The UK housing market may be looking up for those that already own property, but that doesn’t mean it’s simple to get on the property ladder – particularly if you are looking to buy in a place like Essex that has areas of high prices, and high demand. Do yourself a favour and take a look at these top tips for first-time buyers. Take the stress out of searching for Essex property with these ideas.
1. Stay Out of London
When buying your first property it is a good idea to steer clear of London – unless you have a very well-paid job, and a considerable amount of money for the deposit – for many London properties you’ll need a deposit of close to £80,000. If you have employment in London, look at commuter towns in Essex that may not be the cheapest in the country but offer considerably better value than the capital. Billericay, for example, has links into London by rail meaning that the town is a mere 30 minutes from the capital. You can find a variety of different property types in a place like Billericay, without the hefty price tag of London homes.
When you are busy viewing properties and you find your dream place, don’t get so excited you put in your bid right there and then. Hold your nerve and wait a few hours, or overnight if you viewed in the evening. According to www.beresfordsgroup.co.uk you can expect that your first offer on an Essex property will probably not be accepted but don’t panic – make plans for this and have in your mind what you are prepared to offer next.
3. Move Back Home
This may not be the ideal option for everyone, but if you are really struggling to afford a deposit on an Essex property, moving in with parents or other relatives at a reduced or non-existent rent can help you save the money you need. Many property hunters are doing this, and finding that they can afford their dream home more quickly.
4. Get a Deposit from Family
And if you don’t want to live with your parents, perhaps they can help you out by loaning or giving you the deposit – or part of it. The estate agents at www.beresfordsgroup.co.uk say that this is increasingly the case for house buyers in Essex. Talk to your relatives about the financial possibilities they have, for example, in releasing equity in their home to allow you to afford your own.
5. Look for the Up and Coming Places
If you can’t afford to buy in the already established and popular areas of Essex, look for the places that are coming up in value by spotting the signs of regeneration and the moving in of developers, new stores, and other signs that the area is on the up. If you can get into an area early, and you judge it right, you are in the best position to make money on your home that you can use when you decide to move to a bigger or better place.