Money
Getting the best deal
Save £100s on...property
Buying a property, either to live in or as a buy-to-let proposition, is the biggest expense most households make – but many of us make a decision in under an hour, writes Teena Lyons
Step one: Revaluate. It may be love at first sight, but is it a good deal? As anyone who has tried to sell a house knows, variations between estate agents vary wildly. Get an instant free valuation of a property from www.propertypriceadvice.co.uk by just entering in some basic details such as numbers of rooms and extras such as garages for a best, average and worst price.
It won't take into account renovations or other benefits, but it will give you a good ballpark idea. Alternatively, try www.nethouseprices.com or www.houseprices.co.uk to check out what similar properties have sold for in the same street.
Step two: Take a deep breath. No one knows what will really happen to house prices, but it is worth keeping an eye on what the pundits predict before you overstretch yourself. Check out www.housepricecrash.co.uk for the latest statistics from pundits, the Land Registry and Hometrack. It is better to be in the know and sometimes price drops can be to your advantage. If you are looking for a bargain, try www.propertysnake.co.uk which lists properties which have dropped their asking prices and by how much.
Step three: Research, research, research. Find out how vulnerable your dream home is by checking out the environment before you buy – factors such as flooding risk or high crime rates locally can have a severe impact on insurance liabilities. A quick search on www.homecheck.co.uk which has data from a range of groups including the Environment Agency can analyse the risk of flooding, subsidence and other environmental problems. The www.crimestatistics.org.uk will give you an idea of crime statistics in the area, with a breakdown of different crimes such as burglary, criminal damage and robbery, which will all have an effect on premiums.
Step four: Moving on. Even if your 2.4 kids have flown the nest or you don't have the need for a regular bus route, nonetheless always think ahead to a property’s resale value. Browse the inspection reports for local schools on www.ofsted.gov.uk/reports and take a moment to look at www.highways.gov.uk to examine local transport links and plans for new roads. And, if you really can’t resist, you can even check out the potential neighbours with www.upmystreet.com for a profile of everything from average incomes to hobbies to which newspapers they buy.
* Teena Lyons' opinions are her own and for general information only. Always seek independent financial advice.
