IT’S no secret that buying in the right location, location, location is key. How many times do house hunters on TV shows say a property would be perfect if only it could be picked up and put in a different location? Of course, an exasperated presenter tells them, that this would add thousands to the asking price.

So what’s the solution? A good strategy is to look for an up-and-coming area, perhaps on the fringes of your preferred one. If prices have risen and other buyers on a budget have been pushed further and further out, this can lead to once undesirable areas becoming more popular and improving as a result.

However, if you’re concerned about resale values, be careful not to get carried away and spend more on a property than it will be worth.

Even if a property seems like a steal, remember that it may cost more to buy and renovate than somewhere that’s more expensive to buy, but needs less work. This is where research comes in.

Not only do you need to find out how long a property’s been on the market, what position the seller’s in, what comparable properties are selling for and what property prices are doing locally, but also how much this property will cost to renovate.

Get a full structural survey (the RICS Building Survey) and then quotations for the work needed, so you’re realistic about your budget.

Some properties are in such a bad state that only cash buyers are welcome. This can also be the case with properties of unusual construction, so if you need a mortgage, you’re more limited to what you can buy.

With interest rates likely to rise fairly soon, property repossessions should increase, which is another way to find a bargain. You have to move very quickly when buying a repossession though, as the seller usually wants to exchange contracts and complete the sale within weeks. They’ll check that you’re in a position to do this before accepting, or even considering, your offer, so it’s not a route open to all buyers.

Moving quickly applies to buying at auction too.

You have to exchange contracts on the spot, and complete within a set time, often 28 days, so buying with a mortgage isn’t always possible.

Auctions are full of renovation projects and can be a good place to find bargains, providing you don’t get carried away in the heat of the moment and pay too much.

Product of the week

BOSCH’S IXO lithium-ion cordless screwdriver (£38, B&Q) is not only compact, ergonomic and ideal for everyday DIY, it is also, Bosch says, the world’s bestselling power tool – ten million IXOs have been sold since its launch in 2003.

The Northern Echo:

The IXO is well designed and easy to use, but part of the reason for its success must be the different versions launched over the years, letting it evolve and improve. Some IXOs come with a blower attachment for getting barbecue coals, or a real fire, going; a corkscrew attachment; and a grinding attachment for salt, pepper and spices – see bosch-ixo.com.

To celebrate the IXO’s success, Bosch is giving away a meal for two at PizzaExpress with every IXO sold this month, plus a chance to win one of three holidays to the Maldives.

How-to tip

WORRIED about getting the best out of your boiler now that autumn’s on its way? It’s usually as simple as getting it serviced, but that’s something many of us forget – research by boiler manufacturer Worcester reveals that less than half of the homeowners questioned had their boiler serviced annually, as recommended, and a fifth had never had it done – but even new boilers benefit from a service.

A good service should include checking the operating pressure or heat input (or both), checking the ventilation and flue, and checking the boiler’s safe, among other things.

Only Gas Safe Register or OFTEC heating engineers should service a boiler – visit worcester-bosch.co.uk to find a recommended one.