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 Hackney, 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 in Hackney 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 in Hackney but can't find anything suitable within your budget, there could be a government scheme to help you. Shared Ownership 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 in Hackney, let Amar Mustafa - The REAL Estate Agent help you find the perfect home. As an expert in the Hackney market, I'm ready for the challenge. Call me today on 020 3150 5007 or view my listings at therealagent.co.uk to see some of the homes I have available in your area.