Wondering how you can make your first move more affordable? First-time homebuyers catch themselves in a dilemma with affordability and comfort — little did they know that there’s a secret in achieving both.
To make your first move more affordable, you have to ask yourself first this important question: Where is your ideal location?
Answers to this question may vary depending on your priorities. Do you want a place close to your work or the kids’ school? Do you prefer living in the suburbs or in the busy city? Do you want to live near your relatives and family?
Once the answer to this question has been identified, a compromise must be made. List down all the areas that are near your ideal location. How near? Consider a 30-minute travel.
New research suggests that the secret to an affordable move is by choosing a property located around 30 minutes from your preferred location. This was revealed after finding out that first time buyers who compromised on location were able to save up on deposit as they opt for homes that are 5.5 miles or 28 minutes, on average, away from their ideal location.
Although property size turned out to be the top priority of first-time buyers, the research showed that those who swayed a little bit from their favoured location ended up happy with their chosen area.
Aside from costs and location, the research also studied other factors that homebuyers consider when moving. It was found that important considerations for first-time buyers include having a garden, transport links, area safety and low crime rates, as well as parking space.
Most properties that are suitable for first-time buyers in terms of costs are located in Southampton, Blackpool and the boroughs of Barking and Dagenham, Havering, Croydon and Newham, the research has also revealed.
The most unaffordable properties, which are not recommended for first-time buyers, are in Oxford, Cambridge, York and London boroughs such as Chelsea, Kensington and Westminster.
Finding an affordable property in your preferred location is a real challenge but it is worth considering nearby areas if you are really looking to get on the property ladder.
Written by Heidecel Serrano