For many, getting a step on the property ladder is difficult and it’s unlikely you will land your dream home that ticks all the boxes first time around. In fact, a recent study by Post Office found that a whopping 92% had to make some sort of concession when buying their first home. Somewhat surprisingly, it found that first time buyers are more likely to compromise on a property’s location over the décor or how big it is.
Location, location, location doesn’t seem to be the name of the game for first time buyers, who are likely to live an average 5.9miles away from the area they initially hoped to live. This compromise on area comes with a list of other property ‘must haves’, with size of property being the top priority for 30% of those asked, access to a garden (28%), parking (23%), proximity to family and friends (21%) and being close to work (20%) being more important than address for those asked.
Almost 20% would be put off from buying by a property’s décor and only one in ten would consider buying a property that needed structural work, suggesting most first time buyers are less likely to be up for major DIY projects but are rather looking for properties in move-in condition.
Though moving to areas lower down on their list, thankfully 84% of first-time buyers who ended up compromising on location for a bigger or better quality home did not regret the decision, instead learning to love their new neighbourhood. They listed other reasons such as the amount of green space (29%), quieter location (27%) and increasing local house prices (23%) as top reasons for ending up being happy with the location they initially settled on.
Saving up deposits
Most of those asked cited increasing rent prices as being a main motivator towards aiming for home ownership, as well as being ready to settle down with a partner. The fact that many first time buyers turn to family for help raising a deposit (56%), with just 27% managing to do so on their own and 21% with help from their partner, suggests it’s still difficult for most to get a deposit together. However, with some very competitive mortgage deals around, it does pay to do some research, and 10% of respondents cited that they took out a mortgage that didn’t require a deposit.
First time buyer?
We have lots of properties ideal for first time buyers in Glasgow and the west of Scotland on our books! Why not contact us today to chat through your options.