Cheap Property

130 Posts
Hi.
I am a first time buyer, but it seems as though I've been priced out of the market. I would love to get on the property ladder, but it just currently seems impossible.
Anyway, I have heard that there may be cheap properties available through banks (houses that have been repossessed) or my local council (derelict/fire-damaged properties). I was just wondering if this is true?
And if it is, how do I go about getting info on such properties?
I am a first time buyer, but it seems as though I've been priced out of the market. I would love to get on the property ladder, but it just currently seems impossible.
Anyway, I have heard that there may be cheap properties available through banks (houses that have been repossessed) or my local council (derelict/fire-damaged properties). I was just wondering if this is true?
And if it is, how do I go about getting info on such properties?
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do you have a deposit and what is your income and the average price that you would be looking at?
do you have a good credit history? could you save more money or earn extra?
could you move a bit futher out to a cheaper property/area?
I think it is possible to get on the ladder (I've recently bought my first house) but you're right, many areas/properties just aren't an option.
Try looking at regeneration areas where you are, there are some bad and some good. Properties will be cheaper in these areas. My house is in a regeneration area in Sheffield and the area honestly could not be nicer!
But you don't think they do this out of the kindness of their heart do you? They do it because the basic price is inflated so they can afford to knock 5% off.
Similarly with auction properties, normally you must pay 10% on the day and must complete within 28 days or lose that 10%; surveys have to be done BEFORE the auction as the offer is binding. Watch a couple of episodes of 'Homes under the Hammer' to get an idea of what it's like.
It can quite often be 14 days for completion!
Often when all around are shouting the loudest that the bad times are here for ever and things will never get better ... then buying repo makes sense - especially if there is scope to add value through improvement / bringing up to standard. Of course, in this situation, the likelihood would be that banks would be unwilling to lend money so readily, so the spoils go to the cash buyer and the high risk taker.
There are always opportunities but at the moment a lot of effort needs to be put into the research and figures to make sure an investment makes sense. There are a high number of professional and amateur property developers chasing few major refurbishment projects. Just make sure you are happy and realistic with the numbers.