| Interest rates are at an all time low and are | | | | estate agents may not be practical. In this case you |
| expected to stay low for at least the next year with | | | | can use websites such as which searches the |
| some experts predicting that interest rates will stay | | | | internet for properties in need of work and then |
| low until 2014 to give the economy sufficient time to | | | | they email you the list of the properties they have |
| recover and become stable. | | | | found with links to the relevant properties. This saves |
| Other the last few months house prices have begun | | | | you the time of scouring the websites trying to find |
| to rise, slowly but surely, and now that the bottom | | | | the properties of interest to you. |
| of the market has been reached buyers are trying to | | | | Once you have found the property you want then |
| grab the remaining bargains, and in doing so, prices | | | | be realistic about how much the renovation work will |
| are going up. There is currently still a shortage of | | | | cost, and remember to factor in the selling costs. TV |
| property on the markets (depending on where you | | | | property programmes often do not include this and it |
| live) and following the New Year, more properties will | | | | can amount to £1000s especially if you're not |
| be up for sale in the traditional busiest time of the | | | | living in the property and you need to pay VAT. If |
| year, the Spring. | | | | you live in the property whilst or after you have the |
| So, if you want to either buy a "cheap" house to live | | | | done the work then it is simply the costs of selling a |
| in, or a cheap house to flip or renovate then it could | | | | house as you would pay normally. |
| be a good time to buy a property in need of work. | | | | Also bear in mind that doing up a property is hard |
| It'll be relatively cheap to buy, interest rates on a | | | | work. It's not glamorous or easy though it can be |
| mortgage are low and there is a returning market of | | | | fun, if you're into DIY and decorating. Choosing |
| buyers. | | | | kitchens and bathrooms can be enjoyable but you |
| Finding the right property to renovate can be time | | | | always need to bear in mind that you are doing it for |
| consuming but with the various property websites | | | | a mass target audience so keep choices simple, |
| and email alerts it's becoming easier. However, you | | | | neutral and conservative. |
| still need to register with estate agents as if you are | | | | There will be more property booms and busts in the |
| a cash buyer then some properties do not even get | | | | future but one bonus of property is that everyone |
| listed on the websites. As soon as a property comes | | | | needs to live somewhere. However, when you buy a |
| on the market with an estate agent, the estate | | | | property to renovate choose the location carefully |
| agent calls the cash buyers first to see if they are | | | | making sure that there is a big enough population of |
| interested. This makes it easier for everyone all | | | | people wanting to live in the area of your house. |
| round - the cash buyer gets his purchase, the seller | | | | Some property is cheap because it's a declining area |
| gets his sale and the estate agents gets his | | | | and property can't be sold. You must do enough |
| commission with minimum work. | | | | research to choose the right area and people actually |
| However, you may not be a cash buyer and you | | | | want to live there. |
| may also be interested in buying a property to | | | | Good luck in your property renovation. |
| renovate over a wide area so registering with all the | | | | |