The property prices in the UK are at an all-time high. As more people flock on to make their investments in the country, the demand goes up, which results to soaring prices. But wait, does it mean that you need to have loads of cash to be a property owner in UK? Well, not exactly. You can actually get cheap property around; if you know where and how to look.
How to Find Cheap Property
Any aspiring first time home owner may not be equipped with the relevant information on where to get property that is within their budget. However, here are some insights to make your search easier and faster.
Check Out the Prices
As obvious as this may seem, many people don’t know that they can actually search for property on listings and sort by price. There are countless online real estate databases that give results on various parameters such as location, size, price etc.
When your search over a vast geographical area, these property platforms will help you map out neighborhoods with affordable property. This information comes in handy when looking for other considerations such as proximity to your preferred amenities.
Look At Countless Property
As a first time property buyer, you may have a vague idea of what you want, but may not be fully aware of the specifics. Therefore, it is advisable to look at a lot of houses. This will help you understand more about property and refine your image of the perfect house. Check out open properties and work with an estate agent who will advise you on what to look out for.
Work On Your Offers
In the course of looking at many properties, you will get several that fit your fancy; make offers. It is advisable to make as many offers as you can to increase your odds of getting a really great deal. If you are not familiar with the art of making offers, you can get endless online resources to help you with that or get advice from an experienced estate agent.
A Fixer Can Be A Great Deal
Most cheap properties require major renovations. However, you can actually get a really good deal on a fixer. A property that needs some work is a perfect bargain. A word of caution; work with a valuation expert if you are not experienced in property valuation. Without proper valuation skills, you can actually spend too much on a property that will not give you returns.
Take a Look outside the City
City centers can be expensive. Therefore, if you want something cheap, look outside the city. You need not look for property in the middle of nowhere; focus on towns around the city. Generally, areas that are within an hour of a city center tend to be more affordable.
Automatic Alerts Come In Handy
There is something about being the first to make an offer on a property that gives you an edge. It is therefore advisable to set up automatic alerts that notify you whenever property in your preferred location and price comes up in the market.
Buy Directly From the Home Owner
There is no doubt that property sold by agents cost a lot more. Therefore, look out for properties that are for sale by owner. Many home owners may not know how much their property is really worth, and may sell it cheaper than its market value. Additionally, negotiating with the owner is a lot easier. It is advisable to do a research on the market value of a property you want to buy as some owners can quote high prices. Accurate information will give you an edge when negotiating.
Where to Find Cheap Property
Now that you know how to look, where do you look for these cheap properties? Well, for starters, most of the properties that are sold at prices below their market value are either foreclosed or dilapidated. Where can you find such homes?
The Council Offices
There are public notices of homes that are enlisted for public auction for one reason or another. These notices can be accessed from public noticeboards as well as newspapers. If you find a house that you like, you can bid on it. You can check out Colwyncouncil.co.uk for a start. Remember that you will be required to pay cash on the property, which is sold “as is”. You can also get information on cheap property from private online auction sites.
The Lending Institutions
Many homes usually face foreclosure as a result of high mortgage arrears. Therefore, most financial institutions that give out mortgages may have properties they would like to dispose of to recover their money. As such, you can check out notices on financial institutions for information on property that is up for sale.