Being a first time buyer was easy for the boomer generation.
They could afford to buy a nice house on one person’s salary and still have money left over to run a car and take a family holiday.
We’ve seen unprecedented house price rises over the last 20 years. Many wannabe first time buyers feel they’re priced out of the market.
While it may be the case that home ownership is out of reach in London and the South East, that’s far from true up here.
In Dundee it’s perfectly possible to get a foot on the property ladder as long as you’ve got a job and a modest amount of savings.
What’s more, you may even be able to afford a house rather than a flat. This brings many benefits.
No noisy upstairs or downstairs neighbours, no chasing other flat owners for their share of mutual repair bills, and a garden to enjoy.
It’s also possible to get a 95% mortgage again. This means you could buy a £100,000 house with just a £5,000 deposit. You’ll want a couple of thousand more to cover legal fees and to have a little left over to pay for any maintenance issues.
Payments on a £95,000 mortgage should be £500 a month or less. The cheapest two bedroom houses in Dundee rent for £750 a month and it’s not unusual to pay £900 or £1,000.
So if you can cobble together a deposit buying your own home will save you money. And property prices tend to go up over the long term, so a house will often be worth more than you paid for it when it comes time to sell.
Here are five houses in Dundee you can buy with a budget of £100,000.
Whitfield
Tucked away down a peaceful cul-de-sac, this two bedroom house has been recently renovated.
It benefits from new carpets, a new bathroom and an updated kitchen. There’s also gas central heating and double glazing to keep running costs down.
The lounge and dining kitchen are on the ground floor. Upstairs there are two double bedrooms and a bathroom.
With a patio front garden and a rear garden with drying area and lawn, there’s a spot to enjoy the sunshine all day long.
46 Kirkconnel Terrace is on sale for o/o £95,000.
Blackscroft
This house on Crescent Street occupies a fantastic location in the Blackscroft area of Dundee. The city centre is just a five minute walk away, while Stobswell’s pubs and shops are even closer.
It’s close to the site of the new Eden Project as well.
With four bedrooms it’s a hugely spacious house. Renting out two of the bedrooms would cover the cost of mortgage and bills meaning you could live for free.
The ground floor has a dining room and a bedroom. On the first floor there is the living room, a bathroom and another bedroom. The top floor has two more bedrooms and another bathroom.
You even get a small garden. The house is a bit dated and requires some upgrading but that’s an opportunity to add value.
It’s on sale for o/o £100,000.
Baluniefield
If you don’t want a house that requires too much work, this property on Balunie Avenue might be worth a look.
While you might want to change the carpets and do a little bit of painting, it at least has a very modern kitchen.
The garden is excellent as well, with a mix of patio, rockeries, shrubs and flower beds. It even has a small pond.
180 Balunie Avenue is on sale for o/o £95,000.
Charleston
This property in Charleston has one big benefit first time buyers will appreciate. Solar panels on the rooftop will keep running costs very low.
Indeed, in this era of working from home you can power your laptop and monitor for free all day.
The twin-aspect living room has windows to the front and rear. The kitchen has a door to the back garden.
Upstairs there are two double bedrooms and a bathroom. The rear garden is a good size and is laid to lawn.
9 Dunholm Terrace is on sale for o/o £95,000.
Muirhead
Technically, this one isn’t in Dundee itself. It is in Muirhead, however, which doesn’t get much closer. Camperdown Park is just a five minute walk away and Dundee is a short drive or bus ride away.
The area has a lively community, with a thriving pub, shops, a petrol station and a village hall.
This one bedroom house is located on Quarry Road, a quiet side street set back from the main thoroughfare.
A wood burning stove makes it an easy house to keep warm in the winter. There’s a modern kitchen, a double bedroom and bathroom. Outside there are easily maintained gardens.
The only snag is it’s being sold with a sitting tenant, however with a bit of negotiation it may be possible to arrange for it to be sold untenanted.
The good news is it’s recently had its price slashed. First listed for o/o £115,000, it’s had £16,000 trimmed from its asking price.
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