simple checks that should ensure your system is functioning at its optimum level once the weather turns colder.

Conventional Boilers

Standard boilers are not equipped with a ‘summer mode’. Although some may have an immersion heater connected to the cylinder so that you are able to heat water independently of the boiler, this is a rather expensive way in which to get the hot water that you need.

Because the hot water and heating are not independent of each other, the boiler will still click on whenever hot water is required. The hot water is controlled by the thermostat and valves, so at some point over the summer it’s recommended that you check that these are still working properly.

Venture up into the loft, and you’ll locate the expansion and cold water storage tanks (unless you have a mains pressure-fed system in which case the cylinder will probably be located in your airing cupboard). The most important things to check over here are the overflow and the ball valve action. If your tanks are not insulated, do this as a priority. It will significantly reduce the amount of time required to reheat the water in the cylinder.

Central Heating Pump

As part of a thorough overhaul, you should also check your heating pump too, although do bear in mind that you will need to switch the heating on for a time before you do so. Check each radiator to make sure that it is heating up properly, and listen carefully to see if you can detect any rattling or grinding noises from the pump. You may find that bleeding central heating pump and other system components will be required to solve the problem.

Combi boilers

If you have a combination boiler, you may be able to switch it over the summer mode once it’s hot enough that the central heating is not required. Because a boiler of this type does not store water, they are far more energy efficient as only the water that is actually required is heated.

It is recommended that you clean your heating system once every year. You can either do this yourself by flushing it through with an industry standard cleanser, or get a professional to do it. Make sure that you add in an inhibitor when you are refilling it, as this helps to stop the system corroding.

As you are likely to notice that your cold water is rather warmer than you might like during the hotter months of the year, you could consider adjusting the temperature setting. This will result in a better mix of hot and cold water.

If you are thinking of revamping your radiators to improve the look or saleability of your property, the summer is an ideal time to carry out this task. Even if you are happy with your current radiators, you should consider improving the efficiency of your heating system by adding a thermostat. You should notice a decent reduction in your heating bill at the end of the winter.

Bleed your radiators

radiatorMany radiators will experience an issue with blockages or trapped air at some point, thus preventing water and heat from reaching the full height of the radiator. Regularly bleeding your radiators is the best way to ensure that they perform at their best. Carrying out this task in the warmer months makes sense as you will be able to identify and fix any issues before the colder weather kicks in, reducing the risk that you’ll be stuck without heating.

Power Flush

If bleeding the radiators does not eradicate the cold spots, you may need to get an expert to perform a ‘power flush’ – essentially they will flush out any slurry or sludge that may be stopping the system from working efficiently.

Stick to this simple check list, and you should find yourself enjoying a toasty warm, energy efficient home once the colder months arrive.

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Top Tips For New Investors And How To Make The Most Of It

by Magical Penny on June 7, 2016

investingThe appeal of becoming an investor as opposed to a ‘passive’ saver, where you simply put money away in a savings vehicle and rely on the interest is mainly that of possible higher returns. Generally speaking, if you invest pro-actively you have more potential for growth than leaving your money in, say, a savings account.

This is becoming more relevant as current interest rates stay so low, with the resultant smaller gains for money placed in savings accounts. It can be argued that, long term, savers are losing out as inflation will wipe out the gains based on present low interest rates.

The potential downside to investing is that of risk; your investments can go down as well as up so you have to be prepared to live with risk and decide if investing is right for your savings mentality and your circumstances.

The following tips will help you decide if investing is the right path for you.

success goal buildingFinancial goals

Establishing what you want to achieve in terms of financial yield will determine whether investing is an appropriate path. If your savings goals could be met with the returns from standard savings accounts or cash ISAs, then is it worth the time and risk?

Alternatively, if you want to make your money go further and get maximum return from what you have available then investments are the way forward.

Knowledge

Understanding the markets, and knowing where to find up to date information, is a crucial element of investing. Various sources of information from experts in the investing field are, such as the IG Community resource. Use them wisely to invest with confidence.

Check your rights as an investor; there is protection from bodies such as the FCA (Financial Conduct Authority) against poor service. If your complaint is unresolved, you can take things up with the FOS (Financial Ombudsman Service) and, in some cases, seek compensation through the FSCS (Financial Services Compensation Scheme).

