First-Time Buyer Dilemmas: Help! I Can’t Afford The House That I Want!
Consider Your First Purchase As A Step Onto The Property Ladder – It Doesn’t Have To Be Perfect!
If you’ve worked hard and saved up to buy your first property in, it can be very discouraging to discover that there’s nothing you like in your price bracket – a common first-time buyer dilemma.
Only a tiny percentage of owned properties are on the market at any time – 7% in fact. So, it’s surprising that anybody finds their ideal home at all! There is also an increasingly short supply of properties to choose from. Although new-builds are popping up all the time, there still aren’t enough properties being constructed to meet today’s demand.
What Can I Do If I Can’t Afford My Dream Home?
A key reason for more people renting today is that it can be more affordable to rent than to purchase a home. If you can’t afford your dream home right now, you could consider property to rent while waiting for your ideal home to be listed on the market.
Alternatively, you could look at your first home purchase as an initial step onto the property ladder. All you’re doing is securing your own home – it doesn’t have to be perfect. It may be smaller than you initially aspired to, or in a slightly different location, but it’s a start.
Most people move at least three times before finding their forever home. So work out your budget and buy the home that best fits your needs right now. Over time, you’ll build up equity and will be in a position to trade up until you reach your perfect home.
Is Renovation The Solution?
For some first time buyers, buying a low cost “fixer upper” could be the way to get their hands on their dream home. However, that isn’t the answer for everyone. You’re likely to need a mortgage and some bargain properties are unmortgageable. If you don’t have a significant sum behind you to undertake the improvements, plus the skills, patience, and know-how to complete a renovation, it’s could be a poor investment.
Access A Government Scheme
If you’re looking for a property but can’t find anything suitable within your budget, there could be a government scheme to help you. Shared Ownership and Help To Buy schemes can help you get onto the property ladder if you can’t get approval for the mortgage loan amount you require, or you can’t afford to save for a deposit. The First Homes Scheme could be helpful too, allowing you to purchase a property for at least 30% lower than its market value.
If you’re ready to buy your first property, let our team at Lyss Homes help you find the perfect home. As experts in the East London market, we’re ready for the challenge. Call us today on 02080505452 or view our listings at http://lysshomes.co.uk to see some of the homes we have available in your area.
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