|
 There are many ways in which you could find a property to purchase:
- Estate agents
- Local Newspaper property pages
- House building companies for details of new builds
- Searching the internet.
- Talking to the owners of a property you want
- Auctions
Estate Agents
Using estate agents is still by far the most common way of buying a property. An estate agent will not charge the buyer anything but will be charging the seller for their services. The estate agent will act as the interface between the buyer and seller. However, be aware they work for the seller and are driven by commission.
Estate agent fees range from 0.5% - 3%. 1.5% fee on a property worth £350,000 is £5,250 so there are large sums of money involved for the seller and a big incentive to close the sale for an estate agent.
Often an estate agent will offer other services and have a network of local contacts that can help get things moving e.g. Solicitors and mortgage advisors.
Bear in mind they will be driven by their commission fee and any introductory fees they get from providers so you should make sure their recommended suppliers are right for you.
Local Newspapers & Property Pages
These are a great source of information on local property. You will get a feel for prices as well as the different estate agents in the area.
House Builders
If you are considering buying a new house then contacting house builders direct can provide a good source of information. There are a number of advantages in buying a brand new house.
- No renovation work is normally needed
- A blank canvas to work with
- A guarantee in the form of NHBC or architects certificate
- Incentives specially in a down turn
However, often new houses come at a premium
Searching the internet
There are a number of property sites which take all the properties from estate agents and aggregate the results to enable you to search for properties that meet your needs. Many of these sites enable you to register and be alerted when new properties are available.
Talking to home owners
If there is a particular property you like or an area. Why not talk to owners of these properties to see if they are planning (or willing) to move. This can be very effective as the selling process is often a key reason why people don’t move. You may also be able to get a better price as they will have no estate agent fees to pay
In addition, there are sites on the internet which allow home owners to advertise their property direct to cut out the estate agents.
Auctions
Auctions can be a place to get a great bargain, or lose a lot of money. If you bid at an auction and win you are legally obliged to pay. Any surveys or mortgage has to be agreed before the auction as there is no going back once the hammer falls.
If you are looking for a place to renovate or as an investment and you know about property then auctions can be a good place to go.
If you do buy from auction then make sure you set your limit and don’t go beyond it. Auction fever can mean you get carried away and pay a lot more than you want or can afford.
|