Be aware, though, that you can’t simply claim or complain against basic financial risk if you lose money on an investment unless you can establish professional mismanagement or negligence took place.

investing for the futurePrepare the way

Before plunging in to investing, get organised:

Reduce or pay off debt – the costs of debt interest can outweigh your investment gains

Protection and safeguards – don’t leave yourself exposed if the unforeseen happens while you’re in the midst of your investment plans. Ensure you have savings to cover things like periods off work, and that and you’re adequately insured. For example, check your life cover if you have dependents

Retirement – your investment goals may be to try to improve your retirement income situation but, in the meantime, check your other provisions such as work pensions

Diversification

Once you decide to become an investor, a key strategy is to establish a varied portfolio through diversifying. The old adage ‘don’t put all your eggs in one basket’ is especially relevant with investing.

The benefits of diversifying mean you also cover more variables. Shares tend to move with the fortunes or otherwise of companies and sectors, interest rates and the wider economy tend to influence bonds and property.

Spreading your assets will help you minimise risk and give you the potential of a healthy return long term.

Sensible investing

So long as the ‘risk versus reward’ principle of investing is understood, and you plan a sensible strategy based on a diversified portfolio, investing could be a worthwhile course of action. Don’t take this lightly and the rewards could be significant.

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Self-Building Your House In the UK

by Magical Penny on May 17, 2016

Have you ever dreamed of building your own house?

My Dad is a trained architect so growing up I used to watch him drawing up plans of buildings with a pencil and ruler on huge pieces of what looked like tracing paper. He was always dreaming up plans for new buildings and sketching out floor plans. So when I heard it about Self-Build Week last month I was immediately taken back to memories of my Dad and the rolled up building plans he used to bring home in giant tubes – long before computer-aided design changed the profession of architecture forever.

The Right to Build Act and the implications

As well as the change in how house plans are drawn up, there have been changes in regulation, most notably what has been dubbed the Right to Build Act which means that from 1 April 2016, all local authorities have to keep a register of those with a dream like my Dad, who are interested in finding land for a self-build project, so that they can be matched up with suitable plots. It is hoped that at a time when much of the UK is experiencing a housing shortage, this legislation will raise awareness and encourage those looking for a new home to consider undertaking self and custom build projects.

IBS Self Build

Building Awareness of the Register

 Maybe you have a dream, like my Dad, to build your own home. If so, you should get in touch with your local council to get on the new register of those looking to buy land in the local area to carry out self or custom build projects. The registers will work alongside measures due to come into force in the upcoming Housing and Planning Bill, which will require authorities to ensure they have sufficient permissioned plots to match the local demand on their register.

But this will only work if there is awareness of the register. The National Custom and Self Build Association (NaCSBA), supported by Ipswich Building society recently commissioned research that found more than three quarters (77%) of people in the UK are unaware councils are now required to keep a register of those looking to buy land in the local area to carry out self or custom build projects.

The research, conducted by the research company Ipsos MORI on behalf of NaCSBA and Ipswich Building Society in March 2016, amongst 1954 UK adults, also found that 1 in 8 people (12%) expect to show an interest in self build property within the next year.  This figure has remained about the same since 2013 according to the annual research. However, just 1 in 50 (2%) people stated their intention to take specific actions to progress their self-build projects, such as purchasing land, submitting a planning application or starting construction, within the next 12 months.

This gap between those interested in self-build and those who intend to take specific action to progress self-build projects is not surprising, but the register should make it easier to find a suitable plot of land so the route to building your very own custom-designed new built house is getting more streamlined.

Make Your Dream a Reality

Building your own home is amazing but make sure everything is planned out to the letter before you start. Building a dream home could quickly turn into a nightmare if you allow your imagination to run ahead of your budget. Make sure you have costed how much it will cost and keep in communication with your builder on timescales and costing. There are also specific self-build mortgage products to research and consider with providers such as Ipswich Building Society.

Good luck!

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Getting a Mortgage as a Mortgage Misfit

by Magical Penny on May 13, 2016

Getting on the housing ladder is a major achievement for many young people.
mortgage
Owning your own home is a major commitment and it can be very rewarding to have a place to call your own, without the worries of landlords increasing the rent.

