Getting onto the property ladder for the first time is a big milestone in any person’s life. It is a goal that most people strive for but it is by no means easy. Especially in the current property and economic climates. New build homes in London for first time buyers are hard to come by and there are often a number of hurdles in the way.
Starting the process of looking for new build homes in London for first time buyers can be a daunting task and in many cases these homes are unattainable. Finding a deposit, covering the legal fees, choosing the right location – these are all aspects that need to be taken into account when looking at new build homes in London for first time buyers. First and foremost, you need to get your accounts in order. If you write down every last cost and outgoing, get a neat and organised budget plan in place, you will have a much better idea of your financial situation.
And now is actually a good time to get on the property ladder. Cheap mortgage rates, rising rental rates and government schemes are making new build homes in London for first time buyers a realistic goal. The government has realised the importance of the role first time buyers play in the property market. Without them, homeowners struggle to sell, which has a knock on effect on the whole property market.
Many first time buyers will be coming from a rental property. Although it may seem daunting and expensive at first, once you are settled in first property, you’ll be surprised at how much cheaper it is to own rather than rent. Research by Halifax has shown that first time buyers can save around £1,000 per year having a mortgage instead of renting.
When looking at new build homes in London for first time buyers, it is important to pick an area with the potential for capital growth. If you look at somewhere like Croydon, where there has been enormous investment in infrastructure in recent years, you will find that potential. A £1billion investment in the Westfield shopping centre is just one initiative that is turning Croydon into a booming London borough. Wherever you look, you need to research the infrastructure improvements in the area, as well as transport links, employment, education and, of course, leisure and pleasure.
Here at Inspired Homes, we develop new build homes in London for first time buyers and are helping many young professionals and couples get on the property ladder. You can find out more about us and our properties here.