Six homes under £50k where single first-time buyers only need a £2.5k deposit
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.
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 are definitely worth checking out.
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.
- £45,000
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.
- £50,000
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.
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.
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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