You might think you’ll never be able to afford your dream home, but there are a number of ways that you can make it happen.
From finding a doer-upper to avoiding expensive trends, here are seven ways you can make your money go further.
Buy an older home
Older properties may need more care and attention to update, but you can often get a brilliant property for far less.
According to Land Registry Data, new build properties sell for £65,000 more on average than existing housing stock.
Buy a home you can extend
A loft, basement or garage conversion can give you even more space and increase your home's value if and when you choose to sell later on.
Adding an extension, if done right, can be much cheaper than buying a larger house but make sure you do your research beforehand and budget for the necessary work.
Avoid paying for benefits you don’t need
Buyers will often pay more for a property that’s close to public transport routes or within a specific catchment area for schools.
If you're flexible on location, don't overpay for the sake of it.
Living in a catchment area for a good school can add up to 12% on a property's sale value, so you may be able to get more value elsewhere, if those priorities aren't essential to you.
DIY could save your wallet
Be prepared to do some renovations yourself to avoid paying extra.
When viewing a property, try to ignore the current owner's belongings and instead focus on the size of the rooms and its location.
Weigh up the money you’re saving against the cost of any refurbishments, as you don’t want to be left with any nasty surprises once you've signed on the dotted line.
Consider buying a property that’s going ‘out of style’
Homes built in the 60s, 70s and 80s are likely to be much cheaper, as they are considered less desirable.
When you buy a property, the only thing you can’t change about it is the location and amount of light it gets.
Consider this when opting for an outdated style of house, as an extension or just some TLC can completely change the look and feel.
Is location everything?
If you can’t afford the property you want in one area, it doesn’t mean you can’t afford it at all.
Consider looking at a few different locations and see how much property prices vary. Adding an extra 15 minutes to your daily commute may mean you can afford a significantly bigger property.
Make use of government schemes
Schemes like help to buy and shared ownership can be extremely useful if you can’t quite afford the home you want.
Help to buy means that you can get a five-year, interest-free equity loan of 20% of the property’s value, which could make all the difference when buying your dream home.*
Shared ownership gives you the option to gradually increase your stake in the property by staircasing as and when you can afford it.
If you’re looking for your perfect property, contact our team today.
*Zoopla
