Oldham is a borough of Greater Manchester in North West England. It has a population of 237,628 and spans 55 square miles. House prices in Oldham have risen by 3% in the last 12 months, and the average price of a property is now £185,081. The most popular property types are semi-detached houses and terraced houses.
Oldham is a great place to buy an affordable property. Here are some tips on how to buy an affordable property in Oldham.
Look for Motivated Sellers
One of the best ways to find affordable properties in Oldham is to look for motivated sellers. Motivated sellers are willing to sell their property for less than its market value to get rid of it quickly. There are several reasons why a seller may be motivated, such as needing to relocate for a job or being behind on mortgage payments.
Search for Foreclosures
Foreclosures are properties repossessed by the bank or lender because the owner has defaulted on their mortgage payments. Banks and lenders are often eager to sell these properties quickly, so they may be willing to sell them for less than their market value.
Do Your Research
The first step to buying an affordable property is to do your research. Look at the different areas in Oldham and compare house prices. Find out the average property price in each area and look at properties below this price. You should also research the different types of properties available and find out which type of property is most suitable for your needs.
Another option to consider when looking for affordable properties in Oldham is fixer-uppers. Fixer-uppers are properties that need some work to be livable but can be bought for a fraction of the cost of a move-in ready home. Of course, you’ll need to factor in the cost of repairs when considering a fixer-upper, but it can still be a great way to save money on your purchase.
Check Out Auction Websites
If you’re willing to put in a little extra work, another great way to find affordable properties in Oldham is to check out auction websites. These websites list properties that are being sold at auction, often due to foreclosure or tax delinquency. While you’ll need to pay attention to the details and research before bidding, you could potentially snag a great deal on a property if you’re lucky.
Talk to a Real Estate Agent
If you’re having trouble finding affordable properties in Oldham on your own, it’s worth talking to a real estate agent. A good agent will have access to MLS listings and other resources that you may not have access to and can help you find properties that fit your budget and needs.
Instruct a Good Solicitor
When you’ve found the perfect property, it’s essential to instruct a good conveyancing solicitor in Oldham to help with the purchase. A solicitor can help to negotiate the purchase price and terms of the sale, as well as deal with any legal issues that may arise. This is especially important if you’re buying a foreclosed property or fixer-upper, as there may be additional paperwork and complications involved.
Get a Mortgage Pre-Approval
If you’re planning on financing your property purchase with a mortgage, getting pre-approved for a loan is a good idea. This will give you an idea of how much money you’ll be able to borrow and what your monthly payments will be. It’s also an excellent way to show sellers that you’re serious about buying their property and can help you negotiate a better price.
Following these tips should help you buy an affordable property in Oldham successfully. Purchasing a property is a big decision so make sure you do your research, get professional help, and take your time making your decision. With a little bit of effort, you should be able to find the perfect property for your needs and budget.