by Susy Copus

With the property prices rising higher than inflation first time buyers now not only have to save a substantial amount for a deposit or purchasing costs but also have to earn enough to get a big enough mortgage to buy their first home. One way round the problem is to buy a cheaper property that requires updating.

The property is cheaper and the homebuyer has the opportunity to update the property as and when they can afford. They can make their mark and add their own personal style to their first home rather than buying a home that has been already modernised but not according to their tastes.

Of course the first time buyer in these cases would need to enjoy a bit of DIY or failing that, enjoy the odd decorating party!

And ultimately when the time comes to move up the property ladder the first time buyer will gain financially from having updated the property themselves.

There are different ways of finding property that requires updating. The usual way is to sift through all the property details coming from your local agent. This however is time consuming and often details may not match your criteria or price range. An alternative, more focused way is to use the online service at Renovate Alerts which only lists properties that require updating, modernising or renovating. Every few days users are emailed details of properties that have come on the market. Users can therefore be at the front of the queue to purchase that bargain.

First time buyers have a good opportunity to get on the property ladder and profit from it. Go for it!

About the Author

Susy Copus is a property commentator with a particular interest in properties for renovation and modernising. To view properties for modernising go to Renovate Alerts