First Time Buyers – Don’t like what you can afford?

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Hello, I hope you’re doing well!

In the years I have been helping First Time Buyers in getting their foot on the housing ladder, there have been numerous occasions when people don’t like the homes they can afford.

It isn’t uncommon for people to dislike what’s on the market and in their price range (especially first time buyers). In fact, there are just 7% of homes owned (outright or with a mortgage) available for sale at any one time.

I’m not surprised it’s hard work to find the dream property you envisage. So, what can you do if you can’t afford to buy the home you want? Here’s some need to know to help…

– Remember you are buying your first home. 💰

It’s too easy to get carried away about wanting to buy your dream home, despite the fact you cannot afford it, so never forget you are buying your first home.

There’s no need to settle there forever. In fact, the average person in the UK moves between three and four times, so if you cannot afford your dream home today, it doesn’t mean things won’t change in the future.

There’s always an option of renting in the area you’d like to buy. 🏠

If you’re fixated on ensuring your first property is your dream home, it may be worth renting until the ideal home pops up on the market.

Renting can be expensive and it doesn’t really help people out when they’re trying to save, but it will allow you to explore the area in which you wish to live for longer.

– As property prices rise, you will build equity in any home you purchase. 😄

The first home you purchase may not be your dream home, but it’s your home. The longer you live there – and the more debt and mortgage repayments you make – you’re increasing the amount you have to invest in your next property… which may well be that dream home!

You’re not alone in the frustrations of being unable to afford your dream home – but with some clever planning and patience, I’m confident you’ll get to where you aspire to be.

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Jones & Young are professional mortgage lenders, delivering industry-leading mortgages to first-time buyers, self-employed and CIS customers for over 10 years.

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