Top tips for getting on the property ladder

With all the negative press surrounding the current housing market, prospective first time buyers could be forgiven for thinking that now is not the best time to buy, but with house prices at their lowest for years, bosses at David Wilson East Midlands think that there has never been a better time to get a foot on the property ladder.

David Wilson currently has a number of developments which offer affordable starter homes and with a number of financial incentives available that are designed to assist in the buying process, making the move into home ownership has never been so simple.

Philip Lacey, Sales Director at David Wilson says “Despite all the doom and gloom surrounding the current housing market, now is in fact an ideal time to get a foot on the property ladder and we regularly help first time buyers make their move into home ownership.

“With prices at their lowest since the pre-property boom of 2007, we’re encouraging those who are contemplating becoming home owners to bite the bullet and purchase your first home.”

Taking that first step can however be a daunting experience, so the esteemed local housebuilder has put together its top five tips on how to achieve a successful first buy.

1. Work out your budget.

Calculate how much spare cash you can put towards a mortgage each month - be careful not to overestimate as you don’t want to overstretch your finances. Having a clear idea of exactly how much you can afford each month will go a long way towards working out the kind of home you can realistically afford but don’t forget to allow for bills and other outgoings.

2. Save as much as you can.

Gone are the days of 100 per cent mortgages and during the current credit climate lenders expect around a 20 per cent deposit. So the bigger deposit you can put down, the better mortgage deal you are likely to get. Do not despair if you’ve not saved a big deposit though as David Wilson is currently offering to pay 5 per cent deposit on selected properties. Alternatively the many shared equity schemes could provide an alternative to taking out a mortgage on the full market value and some lenders will even take the deferred amount as deposit, leaving you free to take advantage of the more favourable products.

3. Parent Power.

More and more first time buyers are looking to their parents to help subside a move into home ownership so if you’re fortunate enough to have parents looking for an investment, you could suggest they invest in you and your new home as property continues to prove a sound investment.

4. Come in and speak to us.

Mortgages, shared equity, IFAs, - housing jargon can be very confusing for those who have no experience in the industry. If you’re confused come in and speak to one of our experienced sales negotiators who can help explain the buying process. They can even put you in touch with a recommended Independent Financial Advisor who can advise you on budgets and the best mortgage deals available.

5. Be Realistic.

As a first time buyer you will probably be purchasing a one or two bedroom property, but compromises on things such as space, number of bathrooms and house type may have to be made along the way. David Wilson does have a selection of special first time properties on offer across the region such as the innovative iLife properties that have been creatively designed to maximise space to ensure buyers get the most for their money.

Philip concludes “We can help you make your dream of home ownership a reality, so don’t be shy, come in and ask about our fantastic range of offers to see how we can help you take your first foot onto the property ladder.”

David Wilson currently has two developments in Nottinghamshire which offer fantastic first time buyer properties. These include:

Birkin Fields
Queens Road
Beeston
Nottinghamshire

Birkin Fields comprises a range of two- bedroom apartments as well as three- bedroom houses. Prices start from £119,995.

Church Fields
Portland Great Park
Kirkby-in-Ashfield
Nottingham

Church Fields offers a range of two-, three-, four- and five- bedroom homes. Prices start from £99,995.

To find out more, visit dwh.co.uk.