If you’re looking to live in the capital amid the exciting nightlife and vast opportunities London holds, then there are a few things to consider before making it. Ensuring you get exactly what you need for your future, your family and your finances, is vitally important when making such a significant investment and with plenty of schemes now available for first time buyers in London, there are plenty of ways to find the perfect home.
Challenges of Buying a House
Due to its age, history, and climate, London’s housing stock poses some unique structural challenges for homebuyers. It is critical to thoroughly inspect any property for issues such as penetrating damp, mould growth, roof damage, outdated electrical and plumbing systems, foundation cracks, pest infestations, and asbestos presence. In particular, the high-water table and clay soils prevalent in London can lead to moisture infiltration and flooding in basements. Keep in mind all these challenges while looking for a property. In case you are willing to buy a house, you might need to consult home repair inspectors and contractors or opt for the services of a company dealing in basement tanking London (if controlling damp is your concern). Being aware of these types of common defects and finding appropriate solutions for them can help London homebuyers budget accordingly and negotiate the best deal. Additionally, seeking guidance from experienced real estate agents can provide valuable insights into navigating these challenges and making informed decisions when purchasing a home in London.
So make the most of the resources (you can navigate to this website here for additional information) available to you as a first time buyer and get the ball rolling on your property buying journey. With that in mind, let us understand the various options one can consider while thinking of buying a new home.
Commuter towns
With new developments across the city and huge regeneration across a range of suburbs, buying a home in the London boroughs is a great investment and the best of London living. Many of these areas are garden cities with plenty of green space such as shared ownership homes in Ebbsfleet, and with a whole host of new businesses from gyms to cafes to restaurants, these areas are perfect for young people. These homes are well linked with brand new transport lines to the city and seamless journeys into the capital. A home in a commuter town can be anything from a cosy town centre apartment to bigger family homes for sale in Maidstone and well worth considering whatever you may be looking for. These areas are also teeming with housing schemes and first time buyer opportunities so a home in a commuter town is well worth bearing in mind.
Help to Buy
This scheme is great for a first-time buyer looking to get on the property market in 2022. Help to Buy in London offers a 40% equity loan on your property that is completely interest free for the first 5 years. You will also only need to put down a 5% deposit, ensuring you don’t have to spend years saving for a deposit and setting you back both in time and pocket. You can buy your home through help to buy on properties up to a value of 400,000 in London and with a 5% deposit and 40% equity you only have to apply for a mortgage worth 55% of your home. Help to Buy spans right across the capital from Croydon to Surrey and with many of these homes being new builds from 4 bedroom homes in the countryside areas and more rural boroughs to single person apartments in the city to host parties and run your business from, there’s a plethora of properties to choose from.
Shared Ownership
Shared Ownership involves buying a share in your home rather than the whole thing. This can be ideal if you’re a first time buyer struggling to save for a deposit as you only have to pay a deposit on the share you want to buy. With shares available from 10% to 75% you have a lot of flexibility with shared ownership and have the option to buy more of your home overtime. As you only have to get a mortgage for your share, you can reduce the size of the loan you apply for and take the pressure off your finances. The share you don’t own belongs to a housing association and you will pay a small rent on this. Shared ownership allows you to climb the ladder at a pace that suits your finances and means you can reduce the amount of rent you pay overtime. You can also spread the cost of other payments such as stamp duty making shared ownership a great way to buy a home if you don’t have a huge amount of savings to cover those upfront payments. And with shared ownership homes in Surbiton to Luton, you can find exactly what you need at a price you can afford.
