How to Get a Foot on the London Property Ladder
With London house prices set to increase again this year, buying a house or even getting a foot on the property ladder can seem daunting. A lack of supply means it’s highly likely they will further increase. However, 2016 may just be the year of the first-time buyer with government schemes such as Help to Buy enabling more first-time buyers to move on and up the property ladder. Here are some tips and advice on the matter.
Consider All Locations
It’s important not to dismiss any areas right off the bat. Be open – just because an area isn’t a hot spot, doesn’t mean it is not the right location for you. Think of untraditional but up-and-coming areas such as Croydon, Barking and Dagenham or Elephant and Castle.
Be Realistic
You may not get the property of your dreams the first time round. It may need some refurbishment and touch-up but when the market picks up again, you can sell or alternatively rent it out when you move to your perfect house. It is equally important to be realistic with your timescale, as buying a house can take longer than expected. The whole process of buying a house can take up to 6 weeks or more.
Budget for Your Buy
Other than the cost of your house you need to factor in fees such as mortgage arrangement, stamp duty, surveyor and valuation fees as well as removal costs and furniture. Make sure you have informed and accurate prices when estimating your costs so you don’t under-budget. A study by Aviva revealed that up to three quarters of first-time buyers underestimate the cost to get on the property ladder.
