The market for first time buyers is getting more expensive, but that doesn’t mean you cannot get the home you want as your first abode.
There are a lot of areas in the UK that are becoming unaffordable for the first-time buyers, especially some inner-city locations. Apartments, flats and even small two-bedroom homes are just completely off the spectrum, leading to more and more 20-somethings living at home with their parents until they are 30+.
However, there are some great properties you can buy, and whilst it might not meet everything on your list straight away, it will give you that foot on the first rung of the property ladder, which can help you achieve your ‘dream property’ a bit closer.
A great way of doing it is by working out how much you can really afford and how much you want to put of your earnings in a property and not the lifestyle you live. This is where some people go wrong as they try to balance it both leading to a stalemate. You will have to make some amends to your lifestyle and prioritise if you do want to buy your first property, but you don’t need to be unhappy about it.
Furthermore, make a list of what is important with the home. Key things might be the location, number of bedrooms etc, but do you really need a garden with bi-folding doors now or can that be something you wait for at your dream home, making apartments a viable option of getting on the ladder. Remember, the property is not for the rest of your life but will give you some independence.
Secondly, think about council tax and bills and suddenly a smaller property might become a bit more attractive. Everyone wants to make the biggest step they can, but it is often not quite that simple. As a first-time buyer you will have many new things to deal with, so don’t stretch yourself for a home when a perfectly reasons property might allow you to get settled before you move again. If you are living on your own, do you really need a second bathroom if that is the difference between living at home or on your own.
Thirdly, consider things like parking and where you leave your car/bikes at night. This can increase/reduce your car insurance and if there are close network links that mean you can get to destinations via public transport, consider this too. You might be able to live further away from where you first thought (which might be cheaper) by taking advantage of public transport.
So, as you can see from the above, careful consideration can make your first home seem a little bit more real. By compromising on the essentials and the lifestyle you have/want, can really help with your choice. Remember, this home is not going to be yours for life, but it will give you independence and much more.