It can also be fun painting the walls any colour you want!
If you want to eventually buy a house, your first step should be saving up for a deposit (check out the *Magical Penny* archives for saving ideas). Once you’ve made progress with saving for a deposit the next step, if you don’t have very deep pockets, is to explore your options for securing a mortgage.

 

Getting a mortgage can be a complicated process as lenders need to understand what you can afford; this can vary depending on many factors including your income and the interest rates available. The affordability of the mortgage is an important consideration for the lender and, in the UK since April 2014, affordability processes have been put in place that must be adhered to as part of the Mortgage Market Review.

These processes require lenders to now take into account a number of factors including your outgoings as well as your income. These numbers are often fed into a computer model that tells lenders what they are willing to offer to you.

However, what if the computer says no?

Depending on your circumstances you may find getting a mortgage hard, making you a mortgage misfit.

Even if you already have a mortgage you could still have trouble remortgaging or refinancing. You may have found some great refinance mortgage rates but if your circumstances have changed since you got the mortgage, you might have become a mortgage misfit.

This could happen if you’re self-employed, have a low income below £25k or you haven’t used much debt in the past (so your credit score is not well established).

If you think you might be a mortgage misfit, you still have options and you may be able to increase your chances of getting a mortgage by doing the following things:

 

  • Reduce your debts and reduce general spending habits. Not only does this make you look less ‘risky’ to lenders, but it should also lead to having more money available to build up your deposit.

 

  • Check your credit files to make sure there are no mistakes, nothing is coming up as unpaid, and that you’re not the victim of credit fraud. It also helps that all bank accounts and credit lines are registered to the same, current address and you have a landline as it demonstrates stability)

 

  • Lastly, it’s a great idea to work with a lender that does manual underwriting: this is where they look at your unique circumstances, income and expenses rather than just relying on computer algorithms alone.

You need to find a lender with a careful approach to its underwriting of mortgages, carefully assessing each customer’s ability to afford a mortgage using their own data of expenditure.

Using an affordability calculator can also be really useful to use as a guide to make sure you’re not over-stretching yourself in your quest to become a homeowner, regardless if you’re a mortgage misfit or not!

Can You Spot A Mortgage Misfit

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3 Ways to Buy Gold Bullion in Today’s Market

by Magical Penny on May 12, 2016

money making ideasWhenever various stock and financial markets around the world are in a state of flux, investors look towards gold to provide stability, security and peace of mind.

While the price of gold may change, it remains a fact that gold itself always has intrinsic value and can easily be resold when the time and price is right. Prudent investors seeking to protect their portfolio understand the importance of diversification, or in simpler terms, of not keeping all of one’s financial eggs in the same basket.

As was seen during the recent global financial crisis, stocks, bonds, investment funds and even currencies can experience massive downturns and hard earned assets are all too easily lost. In troubled times, gold is rightly seen as a safe harbour in which to weather the storms of uncertainty.

Buying bullion has become an increasingly popular way of protecting one’s assets and there are various means and methods of purchasing this precious metal.

This straight forward guide will explain some of the most common strategies available for buying gold bullion.

Bars or Coins

Gold is available in many forms but the most valued and reliable are those that have been minted by a reputable source to exacting purity standards. Many governments around the world produce ingots and coins for sale in various weight configurations that give buyers a wide range of options to choose from.

With gold coins, one has the flexibility to buy and sell smaller amounts more easily, whereas gold bars have the advantage of incurring less premium fees as they are purchased in one transaction instead of being spread over multiple trades. Both strategies are ideal for fast and efficient gold bullion investment.

Collectible Coins

Collectible coins or numismatics can vary in price depending on their age and rarity and it takes specialised knowledge to understand their true value. Such coins generally sell above the gold spot price and probably should be avoided by investors seeking asset protection and uncomplicated returns.

Dedicated Bullion Dealers

The best place to purchase bullion is from an expert dealer with a business dedicated to buying and selling gold bullion. A reputable store will have an excellent track record, knowledgeable staff, plenty of repeat customers, numerous public testimonials and transparent business practices. A gold bullion specialist in Adelaide and other major cities will also be able to offer sound advice and will be genuinely interested in your investment needs. They will happily provide a number of solutions tailored to your budget and circumstances.

