Top Tips To Find A Cheaper Home

Conventional wisdom would say that the housing market as it stands in the second half of 2023 is one that the average buyer will struggle to get the best value out of.

House prices are finally starting to slow down, but estate agents in Cheam are reporting prices that are six per cent higher than at the same time in 2022, and any price drop is likely to be offset by increases to mortgage rates precipitated by the Bank of England increasing its base rate.

However, there are always ways to find houses that are cheaper than the norm and maximise your potential investment, and here are some top tips to achieve this.

Look For Motivated Long-Term Sales

Given the intensely hectic activity in the housing market over the past three years, finding houses that have spent longer than a month on the market will stick out like a sore thumb.

Typically, these houses are far more open to negotiation when it comes to price, but be wary that it is important to check even harder that there isn’t a very good and expensive reason why they haven’t been sold yet.

Check Out Repossessed And Distressed Properties

There are a lot of properties that have fallen into disrepair or have been repossessed as a result of payment defaults, and in both cases, there is a chance to save as much as 30 per cent on a sale or at auction.

However, caveat emptor is in full effect here; check very carefully to ensure the property is right for you and not just in terms of surveys. Check location, levels of employment and other measures of value.

Look Off Trend

The classic house flipping move is to find a house in a place or in a style that is not quite keeping with current trends or necessarily what you are looking for but has the potential to be a dream forever home.

You need to be very sure that you are okay with the location you pick and that you could live with any less desirable elements because they are unlikely to change.