Alternative ways to buy a house in the UK

For many of us, buying a house is a life goal. Becoming a homeowner is an extremely rewarding and exciting time in anyone’s life but, not many of us know that there is more than one way to do it. Everybody’s different and have varied financial circumstances to navigate. So, there is no one size fits all solution to buying a property. There are many routes out there and there is bound to be one that suits your situation. Whatever you choose, you are sure to get your dream home at the end of it. So, what options have you got to buy a house, and which one is the right one for you?

Help to buy

Despite the Help to Buy scheme finishing a few years ago, people who set up some help to buy ISA before this can still take advantage of the perk. Help to Buy ISA’s offer first-time buyers up to 25% on top of their savings. So, the lump sum you’ve built up can be used towards an eligible Help to Buy property.

Part exchange 

If you have a property to sell but, already have a new home you want to buy – part exchange could work for you. With help from trusted professionals, you can part-exchange your home and remove the middleman. So, no estate agent fees and long-drawn-out views. The company will buy your home and sell it for you. Making it a great, no-hassle option.

Auction properties

Auctions often have a group of hard to sell properties for reduced prices. There are many reasons why a property gets put up for auction but usually, it’s due to the extreme renovations that need to be done. You might be lucky and find yourself a property for a bargain price. If you’re the only one bidding for a property, you could get it for the minimum price. However, if there are many people bidding – set yourself a cut-off point as it’s easy to get carried away and overspend.

Rent to buy 

Rent to Buy properties are properties designed to ease the transition from renting to buying. Often, renting a property can eat into your deposit savings for your new home. So, this is where the Rent to Buy scheme comes in. The scheme allows you to rent a home for a reduced price in the expectation that the money you would’ve otherwise spent on rent will go towards a deposit to buy the home outright. The terms are flexible according to the property, area, and local market. So, this is a great option for first-time buyers.

Do any of these sound right for you? Whatever route you go down, all your hard work will pay off and you’ll be left with a house that you’ve lovingly turned into a home. What are you waiting for – the house hunting starts here!

 

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