HOMEOWNERSHIP for single first-time buyers on tight budget can become reality with these bargain properties that cost £50,000 or less.
If you’re on your own, you’ll only need £2,500 for a 5 per cent mortgage deposit or £1,250 each if you’re in a couple.
13 There are a handful of properties out there that cost £50,000 or less
With the average price of a home in England and Wales now standing at £308,290 you’d be forgiven for thinking that the few thousand pounds you’ve saved for a deposit isn’t enough to buy your home.
But it turns out that a three-bed home in County Durham or two-bed terrace house in Doncaster is completely within your means.
Okay, so these properties aren’t in the centre of town, none of them are in London or the commuter-belt and some are a bargain because they’re in need of renovation.
But if you’re happy to relocate or take on the challenge of a fixer-upper then these properties on Zoopla are definitely worth checking out.
13 The home in County Durham is within commuting distance to Newcastle, Darlington and DurhamCredit: Zoopla
13 The home is vacant and chain-free – ideal for first-time buyersCredit: Zoopla
This is mid-terrace home in County Durham is on the market for £50,000 but the sellers have indicated that they won’t accept anything less for it.
The house is a short drive from the town centre and isn’t far from the A167 and A1(M) making it easy to commute to cities such as Newcastle, Darlington and Durham.
It’s the top-end of your budget but is ready to move into now as it is in relatively good nick and vacant.
But if you were willing to hold-off moving in for another few weeks, it would benefit from a lick of paint.
13 The Doncaster terrace-house is in need of some modern decorCredit: Zoopla
13 The bathroom suite is old and date and in need of a refurbishmentCredit: Zoopla
This Doncaster house is chain-free which means that first-time buyers could be moving in in no time at all.
The decor is pretty old-fashioned and in need of a modern makeover but is a good size for the money.
The sellers have already had an offer of £50,000 but if you can offer more before contracts are exchange then you may stand a chance of picking up the keys in the near future.
13 The end of terrace house is in the picturesque village of BlaengwynfiCredit: Zoopla
13 Buyers may want to pay extra for a building survey to check out those stainsCredit: Zoopla
Situated in the small, picturesque village of Blaengwynfi, it’s just a 25 minutes drive away from Port Talbot in Wales.
The end-of-terrace house has both a front and back garden and is split across two levels.
It’s in need of some redecoration and you may want to pay extra for a thorough building survey because there are some funny looking marks on the walls and floor that could indicate structural issues like damp.
Even so, the bargain property is still six times cheaper than the average house price in England and Wales.
What are the different types of home surveys?A SURVEY gives a detailed inspection into the condition of a property, highlighting any major repair work that’s needed. It can also help you decide whether or not you’re paying the right amount for your home.The reports are carried out by qualified surveyors and costs vary from company to company. There are also different types of surveys depending on the depth of the report that you want and your budget.
These are the different types of surveys and their typical prices, according to the Homeowners Alliance:
Condition report, £300 or more
This gives a traffic light report to indicate the conditions of various states of the property – green for okay, orange for cause for concern.The report provides you with a sumary of defects and possible risks but won’t provide any advice or valuations.
HomeBuyers report, £450 or more
On top of everything you get in the condition report, you’ll also get a valuation and an insurance reinstatement value – which is an estimate of how much you’ll receive if the building were to burn down.
Home Condition survey, £400 to £900 These are carried out by the Residential Property Surveyors Association (RPSA) rather than the Royal Institution of Chartered Surveyors (RICS) and includes information on broadband speeds, a damp assessment and boundary issues to consider. The price depends on the valuation of the property.
Building survey, £500 or more
These are extensive reports where the surveyor will go into places such as the attic, check behind walls and look between floors and above ceilings. It will also provide advice on repairs, estimated costs and timings, and what will happen if you don’t carry out the repairs. Prices depend on the size of the property.
Home Report, free for the buyer
In Scotland, it’s compulsory for home sellers to provide buyers with a detailed report on how energy efficient the property is, a building survey and information on the council tax band and other details like flood history.
13 The one-bed cottage could easily be converted back into a two-bedCredit: Zoopla
13 House prices have gone up almost 3.4 per cent in the areaCredit: Zoopla
The cottage in Millfield is a 20 minute walk from Sunderland train station and the town centre.
The property has been fully refurbished including a full re-wire, new boiler, new fitted kitchen and new carpets throughout, so all you’d need to do would be to decorate it to put your stamp on it.
It was once a two-bed house and the sellers reckon it would be straight forward for the new homeowners to convert it back if they wanted to.
House prices in the area have gone up by 3.4 per cent on average over the past year so this could be perfect for those who are hoping to make a profit when they come to sell it in years to come.
13 The home has picturesque views of the Welsh countryside on the remote roadCredit: Zoopla
13 The previous owners have left the home in an untidy messCredit: Zoopla
An end of terrace house in Aberdare, Wales, is £5,000 under budget – and that’s before you’ve tried to haggle the sellers down.
It’s big – there are three decent sized bedrooms and two reception rooms, as well as a private garden and on-street parking.
What help is out there for first-time buyers?GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there’s a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan – The Government will lend you up to 20 per cent of the home’s value – or 40 per cent in London – after you’ve put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you’re restricted to specific ones.
“First dibs” in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.
But you’re going to have to do some work to it before moving in as the previous owners have left is in a bit of a mess.
It’s only half an hour’s drive away from Port Talbot and 25 minutes away from Neath, and chain-free – ideal for first-time buyers.
13 The flat is “fuedal” which means you own the property and the land it’s built on but you may have to pay an upkeep fee for the buildingCredit: Zoopla
13 The two-bed flat is split across two levels and features a spiral staircaseCredit: Zoopla
The two-bed flat is split across two levels, is in the centre of town and comes with access to a garden.
The sellers say that it’s in a good condition and in need of “very little cosmetic updating” but you’ll need to look out for the type of ownership.
It’s listed as “feuhold” which is an archaic type of ownership that existed in Scotland until it was abolished in 2000.
Nowadays, it’s similar to freehold in England – buyers will own the property and the land that it is built on – but you’ll still have to pay a maintenance fee which goes towards the upkeep of the building.
LOAN MOAN How using a Help to Buy loan on wrong day could cost first-time buyers £4,765 SAVVY SAVER First-time buyer used a money diary to squeeze extra £1k a month for deposit BOGGED DOWN Couple save £60k on ‘run-down’ three-bed house but it took SIX months to fix-up FULL HOUSE How I saved £32k for first house and wedding and STILL enjoyed nights out SAVVY SAVER Ditching nights out helps first-time buyer save extra £850 a month
House prices in Wales and the north of England have reached a “record high” despite predictions that Brexit woes would stall the housing market.
In some parts of the country, single first-time buyers face saving for a decade before getting a foot on the property ladder.
These are the £120,000 homes that first-time buyers can afford without putting down a deposit.
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