Property buying - Do your homework!

Whether you are looking to buy a domestic or investment property it pays to do your homework on the area. You should search the internet to find details on local schools, crime rates, council tax etc.. Every positive thing you keep to yourself, every negative thing you make a note of so you can bring it to the attention of the seller or their estate agent. To grab a property bargain you need to lower the expectation of the seller.

When the estate agent is showing you around the property you should subtly bring up all the negative things concerning the property and the surrounding area. If you are cheeky enough you can express surprise at the price it has been put on the market at. Use www.houseprices.co.uk to find similar houses in the area that have been sold for less.

Also have a look to see if there are lots of “for sale” boards around. If there are then this is worth mentioning to the estate agent. Say that supply seems to be outstripping demand in this area. An estate agent is interested in selling the property for as much as possible (because they are on a percentage reward) but their top priority is to sell it. So if you can persuade them that they have a potential sale in front of them and if you can give them enough reasons to persuade the seller to lower the price then you are on to a winner.

Also visit the area at different times. It can be very different during the rush hour, school run, late at night etc.. Anything negative information you can find will help in your decision on whether to buy and also in your negotiations with the seller.

Summary:- Do your homework on the property and the area. Record all the negative points and use them to get the estate agent to persuade the seller that any offer you make is not as bad as it seems.

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