Engineer chooses buying over renting

For many first time buyers the thought of purchasing a property remains a daunting prospect with many choosing to continue renting. But with low interest rates and a range of amazing deals, the option to purchase is becoming more available.

For Elliott Chua, a first time buyer at Durkan Homes’ Bauhaus development in Croydon, purchasing a one bedroom apartment proved to be more cost effective than renting.

31 year old Elliot is a highway engineer who works in Croydon. Elliott comments: “I was really keen to stop renting and get onto the property ladder and spent a long time researching the area to find the right deal. Bauhaus offers the best value for money in Croydon. My monthly mortgage payments are the same as my previous rent costs so I am paying towards something rather than just throwing money away. Plus I am now living in a brand new home with a great specification and fantastic views of the city.”

Bauhaus combines high-quality design and impressive interior specification, to bring chic urban living to Croydon. The properties available range from stylish 1 and 2 bedroom apartments, 3 bedroom penthouses and 2 bedroom mews houses, each ideally designed for modern living.

The development is situated just off Croydon High Street within walking distance of Croydon East train station. Bauhaus is also right on the doorstep of Croydon’s cultural quarter with its variety of shopping and entertainment facilities, and with significant investment into the town centre to bring further amenities, Bauhaus residents will be perfectly placed to take advantage of all that Croydon’s exciting future has to offer.

Elliot continues: “The location is fantastic as everything is right on the doorstep! I work locally so it is just a short walk to work which is ideal and with most of my friends based in London, I can get back into town really easily with the fast train links.”

Durkan have adopted the government’s HomeBuy Direct as a means of assisting first-time buyers who may otherwise be unable to finance a property at the Bauhaus. With the initiative in its infancy, Durkan are amongst the first new-build developers to provide customers with the facility.

To be eligible for HomeBuy, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work. An equity loan of up to 30% of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 70%, which can be done by arranging a regular market rate mortgage. The buyer can then purchase up to 100% equity of the property in installments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.

With prices starting from £155,000 for a one bedroom apartment, this means that first-time buyers can move into a new home for just £108,500. With such affordability, the HomeBuy option is sure to be welcomed by a range of first time buyers looking to get a foot on the property ladder, and many will be thrilled at the opportunity to now own their first property in what is set to be one of Croydon’s premier residential destinations.

Interested purchasers can now visit the development’s on-site showhome – a fully furnished apartment, open Thursday to Monday from 10am to 5pm. Market prices start from £155,000 for a one bedroom apartment, up to £285,000 for a three bedroom penthouse. For further information visit bauhaus-croydon.com.