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September 04, 2014

A house is probably the most expensive thing you’ll ever buy. For the majority of people, it is the one thing that takes them a whole generation (calculated at 25 years) to pay for. Getting it right, so you make money on the deal and end up with a comfortable home at the same time, is vital. Knowing a few tricks of the trade can give you the edge when it comes to finding and securing your ideal property.

Consider Your Location

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Buying in your own area is relatively easy because you have local knowledge and automatically know which areas you prefer and which you want to avoid. Steering clear of the rough spots, targeting the most desirable locations and making sure the kids have access to good schools are amongst the first things people think of when considering location.

Going that bit deeper, however, such as learning which is the sunny side of the street, or which end of the road everyone parks or turns around in, can help you avoid costly mistakes.

Speak to Your Bank

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Don’t leave it until you’ve found a great property to get in touch with your bank or mortgage lender. The property can slip through your fingers while you organize your finances, so make this your priority as soon as you decide to buy. Having money in place and ready makes sellers take your offer seriously, and puts you in a good negotiating position. Property purchase can be a long, drawn out affair, so anything you can do to streamline the process will make vendors consider your offer above one from someone less organised financially.

Understand the Market

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Basic research carried out over a few weeks will give you a good idea of what you can expect to pay for the type of property you’re interested in. Without this basic knowledge there’s no way of knowing if you’re paying over the odds or whether you’re getting a good deal. Beyond fundamental price research, find out what type of property is most in demand. If you’re searching for a property type that everyone else is searching for, prices will naturally climb if demand exceeds supply. If you can be flexible enough to change your search criteria to a less in-demand property type, you may be able to secure a better price.

Get Experts on Your Team

Most people start their property search by signing up with all the estate agents in their area and waiting for property to come on the market. What most people forget is that estate agents act for the seller. Once the almost exclusive domain of wealthy international buyers, these days more and more professional families and individuals across the UK are turning to property buying agents to help them find their ideal property. The time, frustration and money saved by not travelling to view unsuitable properties makes the professional help cost effective.

Utilising any of these tips will raise your property hunting and buying skills enough to give you an advantage. Using all four will give you a definite edge and help you buy at the right price and in the right area, creating a solid investment for the future.
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