Top tips for first time buyers
With the average age of first-time buyers having climbed to 37 according to a recent study by the Council of Mortgage Lenders, and prospective purchasers needing a deposit of over £37,000 to get their foot on the first rung*, potential buyers are desperately seeking advice on how they can raise the funds to reach that all-important first step on the property ladder.
City & Country Group has a number of developments, including Old Saint Michaels, in Braintree, which offer a stylish range of affordable homes, that are unique in nature and have lasting appeal; genuinely setting them apart from other starter homes currently available on the market. City & Country Group also offers bespoke incentive packages that are designed to alleviate some of the financial burden that makes securing a first home particularly challenging.
In a bid to boost the hopes of these disenchanted home-hunters, conservation and restoration specialists, City & Country Group has compiled a list of its top ten tips, helping individuals to make their dream home a reality, for their first time buy. The Top Ten Tips For First-Time Buyers, according to City & Country Group, are:
1. Buy a unique home that will retain its value – With uncertain market conditions looking set to continue for the next couple of years, choosing a property that will retain its value is essential. Unlike other new-build starter homes on the market, City & Country Group places particular emphasis on providing interesting and unusual homes for first time buyers that are not only affordable, but are likely to retain their value. The unique nature of the properties will also mean you face less competition when you come to re-sell; therefore you should expect improved capital value growth.
2. Avoid a lot of work first time round - Buying a bargain property that needs converting can often seem like a good first time buy, but without professional expertise and an endless pot of money, it can be a recipe for disaster. Buying one of City & Country’s newly converted properties means that all of the hard work has been done for you, and you won’t have the worry of costs overrunning yourself.
3. Look out for incentives - City & Country Group is currently offering first-time buyers their own bespoke incentive package for those wishing to purchase a property at Old Saint Michaels. The ‘Getting Started Package’ can include legal fees paid, mortgage valuation paid, allowance for purchasing new furniture, or a combination of all three.
4. Save as much money as you can - With reports of lenders expecting a deposit of as much as £37,000, the bigger deposit you can put down, the better mortgage deal you are likely to get. One option is to move back with your parents or into a house-share – and put the savings on rent money into a tax-free ISA account. You can pay in up to £5,100 a year without having to pay tax on the interest you accumulate, meaning you can save more quickly. Pay off any debts, those with highest interest first, and consider cutting back on extras, such as smoking, drinking and holidays.
5. Look out for a fully inclusive specification – Buying a property that boasts a fully inclusive specification, including brand new internal fixtures and fittings, means that you will save money on crucial set up costs, particularly flooring which can set first-time buyers back thousands of pounds. City & Country Group ensure that in each of their newly converted homes, top quality flooring has been laid throughout; boasting elegant bathroom suites and individually designed kitchens with integrated appliances, there are no other hidden costs for first time buyers. City & Country Group also offer the opportunity to buy a property as dressed by their interior design for an additional cost so first time buyers can move straight in.
6. Enlist help from the Bank of Mum & Dad – If your parents are financially able to, they could help by lending you a lump sum for a deposit, enter into a joint mortgage, or acting as your guarantor.
7. Look to buy with a partner or friends so you can share the burden of the deposit, fees and mortgage repayments.
8. Move to a different area – It’s a big step, but you could benefit from moving to a different area, particularly if you are living in an expensive place, like London. You never know what you might be able to afford by adding a little bit of commuting time onto your journey into work. Stansted is just 12 miles away from Old Saint Michaels, and with Braintree railway centre just a short walk from the development, commuters can access London Liverpool Street by direct line in just over an hour.
9. Make sure you love where you live - When buying a property for the first time, make sure you see it as a 'home'. Taking all the financial aspects into consideration is important, but you also want to make sure it somewhere you can happily live for a number of years. The luxurious properties at Old Saint Michaels boast an abundance of traditional features, and beautiful landscape gardens emphasise the architectural history that makes the homes so show-stoppingly unique, whilst contemporary interior furnishings create a modern yet homely atmosphere in which you can truly unwind.
10. Come in and speak to one of our Sales Executives – Buying a home can seem complicated to first-timers. City & Country Group has a team of highly experienced Sales Executives to guide purchasers through every step of the process. City & Country also work very closely with a firm of independent financial advisers to ensure that their prospective purchasers are given the best possible advice and information.
In offering these tips, City & Country Group hope they can reassure prospective purchasers that their dream home is within reach. Locations such as City & Country’s Old Saint Michaels in Braintree, offer beautifully restored period apartments and houses that would make extra special homes for first-time buyers. Close to all the restaurants, cafes and shops of Braintree town centre, but set in beautiful and tranquil landscaped gardens, the homes at Old Saint Michaels are perfect for modern living.
Helen Moore, Managing Director at City & Country Group Residential, comments: “With the market being particularly tough on first-time buyers at the moment, we want to do everything we can to help them secure their dream starter home. At Old Saint Michaels we offer a wide choice of homes to suit every individual taste and budget. We have restored each individual property in a captivating and distinctive way and particular emphasis has been placed on providing interesting and unusual homes for first time buyers that are not only affordable, but will retain their value.”
The stunning conversion of the Victorian hospital at Old Saint Michaels consists of one and two bedroom apartments and houses, each finished to an extremely high standard and ready for tenants to move into. The properties combine a careful balance of traditional features and modern interior design, with restored original floorboards and engineered oak boards resting alongside integrated stainless steel kitchen appliances and white bathroom sanitaryware with chrome fittings.
Prices for apartments start from £137,500 for a one bedroom apartment and £152,500 for a two bedroom apartment. One bedroom mews houses start from £157,500 and two bedroom houses start from £270,000. For further information, please contact the City & Country Group sales suite which is open daily from 10am to 5pm.
* bbc.co.uk/news/magazine-11889768