Online Auction Sites

Gold bullion can be found for sale on popular auction sites such as eBay and others and many bargain hunters believe there are good deals to be found there. This method of purchase is fraught with risk as there are too many variables that can go wrong. The gold may not be as pure as stated, may be over priced, counterfeit or could even have been stolen and sold illegally.

Advertising the fact that you collect or invest in gold and sharing your address with random strangers is highly dangerous should that information be disclosed to someone devious and criminally inclined. In short, there are too few checks and balances to risk buying gold from online auction sites.

Buying gold bullion needn’t be a complicated matter if these basic principles are understood and followed. Taking charge of your financial future through investing in gold bullion can be a great way to find increased security and greater peace of mind.

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Crowdfunding in Property through The House Crowd – Part 1

by Magical Penny on May 11, 2016

Crowdfunding has exploded in popularity in recent years as technology has made it easier than ever to work together for a common goal. From funding innovative new products on Kickstarter to helping your friends reach their fundraising targets on JustGiving, crowdfunding allows anyone to contribute to a project much bigger than themselves.

the house crowdBut crowdfunding is not limited to Kickstarter-style projects or charity pages. There’s many other applications, particularly in the financial and investing arena.

One of the most interesting recent innovations I’ve come across is The House Crowd, which combines the power of crowdfunding with something dear to many British investor’s hearts: property.

UK Investors have long found comfort and investment returns through owning bricks and mortar. For many, investing inproperty is attractive because it is much less abstract than owning stocks and shares –you can often-times see what you are investing in. However the price of most properties are far beyond the reach of many beginner investors, many of whom have seen house prices rise in recent years, but have not been able to benefit from the growth as it can take years to save up a sufficient deposit to make a purchase.

But property crowdfunding is changing this.

Investors don’t need thousands of pounds to benefit from property price growth. Instead, a group of investors each contribute smaller amounts into a collective investment in property.

To be frank,  until very recently my experience with investing has been limited to unit trusts which invest in the companies in the major stock-market of the world. But I have a friend, David, who is actively investing in crowdfunding property with The House Crowd and it’s made me take a closer look at this new type of investment.

*David has agreed to share some of his experiences in a later blog post.

Update: That post is now live here

the house crowdThere are 3 different types of investment available on The House Crowd platform

Buy to Let Investments

Investors who wish to add some buy to let investments into their portfolio without the hassle of dealing with renters and maintenance, can buy shares in a limited company that owns a buy-to-let property. This company is created specifically for this purpose and is called a SPV which stands for Special Purpose Vehicle. The shares then entitle you to receive a share of profits from both the rent and the eventual sale of the property. This type of investment is much less flexible than a publicly traded company or unit trust so before you invest you must appreciate the minimum term is typically two years.

Development Opportunities

The second type of investment is in a new build or re-development projects. Typically the investment is for between 6 and 18 months and the funding is used to finance the development. This type of project appeals to investors because there is a clear time-line for the exit and return of capital. The House Crowd pays investors a fixed return typically of 10% p.a. Depending on how the particular investment is structured, this comes in the form of interest if the investment is structured as a loan to the development project, or as a preference share which pays a premium upon redemption of the shares, which allows investors to take advantage of their capital gains tax allowance.

 Secured Loans

The final type of investment is a secured loan secured by charge over a property. The return depends on the loan to value ratio of the property in question and is paid with the return of capital upon the redemption of the loan, typically 6-12 months.

How The House Crowd digs Out Investment Opportunities

the house crowdOne of the main appeals is the crowdfunding platform allows you to share in the potential growth of property in the UK. And it’s reassuring to know that all the properties featured on the site are vetted by experts with over 20 years of property investment experience. I don’t know about you, but it’s unlikely I would be able to seek out good investment property deals myself.

When I’m investing in unit trusts, I can search ‘fund supermarkets’ with different criteria such as geographic location, expense ratio and performance. There are always lots of potential places for your money so having a good selection to choose from is important. Thankfully for property investing, The House Crowd is always adding new property projects to the platform that you can then look into a bit further. You can select a property project that’s close to home, or you might find one with more attractive growth prospects somewhere else that you might not have otherwise come across.

