With the cost of living rising, and many people’s finances being squeezed, Stacks Property Search looks at ways of choosing a property that isn’t going to overstretch the pocket.
Look Beyond First Impressions and Popular Areas
Anthony Pearce of Stacks Property Search says, “Don’t be put off by properties that don’t immediately appear beautiful. Some just don’t have kerb appeal, but can be prettied-up by re-cladding, painting the exterior, or rearranging the design of the outside space – replacing large quantities of hard landscaping with trees and green planting. An ugly duckling can be around 10% cheaper than a swan, but do the sums and check that the cost of the changes aren’t going to cancel out the savings.”
Sara Ransom of Stacks Property Search agrees. She says, “The smooth plasterwork version of a grey pebbledash London property is a revelation!”
Gillie Pearce of Stacks Property Search says, “Avoid areas popular with holiday buyers. Popular second home areas command high premiums. Although recent Council Tax hikes in some areas have reduced these premiums, it’s still possible to save as much as 15% by moving just outside the hotspots.”
Consider Location Swaps and Travel Trade-Offs
Gillie Pearce of Stacks Property Search says, “Stretching your commute by twenty minutes or so can save you as much as 20% on property price. Or move your search from Essex to just over the border into Suffolk and save yourself 10%.”
Sara Ransom says, “In London you can buy pretty much the same house in Balham instead of Clapham and save as much as 20% while being only a couple of streets away.”
“The same goes for school catchment areas. If you have older children, or no children, you will be paying a high dividend for a property in the catchment area of a good school. You won’t have to go far to find a similar property that is considerably cheaper.”
Find Value in Overlooked Listings and Flexible Properties
Nick Wooldridge of Stacks Property Search says, “Don’t be nervous of a property that’s been on the market for a while. On the portals click for ‘newest listed’, then scroll down to the bottom. Vendors who have been failing to sell may be more motivated to accept an offer. Watch the market closely and know what’s been on the market for how long. If you’re first on the scene when a sale falls through you may be able to walk straight into an attractive deal.”
Sara Ransom suggests buying a property that lends itself to renting out to an old-fashioned lodger. She says, “London houses with a lower ground floor lend themselves to this strategy as they often have a separate entrance. Or houses with a loft conversion work well too. Lateral space is less adaptable. A well-built studio at the end of the garden can provide extra accommodation too.”
Plan Ahead, but Stay Realistic About Renovations
Nick Wooldridge says, “Buy for the long term. The costs of moving are extremely high and will only go up. Buying something that you can adapt as your needs change is the best favour you can do yourself.”
Sara Ransom agrees. She says, “If you’re buying a flat in London, instead of pushing yourself to buy three bedrooms now, buy two bedrooms with the potential for a loft conversion that you can do when you need it, and when times are less tight.”
“But if you’re planning to do work over the course of time, make sure it’s habitable from day one and that the project is about things you want, not that the property needs. Taking on a major project is a risky business; refurbishment costs are incredibly high, and it’s way too easy to go over budget as prices of materials and specialists fluctuate.”
Stacks Property Search, 01594 842880 / www.stacks.co.uk
