Right now, it’s challenging for a first time buyer in Doncaster to get onto the property ladder. Real shortages of homes within the price range of first-time buyers are caused by high property prices. Additionally, first-timer buyers find themselves losing out to people higher up the ladder due to the recent strength of the property market. Those looking to purchase their first house may face additional obstacles due to the impending closure of the Help to Buy programme.

In light of this, we’ve put together the following advice for first-time homebuyers trying to take that initial step onto the property ladder:

Investigate properties that can provide additional income. 

Purchasing a property with a room or rooms you can rent out may help you increase your budget or lending ability. Some mortgage lenders will even consider the room rent you can make when evaluating your application for a mortgage, despite the fact that most don’t. (These are likewise sometimes referred to as lodger or rent-a-room mortgages. To acquire these, a mortgage broker’s assistance is generally necessary.) You have made me your top option.

Find the most affordable mortgage.

The difference in annual payments between the lowest mortgage you may get and the most expensive one can be hundreds (and possibly even thousands) of pounds. Even when the apparent difference in interest rates looks to be extremely tiny, this may still be the case. Look around and think about asking a mortgage broker for guidance. You can use our handy mortgage calculator to find out just how much your repayments will be.

Use your status as a first-time buyer to your advantage.

The exception to this rule is the recent hot property market, but typically, first-time buyers are quite desirable to sellers. Since you don’t have a property to sell, the transaction will probably go through more quickly and be less likely to fail.

In the present market, a first-time buyer could find it beneficial to make a cheeky bid.

Invest in prospective future.

By shopping for a smaller property than you actually desire, you can increase affordability. BUT make sure there is room for future expansion and improvement. By way of a loft conversion or an addition, for instance.

By simply purchasing the space you actually need right now, you can save money today. After a few years, when your finances should have stabilised after your purchase, add extra room.

Look for properties that have little curb appeal.

Unimpressive curb appeal frequently results in fewer viewings and bids for homes. Therefore, you might be able to receive much greater value for your money.

An additional benefit of purchasing a “ugly house” is that they frequently have excellent potential for capital growth.

Broaden your horizons and consider different areas.

You could be able to find a much better house for your budget, a lot cheaper property, or possibly both if you’re ready to leave the neighbourhood you know and seek in other locations.

You might find better value places nearby that you might not have previously thought about by using a home pricing heat map, like the one provided by PrimeLocation. They could really be close to your first-choice location—just a short drive or walk away.

Before buying a new build, give it some thought.

Any first time buyer in Doncaster may find the prospect of purchasing a new build quite tempting. New house builders are eager to sell their properties to first-time buyers, using flashy advertising and appealing incentives. However, even after taking into account buyer incentives, newly constructed homes and apartments often command a higher price.

Always compare pricing of newer buildings to those of comparable pre-owned properties when considering a purchase. You could discover that purchasing a resale will cost you much less, making climbing the ladder a little more reasonable.

Think about purchasing in a property auction.

Property at auctions is known for being purchased for a decent price. Sometimes property sold at auction sells for less than market value, i.e. less than what you might pay for it on the open market.

There’s a misconception that only seasoned investors and purchasers should attend auctions, although first-time buyers can participate in a property auction. It’s simpler than you would think, and many auctions these days are even conducted online. As with a typical purchase, a 10% deposit is still required, but at an auction, that 10% may go a lot further.

Just keep in mind that the deal must be legally completed in (often) 28 days if you purchase at a traditional auction. Therefore, you must arrange your finances in advance.

If you are a first time buyer in Doncaster and need help making that first step, give the team a call on 01302 981149.