Of course, the vetting process that projects go through to be featured on the site and made accessible to investors is reassuring but it’s important to know that you can’t simply rely on it 100%. As with all investing, there is always a degree of risk and you should conduct your own due diligence so you can make the decision to invest in a project. Would-be investors should also understand the time horizon involved. Depending on the project, you may not be able to get your money out of a project for a number of months.

Crowdfunding allows investors to get involved in projects that they might otherwise not be able to afford on their own. Together with other investors, profitable projects can become funded much quicker and easier, from a wider range of backers than ever before. For more information visit The House Crowd.

This is part 1 of a series of posts about crowdfunding with The House Crowd. In the next post I will share my experiences of signing up and the range of investment projects on the platform.

 

 

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Things to Consider When Seeking the Help Of A Mortgage Broker

by Magical Penny on April 27, 2016

houseGet the best terms and rates for your new home with a mortgage broker. But before you hire the services of one, here are the things you need to know.

If you are considering buying a home at a certain location, a mortgage broker is one of the best persons to help you out. They are knowledgeable about mortgage loan terms and can help you shop around for the best terms and rates. After all, a mortgage is a lifetime commitment. It’s a house that you will be paying for the rest of your life. So it only makes sense to take some time to think about what your mortgage broker can do for you and who you’re going to hire to take care of your mortgage.

So what other things do you need to consider before getting help from a mortgage broker? Here are just some of the things that we can think of.

Customer service

Your broker may be scary good at what he does but if he doesn’t have the heart, then every encounter with him will be a pain in the neck. It’s just not worth your money.

While looking around for mortgage brokers, you should not only consider competence but also customer service. Ask for referral from friends or better yet, look for reviews online. The internet can illuminate you on a lot of things about a product or a service.

remortgage house loanRisk tolerance

Mortgage is a long-term commitment so you need to consider how risky you want to get. In this case, you don’t want to get too risky. A mortgage broker will be able to help you mitigate any risk by getting you the best deal possible. They have access to a network of lenders which means that, from experience, they know which ones are good and which ones are not. Having a mortgage broker around also keeps you away from lenders with terms that could get you back years after you’ve already committed to the mortgage.

References

Mortgage brokers get a bad rap due to some who don’t act on their customer’s best interest. While snakes can’t be avoided in the industry, there are still a good number of professional mortgage brokers who are highly knowledgeable and have a genuine interest in helping clients get the best deal their money can afford.

It’s not always easy to judge a person’s character based on reviews but you can always look for references. Ask for references from your broker. Interview the people he has worked with before. If you like what you hear, go ahead and hire them but if not, you can always look around for another one.

What they can do for you

Before hiring a mortgage broker, you need to know what they can do for you first. A good mortgage broker in Central Coast, for example, will act in your name as your representative. They will handle all the paperwork and show you complete documents and reports needed for you to make a decision. Should anything happen to the prospective properties, they should inform you right away. They should be able to do follow ups regarding the current offerings from your potential lenders and once you have settled for a deal, they should also be able to explain to you the breakdown of the actual mortgage.

It sounds like a lot of work but it will pay off in the long run. Every monthly mortgage payment from then on will be a good reminder of the time you made a sound decision of hiring a professional to help you choose the best mortgage deal.

Did you have other thoughts about what one needs to consider when getting help from a mortgage broker? Let us know in the comments.

 

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How to set up your own home business by reselling wholesale clothing

by Magical Penny on April 25, 2016

wholesale clothingDo you feel your household income needs supplementing with another income stream? Have you always enjoyed fashion and wondered if selling from a range of wholesale clothing is a viable business to run?

Starting your own business can seem daunting, especially if you assume that you have to give up your job and run the gauntlet of not knowing how you will pay the mortgage or rent this month. Selling clothes online, either via your own website or online auction sites is a possibility that could reap financial reward.

Many people enjoy a substantial additional income stream by selling clothes online but like all businesses, you get out what you put in. With a lucrative market a few clicks away, just how do you go about setting up a home retail empire?

#1 Know your product

First and foremost is understanding your product. We all wear clothes thus we assume that we know clothing. But then there is fashion, on-trend items, colours and patterns, cuts of fabric, fabric types, as well as certain styles worn by some customers but not others, age, gender and budgets to consider.

