subject: What Do First-time Buyers Feel About Mortgage Deposits? [print this page] With the current economic condition, a vast majority of people are finding properties with more reasonable prices appealing but then again, even though they have a low monthly installment, the initial deposit to is still a bit steep to most. These properties have a twenty percent to thirty five percent rate of the overall price and if a house would typically sell around a hundred thousand dollars, this is likely be equivalent or even over the price of twenty five thousand dollars at the least. This value which may appear less to some is still being looked at as a bit expensive for their budget.
With the given amount already steep, adding the amount of the rent will make it even more unattainable by regular means. This regular rent which is more often around the same process of a mortgage repayment is a potential setback. Even getting yourself into a council property will not help as much since it is a long system and can cost you more in the long run. Though the recession has helped decreased the prices of houses being sold on the market, it is still not enough to help home buyers. With an initial deposit of twenty nine thousand and four-hundred, one could not help but still consider other payment options. Today's market is not like before wherein head of the families save up their money to help their growing kids establish their own individual homes. As of the current situation, parents are now too busy managing their financial stability as they continue to pay off pending dues and or mortgage. At the worse, some parents are even depending on their kids who are also struggling financially.
It is actually disappointing and demotivating for these prospective home buyers to see their dream home just within their sight but unable to even start investing for it due to the high deposit which these home's pose. At the same time, the owners of this properties being sold on the market are also distressed by the fact that there are so many buyers out there who are willing to get the property off their hands but just does not have the cash to pay off the initial installment. This causes them trouble since they have to continuously maintain the upkeep of the house which is not cost-efficient for them. With all these taking place, property owners who wish to sell their home in a short period of time resort to selling off their properties to companies willing to buy it. Though it may not be for the price that they originally planned to sell it for, it will at least save them the trouble of hiring real estate agents and or pay any other fees which come along with such services which is not financially favorable. Other than that, selling it online is fast and usually takes a day or two. Overall, many people are disappointed by the fact that though the properties they are dreaming to take ownership of, they are still not financially equipped to purchase them.
by: Oliver Darraugh
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