If you think you will never be able to put together enough money to get on the property ladder …think again.
It normally takes a few years saving up for a deposit and than to be able to demonstrate you have the ability to meet your monthly payments on a mortgage.
In the mean time you probably saw many good business opportunities coming and going.
According to The Office for National Statistics an “entry-level” home in England and Wales will cost in average £140,000. To that add £300 for stamp duty, and around £2,000 for legal and moving costs…
That means that in order to climb on the first step of the property ladder you will need to put together at least £23,000 for a 15% deposit. Then you need to add other costs and have an annual household income of at least £26,500, challenging for many.
But who says you need to start climbing the property ladder in England or Wales?
Believe it or not it is possible to buy a freehold in many parts of Europe for less that you would pay as a deposit on a property at home.
And it doesn’t necessarily have to be in some God forsaken undeveloped corner of the former USSR.
House prices in Europe are generally lower that in Great Britain. If you spend some time searching you will find some great properties for £20k and under.
Many of these places can be reached in a one to two hours inexpensive flight or even by car.
And if you like to start with a renovation project your chances to find the right property are even better.
So, instead of spending years saving enough money to put down a deposit on a first time buyers property, and then have a loan to pay for many years to come, consider to start with a much lower amount somewhere abroad and take it from there.
Here you can find more than a thousand properties in Europe for under £20k:
https://www.propertyunder20k.com/properties-by-continent/europe
Check out this post as a video:
https://www.youtube.com/watch?v=MAFAqcRNhH8