My First Property

Find An Affordable Property

First time property buying can be very expensive, but you can save money and find a property in an affordable way. Aim to buy cheap and get the most value as possible from what you buy.

Buying a property that is run down and in need of a lot of work can save money and you can find these properties at auctions. But remember you will be competing against professional builders and developers who do this job for a living, so you need to make less of a profit then they do! So outbid a little!

Look for a property that is immediately outside a town or popular area, they will be cheaper and still pretty convenient, plus the market should always be good.

Consider shared equity mortgages from housing associations, it means you will take on a 25% or 50% mortgage on the property and rent the rest when you can afford to you move up by buying the next slice.

Moving to the country is also cheaper and anywhere out of town. You will have a longer commute but this will save money. As long as you have a car doing this might not be that much of a problem. Just make sure you look around areas before deciding to live there.

Haggle! Get the best you can and negotiate on prices. Ask about carpets, fittings, furniture etc.

Play hardball! This means waiting until a day before an exchange on a property, and then threatening to pull out unless you get a better deal. Sellers donít like this but sometimes it works and it is all about what you are prepared for.

More first-time house buying articles:

  1. Key Questions to ask at a property viewing
  2. Will I Be Able To Get A Mortgage
  3. What is a buy to let mortgage?
  4. Stamp Duty Explained
  5. Learning From Buying Your First Home

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