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First time buyer in York

First time buyer in York

Q. I will soon be in a position to buy my first property, probably an apartment, is there any advice you could give me?
N. Parker, Loxley

When purchasing any property you should create a checklist based on your own minimum requirements, how much space do you need? do you need to parking for a vehicle? how many bedrooms? what can you afford without stretching your finances?

If you are "buying to live" and not "buying to let" then your short & long term requirements will differ, at some point in the future you may still want to let or sell on your property so give some serious thought to your tenant, buyer or investor.

We all know you should buy in the right location, location, location but ultimately this can be costly, the smart buyer should have an open mind to buying in an "up and coming area" this could save you as much as 20% vs. buying in an already established area.

I will give you a little tip but don't tell everyone, you can easily seek "up and coming areas" by finding quality businesses that have recently opened, its pretty safe to say if Starbucks have opened a new outlet then buy in that area, companies like Starbucks spend thousands on research and never get it wrong. When was the last time you saw a closing down sale at Starbucks?

Regardless of what a selling agent may tell you customers aren't queuing up anymore to buy new homes, for example this can be seen at The Chimes development on Campo Lane where we have not only witnessed heavy promotion in the local press but incentives, the developer is currently offering to pay the stamp duty, something we certainly wouldn't have seen 12 month's ago. In many cases the developer would like to have the first phase sold before the development is finished, however it's not all doom & gloom, York still boasts successful off plan properties,some first developments first phase sold out very quickly, well ahead of the scheduled completion, in our opinion this is due to the location, modern architecture and what will are promised to be great on site facilities.

Investors are still out there but many think before they leap, do your homework if a developer is giving something away then the chances are they are struggling to meet sales targets. A close friend of mine recently went to view a brand new house, the sales negotiator offered the plot with free carpets, curtains, stamp duty and a contribution toward the deposit, this particular house was "property of the week", when the negotiator asked why is it "property of the week" she replied "because we can't sell it", needless to say my friend didn't buy it.

More criteria to consider before purchasing would be the locality of schools, transport, convenience stores, restaurants & bars, although as a first time buyer kids might not be at the forefront of your mind they may be in the future for you or your next buyer.

If you are going to live on your own a studio may suffice, however if you can afford a bedroom or two then go for it as you could get the mortgage subsidised by a lodger, hopefully an artful lodger (sorry couldn't resist). This is a compromise between living in a cramp space where you couldn't entertain to a larger property you wouldn't have normally thought you could afford.

The next consideration of course will be the dreaded mortgage, don't just walk into to your high street bank, although every independent financial advisor governed by the fsa should offer you a product to suit you an independent mortgage broker will offer financial products from many high street lenders and not just the one. If you are on a budget then go for a fixed rate as you know exactly what you will pay per month for the agreed period but watch out for the redemption penalty or tie in period. Please feel free to call simplicity financial for further unbiased advice.

Finally don't rush in as York could see another 8 or more new developments appear within the next 18 months.

Good luck with your hunting.