Choosing to buy a property privately simply means that a person looking to buy property has chosen to search for a property to buy on their own and exclude the services of an estate agent. It is considerably cheaper when compared to hiring an agent to look for a property and help the buyer to negotiate a final asking price, and someone who is knowledgeable on the property market of the area can get a good deal by buying property privately.
The process of buying property privately involves the arduous task of searching for potential properties to buy by oneself. Someone looking for a house to buy or rent will have to sit and go through the many property listings available in newspapers and on the websites of different estate agents and property companies. It takes a lot of time to find properties that fit a buyer’s criteria, and such a person often needs to be a patient individual. The internet has made searching for property easier, and someone looking for a particular house to buy can browse the many listings.
This way they can get a realistic idea of what types of property they can afford. There are a few private companies which specialise in assisting people to buy homes privately. They are not estate agents or property search agents, and their sole purpose is helping buyers to prepare purchase offer documents when they have found a property they are interested in. They do not offer property listings like estate agents.
There are considerable financial savings for a person who chooses to buy a house privately, as they will not have to pay any estate agent commissions, which can amount to a decent saving which can then be used on something else like paying for some renovation work on the property.
There are a few pitfalls to buying a house without the help of an estate agent. As such, a buyer should know the market well and have a strong idea of what the current values of property in the market. Buying property privately is not something a novice buyer should consider. It is better suited for someone who has some experience in buying and selling houses.