Guide for First Time Buyers
Because of this, there are various creative options such as shared ownership, which have become increasingly popular with first time buyers.
These work by allowing you to buy a portion of a house - say 25%, and then you gradually have the option of buying the whole house in due course.
These are offered by housing authorities in the area and it tends to vary across the country. There are different rules and regulations in different places so you would need to find out from the local government website whether you would be eligible for such a scheme.
If you have the money to buy without needing such a scheme, then fantastic. And even if you think you don't, with a little creativity, you may be able to find something after all.
For instance, consider looking at auction lots or those that were previously owned by authorities or have become available after being taken for repossession. Often these methods will allow you to get a property that is much more affordable than others, and the price can be very attractive too compared to what it would be valued at if it was sold via orthodox means and an estate agent.
Now read our guide to finding a property.
More property related articles:
- What to do at auction
- Unusual or unique home mortgages
- Legal Fees on a Mortgage
- Relocation Agent FAQs
- Home Buying Milestones
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