Ealing First Time Buyer: Which Is the Right Property To Buy?

So you are thinking of stepping onto the property ladder in Ealing, that is great news. But do you know which is the right property to buy in Ealing? In this guide, we will look at Mortgage Broker Ealing own experience of buying a first property.

Ealing is a large, diverse borough in West London, known as the Queen of the Suburbs. It offers a lot of green space,   busy town centres, and a strong mixed cultural history. Ealing has a strong transport link to central London and Heathrow, making it a more favourable place to live for families and youngsters. Now, if you have decided on Ealing, then the next big question is which is the right property to buy?  

There are plenty of options to choose from, like Victorian properties to modern high-rise flats. But A few important factors will decide your decision, like how much you can afford, what lifestyle you prefer, and what your long-term goal is. Let’s break it down to help you understand the pros and cons before choosing the right property. 

Purchase Price You Can Afford 

The purchase price of property tends to be the top factor for first-time buyers. In Ealing, properties have seen more demand and some areas can be more expensive than others, but in most cases, houses are more expensive than flats for many reasons.

For example, if you are thinking of buying in central Ealing, the average flat costs around £485000, and terrace property can go up to £ 890000.

But going towards Northolt can change this significantly as flats can cost around £259859 and a terrace house for £467000.

Going further away from Ealing Central can help you to decide on the type of property. 

Freehold or Leasehold Property

Most of the houses are freehold, and flats are leasehold. But let's understand what it means. 

Freehold Property: A freehold property means you own the building and the land it stands on outright. There is no restriction related to the lease, no end date, and no ground rent to pay. You are responsible for your own repairs and maintenance of the building.

Share of freehold: This type of property, mostly maisonettes, has freehold property that is shared by other property owners. This type of property has lower service charges and more control than leasehold.

Leasehold property: A  leasehold property means you own the property itself, but not the land it stands on. In most cases, you'll pay ground rent, service charges to maintain the communal area and maintenance of the building. Any alterations to the property will require freeholder permission. The length of the lease can vary, and lower lease can affect the property’s value and your ability to get a mortgage. 

Ongoing property expenses 

Once the owner of the property, then it will come with ongoing costs like insurance, maintenance of the building and upkeep of the garden.  Most of the freehold property will have to arrange for its insurance and be responsible for maintenance work, but with flats, this is covered by service charge payment. Service charge can be an expensive monthly cost with flats.

Living experience preference 

When it comes to space, privacy, it will be down to choice. Someone with a family with children and pets would prefer a house which will have more space and a garden for outdoor activities, which also offers a lot more privacy. But living in a flat will be different, as you could have a noisy neighbour on top of or next to your flat and no access to your own garden.

Long-term goals and appreciation 

Purchasing a property for a long-term goal can be a deciding factor for the right property purchase. Houses tend to be more appreciated over time than flats. If you are buying to settle as a family, then you will need to think about space, a private garden which comes with the house. But if you want to purchase closer to work, with less maintenance responsibility, then a flat can be a good choice. 

Summery 

The right property to buy as a first-time buyer in Ealing will depend on all the key factors mentioned here. But always work with your Budget, priorities, which will help decide the right property to buy.

Need help finding the right mortgage for your first property purchase? Get in touch with a Fee Free Mortgage Broker. We have helped many first-time buyers with their first mortgage without charging broker fees.