Knowing your market niche is essential and how the wholesale clothing you select fits with this niche.

#2 Know your customer

The first point is tied closely to the second point and that is knowing your customer.

Who are you aiming your home fashion business at? Is it easy to wear, fashionable items for women aged 30 or are you appealing to the student population? Where are your customers? How do you reach them? These are questions that you need to be able to confidently answer.

The basis of any successful business whether it pays the mortgage or you are just dabbling is knowing that you have a market and how to sell to your customers.

For example, busy mums looking for smart casual wear will want a website that is quick and easy to use. The photos are clear, the descriptions good, the price reasonable and no hidden extra costs or extortionate postage and packaging charges.

#3 Branding

This all sounds like it is getting a little serious for a home business that just wants to sell the off cardigan or two to add an extra stream of income to the household. But small gestures and changes can rocket your business from ‘dabbling’ to a successful business.

Branding is when you make something look extra brilliant. Big names do it all the time. Look at the well-known soft drink, Coca Cola. Using the same colour palette throughout its product in the range, the same style of writing etc. When you buy their drink, you know you are getting a great product.

And when people buy from you, you want them to have a great product and a great experience. Giving your home business a name is a start, and choose colours that appeal to your customers. Make sure the photos you take of your clothing shows them off to the best of their ability – a crumpled shirt will not sell as well as one that is ironed and displayed nicely.

Think carefully too about how you package your items. There is something appealing about receiving a parcel but imagine your customer’s delight when they open the package to fine their £10 cardigan wrapped in tissue paper and matching ribbon.

#4 The bottom line

The whole point of running any business is to make a profit. When you have bought wholesale clothing, photographed it, sold it online, paid fees for website, auction sites, payment processing, postage and packaging, you need to come out with a clear profit.

Clearly, the more cash you can keep in your pocket, the better but over pricing is not the way to go as this moves your product from one market niche to a different ball game altogether. Work out how much items are to buy at cost, and price out all the other costs you pay to be confident you are not making a loss.

#5 Marketing & promotion

With great excitement you have ordered wholesale clothing, opened an auction site and possibly created your own ecommerce site too. Now what?

Unfortunately, customers don’t automatically come tripping to your door. You need to let them know you are there and then you need to entice them. There are all kinds of marketing ways to do this and social media is one way of attracting attention.

Offline marketing can prove fruitful too but with a consistent effort, your home business selling wholesale clothing can be a gold mine.

Eles Clothing is an online wholesale clothing company who supply sole traders and larger businesses too. Supporting smaller retail and fashion businesses is key which is why they have a no minimum order value. With end of season items from many high street retailers, Eles Clothing have a vast range of items. 

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3 Golden Tips to Getting the Best Price for Your Precious Gold Items

by Magical Penny on April 21, 2016

Opportunity fundWith the price of gold sitting so high, the time has never been better for turning unwanted jewellery into well-needed cash. There are a few tips to bear in mind to getting the very best price possible. Knowing the golden rules of selling gold will help to ensure you get every cent of your items worth.

TIP 1: UNDERSTAND HOW GOLD BUYERS OPERATE

Individuals rarely sell gold and give little thought to the actual value of the gold they are selling. Basic research about how gold buying and selling works makes a world of difference in regards to finding an honest dealer, spotting scams and getting the best price.

SPOT PRICE

 Gold is a precious commodity that is traded globally every day and the finance segment of the nightly news always mentions the price of gold in dollar amounts per ounce. This price is known as the ‘spot price’.

GOLD PURITY

In order to make an accurate valuation of your gold the buyer must determine its purity and weight. The terms 24 ct, 18 ct, 9 ct relate to gold’s carats and the higher the number, the more pure and valuable the gold. 1 gram of 9 ct gold is worth roughly half the price of 1 gram of 24 ct gold.

There are various ways gold buyers test the purity of gold, mostly with acid or with a special x-ray machine. Jewellery marks or impressions are often inaccurate and many items are just gold plated and not pure gold. Not all that glitters is actually gold!

