Many first time buyers struggle with buying their first home and gaining a foothold on the property ladder. Even though the house price boom is slowing house prices are still gradually increasing. The longer first time buyers delay the harder it will be. Not only do first time buyers now have to save a substantial amount for a deposit or purchasing costs but they also have to earn enough to get a big enough mortgage to buy their first home. One way round the problem is to buy a cheaper property that requires updating.
The property is substantially cheaper and the homebuyer has the opportunity to update the property as and when they can afford. They can also add their own personal style and truly make their home match their needs and tastes. This might be far more exciting than buying a home that has been already modernised but not according to their tastes. Of course the new home owner would need to be prepared to do some DIY and decorating. Perhaps choose a new bathroom suite or kitchen. The carpets at some point might need upgrading or a wooden floor sanded and polished. The key idea is if you do it yourself it will be cheaper and it will be to your taste.
And ultimately when the time comes to move up the property ladder the first time buyer will gain financially from having updated the property themselves.
There are different ways of finding property that requires updating. The usual way is to sift through all the property details coming from your local agent. This however is time consuming and often details may not match your criteria or price range. An alternative more focused way is to use a search agency such as www.renovatealerts.com. This is an online service at which only lists properties that require updating, modernising or renovating. Every few days users are emailed details of properties that have come on the market and can therefore be at the front of the queue to purchase that bargain.
First time buyers have a good opportunity to get on the property ladder and profit from it. Rather than seeing the first step as a problem it can really be seen as an opportunity to create your own home and also join the club of cashing in on property development. |
