As house prices appear to be finally plateauing in London, the general pattern in the UK is that they’re still on the rise. This has led to many people struggling to get their foot on the property ladder, as it’s too much of a stretch on many family’s or an individuals income. An obvious way around this would be to buy a property below market value. Repossessions can provide that gateway to a buyer, as they can be bought at a more modest cost compared to regular properties. It’s important to remember, however, that when investors buy repossessions they often spend a chunk of their budget renovating the property once it’s there’s.
What if you’re buying a foreclosed property?
For those looking at foreclosed properties to make their new home, it’s highly recommended that they check the property vigilantly prior to making an offer. One of the main differences between repossessions and regular properties for sale is that repossessed properties are mainly sold how they are left. There may be eviction notices on the floor, tape around the property, and general mess inside. However, if you are able to look past these ugly but fixable qualities, while identifying characteristics that add to it’s value, it can result in you buying a new home tens of thousands of pounds under its market value.
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