Consider Your First Purchase as a Step onto the Property Ladder - It Doesn't Have to Be Perfect!
Buying your first property in the South West can be disheartening when you realise there’s nothing within your price range. This is a common first-time buyer dilemma. With only 7% of owned properties on the market at any time, finding the ideal home is indeed a challenge. The situation is further complicated by the limited supply of properties, even with new-builds continuously emerging, they aren't enough to meet today's high demand.
What Can I Do If I Can’t Afford My Dream Home?
Many people choose to rent as it can be more affordable than buying a home. If your dream home seems out of reach, consider renting in the South West while waiting for your ideal property to hit the market.
Alternatively, view your first home purchase as an initial step onto the property ladder. Your first home doesn’t have to be perfect. It may be smaller or in a different location than you initially desired, but it’s a start. Most people move at least three times before finding their forever home. Work out your budget and buy the home that best fits your current needs. Over time, you'll build equity and be in a better position to upgrade to your perfect home.
Is Renovation the Solution?
For some first-time buyers, purchasing a low-cost “fixer-upper” could be a viable option. However, this isn’t suitable for everyone. Mortgages can be tricky to secure for bargain properties that are often unmortgageable. Additionally, if you lack a significant sum for renovations, plus the necessary skills, patience, and know-how, this route might not be a wise investment.
Ready to Buy Your First Property in the South West?
Let our team at Webbers help you find the perfect home. As experts in the South West market, we are ready for the challenge. Call us today on 01271 347851 or browse our listings to see some of the homes we have available in your area.