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Cash or Credit

08 August 2011

 Colley's – Cash or Credit?

With the property market tempting more and more buyers in with falling prices, it's no surprise that some home buyers choose to pay cash for their homes as an alternative to taking out a mortgage.
CML estimates that as of March 2011, just over 30% of property sales in the UK are represented by cash sales, up from 23% in 2006[1]. So why is paying cash becoming a more popular option? The current state of the housing market is making the promise of interest savings, faster closing and that added bargaining power even more tempting; however the crucial process of obtaining adequate checks on the property should not be overlooked.
Unfortunately the thought of what type of survey or valuation to choose tends to fall right down to the bottom of the priority list. Buyers quickly forget about their investment commitment and start to focus on the fun parts of buying a house, such as how you're decorating it and when to have the housewarming party.
So, if you're a buyer in today's market, what do you need to do? You should realise that not understanding the importance of choosing the correct survey or valuation could have an impact after you've moved in. By enlisting the help of an independent property expert with local knowledge of the property, you can make sure that you've bought the property with your eyes open and have made an informed decision.
Spending an extra couple of hundred pounds on a survey may be a stumbling block to some, but can be a worthwhile investment when comparing against your investment. A Colleys Property Check offers you a report that’s clear and easy to understand. The report utilises condition ratings which explains the condition of parts of the property and indicates the urgency of repairs, allowing you to plan or budget for any remedial work before you even move in. You also have access to the surveyor should you have any questions or want to discuss any issues. 
Buying a home is a monumental purchase so getting the right type of survey is important and can provide peace of mind for one of the most important decisions you will make in your lifetime. Often a Colleys Property Check can pay for itself, by highlighting essential works, which may allow you to renegotiate the price or anticipate future expenditure which you can budget for. An extra few hundred pounds for the survey could save you many thousands in the long run.
For more information on the Colleys Property Check and details on our service simply visit

[1] Bob Pannell,Chief Economist, Council of Mortgage Lenders (CML) figures obtained 12 July 2011 based on CML estimate cash share.
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