“First-time buyers sometimes aren’t realistic about what they can afford,” said Adrian Anderson, director of mortgage broker Anderson Harris. “They may be renting in a fairly smart area but then find when they come to buy that they have been priced out and need to go to a cheaper, less appealing area.”
At the same time, try to buy for the neighbourhood, and then the house – where you live is key. It’s better to have the worst house on a great block than the best house on a bad block if you can afford it. You can always renovate your property, but have no control over your neighbours.