WEIGHED BY THE GRAM

Once the purity is determined, the item is weighed in grams and checked against the gold spot price of the day. No gold buyer can ever match the exact spot price because they need to run a profitable business and cover all their expenses such as employee, refinery, transportation, insurance and other costs that a one-time seller never considers.

WHAT IS A FAIR PRICE?

When looking to get cash for gold in Melbourne you will find wide ranging offers but most buyers will never tell you how they calculate the price in relation to the spot price of gold. Some unscrupulous buyers only offer 20%-30% of the spot price while others offer between 60%-80% percent per gram or even higher. This is why it is crucial to shop around for the best price when selling your gold.

 

TIP 2: ALWAYS SHOP AROUND FOR THE BEST PRICE

 The best gold buyers are those who advertise their price up front without anything to hide. Many gold buyers who advertise ‘highest prices paid’ use high pressure sales tactics, have no intention of paying fair prices and can never match the ethics and reputation of a trustworthy pawn shop in Melbourne that operates with transparency.

 

TIP 3: CHECK THE REPUTATION AND HISTORY OF THE SELLER  

An established business depends on word of mouth, repeat customers and maintaining a great reputation. Look for positive feedback on their store website and speak to the owner on the phone if possible. Are they helpful, friendly and professional? Trust your instincts.

Fly-by-night operators only care about short-term profits. They never offer the best prices or service and should be avoided at all costs. Only sell your gold to a business that has stood the test of time and has a solid reputation.

Using these simple tips will help you get the best price possible and ensure your gold selling experience is a positive, pleasant and profitable one.

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5 simple Ways Your Business Can Save Energy

by Magical Penny on April 20, 2016

 lightbulb momentFrom the use of energy-efficient compressor head pumps to changing employee practices, there are many ways in which the average business can go about saving energy. Doing so is good for the environment and also a great way to keep overheads to a minimum.

Some of the most effective ways to reduce your business’s energy usage, cutting both your bills and the size of your carbon footprint, include:

Energy-efficient compressor head pumps and similar solutions

Your business premises are likely to make use of at least one pump, whether it’s a compressor head, single head pump or an other type. It is quite likely that there will be more than one pump. The most common examples are circulator pumps in central heating systems and pumps of various types that are used to boost water pressure.

These pumps serve important purposes; however, by their nature, they can be relatively energy-intensive. Switching to the most energy-efficient models and ensuring that you do not use pumps that provide more power than you reasonably need for the application in question can potentially save your business significant amounts of energy.

Change your energy practices

Some of the major business energy suppliers have recently been stressing the value of changing employee energy practices in saving businesses money on their energy bills. Changing practices is often overlooked when compared with changing to more energy-efficient equipment and appliances, but both can be extremely valuable in reducing energy usage.

light bulb momentEnsuring lights, computers, monitors and other items of electrical equipment are turned off when the office is not in use can save an organisation significant amounts of energy and noticeably cut bills. For computers and similar appliances, this means turning them off fully and not just putting them on standby.

Turning the heating down by just a single degree can see savings of up to 10% in associated energy usage. On the subject of heating, double glazing and improved building insulation can also significantly cut wasted energy and reduce the portion of your bill associated with keeping the office warm.

Water usage

Water usage is another factor that is often underappreciated in terms of the role it can play in inflating your bills. Water wastage is often significant in both businesses and households, which is reflected in the resulting water bills. Furthermore, when the water in question is hot water, this also pushes up your gas bill as a result of the energy taken to heat the water.

Being wise in water usage and encouraging employees not to be wasteful, such as always ensuring that taps are turned off fully, can go a long way. Urinals can also be a particular culprit when it comes to wasting water. You should ensure they are not flushing themselves overnight when they are not actually in use, with devices that prevent unnecessary urinal flushing paying for themselves within months.

Maintenance

Keeping your building in good condition can be a very useful way to save energy. Draughty windows and doors, or ones that do not properly keep out the cold, can cause significant heat loss and require more energy to be expended on heating to maintain comfortable temperatures.

Leaking pipes and dripping taps can waste significant amounts of water over time and, if these form part of the hot water system, can also lead to energy wastage. Keeping on top of such repairs can help to reduce your bills noticeably, with the repair costs often cheaper than they would be if the problem is left and allowed to worsen.

 

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