Buying a house on the cheap

OK so we all know that getting a morgage is the standard route that most people take, but it results in paying a hefty wack to the banks, so this is my tip.

Step one:

Save your money, put away what you can afford each month, into a high interest savings account, untill you have saved something like £35000 (I did it with £12000 but that was a few years back).

Step two:

Whilst your nest egg is building up, educate yourself on home repairs, spotting structural problems, and all the things a good house survey will look for and more (remember all a standard survey checks is that the morgage company will be able to recoup their investment).

Step three:

Spend around two years going to house auctions, getting outbid by rich investors, and nearly giving up hope of ever buying anything.

Step four:

Eventually get lucky and buy a house for around a quarter of it's value once renovated.

Step five:

Renovate the house as cheaply as possible, buy second hand whenever possible (you can pick up a whole kitchen only a couple of years old for peanuts if your willing to trawl the small ads)

Step six;

Feel smug, you own your own home with no morgage. Rince and repeat with a bigger house.

Please note, you must be competant to be able to do this, good with your hands, patient, willing to live in a half habitable hovel while the work is done, have a good bit of luck, and really know what you are doing, and more importantly what your limitations are. Also note that government legislation is making it more and more expensive by forcing you to hire qualified tradesmen for more and more of the work. Study ALL the relivent legislation so you don't get caught out.

Disclaimer:

I take no responsibility for any loss, finantial or otherwize resulting from following this advise, it's at your own risk, and it is up to you to check you know what your doing before you start.

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Posts on this site reflect the opinion of the members posting only, and not necessarily giffgaff’s opinions or views. There’s a lot of information here that can help you, however, you must remember that we operate an open forum and sometimes messages that are posted are misleading, deceptive, or inaccurate. If you follow these tips, you do so at your own risk. Always do your research and check the terms.