With the average cost of a first time buyer’s property around
£162,000 parents are paying on average around £21,000 to help their
children onto the ladder.
20% of parents are now helping their children out with a further 20% looking to do so in the near future.
With many parents feeling it is their parental responsibility to
help their children out I think we will find the age at which many
people pay off their mortgages slowly start to rise. If parents do not
have the sort of money that is needed as a deposit to hand their only
course of action is to remortgage their own home!
Property investment is a great way to build wealth. There are, however, traps for the unwary. One of those traps is blowing your deposit.
There are some traps for first-time home buyers need to be aware of in order to avoid them.
A Blogger named Grant, looking for his first home, asked for some pointers so he understands how the process works. “I know about the first home owner grant, that I should organise my finances upfront and about the extra costs,” writes Grant. “What I am unsure about is at what point of the process do I reach the point of no return? That is, where I will lose my deposit if I do not proceed with a purchase? This has made me scared of even making on offer.”
The current global economic downturn and credit crunch is sending shockwaves through the business world but what impact does it have on consumers? The impacts may be far more wide reaching that you might of thought.
There is a saying among economists, “When America sneezes, the world catches a cold”. This means that if the US experiences an economic downturn then so does the rest of the world. This saying certainly seems true at current times with the ongoing global credit crunch which started with sub-prime mortgage lender issues in the US. You’ve no doubt been hearing about the crunch and the huge figures wiped off the stock markets but what does it really mean to the typical individual?
Today’s market benefits two groups of buyers: first-time buyers, and buyers moving up. It is an excellent market to buy, especially if you don’t have a current home to sell. For this reason, we’re seeing a lot of first-time home buyers opting to buy instead of rent. Since these first-time buyers are not having to make contingencies to sell a home before buying another, they are able to use that negotiating power elsewhere (price, for example).
Buying a home for the first time can be a very overwhelming experience. After all, we were once first-time home buyers, and we remember buying our first home. Add our personal experiences to the experience we’ve had helping first-time buyers, and you’ve got quite a bit of useful information. So, we’ve made a list of tips for those of you considering buying your first home.
If you have no credit scores due to being new to the credit arena or you have just been a cash person all your life there is hope for you. There is one sure way to get the credit score calculated in about 4 to 5 months. In this article I will talk about how to establish good credit scores for a healthy credit report.
Sternberg brings his “buyers” expertise after 30+ years as a real estate investor. This article is a must read for any investor dealing with first time buyers.
When you first decided to start in real estate investment that you were probably instructed to formulate a buyers list. This was a list of names of people that were looking for property. You were told that “with a good buyers list you may never have to put a property on the open market.”
