publication date: Feb 2, 2009
author/source: Kate Faulkner
Buyers' Property Problems Series
Article Two: Buying a property - I can't afford where I want to live!
As explained in Article One, 'It isn't easy finding the right property', this is a problem that many potential buyers are faced with. However, there are several ways around the problems of not being able to afford buying a property where you would ideally like to be.
The first thing is to ensure you are in a position where you can buy without having to sell. This means you are in rented accommodation or you have a buyer in the wings that really wants your property. Cash buyers can usually take advantage of people that are desperate to sell. That might be through repossession, divorce or sadly someone's just died and the property needs to be sold quickly. Another idea, if you don't mind a new home, is to wait until half or year end for developers and see what kind of special deal they will offer you. Property investors find deals like this every day and can usually secure between a 15-20% discount on local market prices.
Another way round living in a great area, but not paying as high a price, is to move somewhere nearby. For example, if you are desperate to live in Windsor but can't afford to, live within 30-45 minutes so you can still shop there, visit the restaurants and walk down the river or to see the castle! Remember we spend most of our time at work and sleeping, the number of days/nights we have out are sadly only a few, so living nearby or on the borders isn't such as bad compromise. In fact in some areas it can be a much better idea. Kate (our founder) wanted to live in Chiswick, but couldn't afford to. However she found a great little flat just 10 minutes walk from Chiswick high road but with an Acton postcode and when she sold it, Acton prices had risen faster than Chiswick ones!
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