How to secure that elusive property bargain
As property prices remain unaffordable for many, homeowners and investors are increasingly looking for new ways of finding property at knock-down prices. PropertyEarth.net, the chain-free property portal, reveals its top tips for securing that bargain buy.
Keep it simple
Buying a chain-free property can reduce much of the stress associated with any house purchase, as well as potentially saving you valuable time and money. If you are a FTB there will be only two parties involved in the sales process which means there is less chance of it falling through, not to mention fewer valuations, survey reports and contracts to contend with.
Possess a repossession
The asking price of repossessed properties can sometimes be significantly less than the market rate, in part reflecting the bank and owner’s need for a quick sale. In some cases the buyer will find they are actually able to move into the property in under a month. Repossessions are excellent investor material as often the previous owner will have been unable to pay for the upkeep of the house and with a little work will reap a tidy reward.
Compete effectively
Although a bank will be hoping for the speedy sale of a repossessed property, they have a responsibility to the owner to recover as much as they can. When an offer is accepted on a repossessed property a public notice order will appear in the local paper, in the hope of attracting a higher offer. Keeping an eye on these notices gives buyers the opportunity to act in a competitive market. Registered users of PropertyEarth.net can now get public notice orders emailed to them as soon as a property is under offer, so that they are aware of the ‘last chance to buy’.
Monitor the market
Understanding the market is imperative for any buyer hoping to get a good deal. PropertyEarth.net emails registered users details of any new properties meeting their search criteria – be it area, property style or rental yield – and will let you know when a property has been reduced in price.
Predict housing trends
Homeowners and investors looking to make a profit from their property purchase should investigate areas likely to witness an increase in prices. Areas set to benefit from improved transport links, retail investment or regeneration projects, such as the government’s Sea Change grant could boost house prices and rental yields. For buyers looking to purchase in an area they are not entirely familiar with, PropertyEarth.net’s automated satellite mapping function can help with an initial investigation.
Dominic Toller, Managing Director at PropertyEarth.net, comments:
“Savvy buyers are continuing to look to cheaper property options as securing mortgage finance remains difficult for many. As interest rates begin to creep up later this year, compounding this problem, I would expect to see a flurry of activity around lower priced properties and on sites like ours which actively seek to help buyers get on the property ladder at a reduced cost.”